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As far as deals go, this year’s JPM conference was relatively quiet. We didn’t see any major announcements over the past three days. But there’s plenty of cash floating around the industry, and executives at many big pharma companies said they’re scouting for assets. Many of the people we talked to this week are expecting a good year for biopharma.
Top of mind for nearly everyone, just like in 2025, was China. The biopharma industry is acutely aware of the competitive threat — and opportunity — coming out of Asia. This year, the conversations have focused less on ways to block China and more on how the US can keep up, as Jared Whitlock wrote this morning.