In a world where AI unicorns are securing valuations in the tens and hundreds of billions of dollars, biotech startups can't compete for giant rounds. But while the space may be lower-profile, it's still steadily generating M&A outcomes that look high by other historic standards. Over the past two calendar years, acquirers have agreed to pay more than $38 billion to purchase 1 venture-backed companies in Crunchbase biotech industry categories. So far, 2026 is off to a brisk start as well, with Eli Lilly agreeing this month to pay up to $2.4 billion for Orna Therapeutics, a startup focused on engineering immune cells in vivo. Since last year, at least nine funded U.S. biotech companies have sold in transactions valued at $1 billion or more, including potential milestone payments. Using Crunchbase data, we assembled a list, ranked by deal size. The largest deal was Johnson & Johnson's purchase of Halda Therapeutics, a developer of targeted oral therapies for solid tumors, for $3.05...
learn more
