In the second quarter of 2025, biopharma and medtech sectors strategically focused on larger licensing deals and selective venture investments, reflecting a cautious yet progressive approach to growth.
Biopharma companies secured $4 billion in venture investments across 83 rounds, a decrease from $7.5 billion in Q2 2024. Licensing transactions featured larger potential deal values, with a few standout deals exceeding $1 billion in upfront payments. The M&A scene included 23 transactions totaling $14.8 billion, with one major deal exceeding $9 billion.
Despite a strong first quarter with $4.2 billion in venture investments, Q2 2025 medtech venture totals decreased to $2.3 billion. Medtech licensing and R&D partnerships experienced an increase in large upfront deals, with over $100 million in initial commitments during the first half of the year, surpassing the full-year 2024 figures. However, the number of M&A deals decreased significantly: There were no medtech IPOs exceeding $15 million on U.S. exchanges in the second quarter.
The J.P. Morgan Biopharma and Medtech Licensing and Venture Reports explore the movement in each sector, offering insight into industry and investment trends that defined the second quarter of 2025. The reports, powered by DealForma, highlight:
- Venture investment trends and deal values
- Licensing partnerships and R&D collaboration metrics
- M&A activity and transaction patterns
- IPO market performance and capital raised
- Investment focus areas in advanced therapies and technologies
Download these reports to gain deeper insights into current dealmaking trends, and connect with our Startup Banking experts to learn more.
Contributors
Kathryn McDonough
Head of Life Sciences, Innovation Economy, J.P. Morgan Commercial Banking
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
