After sluggish M&A activity in 2024, at the lowest level since 2021, momentum rebounded decisively in 2025, despite some jitters in Q2 following major US policy announcements, including tariffs and drug pricing. Aggregate M&A deal value in 2025 more than doubled, jumping by +133% vs. 2024, to reach $133Bn for the full year, the second highest level for the past 5 years. Meanwhile, M&A deal count increased to 50 in 2025, the highest number since 2021, equating to an average deal size of $2.7Bn, the second highest since 2021. As in 2024, mega-mergers, defined as involving an acquisition target >$30Bn, were absent in 2025.
Read the full article: Biopharma M&A: Outlook for 2026 //
Source: https://www.iqvia.com/locations/emea/blogs/2026/01/biopharma-m-and-a-outlook-for-2026