that could be ascribed an indication, approximately 34% involved therapeutics, diagnostics or medical in 2024. CNS diseases remained the second most (including product acquisitions, licensing, option to license, co-development and collaborative R&D blood comprising third and fourth place, respectively. deals) by indication area. Oncology was once again life sciences sector in 2025, although deal volume to 2025, with oncology and skin diseases showing the largest percentage decreases (both 17%). with overall deal activity. Of the deals signed in 2025