For Tubulis, the time for an exit has arrived: US based pharma group Gilead is set to pay up to US$5bn for the biotech’s ADC expertise.

For years, Portugal sat just outside Europe’s main biotech conversation: scientifically credible, strong in research, but too small, too fragmented and too thinly financed to compete with the established hubs in Switzerland, the UK, France, Germany or the Nordics. That view is becoming harder to defend. Portugal still does not have the scale of Europe’s top biotech markets, but it is building something more durable than a collection of isolated startups.

The Copenhagen-based cancer immunotherapy company IO Biotech has come to an abrupt end, marking one of the more sobering recent failures in Europe’s mid-cap biotech segment. Founded in 2019, the company had sought to position itself at the forefront of therapeutic cancer vaccines, but a decisive clinical and regulatory setback ultimately proved insurmountable.

French Generare, founded in 2023, is positioning itself at the intersection of synthetic biology and artificial intelligence by tackling what many in the sector now see as a fundamental bottleneck: the lack of genuinely novel molecular data.

Lilly Centessa acquisition

Eli Lilly has agreed to acquire UK-based Centessa Pharmaceuticals in a deal worth up to $7.8 billion, giving the pharma giant a high-profile entry into one of biotech’s most closely watched neuroscience fields: orexin biology. The companies announced a definitive agreement on March 31, 2026.

The Basel region is one of the world’s leading life-science clusters. ­Pharmaceutical companies, biotech firms and research institutions benefit from a unique combination of talent, infrastructure and international collaboration. As the industry continues to grow, the demand for ­scalable laboratory and office environments within this innovation ecosystem is increasing.

Novartis is back on the acquisition trail, agreeing to buy California-based Excellergy for up to $2bn. The antibody Exl-111 is intended to strengthen its allergy pipeline and go beyond the current standard of care. The deal is part of a broader string of acquisitions aimed at systematically expanding the group’s innovation base.

The COVID 19 pandemic demonstrated that Europe can move fast, take risk, and deliver world class vaccines when political will, science and capital are aligned. Treating vaccines as strategic assets, backed by sustained political and financial support, will be key to maintaining Europe’s long-term investment in public health and innovation.

Ten young European biotechs are heading into 2026 with the kind of momentum that can quickly turn promising science into defining data: first clinical entries, platform-to-pipeline transitions, and funding rounds large enough to accelerate execution. Some are pushing new modalities into hard disease areas, while others are compressing discovery timelines and expanding what’s druggable. What they all share is a clear momentum that makes them especially worth following this year.

Spanish VC firm Ysios Capital has unveiled InceptionBio, a €100 million fund dedicated to boosting Spanish biotech innovation. The initiative targets company creation from top-tier research, backed by public-private partnerships.