Analysts at PwC expect dealmaking in the life sciences sector to pick up in 2025, but they predict more of the kind of dealmaking that the biopharma industry has favored in recent years, such as bolt-on acquisitions, not a re-emergence of major merger activity.
PwC Anticipates Friendlier Environment For M&A In 2025
As it predicted heading into 2024, PwC sees positive conditions for merger-and-acquisition deals in the life sciences and says headwinds that held down 2024’s activity are neutralizing.

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Deal Snapshot: Lilly is the third company to sign a licensing deal for STAC-BBB with Sangamo, which also aims to secure a deal for its Fabry disease program in the second quarter.
AstraZeneca remains committed to investing in R&D and alliances in China, where Susan Galbraith, the UK major’s head of oncology R&D, sees innovation eventually reaching parity with the US and Europe.
The latest in a long line of restructuring measures will see Sumitomo Pharma making a stepped sale of its pharma operations in Asia to major Japanese trading house Marubeni.
Plus deals involving GV20/Mitsubishi Tanabe, Kaken/Alumis, AstraZeneca/Alteogen and deal terminations involving Clover/Gavi Alliance and Rhythm/RareStone.
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BeiGene’s Phase III ociperlimab joins the list of failed TIGIT inhibitors, as candidates from Roche, Merck & Co. and others have failed late-stage studies.
The German firm’s chairman, Hubertus von Baumbach, is adopting a ‘wait-and-see’ approach to the threat of pharma tariffs.