Financing

An interactive look at pharma, medtech and diagnostics deals made during November 2025. Data courtesy of Biomedtracker.

The FDA rejection of Alvotech’s AVT06 Eylea biosimilar was revealed as part of a wider funding update outlining a $108m bond placement and continued heavy R&D investment.

Investors and analysts say cell and gene therapy is entering a disciplined “phoenix” phase, with selective risk taking, AI enabled platforms and new pricing models redefining how one time cures attract capital.

Four $1bn+ alliances were penned in November, and three exceeded $2bn. In the top alliance by deal value, Valo Health entered into a potential $3bn collaboration with Merck KGaA to advance therapeutic discovery in Parkinson’s disease and related disorders.

A pair of private equity mega-deals dominated the mergers and acquisitions landscape in 2025, but there was still a clear appetite for smaller, strategic takeovers and tuck-ins across the generics, biosimilars, and off-patent medicines field.

An interactive look at medtech and diagnostics deals made during November 2025. Data courtesy of Biomedtracker.

The biopharmaceutical landscape in 2026 will be shaped by rapid technological progress, shifting geographic leadership, a looming patent cliff and a renewed focus on capital efficiency.

The consolidation of Biocon-BBL is expected to unlock value, deliver operational synergies and provides BBL’s minority shareholders an 'earlier liquidity event'. Investor Viatris also signals accelerated expiration of biosimilars non-compete restrictions.

Aeon’s cash infusion and upcoming FDA session, now rescheduled for early next year, positions firm to push ABP-450 biosimilar closer to market entry.

The success of AimedBio’s IPO may indicate investors are returning to the South Korean biopharma sector amid a series of large global out-licensing deals by domestic ventures and the strong performance of some recent biotech debutants on Kosdaq.

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.

“Tubulis is not a single-asset company… It’s an innovation powerhouse,” said CEO Dominik Schumacher in an interview with In Vivo. He outlined the company’s clinical progress, funding momentum and how Tubulis will navigate the competitive biotech market in 2026.