Healthcare

Sector Spotlight

Retrospective: 2025 Temperature Check

Cautious Optimism

Survey Finding 1 of 6

Survey respondents were broadly positive on market movements going into 2026. However, fewer respondents expect the FTSE 100 (50%) and MSCI World Health Care (58) to finish higher than previously. Given equity markets have enjoyed a well-documented bull-run, it is perhaps not surprising that some are calling the top of the market and expecting a market correction.

Retrospective: 2025 Temperature Check

Capital Conditions Showing Improvement

Survey Finding 2 of 6

In late 2025, 43% of respondents said macro conditions were severely impacting capital raising, down from 48% in 2024. However, 51% of private equity respondents faced major challenges, an increase vs. 38% in the prior year. Institutional investors were more upbeat, with only 30% reporting major impact and 68% expecting better fundraising conditions in 2026.

Retrospective: 2025 Temperature Check

North America Leads

Survey Finding 3 of 6

North America remained the top region for healthcare investment. Europe shared second place with China, which by late 2025 had overtaken the UK, driven by strong biopharma growth and policy support.

Retrospective: 2025 Temperature Check

Innovation Drives Investment

Survey Finding 4 of 6

72% of respondents said that AI is already reshaping healthcare. Also, 2025 marked a shift to diversification in obesity and metabolic drugs. 21% said metabolic treatments would have the biggest impact in 2026. Emerging areas like cell & gene therapy (9%), platform tech (6%), and nucleic therapies (6%) were gaining ground.

Retrospective: 2025 Temperature Check

Strategic M&A Dominates

Survey Finding 5 of 6

Dealmaking was expected to increase in 2026, led by corporates (50%) and private equity (13%). Fewer respondents expected equity financing to lead, reflecting caution in capital markets. Still 49% believed IPO activity would return by 2026.

Retrospective: 2025 Temperature Check

Risk Awareness Remains

Survey Finding 6 of 6

Despite optimism, risk awareness remained high going into 2026. Geopolitical instability remained a top concern, highlighted by 45% of respondents, followed by funding and pricing pressures (31%) and regulatory uncertainty (15%).

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Core Coverage & Services

We cover and advise companies on mergers and acquisitions and debt and equity capital issuances. Key focus areas are outlined below. A comprehensive list is available upon request. We invite you to contact us to discuss your specific requirements.

Healthcare Evolution & Opportunity

The healthcare sector is experiencing unprecedented transformation driven by technological innovation, demographic shifts, regulatory evolution, and changing consumer expectations. From GLP-1 therapeutics reshaping the obesity market to AI-powered drug discovery accelerating biotech productivity, opportunities abound across the spectrum.

Jefferies combines deep sector expertise, global dealmaking capabilities, and senior-level engagement to guide healthcare companies through transformation, navigate complex M&A, access capital markets, and capitalize on emerging trends.

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Current Themes
  • GLP-1 Revolution: Obesity & Metabolic Disease, GLP-1 therapeutics reshaping $100B+ market opportunity across pharma, medtech, and digital health.
  • AI & Innovation: Drug Discovery & Diagnostics, AI-driven drug discovery and diagnostic capabilities accelerating biotech productivity and reducing timelines.
  • Consolidation: Scale & Efficiency, M&A driving consolidation across hospital systems, specialty pharma, and healthcare services.
All Recent Transactions
  • Healthcare
    Jun-2026
    $10,900,000,000
    Sale to AbbVie
    Financial Advisor
  • Healthcare
    May-2026
    Pending
    €10,700,000,000
    Voluntary Tender Offer for Recordati
    Joint Financial Advisor
  • Healthcare
    Apr-2026
    Pending
    $11,750,000,000
    Acquisition of Organon
    Joint Financial Advisor

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