Person in a laboratory environment

Despite a more discerning financing environment, 2023 saw bright spots with substantial opportunities for clinical stage biotechs. 

Early stage licensing deals continued to take the lion’s share of deal flow, however, biopharma companies with lead programs in Phase II trials saw higher than average deal sizes.

While Q4 licensing and partnership activity saw deal count continue to taper, total capital raised was the highest in history. The average Seed and Series A deal size reached levels not seen since 2021 and 2019. Remarkably, total M&A deal value was higher in Q4, even with fewer deals.

J.P. Morgan’s biopharma licensing and venture report explores the developments in therapeutics and offers insight into the industry trends that shaped 2023. The report, powered by DealForma, highlights:

  • Deal values in biopharma licensing partnerships
  • Trends in deal values for therapeutics and technology platforms engaged in drug discovery, clinical R&D and commercialization
  • Venture investment amounts in therapeutic and platform companies
  • The advanced therapies that are seeing healthy investment and dealmaking
  • IPO and M&A activity in each sector

Read the full report to better understand these dealmaking trends.


Kathryn McDonough

Head of Life Sciences, Innovation Economy, Commercial Banking, J.P. Morgan

Skip Kelly

Head of Healthcare VC Coverage, Commercial Banking, J.P. Morgan