Citi expects merger and acquisition (M&A) activity in Asia to pick up in 2026, led by healthcare deals and an increase in cross-border transactions.
In a statement issued on 23 January, the bank said it anticipates more dealmaking between Chinese biopharmaceutical firms and multinational corporations.
Recent transactions highlight this trend, including RemeGen Co. Ltd.’s exclusive licensing agreement with AbbVie. RemeGen is a Chinese biopharma company specialising in biologics for autoimmune, oncology and ophthalmology conditions, and Citi served as its exclusive financial adviser on the deal.
Citi added that it has advised on several cross-border transactions over the past four weeks alone.
Another notable transaction is WuXi XDC’s $400 million voluntary general offer for BioDlink. WuXi XDC is a global contract research, development and manufacturing organisation focused on bioconjugates, particularly antibody-drug conjugates.
Separately, in late 2025, Citi acted as exclusive financial adviser to Haier Group when Bharti Enterprises and Warburg Pincus acquired a 49% stake in Haier India.
Citi said this transaction marked the largest China–India partnership deal to date and the biggest home appliances M&A transaction in the region since 2024.
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