Biopharma financings are continuing a faster pace than last year, with $25.82 billion raised in the first five months of 2023, up 20.46% from $21.44 billion in the same time period last year. Value is down compared to 2021’s $59.29 billion and 2020’s $48.03 billion but it is more than 2019’s $23.21 billion from January to May.

U.S. FDA approvals had a modest increase during the first four months of 2023 compared to last year, but still fall short of the peaks seen in 2019 and 2021.

Biopharma has experienced relatively stable deal value year-over-year, despite a 24% decline in the number of deals through April. M&As, however, have brought in the lowest amount in years.