Pharmaceuticals: M&A Revival

2025 was another turbulent year for the pharma industry as heightened uncertainty, particularly in the US, prevailed. However, confidence grew over the course of the year, as businesses adjusted to the macro-environment and greater clarity emerged in relation to trade negotiations, assisted in part by the announcement of MFN deals in the US. 

This momentum shift – felt across the industry in the latter stages of 2025 – reinvigorated activity levels and fuelled renewed optimism for the long-anticipated rebound of M&A and investment activity in the sector. 

M&A deal landscape  

Whilst M&A deal volumes remained relatively stable, overall deal value for 2025 ended much higher than 2024's lacklustre performance. Like 2024, deals in the US$1-2 billion range continued to flow but a welcome development came in the form of the return of more sizeable deals, including a number over the US$8 billion mark. Oncology and immunology remained popular therapeutic areas with rare diseases,