麦肯锡 -生命科学领域：战略压力加剧，交易活动升温 Life sciences Dealmaking gains momentum as strategic pressures intensify.docxVIP

McKinsey

Company

Lifesciences

Dealmakinggainsmomentumas

strategicpressuresintensify

MultipleforcesareconvergingtocreateafavorableenvironmentforMAactivityinvolvingbiopharmaceutical,medtech,andlife-sciences-servicescompanies.

February2026

MAinlifesciences

Total

Totaldealvolume,byregion,number

1,000-

800

300

600

200-

400

200

2020

Averagedealsize,

bysubsector,$billion

0.8-

0.6

Pharma

0.4

0.2-

Biotech

Pharma

30

29

41

31

33

36

Totaldealvalue,

byregion,$billion500-

Shareofprivateequityactivity,%oftotal

■Asia-Pacific

■EMEA1

■Americas

Shareofacti