Biotech Sector Sees Major Investments and M&A Activity in Early 2026
Major biotech investment and M&A activity marked early 2026, including a significant stake purchase in TG Therapeutics and multiple high-value acquisitions within the RTW Biotech Opportunities portfolio. The sector showed improving capital markets and strategic deal interest following the JPMorgan Healthcare Conference.
Biotech investment and merger activity remained robust in early 2026, highlighted by significant portfolio moves and a series of high-value acquisition deals. A major investment firm acquired a substantial stake in TG Therapeutics, while a specialized biotech fund reported multiple M&A transactions and a successful IPO within its portfolio.
On February 17, 2026, ACT Capital Management announced a new investment in TG Therapeutics, acquiring 268,875 shares valued at $8,015,164. This purchase accounts for 6.5% of the fund’s $123.67 million in U.S. equity holdings at the end of the year, making TG Therapeutics the fifth-largest position in ACT’s portfolio. The investment comes as the company’s stock has faced pressure, closing at $28.58—a drop of about 30% over the past year. TG Therapeutics generated $606.9 million in sales from its drug BRIUMVI in 2025, nearly double the previous year, pushing total annual revenue to $616.3 million. The company’s market capitalization is $4.6 billion.
Separately, RTW Biotech Opportunities Ltd’s monthly factsheet as of January 31, 2026, outlined several key transactions. The company announced the successful IPO of Aktis Oncology on January 9, which began trading on the Nasdaq Global Select Market and traded up 24.4% on its first day. The IPO valuation represented a 12.6% step-up from RTW Bio’s prior holding value at the end of 2025.
The biotech fund also benefited from two major acquisitions. Boston Scientific announced the acquisition of public portfolio company Penumbra, valued at $14.5 billion, representing a 19.3% premium to its closing share price. On January 21, GSK announced the acquisition of public portfolio company RAPT Therapeutics, valued at $2.2 billion, representing a 65% premium. Additionally, private company Corxel completed a $287 million Series D-1 financing to advance its oral GLP-1 receptor agonist CX11 through clinical trials.
The broader biotech sector saw constructive activity at the annual JPMorgan Healthcare Conference in January. The mood was described as pragmatic, with a focus on pipeline quality and capital discipline. Speculation around a potential ~$30 billion acquisition of oncology-focused Revolution Medicines by Merck highlighted ongoing strategic interest in large deals. Capital markets also showed improvement, with the number of follow-on fundraisings in January more than twice that of the same month the previous year.