Biopharma capital returned in 2025. But not for everyone.
After a significant dry spell, capital began to flow back into biopharma in 2025. Though not everyone benefited.
Deals were fewer but larger. Venture funding rallied late, driven by a small number of outsized rounds. IPO markets stayed largely closed in the US and Europe, while Asia continued to pull ahead. Confidence is appropriate – selectively.
In this report, Evaluate examines how 2025 finished across M&A, venture capital and public markets, and what the data reveal about where conviction has truly returned, and where it has not.
Download the report to learn how:
- M&A regained momentum, with aggregate deal value rising sharply despite lower volumes
- Late stage conviction returned, as buyers shifted away from bolt ons toward larger, premium transactions
- Venture funding rebounded in Q4, but full year totals still fell short of 2024
- Western IPO markets remained constrained, while Asian exchanges continued to absorb new listings
- Access to capital stayed uneven, reinforcing a widening gap between established and emerging players
