The third quarter of 2026 has kicked off with 12 major merger and acquisition (M&A) deals and eight licensing agreements in global drug discovery and development in July. Maryland-based United is paying $140 million in cash to Thymmune and up to $160 million in milestone payments by 2031. The Cambridge-based biotech will rake in up to $292 million in upfront and milestone payments. Biotech deals by approach in July 2026Small molecules in spotlightBritish big pharma AstraZeneca inked two licensing deals in the small molecules sector last month. Innovent can gather up to $1.1 billion in development, regulatory, and commercial milestone payments, aside from an undisclosed upfront amount.