2025年全球生物医药与医疗技术交易全景白皮书_30页_4mb

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.