Biopharma dealmaking surged to an unprecedented $185 billion through August 2025, reflecting a near 36% increase compared with 2024. Alongside robust financing activity, public and private biopharma companies saw a mixed but overall positive stock performance with leaders like Fibrogen rebounding following key developments. Despite macro challenges, the sector demonstrates resilient investment and market interest, driven by innovation and strategic capital raises. The data underscores sustained confidence in biotech's growth potential amid evolving therapeutic landscapes.