Biotalk Episode 28: 2025 Q2 Report: Global Trends in Biopharma Transactions

During Episode 28 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q2 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends.  Market Overview: Biotech remained under pressure in Q2, with valuations still below historical norms. Ongoing macro headwinds—tariffs, high rates, and FDA turnover—kept investor sentiment cautious and risk appetite low. M&A & Licensing: Licensing rose 20% in value, focused on late-stage immunology assets. China and Europe drove activity, while U.S. firms dominated M&A, accounting for 80% of deal value. Public takeout premiums rebounded sharply. Capital Markets: U.S. biotech funding fell 28% with no IPOs—the first blank quarter since 2020. Venture also dropped 32%, though a few large late-stage rounds stood out. Europe saw fewer deals but larger average round sizes. Outlook: Strategic deals remain a vital funding source as capital markets stay tight. Biotechs should extend runway and explore partnerships, with pharma interest in quality assets showing no signs of slowing. Listen now to gain insights into the evolving biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you.