Biopharma financing softened from October but remained above post‑pandemic troughs, with November collecting $9.94 billion across 96 transactions as markets normalized. At the same time, ten‑figure acquisitions are on the rise, driven by deals in oncology, obesity and cardiovascular therapeutics, indicating strategic buyers are willing to pay premium prices for transformative assets. Industry analysts note the combination of normalized venture activity and larger M&A reflects renewed buyer appetite for earlier‑stage pipelines and assets that address high‑value therapeutic areas.