Cohen
&
Adam
Schoen
(courtesy
photos)
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
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.
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.