Big Pharma's valuations are depressed; biotech is red-hot. Alliance volumes have fallen, but average deal values are up. The valuation divide masks the subtler cracks dividing biotech's elite from a mass of undifferentiated technology providers. Drug companies are recognizing that basing discovery programs around new, proprietary targets is highly risky and lengthens R&D time. Targets themselves, absent optimized lead compounds, are increasingly commoditized. Therefore, companies who don't provide integrated discovery capabilities aren't going to get the high-value deals that will justify their current, sky-high valuations. Meanwhile, companies with integrated solutions must back up their promises of productivity enhancement with their own money--though they also get a richer share of the end proceeds.
by Roger Longman
It's hard to for a drug stock to hold up its head these days. Over the last year and a...
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During Q2, biopharma merger and acquisition deal value reached $24.6bn and drew in $60.7bn in potential deal value from alliances. Device company M&A values reached $223m, while in vitro diagnostics and research tools players’ M&A activity totaled $802m.
Pharma leaders are shifting from AI pilots to enterprise-scale deployment, favoring external partnerships for efficiency gains while maintaining tight control over sensitive clinical data.
The biotech funding landscape is undergoing a fundamental shift. With traditional VC becoming increasingly cautious and selective, industry executives are exploring new avenues for capital. Conversely, this evolution may ultimately benefit the sector's long-term sustainability.
In Vivo spoke with Edward Ahn, CEO of Medipost, a Korean company that has developed stem cell therapies from cord blood, on how they are working across regulatory markets to provide a novel treatment for degenerative diseases.
An interactive look at pharma, medtech and diagnostics deals made during July 2025. Data courtesy of Biomedtracker.
China has rapidly expanded its clinical trial footprint since 2015, driven by regulatory reforms and increased investment in pharma R&D. By 2023, it matched the US in trial volume. Oncology leads, but biologics are leading in momentum.
Merck and Lilly are among the leading pharma players using space-based research to power drug development. From reusable satellites to process drugs in low earth orbit to biomanufacturing labs experts discuss R&D opportunities in the starry canvas above.
