Biopharma deal activity outside M&As has surged to record levels in the first seven months of 2025, reaching $164 billion, reflecting strong investment despite a continuing drought in IPOs to their lowest levels since 2016. While public offerings remain rare, private financings and royalty deals are increasingly leveraged to support innovation. Several companies, including Kriya Therapeutics and others, have raised multi-hundred-million-dollar rounds, signaling strong sector confidence and enabling advancement of gene therapy and precision medicine development.