Europe’s Pharma Warning, Apollo’s Healthcare Play & China’s $60B Biotech Boom

Good morning, ! This week, the global healthcare investment map is shifting. Europe’s pharma giants are warning that the continent risks losing ground to the U.S. and China, while Chinese biotech out-licensing surged to nearly $60B in Q1.

Meanwhile, Apollo-backed Forge is expanding its healthcare media platform with Becker’s Healthcare, and billion-dollar licensing deals are keeping pharma dealmaking busy.

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MICROSURVEY

HEADLINE OF THE WEEK

Europe’s Pharma Giants Sound the Alarm

Europe’s biggest drugmakers are warning that the continent risks falling further behind the U.S. and China in the race for pharmaceutical investment and innovation.

The chairs of nine major European pharma companies — including AstraZeneca, GSK, Novartis, Novo Nordisk, Roche and Sanofi — are calling for faster clinical trials, stronger intellectual property protections and policies that make Europe more attractive for biotech investment. The concern isn’t a lack of science. It’s whether Europe can turn that science into commercially scalable companies before capital and talent move elsewhere.

There’s an interesting disconnect. SVB data shows Europe captured 25% of U.S. and European healthcare venture funding in H1 2026, the highest share in the period analyzed. Yet industry leaders argue the broader ecosystem is still losing competitiveness.

The takeaway: Europe may be attracting capital, but keeping the next generation of biotech companies — and the M&A targets they create — could require a more competitive operating environment.

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PRESENTED BY CAPLINK X PE 150

You’re invited: Where AI Meets Private Equity

Artificial intelligence has moved beyond experimentation. The real question for private equity firms is no longer whether to adopt AI, but how to turn it into measurable value across the investment lifecycle.

On November 18, PE150 and CapLink Group will host the AI / Data & Insight Private Capital Breakfast, an invitation-only gathering at London's May Fair Hotel that will bring together operating partners, deal teams, portfolio executives, and technology leaders to discuss what AI adoption actually looks like inside private equity.

The morning will feature three practitioner-led discussions:

• AI Into Value Creation — How leading firms are transforming AI from dashboards into repeatable value creation playbooks across portfolio companies.

• AI Across the Investment Lifecycle — Practical applications spanning sourcing, due diligence, investment decisions, and portfolio management.

• Building the AI-Enabled Private Equity Firm — The operating models, data strategies, and organizational capabilities required to scale AI successfully.

Interested in attending? Register or request the full agenda here.

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DEAL OF THE WEEK

Apollo’s Forge Adds Becker’s to Its Healthcare Media Play

Apollo-backed Forge agreed to acquire Becker’s Healthcare from Pamlico Capital, adding the healthcare media and events business to a platform already housing Fierce Healthcare and Life Sciences. Financial terms were not disclosed.

The combination brings together 16 annual Becker’s conferences, more than a dozen digital publications and a portfolio of newsletters, podcasts and executive communities with Forge’s existing healthcare brands. The strategy is straightforward: consolidate trusted professional audiences, first-party data and recurring engagement under one scaled B2B platform.

The bottom line: This isn’t a traditional healthcare-services roll-up. Apollo is building around the people who make healthcare decisions—using specialized content, events and data to create a larger platform spanning pharma, biotech, hospitals and payers.

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DEAL TRACKER

Boehringer Ingelheim → Envisagenics RNA-Splicing Targets | $1B+ Potential
Boehringer Ingelheim entered a multi-year collaboration with Envisagenics to develop cancer therapies using AI-derived RNA-splicing targets. The agreement could exceed $1B across upfront funding, option fees, milestones and royalties. More

Novartis → BoomRay Radioligand Therapy Asset | Up to $900M
Novartis secured an exclusive global license for a preclinical radioligand therapy asset from BoomRay Pharmaceuticals, with potential payments of up to $900M plus royalties. The deal extends Novartis’ radioligand pipeline with another early-stage oncology asset. More

Ligand Pharmaceuticals → Ryjunea Royalty Rights | $23M
Ligand Pharmaceuticals acquired Sydnexis’ royalty and milestone interests in Santen’s Ryjunea for $23M upfront. The transaction adds payment rights tied to an approved pediatric myopia treatment, including tiered royalties across EMEA. More

Lexeo Therapeutics → Mantle Therapeutics | Up to $21.3M
Lexeo Therapeutics agreed to acquire Mantle Therapeutics for $8.3M upfront, with milestones bringing potential consideration to $21.3M. The acquisition expands Lexeo’s Friedreich ataxia strategy beyond gene therapy while adding new research collaborations. More

REGIONAL FOCUS

China is now a pipeline source for global pharma

Cross-border out-licensing by Chinese biotechs hit a record ~US$60 billion in Q1 2026, up 73% year over year and nearly half of 2025's full-year total (~US$136B). Patent cliffs are pushing multinationals toward Chinese assets, especially oncology and antibody-drug conjugates.

Also in APAC:

• Japan approved the world's first iPSC-derived therapies, a milestone for Parkinson's treatment.

• Singapore's Asia Bio Partnering Forum drew 650+ attendees and 2,500+ partnering meetings.

• Everest Medicines is buying Singapore's Hasten Biopharmaceutical for US$250M to expand across APAC.

Why it matters: Chinese assets are now a mainstream sourcing option, though at premium prices and with cross-border compliance hurdles.

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