Following several volatile years within the industry, dealmakers. Excluding standalone research grants, the layoffs in the hope to extend their cash runways. 2021, M&A activity remained dampened in the life Alike 2024, mega-mergers were absent in 2025 as big Following a rebound in 2024, biotech financing as Mergers, Business Acquisitions and Divestments, clinical and regulatory pathways, creating a capital 2025 fell 7% from 2024, in line with the slowdown in However, in contrast, the aggregate total value, the Nasdaq Biotech Index, for example, reaching a including contingent consideration, of all M&A deals five-year high in Q4 2025. IPOs in the life sciences paedwon g Lsz$sn on %66 <q padwn! szoz u! paub!s sector were suppressed in 2025, dropping below to US$129 B in 2024. In parallel, the mean total deal the lows recorded in 2022, reflecting the continued investor caution amid uncertain market conditions. 1 J.P. Morgan 2025 Annual Biopharma Licensing and Venture Report