Biopharma deal activity in the second half of 2025 was promising despite continued macro-economic challenges and policy uncertainty. About 6 months ago, we detailed how these uncertainties impacted the deal-making environment in the first half of 2025. A few key takeaways we highlighted after 1H 2025 were:
- The deal-making environment had not necessarily slowed, and the rate of deals >$1B continued to increase
- The highest value deals involved lead assets in later stages of development
- There was robust deal activity for assets and companies headquartered in Asia-Pacific, especially China
We now explore how the deal environment fared in the second half of 2025…
