RBC says biotech sector's rebound has momentum, with intriguing opportunities for 2026
Brokerage RBC Capital Markets says biotech sector has strongly rebounded since April 2025, helped by good clinical data and successful new drug launches, creating more profitable, mature mid-cap names
Brokerage says M&A is booming (about $101B in 2025, over double compared with 2024), and big pharma still needs to buy growth, so deal activity should stay strong into early 2026
Believes the funding environment has improved: secondary offerings and private financing are up, and 2025 IPOs have performed well, suggesting the IPO window should reopen in 2026
Policy and pricing fears (IRA, MFN, tariffs, inflation) are proving less damaging than initially feared, though regulatory volatility will continue, says brokerage
RBC says after the big rally, valuations are less cheap and many hot areas are crowded, so investors must be more selective
Brokerage sees Kymera Therapeutics KYMR.O, Apogee Therapeutics APOG.O, Xenon Pharmaceuticals XENE.O and Ascendis Pharma A71.F as potential takeout targets
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