Biopharma partnerships involving nonprofits have declined sharply since peaking during the pandemic. Deal value surged from $5.18 billion in 2019 to $21.44 billion in 2021, driven by COVID-19 collaborations and vaccine-related funding, before falling to $7.99 billion in 2022 and $754.6 million in 2024. So far in 2025, nonprofit deal value totals $126 million through the third quarter.

The BioWorld Biopharmaceutical Index extended its rebound through August and September, closing the third quarter (Q3) slightly in positive territory after losing ground earlier in the year.

In September 2025, BioWorld recorded 230 clinical trial updates spanning phases I through III, up sharply from 95 in August, 140 in July and just below 254 in June. Among these, 22 phase III trials reported positive outcomes, while four ended in failure and another three produced mixed results.

In September 2025, BioWorld recorded 230 clinical trial updates spanning phases I through III, up sharply from 95 in August, 140 in July and just below 254 in June. Among these, 22 phase III trials reported positive outcomes, while four ended in failure and another three produced mixed results.

Biopharma companies announced $73.38 billion in deals from 240 transactions during the third quarter (Q3) of 2025, bringing the year-to-date total to $212.44 billion, up from $149.87 billion in the same period of 2024. The total marks the highest deal value through Q3 ever recorded by BioWorld.

The U.S. FDA approved 17 drugs in September 2025, following 18 approvals in August and 17 in July. That brings the year-to-date total to 160 approvals for the first three quarters, making it the second-highest total on record for this period, behind 183 approvals logged during the same timeframe in 2024.

Med-tech M&A activity totaled $4.84 billion in September, down slightly from $7.29 billion in July but stronger than August’s $2.42 billion. Year-to-date disclosed deal value reached $37.21 billion, roughly on par with the $41.79 billion recorded during the same period in 2024. While still far below the highs of 2021 and 2022, when annual totals surpassed $100 billion, the 2025 data show that consolidation within the med-tech sector remains steady.

Biopharma companies announced $73.38 billion in deals from 240 transactions during the third quarter (Q3) of 2025, bringing the year-to-date total to $212.44 billion, up from $149.87 billion in the same period of 2024. The total marks the highest deal value through Q3 ever recorded by BioWorld.