PwC reports record healthcare M&A activity, with deal values nearing $419B in the first five months of 2026. Momentum is expected to continue into H2 2026, driven by looming patent cliffs for blockbuster drugs and investor interest in women's health, GLP-1s, and digital technologies. Major transactions include Merck KGaA acquiring Bio-Techne and Boston Scientific buying Penumbra. The market shows selectivity, focusing on quality assets to address generic competition and shifting consumer demands.