Following several volatile years within the industry, dealmakers. Excluding standalone research grants, the Due to this, biotechs faced another challenging year 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 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