Biopharma dealmaking hit a record $35 billion in June 2025, marking the highest monthly total of the year and bolstering H1 figures to $138 billion, surpassing full-year totals from pre-2020 years. However, Q2 financings showed cautious investor sentiment with $16 billion raised, a modest upturn from Q1 but short of historic highs. Notable financings include Radiopharma companies Actithera and Nuclidium securing $75M and $99M rounds respectively, and Varda Space Industries' $187M funding to advance manufacturing in microgravity. The sector overall exhibits a landscape of strategic investments amid ongoing market uncertainty.