Navigating a life sciences market marked by relentless innovation, shifting deal dynamics, and global competitive pressures requires more than technical expertise — it demands perspective, agility, and a keen eye on where growth is accelerating. That’s precisely the vantage point that leading partners in this area need to bring to the table in their work.
From upticks in strategic M&A activity to burgeoning drug development hugs across the Asia-Pacific region, how are these trends reshaping strategic priorities for companies and investors? Who better to ask than the leaders of a prominent global life sciences practice group?
I recently had the pleasure of chatting with Michael Cohen and Adam Schoen, co-leaders of Brown Rudnick’s Global Life Sciences Group, to get their thoughts on the matter. Their work spans the full spectrum of corporate transactions and sector-defining growth stories. Here is a (lightly edited and condensed) write-up of our lively conversation on their ever-evolving practice area
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Staci Zaretsky (SZ): What key trends are you seeing right now in life sciences M&A activity?
Michael Cohen & Adam Schoen (MC & AS): We’ve seen a steady uptick in M&A and broader corporate development activity (including licensing and collaboration/co-development transactions) in recent quarters and that momentum has continued through the second half of 2025. Large pharmaceutical companies remain focused on opportunities to replenish their pipelines as existing products are coming off-patent over the next few years. While IPO activity has increased toward year-end, M&A remains the primary exit strategy for life science companies in late 2025.
SZ: Which areas within life sciences are generating the most growth and investment interest?
MC & AS: Investor interest remains strong in biologics, specifically immunotherapies. In 2025, we saw a renewed focus on antibody/drug conjugates and significant investment in companies developing multi-specific antibody products (e.g., bi-specific and tri-specific antibody products). Key areas attracting investment include cancer, non-cancerous inflammatory disorders, neurology, and GLP1/GIPR related indications.
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SZ: How is the momentum in the Asia-Pacific market shaping innovation and dealmaking in this sector?
MC & AS: The Asia-Pacific market drove a substantial share of transactional activity in the first half of 2025 and maintained a robust contributor in the second half. The region’s growing influence will continue to shape global life science dealmaking dynamics in 2026.
SZ: What are the main legal or regulatory challenges you’re navigating in life sciences transactions?
MC & AS: With the growth in deals from the Asia-Pacific market, one of the primary challenges is balancing licensors’ desire to retain Asia-Pacific rights with licensees’ need for rest-of-world rights. This is especially the case when a licensor has a platform, and a desire to undertake multiple transactions. Structuring agreements to align these interests remains a critical focus.
SZ: What opportunities should life sciences companies be prioritizing now to position themselves for strategic growth or future exits?
MC & AS: Clinical data remains the primary catalyst for financing, partnerships, and M&A activity. Our most successful clients have oriented around efficient use of capital and a streamlined approach for clinical research to produce a data package that drives investment, collaboration, and M&A. The Asia-Pacific’s regulatory environment has also enabled rapid data generation, offering a competitive advantage. Companies should prioritize generating high-quality clinical data quickly to attract attention from investors, strategic partners, and potential acquirers.
On behalf of everyone here at Above the Law, we’d like to thank Michael Cohen and Adam Schoen of Brown Rudnick for taking the time to help answer some pressing questions on a life sciences market where innovation cycles are speeding up and capital is on the move.
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.