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.

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.