Biopharma financing through November shows a reversion toward normalized activity after pandemic-era volatility, with November’s $9.94 billion across 96 transactions trailing October but reflecting a healthier capital base compared to post‑pandemic lows. Coverage of financing tallies and registries details month‑by‑month flows and aggregate totals for 2025. Concurrently, BioCentury’s analysis found a rise in $1 billion-plus acquisitions driven by oncology, obesity and cardiovascular deals; buyers are targeting pipelines and platform technologies amid an IPO drought. The market is increasingly favoring strategic M&A and later‑stage takeouts over early‑stage financings, altering exit pathways and valuation expectations for startups. These financing and M&A data points were derived from BioCentury’s transaction databases and market commentary.