Biopharma companies raised $7.38 billion across 99 transactions in June 2025, up from $5.55 billion in May and $2.4 billion in April. For the first half of the year (H1), total financings reached $28.74 billion, down 59% from the $70.32 billion raised during the same period in 2024. Although lower than the record-setting levels of 2020 and 2021, the current total aligns more closely with recent years, including $26.57 billion in the first half of 2022 and $30.57 billion in 2023.

Biopharma companies raised $7.38 billion across 99 transactions in June 2025, up from $5.55 billion in May and $2.4 billion in April. For the first half of the year (H1), total financings reached $28.74 billion, down 59% from the $70.32 billion raised during the same period in 2024. Although lower than the record-setting levels of 2020 and 2021, the current total aligns more closely with recent years, including $26.57 billion in the first half of 2022 and $30.57 billion in 2023.

The BioWorld Cancer Index reversed its early year losses, rebounding from a 4.74% decline at the end of the first quarter (Q1) to finish Q2 up 12.78%. The Dow Jones Industrial Average followed a similar pattern, dropping to -4.41% by the end of April before recovering to a 3.64% gain by Q2’s end. Meanwhile, the Nasdaq Biotechnology Index, down 5.37% at the end of May, narrowed its losses to close June down just 1.92%.

The U.S. FDA approved 14 drugs in May, a decline from 20 in April and 22 in March. That brings the year-to-date total for 2025 to 84 approvals, the second highest on record for this period, just behind the 89 approvals recorded in the first five months of 2024.

Biopharma deal activity continued its record-breaking pace in 2025, reaching $103.76 billion in total value through the first five months, the highest year-to-date total in BioWorld’s records. That figure marks a nearly 20% increase over the $86.68 billion recorded during the same period in 2024.

Med-tech M&A activity dipped in May, reaching $1.52 billion, down from $2.07 billion in April and a far cry from the highs seen earlier this year, such as $4.92 billion in January and $5.99 billion in February.

Biopharma deal activity continued its record-breaking pace in 2025, reaching $103.76 billion in total value through the first five months, the highest year-to-date total in BioWorld’s records. That figure marks a nearly 20% increase over the $86.68 billion recorded during the same period in 2024.

The BioWorld Neurological Diseases Index continued its downward slide into 2025, with 15 of the 20 component stocks posting losses. After dipping into negative territory in late February, the index dropped 15.99% by the end of March and closed May down 22.34%.