2025年交易综述白皮书

2025Deal-making An in-depth analysis of 2025’s global deal-making trends across biopharmaand medtech. From billion-dollar alliances to resurgent financing and shiftingM&A dynamics, this report unpacks the year’s biggest moves, top therapeutic Introduction Maureen Riordan Principal Analyst, Deals Intelligence Deanna KamienskiPrincipal Analyst, Deals Intelligence During 2025, the biopharma industry achieved atotal potential deal value (PDV) of $269.5 billionacross 642 alliances. Although deal volumefor alliances decreased by 48 transactions in2025, the overall aggregate value was$77.6 billion more and the average deal value In the medtech industry, M&A activity wasparticularly strong, with seven separate billiondollar-plus acquisitions (the same as 2024) withtotal 2025 medtech M&A spend at $58.8 billionfrom 60 deals, a 64% increase in deal valuefrom 2024, and a slight increase in deal volumefrom 2024’s 57 transactions. Financing activity Biopharma merger and acquisition volumeduring 2025 showed a slight increase(approximately 3%) over the previous year, with144 deals. The aggregate deal value of$201.2 billion surged significantly, about twoand a half times higher than 2024, with 36 This report provides an overview of alliance,merger and acquisition, and financing dealactivity across the worldwide biopharma,medical device, and in vitro diagnosticsindustries during 2025 as reported byBiomedtracker. The overall data is presentedacross deal types, therapy areas, and payment Biopharma financing, which brought in anaggregate $83.6 billion from 984 deals, saw adecrease in both the number of transactions 2025 Deal-making Roundup Biopharma Alliances Biopharma alliances for 2025 reached a totalPDV of $269.5 billion from 642 transactions (294with disclosed values). The 2025 alliance dollarsincreased by more than 40% in value over decline versus 2024’s 690 transactions. In termsof deal volume, Q4 was the most active quarterof the year, with 184 transactions. In relation to 2025 Deal-making Roundup In the largest alliance of the year in termsof potential deal value, Hengrui Pharma andGSK entered into agreements to develop upto 12 medicines across the Chinese biotech’srespiratory, immunology and inflammation,and oncology pipeline. [Table 1]. The agreementincludes an exclusive worldwide license(excluding mainland China, Hong Kong, Macau, the development up to completion of Phase Itrials, including patients outside of China. GSKwill have the exclusive option to further developand commercialize each program worldwide(excluding Greater China) at the end of PhaseI or earlier at GSK’s election as well as certainprogram substitution rights. GSK will pay $500million in upfront fees across the agreements 2025 Deal-making Roundup 2025 Deal-making Roundup 2025 Deal-making Roundup For 2025 overall, deals with an announcedmilestone accounted for 72% of the total PDVin the 199 deals in which the milestone wasdisclosed, while up fronts made up just 7%of the total PDV in the set of 182 in which theupfront amount was known [Fig. 2]. There werefive deals in all with disclosed potential future values, there were five deals with the upfrontamount reaching $1 billion or more. In thelargest, Roche paid $1.65 billion up front forZealand Pharma’s Phase II petrelintide andfixed-dose combinations using Roche’s GLP-1/GIP receptor CT-388 for weight managementindications, accounting for almost a third ofthe deal’s total $5.25 billion PDV. (Zealand 2025 Deal-making Roundup Oncology was the most active therapeutic areafor partnering during 2025, with 196 deals (31%of all partnerships) having at least one asset in no therapy area specified, which tied for secondplace (with 100 deals apiece), each representinga 16% share of total deals. Neurology/ 2025 Deal-making Roundup Deals involving oncology assets also made upthe greatest percentage (40%) of aggregatepotential 2025 deal value, with $106.6 billion[Fig. 4]. There were 33 deals completed in thistherapy area valued at $1 billion or more. The oncology and antibody drug conjugate cancertherapies, worth up to $11.4 billion. Autoimmune/immunology-focused dealsbrought in the next-most dollars, with $71.8billion in aggregate PDV (27% of the 2025 total).Deals in the neurology/psychiatry space were 2025 Deal-making Roundup There were 90 alliances reaching or surpassing$1 billion during 2025, outpacing the 69deals hitting that same milestone in 2024. centered around an oncology asset, followedby autoimmune/immunology- and neurology/psychiatry-focused partnerships, at 21% and 2025 Deal-making Roundup Biopharma Acquisitions For the full year, biopharma M&A activitytotaled $201.2 billion from 144 transactions, 78of which had disclosed values and 36 that metor exceeded the billion-dollar mark [Fig. 6]. Dealvalue was highest during Q4 and lowest in Q2.Q4 not only had the highest potential deal value, consumer health company Kenvue, which madeup about 51% of the Q4 total. The 2025 M