Med-tech financings with publicly reported values totaled $23.2 billion in the first three quarters of 2025, marking an improvement over 2023 and 2024. The rebound was driven by a resurgence in IPOs and solid private financings, while follow-on offerings lagged compared to historical averages.

Biopharma financings from January through September 2025 totaled $47.1 billion, a sharp decline from 2024’s $86.7 billion during the same period and well below the highs of 2020 and 2021. The slowdown was driven largely by weaker follow-on activity, which brought in $12.9 billion compared to more than $40 billion last year.

The BioWorld Cancer Index closed the third quarter (Q3) of 2025 with a 24.15% gain, marking its highest level of the year. The climb reversed earlier declines, including a 12.81% drop at the end of Q1, and half-year performance of 2.21%. Broader markets showed a similar rebound, with the Nasdaq Biotechnology Index up 13.21% and the Dow Jones Industrial Average rising 9.06%, both finishing Q3 at their highest points of 2025.

In August 2025, BioWorld logged 95 clinical trial updates across phases I to III, compared to 140 tracked in July and 254 in June. Among them, 15 phase III studies delivered positive results, while one trial each reported a failure and mixed outcome.

In August 2025, BioWorld logged 95 clinical trial updates across phases I to III, compared to 140 tracked in July and 254 in June. Among them, 15 phase III studies delivered positive results, while one trial each reported a failure and mixed outcome.

The U.S. FDA cleared 18 drugs in August, comparable to July’s 17 but down from June’s 23 approvals. That brings the 2025 U.S. total through August to 143, matching 2020 as the second-highest count on record for BioWorld for the period, after 2024’s high of 159.

Drug developer stocks rebounded over July and August, with 23 companies on the BioWorld Drug Developers Index posting gains and only seven declining. The two-month upswing marks a reversal from the February-through-June period, when the index remained in the negative.

Through the first eight months of 2025, med-tech M&A deal value reached $30.74 billion, a modest rebound from $34.77 billion during the same period in 2024. August contributed $2.42 billion, down from July’s $6.21 billion, yet still ahead of several earlier months in 2025.

Drug developer stocks rebounded over July and August, with 23 companies on the BioWorld Drug Developers Index posting gains and only seven declining. The two-month upswing marks a reversal from the February-through-June period, when the index remained in the negative.

Biopharma dealmaking remained robust through August 2025, with total disclosed deal value reaching $185.28 billion for the first eight months of the year, the highest January-to-August total in BioWorld’s records, and up nearly 36% over the same period in 2024.