The U.S. FDA approved 18 drugs in November, down from 20 in October, bringing the total number of clearances to 199 through the first 11 months of the year. The number is about 5% lower than the 209 approvals recorded over the same period in 2024 but more than every prior year.

The BioWorld Biopharmaceutical Index extended its autumn rally after a more modest September, finishing November up 23.41% for the year. The gain lagged the Nasdaq Biotechnology Index, which surged 34.97% in the first 11 months of the year, but outpaced the broader Dow Jones Industrial Average, which rose 12.16% in the same period.

Med-tech M&A value in 2025 totaled about $38.99 billion through November, reflecting a clear slowdown from 2024’s $57.92 billion and well below the peak years of 2021 and 2022, when 11-month totals exceeded $119 billion and $132 billion, respectively. Activity this year has been uneven, with a strong April ($9.04 billion) and July ($7.29 billion) accounting for a large share of the total, while several months posted relatively modest figures. November was particularly quiet, delivering just $5 million in M&A value, down sharply from $1.68 billion in October and marking the weakest month of the year.

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.

Med-tech financing activity from January through November 2025 reached $31.32 billion, marking a strong rebound from the sector’s lows in 2023 to 2024, which saw $16.61 billion and $23.64 billion in the same period, respectively. While still far below the capital inflows seen in 2020 and 2021, when the first 11 months of the year exceeded $48 billion, the steady upward progression over recent years suggests renewed investor engagement and improving capital availability. In November, $4.73 billion was collected through 36 transactions, up from $3.25 billion in October.

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.

Biopharma financing activity from January through November reveals an environment that has cycled through dramatic peaks and subsequent normalization. In November 2025, $9.94 billion was collected through 96 transactions, down in both value and volume from $13.23 billion from 137 transactions in October.

The BioWorld Neurological Diseases Index continued the recovery noted at the end of August, closing November with a gain of 2.64%.

Med-tech dealmaking totaled $1.72 billion through the first three quarters of 2025, signaling a potential rebound in the works from the subdued activity seen in 2024, when publicly reported full-year deal value reached $2.12 billion. Q3 was the strongest quarter so far this year, contributing $1.37 billion, nearly 80% of the year-to-date total, following slower starts of $149.1 million in Q1 and $192.2 million in Q2.

In October 2025, BioWorld tracked 252 clinical trial updates across phases I-III, roughly in line with September’s 230 but markedly higher than the 95 logged in August. Of those, 27 phase III studies reported positive results, while four disclosed failures. Clinical trial updates logged by BioWorld in October comprised 91 phase I reports, 75 from phase II, and 87 from phase III studies.