Biopharma companies raised $34.89 billion through financings in the first seven months of 2025, including $5.66 billion in July, down from $7.38 billion in June.This year’s total falls short of $74.03 billion in the first seven months of 2024 and more than $80 billion in 2020 and 2021. However, 2025 is on track to outperform post-pandemic lows of 2022 and 2023, when the seven-month totals reached $33.14 billion and $36.47 billion, respectively.
Infectious disease biopharma stocks bounced back in June and July, with the BioWorld Infectious Disease Index (BIDI) closing July up 4.34%. This marked a sharp reversal from earlier in the year, as the BIDI had dropped 17.83% by the end of April and 21.04% by the end of May.
Nonprofit dealmaking in biopharma has been limited in 2025, with total disclosed value reaching just $99.7 million through July. Nearly all of that came in January, when deals totaled $96.9 million. After a quiet first quarter, modest activity resumed with $1.4 million in April and $1.6 million in July, while the other months saw no reported nonprofit partnerships.
The BioWorld Drug Developers Index (BDDI) rebounded in the second quarter, ending the first half (H1) of 2025 up 1.23% after being down 7.36% at the end of March and 5.52% at April’s close. The BDDI continued to track just below the Dow Jones Industrial Average, which gained 3.64% in H1, and outperformed the Nasdaq Biotechnology Index, which ended June down 1.92%.
Med-tech companies raised $8.13 billion in the second quarter of 2025, a modest dip from the $8.32 billion recorded in Q1. While the quarterly total marks a continued improvement over 2023’s lower figures, it still lags behind pre-pandemic peaks and the $22.87 billion raised in 2Q20. Compared to 2Q24’s $7.49 billion, this year’s figure reflects a slight year-over-year gain.
In June 2025, BioWorld tracked 254 clinical trial updates across phases I to III, up from 223 in May, 151 in April and 197 in March. Of the June updates, 24 trials reported positive phase III results, while only one was reported as a failure.
The U.S. FDA approved 22 drugs in June, tying with March for the highest number of approvals and a jump from 15 approvals in May. The FDA approved 107 drugs in the first half (H1) of 2025, making it the third-highest total for this period in BioWorld’s records, trailing 118 approvals in 2024 and 108 in 2020.
The U.S. FDA approved 22 drugs in June, tying with March for the highest number of approvals and a jump from 15 approvals in May. The FDA approved 107 drugs in the first half (H1) of 2025, making it the third-highest total for this period in BioWorld’s records, trailing 118 approvals in 2024 and 108 in 2020.
Med-tech publicly disclosed deal value reached just $5 million in June 2025, capping a weak quarter for the sector. Total deal value for the first half of the year came to just $320.14 million, with no single month crossing the $200 million mark.
Biopharma dealmaking gained momentum in the second quarter (Q2) of 2025, surpassing the previous quarter and staying well above the 2024 quarterly average of $57.63 billion. Total deal value reached $71.45 billion across 278 transactions in Q2, rising from $66.86 billion and 333 deals in Q1. The quarter also marked a notable jump from Q2 of 2024, when $55.3 billion was raised through 360 agreements.
