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During discussions at World ADC London in February 2026, investors offered a pointed assessment:

Beacon's H1 2026 data further reinforces this trend: 400 new ADC assets were added to the database, while 217 programs became inactive. Transaction data shows that capital is becoming increasingly selective, with five clear shifts emerging in investment activity:

Compared with H1 2025, the number of ADC deals fell from 98 to 75 in H1 2026, while disclosed potential deal value rebounded from $21 billion to $26 billion (Figure 1). Two major transactions accounted for approximately 60% of the total announced deal value. This reflects increasingly stringent investment criteria for ADC programs.

Figure 1

From 2022 through H1 2026, licensing and collaboration deals generated $158 billion in cumulative potential deal value, exceeding $134 billion from M&A and $74 billion from financing (Figure 2).

Through licensing and collaboration, drug developers can gain more targeted access to differentiated assets, technologies, and development rights while mitigating the risks associated with full acquisitions.

Figure 2

Potential deal value from ADC M&A fell from a peak of $54 billion in 2023 to $26 billion in 2025, with $11 billion recorded in H1 2026 (Figure 2). M&A is shifting away from broad, transformative acquisitions toward more targeted access to high-quality assets and critical technologies.

Financing deals declined from 43% of total announced transactions in 2022 to 6% in H1 2026 (Figure 3). In H1 2026, licensing and M&A together accounted for 90% of deal volume. For smaller biotechs, raising capital on an early scientific concept alone is becoming more difficult. Programs now need stronger data, clearer competitive positioning, and a defined path to validation.

Figure 3

Notable H1 2026 transactions increasingly focused on next-generation ADC technologies and clinically de-risked assets. Rather than technological novelty alone, capital is placing greater weight on whether innovation can translate into meaningful clinical advantages, clear competitive positioning, and demonstrable commercial value.

Differentiation Depends on Developability

starting point. To become a viable development candidate, a differentiated ADC must also have a clear path to scalable manufacturing and reliable supply.

ChemExpress' integrated ADC/XDC CDMO platform spans payload-linker and antibody development, conjugation, analytical development, formulation, and GMP manufacturing, reducing technology transfers and the associated timeline and quality risks. We address CMC and regulatory requirements early to minimize late-stage changes and de-risk the path to commercialization.

Meet ChemExpress at World ADC San Diego 2026

If you are advancing ADC/XDC programs, we welcome the opportunity to discuss your specific development challenges.

Source: Beacon ADC 2026 Mid-Year Landscape Review.