Despite ongoing macro uncertainty, healthcare dealmaking shows no signs of slowing. In this mid-year outlook episode, host Haley Trethaway sits down with Jerry Lee and Nick Richitt, global co-heads of Healthcare Investment Banking at J.P. Morgan, to take stock of the industry’s health. Together, they unpack five themes redefining the healthcare landscape, from biotech’s supercycle to supply chain resiliency and the surge in cross-border M&amp;A. What should investors watch in the second half of the year? Read the full article here: https://www.jpmorgan.com/insights/banking/investment-banking/health-care-mid-year-outlook This episode was recorded on June 16, 2026. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase &amp; Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase &amp; Company. All rights reserved.

Dealmaking in healthcare: A mid-year pulse check

Making Sense

# Full Transcript

**Podcast:** Making Sense

## Participants

- **Haley Trethewey** (J.P. Morgan)
- **Jerry Lee** (J.P. Morgan)
- **Nick Richet** (J.P. Morgan)

## Transcript

Despite a year filled with macro uncertainty, dealmaking in healthcare remains active. Capital is continuing to flow to differentiated innovation, scalable platforms, resilient business models, and of course, AI. In today's episode, we'll unpack the five key themes that have taken shape across the global healthcare landscape. Welcome to J.P. Morgan's Making Sense. My name is Haley Trethewey, and today I'm joined by Jerry Lee and Nick Richet, global co-heads of healthcare and healthcare industry.

Investment Banking at J.P. Morgan. Nick and Jerry, thank you for joining. Excited to be here. Thanks, Haley. As our first topic, let's hit on the market backdrop. Jerry, I'll throw this to you. So we're at the halfway point of 2026. How would you describe the healthcare deal environment today? And what's different versus earlier this year? It has been an incredibly busy time the last several weeks, months, and quarters, and that's across the entire spectrum of M&A, equity, debt, and the like.

I would say starting on the equity side, as you know well, the XBI, especially in biotech, is at five-year highs. And every single week, we are seeing record-setting pace across the full spectrum of equity products, including converts, data-related follow-ons, and of course, innovative IPOs. And I couldn't be more thrilled about what our team is accomplishing with our clients.

Now, when we think about the last couple of months and weeks, you and Ben Burdett have led the largest ever biotech follow-on for Revolutions Medicines. That same week, you led the largest ever biotech IPO for Kylara. And so I'm incredibly proud of the way that I think your team has really kind of handled the opportunity and really led the charge on behalf of our clients and, of course, their patients to really fund that innovation of the next generation.

Because the innovation is truly there, and investors are clamoring to help finance that next wave of innovation. I would say the IPO markets and the XBI have certainly been buttressed, of course, by the M&A markets, which, especially relative to earlier this year, relative to especially earlier last year, no comparison. And so I think people are seeing innovation as truly a global topic and sourcing that innovation wherever it makes sense to do so. We're seeing the U.S. look at European companies. We're seeing European companies look at U.S. companies.

Just the last couple of months, our team was fortunate to announce the largest deal of the year, cross-border. That's Sun Pharma with Organon. We just did the largest ever biotech private sell side in Europe for Tubulus to Gilead. So super exciting time, I would say. People are looking across the size spectrum, thinking about the realm of the possible. Super exciting time. Super grateful for this team. And thank you ...

Dealmaking in healthcare: A mid-year pulse check

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Dealmaking in healthcare: A mid-year pulse check

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.