Biopharma VC continued a modest recovery in 2025, with deal value rising for the second straight year to $33.8 billion—even as investors remained highly selective. Capital concentrated into fewer, larger financings, favoring de-risked assets, late-stage NewCos, and platforms that address clearly defined biological bottlenecks. Exit markets also showed improving momentum late in the year. Strategic M&A drove most of the largest Q4 exits as Big Pharma looked to offset looming patent cliffs, while IPO activity reopened unevenly across global markets.
Read the full article: PitchBook Q4 2025 Biopharma VC Trends //
Source: https://pitchbook.com/news/reports/q4-2025-biopharma-vc-trends