Biopharma raised US$68.5b overall in 2025, up 11% in 2024.
Biotech market capitalization increased by 28.8% to reach US$1.65t, with the industry’s total raised capital also increasing by 26%.
Average deal size reached its highest level in five years, and deals of US$5b or more in value accounted for 59% of spend, compared to a five-year average of 51%.