The shift creates opportunities for investors in funds holding mid-cap biotech companies with drugs in advanced clinical trials, according to the ING analysis. The ALPS Medical Breakthroughs ETF (SBIO) holds the type of companies pharmaceutical giants are targeting, according to ETF Database. Pharma M&A Targets in SBIO PortfolioAn Equity Insider report published Monday highlighted diabetes and kidney disease as major chronic disease markets. SBIO holds companies developing treatments for these conditions, which are exactly what pharmaceutical companies need to replace their expiring drugs. SBIO has gained 58.5% over the past year, topping all ALPS ETF products in performance for 2025, according to ETF Database.