European biotech enters 2026 in a strange, almost contradictory mood. The easy-money years are gone, the post-pandemic correction has done its damage, and investors are no longer rewarding science for being exciting alone. Yet the sector is far from frozen. If anything, 2025 showed that European biotech capital has become more selective, more concentrated and, in many ways, more sophisticated.
AlzeCure licenses Alzheimer’s asset to QuantumCell in $2.2bn deal
Latest NewsSwedish biotech AlzeCure Pharma has licensed global rights to its NeuroRestore platform, including lead Alzheimer’s candidate ACD856, to Danish biotech QuantumCell ApS in a deal worth more than $2.2bn, excluding royalties.
Ipsen’s buying streak continues with €700m Memo deal
Latest NewsParis-based Ipsen has agreed to acquire Swiss biotech Memo Therapeutics AG in a deal worth more than €700m, adding the clinical-stage BK polyomavirus antibody potravitug to its rare-disease pipeline.
InflaRx seeks to fill void left by Amgen’s Tavneos in Europe
Latest NewsInflaRx is preparing for discussions with regulators in Europe over two drugs that could provide an alternative to patients treated with Amgen’s Tavneos (avacopan), which is set to be removed from the EU market for the rare blood vessel inflammation disease ANCA-associated vasculitis (AAV).
Genmab shares rise following positive epcoritamab phase 3 data
Latest NewsGenmab and AbbVie reported positive phase 3 results for epcoritamab in combination with lenalidomide in relapsed or refractory diffuse large B-cell lymphoma (DLBCL), demonstrating a significant improvement in progression-free survival (PFS) compared with R-GemOx.
smartbax extends pre-series A to €6.3 m for new antibiotic
Latest NewsMunich-based smartbax has secured additional financing to advance its lead antibiotic programme, building on a €4.7m pre-Series A first close announced in October 2025.
Abivax answers safety questions with new data
Latest NewsAbivax has reported additional Phase III maintenance data for obefazimod in ulcerative colitis, giving the French biotech more efficacy and safety evidence to support its planned US regulatory filing later this year.
Scancell plots reverse-merger path to Nasdaq
Latest NewsUK immunotherapy developer Scancell has confirmed talks to acquire Nasdaq-listed Neuphoria Therapeutics, in a move that could give the Oxford-based biotech a faster route to US public markets.
EMBL spin-off Epitome launches with €4M
Latest NewsVienna-based Epitome Therapeutics has launched with €4 million in total financing to advance a new epigenome-editing platform designed to precisely control gene expression.
8 European VC firms to watch in 2026
Background, Latest NewsEuropean biotech enters 2026 in a strange, almost contradictory mood. The easy-money years are gone, the post-pandemic correction has done its damage, and investors are no longer rewarding science for being exciting alone. Yet the sector is far from frozen. If anything, 2025 showed that European biotech capital has become more selective, more concentrated and, in many ways, more sophisticated.
Ipsen buys Kartos in $1.75bn myelofibrosis push
Latest NewsParis-based Ipsen has agreed to acquire US biotech Kartos Therapeutics in a deal worth up to $1.75bn, adding a late-stage blood cancer programme to its growing oncology pipeline.