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Biopharma deals get smaller and earlier

Nature Biotechnology volume 43, pages 11–18 (2025)Cite this article

Merger and acquisition activity is at a seven-year low in 2024 as buyers digest prior deals and US election jitters delayed further spending. Expect a pick-up in 2025.

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Fig. 1: Value and number of biopharma M&A.
Fig. 2: Biopharma M&A average upfront cash and equity.
Fig. 3: Biopharma M&A by target stage—phase 1.
Fig. 4: IPO activity.
Fig. 5: Upfront cash and equity across various fields.
Fig. 6: Total M&A cash and equity by therapeutic area.
Fig. 7: R&D partnerships.
Fig. 8: Average upfront cash and equity of biopharma partnerships.
Fig. 9: R&D platform partnerships.
Fig. 10: Platform-based partnerships, AI/ML drug discovery.

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  1. London, UK

    Melanie Senior

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  1. Melanie Senior
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Senior, M. Biopharma deals get smaller and earlier. Nat Biotechnol 43, 11–18 (2025). https://doi.org/10.1038/s41587-024-02506-7

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