Biopharma and medtech venture deployment softened in Q4 2025, with capital concentrating in later‑stage rounds. Biopharma totaled $7.0 billion in Q4, matching Q4 2024 levels. Medtech reached $2 billion in Q4 and $11.3 billion across 323 rounds in 2025. Series B+ dominated across both sectors.

M&A stayed active in Q4 2025. Biopharma exceeded 2024 in total annual value with 129 deals totaling approximately $138 billion. Medtech announced 27 deals totaling $43.4 billion in Q4, driven by two headline acquisitions.

The IPO window remained selective in 2025. Biopharma completed nine listings raising $1.6 billion. Medtech recorded eight U.S. IPOs of $15 million or more, totaling $1.8 billion, including a $314 million listing in Q4.

Licensing was the primary value driver in 2025. Biopharma announced more than $250 billion across 516 deals, with upfront cash steady at 7% and milestone structures expanding. Medtech reached $10 billion in total announced value, with $221 million upfront—2% of deal value, the smallest share since 2016.

The J.P. Morgan biopharma and medtech licensing and venture reports explore sector activity and deal trends that defined Q4 2025. The reports, powered by DealForma, highlight:

• Venture investment by stage and median round size
• Licensing values, upfront share and milestone structures
• M&A activity, deal counts and quarterly cadence
• IPO activity and capital raised
• Focus areas including antibody-drug conjugates (ADCs) and metabolic disease

Download these reports to gain deeper insights into current dealmaking trends, and connect with our Startup Banking experts to learn more.