Deal-Making
As regulatory uncertainty under the Trump administration eases, with dealmaking picking up and biopharma firms delivering good data, financial markets are primed for biopharma investment.
Eleven $1bn+ alliances were penned in October, and four exceeded $2bn. In the top alliance by deal value, Innovent Biologics entered into a potential $11.4bn collaboration with Takeda to co-develop and commercialize next-generation immuno-oncology and antibody-drug conjugate cancer therapies.
An interactive look at pharma, medtech and diagnostics deals made during October 2025. Data courtesy of Biomedtracker.
During Q3, biopharma merger and acquisition deal value reached $40.7bn and drew in $66.5bn in potential deal value from alliances. Device company M&A values reached $6.4bn, while in vitro diagnostics and research tools players’ M&A activity totaled $15m.
Launched in April 2025, Astellas’s Innovation Lab unites fragmented research units under Morten Sogaard to pursue focused indications, a dual-track R&D strategy and tailored partnerships that balance innovation, risk and collaboration.
Corporate venture arms can be powerful growth partners, but founders who don’t take time to understand them risk missing their greatest value.
Pharma business development teams are adapting M&A and licensing strategies amid market volatility and looming patent cliffs.
During Q3, biopharmas brought in an aggregate $20.1bn in financing and device company fundraising totaled $2.5bn; while in vitro diagnostic firms and research tools players raised $1.2bn.
The neuromodulation space is quickly filling with well-funded companies that have demonstrated early signs of success. However, with strategics seemingly unwilling to spend on novel technologies and pharma desperate to maintain its foothold in CNS, these companies will face many challenges.
An interactive look at pharma, medtech and diagnostics deals made during September 2025. Data courtesy of Biomedtracker.
For biotech CEOs navigating today’s capital crunch, understanding what sophisticated investors actually look for can mean the difference between a successful raise and months of rejected pitches.
Eight $1bn+ alliances were penned in September, and four exceeded $2bn. In the top alliance by deal value, Monte Rosa Therapeutics will apply its AI-enabled QuEEN platform for the discovery and development of novel molecular glue degraders for immune-mediated diseases.
Pharmaceutical companies are creating collaborative AI platforms that simulate drug trials, accelerate discovery and democratize access to proprietary datasets.
Boehringer Ingelheim's collaboration with Re-Vana Therapeutics is the most recent step in the German pharma’s paradigm shift toward earlier intervention in retinal diseases.
The rapid growth of Chinese biopharmas has led to increased dealmaking with the US and Europe, but that could be stifled by a potential new Trump Administration policy.
Seven $1bn+ alliances were penned in August, and two exceeded $2bn.
An interactive look at pharma, medtech and diagnostics deals made during August 2025. Data courtesy of Biomedtracker.
The value proposition of surgical robots is quickly changing. Gone is the focus on benefit to patients; instead cost, operative efficiency and surgeon longevity are the new focal points, making deciphering M&A value much more difficult.
A decade after Teva’s $40.5bn acquisition of Actavis Generics, the deal remains a defining moment for the company. This retrospective explores Teva’s hopes, consequences, leadership shifts, and the firm’s new growth strategy under CEO Richard Francis.