Through the first 11 months of 2025, biopharma dealmaking remained robust with collective value reaching $261.14 billion, the highest January through November total of the past seven years and well above 2024’s $201.35 billion. November contributed $15.62 billion, below the average of $24.55 billion per month and a notable decline from October’s unusually strong $31.91 billion, which was the single highest month of 2025.

China’s clinical trial volume has surged to nearly U.S. scale and now tops Europe, sitting at about 80% of U.S. levels and roughly 10% above the EU in 2024.

Christmas came early for a number of biopharma companies this year as eight companies collectively raised $3.24 billion in public offerings. Both Structure Therapeutics Inc. and Terns Pharmaceuticals Inc. announced upsized offerings of $650 million each, and Kymera Therapeutics Inc. raised $602 million, placing all three in the top 10 follow-on offerings of the year.

Seventy-three pharmaceutical, biotechnology and medical device companies from mainland China filed for IPOs in Hong Kong this year, a review by BioWorld found. In the second half of 2025, 43 new securities reports were filed on the Hong Kong Stock Exchange, increasing from the 30 applications in the first half.