Top European & French Biotech Companies: Q1 2026

The European biotechnology sector continues to experience a subdued atmosphere, echoing the overall morosity that dominated most of 2025. As the first quarter of 2026 unfolds, the anticipated resurgence in deal activity has yet to materialise, with no European biotechnology company involved in a major transaction in this first period of the year, except the one announced just before the closure of this note.  

A few hours ago, Eli Lilly has announced the acquisition of Centessa, a company based in London and Boston. The transaction involves an upfront payment of $6.3 billion, providing Eli Lilly access to Centessa's portfolio of orexin receptor 2 (OXR2) agonists. The lead compound, cleminorexton (ORX750), is intended for the treatment of two types of narcolepsies as well as idiopathic hypersomnia.

In spite of this annoucement, there is nevertheless a persistent stagnation reinforced by the notion that the sector remains entrenched in a "long winter period", with recovery still some way off. Industry feedback mirrors the cautious sentiment of the previous year. A recently consulted chief executive officer confirmed the ongoing challenges in securing investment, offering insights like those voiced in 2025. She stated: "Raising money from VC funds is nearly impossible if you don’t have early validated human data."

Q1 2026 Highlights.

Abivax reported cash of €530.4 million on 31 December 2025, giving the Paris-based biotech company sufficient funds to finance its clinical trials in ulcerative colitis and Crohn’s disease, until the end of 2027.

Argenx, the European biotechnology company with the largest market capitalisation value, (see table #1) delivered an operating profit of $1.1 billion, its first since its founding in 2008. The Netherland-based company generated sales of $4.2 billion in 2025, almost double the $2.2 billion for the previous year.

Bavarian Nordic has entered an agreement with Serum Institute of India to transfer technology and manufacturing process for a Chikungunya vaccine

BioNTech. Ugur Sahin and Özlem Türeci, the two co-founders of BioNTech launched in 2008, will leave BioNTech, in order to work on foundational science. “For us, this is the right time to prepare to hand over the baton,” said Dr Sahin in a statement issued on 10 March. “At the same time, Özlem and I are ready to become pioneers once again.”

Evotec announced its intention to reduce its workforce by up to 800 people and close down more business sites. The company had already reduced its total site count from 19 to 14 between 2024 and 2025, according to a company statement, and now intends to reduce it further down to 10 sites over the next two years.

Galapagos has announced a new strategy focused on the development of chimeric antigen receptor (CAR) T cells for the treatment of autoimmune diseases and the reshuffling of its relationship with Gilead. Galapagos also announced that it is in discussions with Gilead to share the cost of developing OM336 (gamgertamig), a T cell engager therapy from Ouro Medicine recently acquired by Gilead.

Nanobiotix. According to La Lettre, a Belgium newspaper, Johnson & Johnson is considering acquiring Nanobiotix with which it has been linked by a licensing agreement since 2023 for the development of NBTXR3, a radioenhancer nanomedicine. This operation would enable savings both in research costs and in royalties to be paid to the French company. Neither party confirmed the rumor.

Ose Immunotherapeutics has announced that Boehringer Ingelheim has stopped its collaboration to develop BI 77037, a SIRPα antagonist for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) after the drug failed to show efficacy in a phase 2 study.

Sensorion announced that Nawal Ouzren, its Chief Executive Officer and a Director on the Company’s Board, is stepping down from both posts due to a personal matter incompatible with serving as CEO.  Amit Munshi, the Chairman of Sensorion will assume the role of interim CEO. Nawal Ouzren will remain temporarily as a consultant to the Company to ensure an effective transition.

Uniqure. After receiving a first refusal to file for AMT-130, its candidate gene therapy for the treatment of Huntington’s disease, the Dutch company has asked for a second meeting with the FDA to discuss the new recommendation required by the agency.

Valneva and its partner Pfizer reported results from a Phase 3 trial of a Lyme disease vaccine candidate which was effective and well tolerated. However, because of insufficient accrual of Lyme disease cases the pre-defined statistical criterion was not met. “Given the clinically meaningful efficacy and the fact that the 95% confidence interval lower bound was above 20 in the second pre-specified analysis, Pfizer is confident in the vaccine’s potential and is planning submissions to regulatory authorities,” Pfizer said in the release

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Paris, March, 31 2026

^{This document has been prepared by Jean-Claude Muller and is provided for information purposes only. The information contained herein has been obtained from sources believed to be reliable but is not warranted to be accurate or complete. The views presented are those of the author at the time of writing and are subject to change. Jean-Claude Muller has no obligation to update these opinions or the information presented.}