IN THE NEWS: Milestone Advisors Featured in Fierce Biotech on Pharma M&A and the March IPO Pause

Milestone Advisors Founder Matt Lane recently spoke with James Waldron of Fierce Biotech about Big Pharma's aggressive M&A activity in the first quarter of 2026 and whether the deal pace helped slow the steady stream of biotech IPOs seen earlier in the year.

After a promising February for biotech IPOs, the pipeline quieted in March just as pharma acquirers accelerated. In the final 12 days of the month alone, biopharmas announced seven transactions worth more than $1 billion each, combining for $29 billion in headline value.

As Matt explained, most biotechs run a "dual-track" process, preparing for an IPO while actively engaging potential acquirers. When Big Pharma is visibly on the hunt, boards have a fiduciary obligation to consider what those conversations could mean before moving forward with a public offering.

"If I'm a [biotech] board, I really have a fiduciary obligation to explore what are my monetization opportunities," Matt told Fierce. "Until the pacing of M&A slows down, I don't see the IPO market picking up meaningfully."

At the same time, Matt pointed to continued strength in the broader biotech market as a reason for confidence, noting that the XBI biotech index has been pushing against a five-year high. Demand for IPO preparation remains steady, and several companies have already moved forward with listings in recent weeks.

For management teams navigating this environment, the dual-track process is more than a contingency plan. It is a way to build optionality into corporate strategy and ensure the company is prepared to respond whether opportunity comes through the public markets or through a transaction. A strong biotech IR advisor can help companies sharpen their story for investors while ensuring the same narrative resonates with potential strategic partners.

Milestone Advisors works with private and public life sciences companies on IPO readiness, M&A preparation, investor messaging, and capital markets strategy.

Read the full article in Fierce Biotech here.