Biopharma deals totaled $18.97 billion in November, marking a notable decrease from October’s historic deal value of $44.91 billion. Even still, through the first 11 months of 2023 cumulative deal value reached $194.26 billion, an 18.65% gain over the $163.73 billion recorded in the same period in 2022.

The BioWorld Biopharmaceutical Index (BBI) made an upward turn to end November with a 4.37% increase for the year. It has been a dynamic year for BBI, which reached a low point at the end of February (down 3.65%) and peaked at the end of August (up 7.87%). In October, BBI ended the month up 0.98% and outperformed both the Nasdaq Biotechnology Index and the Dow Jones Industrial Average.

In November, the biopharma industry raised $5.65 billion in total financings. While down from $11.6 billion tracked by BioWorld in October, overall financings are tracking ahead of last year. Biopharma funding has maintained an average of $6.1 billion per month in 2023, surpassing the $5.07 billion monthly average throughout 2022.