> **来源：[研报客](https://pc.yanbaoke.cn)** # 2025 Deal-Making Roundup Summary ## Core Content This white paper provides an in-depth analysis of global deal-making trends in the biopharma and medtech industries during 2025, as tracked by Biomedtracker. It covers key aspects of alliances, mergers and acquisitions (M&A), and financing activities, highlighting the most significant transactions, therapeutic areas, and payment structures. ## Main Points ### Biopharma Industry Overview - **Total Potential Deal Value (PDV):** \$269.5 billion from 642 alliances (294 with disclosed values). - **Deal Volume:** A 7% decline compared to 2024, with 184 transactions in Q4 being the most active quarter. - **Average Deal Value:** Increased by 37% to \$917 million, compared to 2024's average. - **Therapeutic Area Activity:** Oncology was the most active with 196 deals (31% of all partnerships), followed by autoimmune/immunology and unspecified areas (16% each). - **Top Deals by Value:** - **Hengrui Pharma & GSK:** \$12.5 billion PDV, with up to \$12 billion in milestones. - **Innovent Biologics & Takeda:** \$11.4 billion PDV for co-development of IBI363. - **BioNTech & Bristol Myers Squibb:** \$11.1 billion PDV for BNT327. - **3SBio & Pfizer:** \$6.15 billion PDV for SSGJ-707. - **XtalPi & DoveTree Medicines:** \$5.99 billion PDV for AI-driven drug discovery. ### Biopharma M&A Activity - **Total Deal Value:** \$201.2 billion from 144 deals, up 154% from 2024's \$79.4 billion. - **Deal Volume:** Increased by 3% to 144 deals, with 36 exceeding \$1 billion. - **Outlier Deals:** Five deals each valued at \$10 billion or more, totaling \$95.3 billion (47% of all M&A dollars). - **Top Deals by Value:** - **Kimberly-Clark & Kenvue:** \$48.7 billion, the largest deal of the year. - **Johnson & Johnson & Intra-Cellular Therapies:** \$14.6 billion. - **Novartis & Avidity Biosciences:** \$12 billion. - **Pfizer & Metsera:** \$10 billion. - **Merck & Verona:** \$10 billion. - **Sanofi & Blueprint Medicines:** \$9.5 billion. - **Merck & Cidara Therapeutics:** \$9.2 billion. - **Novo Nordisk & Akero Therapeutics:** \$5.2 billion. - **Genmab & Merus:** \$8 billion. - **Mallinckrodt & Endo:** \$6.7 billion. ### Biopharma Financing - **Total Funding:** \$83.6 billion from 984 transactions, a 6% decrease from 2024's \$88.6 billion. - **Deal Volume:** 7% fewer transactions than 2024 (984 vs. 1,056). - **Top Financing Types by Value:** - **FOPO (Follow-on Public Offering):** \$23.2 billion (28% of total), with 75 deals valued at \$100 million or more. - **Debt Financing:** \$35.2 billion (42% of total), with the largest being Halozyme's \$1.47 billion convertible senior notes. - **Venture Financing:** \$22.7 billion (27% of total), with 354 transactions. - **Top Venture Rounds:** - **Series A:** \$6.9 billion (31% of total VC dollars), led by Verdiva Bio's \$410 million round. - **Series B:** \$6.5 billion (29% of total), with 82 deals. - **IPO Activity:** - **Total IPOs:** 69, up from 2024. - **Biopharma IPOs:** 43, raising \$5.7 billion. - **Top IPO:** Jiangsu Hengrui Pharmaceuticals raised \$1.245 billion in its Hong Kong IPO. ### Medtech Industry Overview - **Total Alliance Deal Volume:** 48 transactions (36 device, 12 diagnostics). - **Disclosed Deal Value:** \$533.2 million, with seven deals having disclosed values. - **Therapeutic Area Activity:** - **Cardiovascular & Oncology:** Each had 10 alliances, making up 21% of the total medtech alliance deal volume. - **Orthopedics:** 6 alliances, accounting for 13% of the total. - **Top Device Deal:** Laborie Medical's potential \$465 million purchase of Organon's JADA system. - **Top Diagnostic Deal:** Updated \$15 million collaboration between Twist Bioscience and Ginkgo Bioworks, involving a license for long DNA writing IP. ## Key Information - **PDV Definition:** Potential deal value includes up-front payments and announced or received pre- or post-commercialization milestone payments. - **Payment Structures:** - **Milestones:** Accounted for 72% of the total PDV in alliances with disclosed milestones. - **Up-front Payments:** Only 7% of the total PDV in alliances with disclosed up-front values. - **Notable Trends:** - **Oncology Dominance:** Continued to be the most active therapeutic area in both alliances and M&A. - **AI and Digital Innovation:** Played a significant role in several key alliances, especially in drug discovery and development. - **Outlier Deals:** Significantly influenced M&A value, with five deals exceeding \$10 billion. - **Financing Shifts:** FOPO and debt financing dominated, with a decrease in overall biopharma funding compared to 2024. - **Start-up IPOs:** Only two start-ups completed IPOs in 2025, down from nine in 2024. Metsera, a biopharma start-up, was acquired by Pfizer after its IPO.