Citi foresees more Asia M&A deals on healthcare and multinational moves

In 2026, Citi already led two M&A biopharma deals in China.

Citi expects more mergers & acquisitions (M&A) deals in Asia in 2026, particularly in the healthcare sector and cross-border transactions.

The bank expects increased M&A activity between Chinese biopharmaceutical companies and multinational corporations (MNCs), it said in a statement published on 23 January.

Notable recent deals include RemeGen Co. Ltd. entering into an exclusive licensing agreement with AbbVie. RemeGen is a Chinese biopharma company focused on biologics targeting autoimmune, oncology, and ophthalmology diseases. Citi acted as the exclusive financial adviser of RemeGen.

Citi said that it has led several cross-border transactions in just the past four weeks.

Another deal is WuXi XDC’s $400m voluntary general offer for BioDlink. WuXi XDC is a global contract research, development and manufacturing organisation specialising in bioconjugates, particularly antibody drug conjugates (ADCs).

In late 2025, Citi acted as the exclusive financial advisor of the Haier Group when Bharti Enterprises and Warburg Pincus acquired a 49% stake in Haier India.

This is the largest ever China-India partnership transaction and the largest home appliances M&A transaction in the region since 2024, according to Citi.