Biopharma dealmaking excluding mergers and acquisitions surged to $164 billion in the first seven months of 2025, marking a 36% increase over 2024, driven by several blockbuster collaborations and royalty deals. However, IPO activity remains subdued; global biopharma IPO proceeds hit the lowest level since 2016 with most listings occurring outside the U.S., centered in Asia. Financing rounds continue to diversify, with significant investments seen in gene therapy startups and innovative technology firms.