Executive Summary
In 2025 there has been a clear move toward fewer, higher-value licensing deals.
After a challenges few years, the biopharma industry may finally be seeing a much-anticipated improvement in the dealmaking landscape with trends reflecting both consolidation and innovation. In 2025 there has been a clear move toward fewer, higher-value licensing deals and M&A is following a similar path. Improved business fundamentals and greater regulatory clarity, especially in the US, are fueling cautious optimism and accelerating M&A. Recent headline deals, including Novo Nordisk’s acquisition of Akero, Pfizer beats Novo in Metsera bidding war, and Merck & Co.’s bid for Verona, highlight the sector’s appetite for transformative assets in metabolic and respiratory diseases.
Some of this is driven by the need for large pharma companies to navigate looming loss of exclusivity. More than $300bn of pharma revenues are at risk, exposing them to generic competition. Dealmaking is a key method of bridging this gap and current dealmaking trends provide a useful guide to the mechanisms and modalities that will drive growth in the coming decade. In recent years, GLP-1 receptor agonists and ADCs have led growth, but Evaluate’s data suggests these areas may be nearing their peak. By analyzing deal trends agnostically, focusing on mechanisms and technologies rather than therapeutic areas, this report reveals what the industry is prioritizing for future commercial success. Unpartnered assets remain highly sought after, with several early-stage products commanding significant NPV multiples. Case studies show how mechanisms and technologies are driving innovation and dealmaking. Ultimately, deals data provides a unique lens into industry priorities, as buy-side players address patent cliffs and sell-side licensing becomes a key funding source.
