Slow season for biopharma M&A amid stormy markets: Deals Report

The high volatility that has roiled biotech markets in early 2025 may be slowing blockbuster M&A activity to a crawl. It’s been three months since a biopharma company paid at least $1 billion to buy another, marking the longest such stretch since 2021.

The first quarter of 2025 brought three takeouts of at least $1 billion up front — two in January, plus one in early February in which the acquiring company was not a biopharma — and dealmaking has largely gone silent in the early days of 2Q25. ...