Deal activity across development stages
Investors are increasingly targeting early-stage assets, particularly those in the discovery and platform stages. These deals represent long-term strategic bets aimed at securing future innovation pipelines. In 2025, platform and discovery-stage deals continue to attract significant interest.
Phase 2 programs have also gained traction, offering a balance of risk and near-term value. In 2025, Phase 2 deals totaled $5.7 billion by mid-year, closing in on the $7.5 billion recorded in 2024. These transactions reflect a growing appetite for assets with proof-of-concept data.
Phase 3 deals remain strong too, with Regeneron and Hansoh’s $2 billion GLP-1/GIP agreement standing out. The trend indicates a broadening of investment horizons across the development spectrum, from early discovery to late-stage clinical programs.
