Deal volume was down last year both in M&A and alliances, but valuations rose.
The ‘Biggest’ Dealmakers Of 2023 Were Not The Busiest
Eli Lilly, striving to outpace Novo Nordisk, dominated the dealmaking scene in 2023 by executing six acquisitions. Although Pfizer, BMS and AbbVie sealed the largest M&A deals of the year, they did not lead in terms of volume.

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Laura Lane, European head of Lilly Ventures, talked to In Vivo at the recent Bio-Europe meeting in a fireside chat about how strategic investments are shaping the future of biotech, Lilly's approach to early-stage innovation, and the evolving European investment landscape.
TechBio stands at a critical inflection point, where computational innovation meets the reality of biopharma. Industry leaders have begun to cut through the hype and identify where sustainable value truly lies in this rapidly evolving landscape.
Three $1bn+ alliances were penned in February, and one exceeded $2bn.
An interactive look at pharma, medtech and diagnostics deals made during February 2025. Data courtesy of Biomedtracker.
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AI-related deal activitiy in the first quarter of 2025 was punctuated by a last-minute $600m raise for Isomorphic Labs.
The process of manufacturing medicines can often be complex, expensive and harmful to the environment. Initiatives like RESILIENCE UK are seeking to simplify this process, utilizing VR technology to create a more sustainable learning environment for both students and companies.
Lundbeck CEO Charl van Zyl spoke with In Vivo about the Danish company’s multipronged transformation, one that involves a rethink of company culture, pipeline strategy and a sharpened focus on innovation in rare neurological disorders.