Big Pharma is heading into a new patent cliff while its in-house pipelines struggle to keep up. That makes small and mid-cap biotech one of the most fertile hunting grounds for both acquisitions and high-beta “run-up” trades ahead of binary events like FDA decisions and pivotal clinical readouts. In this note we highlight ten US-listed biotech names under roughly $2 billion in market cap that all have a clearly defined catalyst between now and the end of June 2026.