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.

Total biopharma financings reached $18.69 billion in the third quarter (Q3) of 2025, rising 14% from $16.41 billion in Q2 and 42% from $13.12 billion in Q1. While still far below the pandemic-era peaks, when quarterly totals often surpassed $30 billion, Q3’s raise stands among the highest since 2022.

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.

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.