$2.58B across 10 healthcare VC rounds in 60 days. The pattern is clear: capital is concentrating on scarce inputs, not apps.
Sanofi is writing equity into Earendil after a $2.56B deal. Regeneron put $200M into TriNetX for exclusive multi-omic data rights. Pharma is not renting access anymore. It is buying it.
Earendil at $787M. WHOOP at $575M with Abbott and Mayo on the cap table. Beeline at $300M with BMS assets and the SpringWorks team. Every check buys something nobody else can copy fast.
The market is not frozen. It just stopped paying for vague workflow tooling. Networks, licensed chemistry, Phase 2 assets, enterprise footprints, consumer subscription loops. That is the 2026 checklist.
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