Deal activity in 2025 centered on obesity therapeutics as GLP‑1 receptor agonists and next‑generation candidates drew major investor and corporate interest. Deal flow reflected competition to capture the obesity market and to expand indications tied to cardiometabolic outcomes. Pricing dynamics are shifting: Novo Nordisk announced a direct‑to‑consumer price for a Wegovy pill that undercuts expected pricing from competitors, a move poised to intensify competition with Eli Lilly and others developing oral and injectable weight‑loss drugs. Expect continued M&A, licensing and pricing maneuvers across obesity pipelines in early 2026.