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M&A Outlook 2026: What Drove 2025 and What Will Define 2026

We review the mega-deals and AI acquisitions catalyzing last year’s M&A resurgence. Explore how confidence, capital and strategy could shape the 2026 deal landscape.

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Podcast studio setup with Yaron Werber and Amy Burroughs seated at microphones during a recorded discussion.
Amy Burroughs outlines Terns Pharma's journey towards chronic myeloid leukemia treatment. Listen in as she shares her non-conventional career path and her leadership insight.
Charles Rhyee and Dr. Jon R. Cohen at microphones recording a podcast at the TD Cowen Health Care Conference
People are using GenAI for therapy despite safety concerns. Hear from Dr. Jon R. Cohen how to solve for these risks so that AI might be employed as an effective tool for mental health.
Ritu Baral and Marcio Souza are seated at microphones recording a podcast at a conference venue.
We speak with Praxis CEO Marcio Souza on navigating FDA engagement amid government staffing challenges. Listen in as they discuss regulatory strategy, data-driven trials and investor signals
Charles Rhyee and Adam Kautzner speaking to one another while recording the podcast episode.
Adam Kautzner discusses Cigna’s shift to a rebate-free model and PBM reform. Hear how the company is exploring impacts on patients, employers, drugmakers, pharmacies and transparency.
Two professionals review live equity market data on large trading screens in a modern office.
We discuss the SEC’s removal of the Order Protection Rule and its effects on market structure and NBBO. Listen as they dive into tokenized trading, ATSs and prediction markets.

Most Popular Insights

With US$1.48 trillion inflows last year, U.S. ETFs are showing broad investor enthusiasm. Explore the record growth across different ETF classes and what we expect to see in 2026.
We review the mega-deals and AI acquisitions catalyzing last year’s M&A resurgence. Explore how confidence, capital and strategy could shape the 2026 deal landscape.
Stablecoins, tokenized assets and CBDCs are reshaping U.S. finance. Find out how banks and treasuries are adapting as digital assets drive new demand and regulatory change.
Supply-side constraints are lifting commodity prices, while geopolitical tensions amplify the impact. Explore how debasement trade is further boosting pricing as markets react.
In this special edition of our annual TD Cowen Research Themes, read the open exchange of ideas between our award-winning research staff and leading global economic leaders.
NYSE plans a tokenized equity ATS with 24/7 trading and instant settlement. Examine how it preserves fungibility with traditional shares, limiting liquidity fragmentation.
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