Deal activity in 2025 centered on obesity therapeutics as GLP‑1 receptor agonists reshaped commercial priorities across biopharma. Companies pursuing complementary mechanisms or delivery formats traded at premiums and saw heightened partnership interest, driving a wave of licensing and M&A transactions. Novo Nordisk’s commercial push extended to pricing strategies: the company announced a lower‑priced oral Wegovy offering for cash-paying consumers, positioning itself against Eli Lilly’s upcoming pill and altering the direct-to-consumer competitive dynamic. Those moves are likely to affect payer negotiations, distribution plans and subsequent deal valuations in 2026.