Life sciences M&A activity surged in 2025, with PitchBook reporting 179 deals. Biopharma transactions totaled approximately $124 billion and medtech transactions reached approximately $61 billion for the full year. That momentum continued into Q1 2026, with $40.9 billion in biopharma M&A (up from $25.2 billion in Q1 2025) and $26.6 billion in medtech M&A (up from $8.3 billion in Q1 2025). Yet deal structures have shifted materially: milestone-heavy consideration now dominates more than ever and upfront consideration continues to shrink. Contingent value rights (CVRs), which pay shareholders a defined amount upon achievement of post-closing milestones, have driven much of this shift.
Read the full article: The Rise of Contingent Value: CVRs and Earnouts Reshape Life Sciences M&A //
Source: https://foleyhoag.com/news-and-insights/publications/alerts-and-updates/2026/june/the-rise-of-contingent-value-cvrs-and-earnouts-reshape-life-sciences-m-a-in-2026/