Introduction·

Thelifesciencesinnovationecosystemhascontinuedtoevolveandexpandasindustryadaptstoacomplexanddynamicrangeofgeopolitical,technologicalandsocialuncertainties,andinvestmentcontinuestoflowintothesector.

Innovativesciencehasalsogrowninparallel,asevidencedbyanincreasingproportionofnoveltherapeuticmodalitiesinclinicaltrialsandbyinnovativeproductsreceivingregulatoryapprovalandreachingpatients—withmultipleimportantcellandgenetherapydrugshavingachievedrecentsuccess,

alongsidenewoptionsforhistoricallychallengingindications.Despitetheseadvances,improvingtheefficiencyofR&Dremainsanimportantobjectiveforbiopharmaceuticalcompaniesandsignificantopportunitiesexisttoreduce

medicinedevelopmenttimesandincreaseprobabilitiesofsuccess.

ThisreportassessesthetrendsinR&Dfunding,clinicaltrialactivity,andnewdrugapprovalsandlaunches.Italsoexaminestheefficiencyandproductivityofclinicaldevelopment,usingarefreshedClinicalProgram

ProductivityIndex,whilealsoprovidinginsightsoncontributingfactorsandenablers.Operationally

addressablecycletimecomponentsareinvestigatedbyexaminingclinicaltrialtimelinesinthebroader

contextofatypicalmedicinedevelopmentprogram,demonstratingcriticalwithin-andbetween-trial

componentsthatcanbetargetedtoaccelerate

development.Thecontinuedsignificanceofemergingbiopharmacompaniesandofgeographicalshiftsinclinicaltrialactivityarerevisitedthroughout.

TheresearchincludedinthisreportwasundertakenindependentlybytheIQVIAInstituteforHuman

DataScienceasapublicservice,withoutindustryorgovernmentfunding.Theanalyticsinthisreportare

basedonproprietaryIQVIAdatabasesand/orthird-partyinformation.Noproprietarysponsortrialinformation

ispresented.

ThecontributionstothisreportfromTaskinAhmed,LucyHaggerty,SrinidhiBC,TanyaBhardwaj,

ChrisBamford,RachaelFones,JuliaKern,BhagyashreeNawar,UrvashiPorwal,JamiePritchett,anddozensofothersatIQVIAaregratefullyacknowledged.

FindOutMore

IfyouwishtoreceivefuturereportsfromtheIQVIA

InstituteforHumanDataScienceorjoinourmailinglist,visit.

MURRAYAITKEN

ExecutiveDirector

IQVIAInstituteforHumanDataScience

REFERENCINGTHISREPORT

Pleaseusethisformatwhenreferencingcontentfromthisreport:

Source:IQVIAInstituteforHumanDataScience.GlobalTrendsinR&D2025:Progressinrecapturingmomentuminbiopharmainnovation.March2025.Availablefrom

?2025IQVIAanditsaffiliates.Allreproductionrights,quotations,broadcasting,publicationsreserved.Nopartofthispublicationmaybereproducedor

transmittedinanyformorbyanymeans,electronicormechanical,includingphotocopy,recording,oranyinformationstorageandretrievalsystem,withoutexpresswrittenconsentofIQVIAandtheIQVIAInstitute.

GlobalTrendsinR&D2025:ProgressinRecapturingMomentuminBiopharmaInnovation

TableofContents

Overview2

R&Dfunding5

Clinicaltrialactivity14

Newdrugapprovalsandlaunches36

Clinicaldevelopmentproductivity51

Productivityenablers72

Notesonsources86

Methodologies87

References89

Abouttheauthors90

AbouttheInstitute92

2|GlobalTrendsinR&D2025:ProgressinRecapturingMomentuminBiopharmaInnovation

Overview

R&DFUNDING

Biopharmafundinglevelsinthepastyearcontinuedtoincreasefollowingthepost-pandemicreboundof2023,withgrowthcontributionscomingfromIPOs,follow-onfunding,andotherpublicandprivatesources.Excluding

the2020and2021heightsseenduringthepandemic,fundingreacheda10yearhighof$102Bnin2024

—asubstantialincreaseonthe2023figureof$71Bn.

Incontrast,thevolumeofR&Ddealsbetween

pharmaceuticalcompaniesdeclinedin2024,continuingthedownwardtrendthatbeganin2022.Morethanhalfofthe1,016dealsmadein2024werebetweenemergingbiopharma(EBP)companies,withthemajorityofthe

remainderinvolvingEBPdealswithlargercompanies.Partnershipsbetweenlargercompaniesremained

relativelyrare,accountingforjustoveroneintenR&Ddeals.ThevolumeofM&Adealsalsodeclinedbetween

2023and2024,butthemedianvalueofthesedeals

increaseddramaticallyfrom$153Mnto$405Mn,with

abouthalfofthe2024dealsinthe$1Bnto$5Bnrange.MostinternationalR&DM&Aandlicensingdeals

involvingaChina-headquarteredcompanywerefocusedoutwards(71of73deals),withaninternationalpartneracquiringorin-licensingR&DfromChina,andthe

relativeimportanceoftheseoutwardChinadealshasbroadlyincreasedovertime.

TotalR&Dexpenditureoflargepharmaceuticalcompanies

continuedtoincreasein2024,

bothinabsoluteterms(reaching$190Bn,upfrom$163Bnin2023)andasapercentageofsales,

exceeding25%forthefirsttime.

TotalR&Dexpenditureoflargepharmaceutical

companiescontinuedtoincreasein2024,bothin

absoluteterms(reaching$190Bn,upfrom$163Bnin2023)andasapercentageofsales,exceeding25%forthefirsttime.

CLINICALTRIALACTIVITY

Thetotalvolumeofclinicaltrialstartsstabilizedin

2024aftertheyear-on-yeardeclinesseenin2022

and2023,reaching5,318—anumberremarkably

similartothe5,316pre-pandemiccountin2019and

slightlyabovethe5,302totalof2023.Theshort-term

volatilityintroducedbyCOVID-19trialssince2019has

beenpartlycounterbalancedbyincreasingtrialsfrom

China-headquarteredcompaniesandrecentupliftsfromEBPandlargercompanies,especiallyinPhaseI.

EBPcompaniescontinuedtoaccountforamajorityof

trialstarts,upfrom56%in2019to63%in2024,althoughthisproportionwasslightlybelowthatof2023(65%).

Meanwhile,thecollectivecontributionsofthelargest

pharmaceuticalcompaniesaccountedforonly26%

oftrialstartsin2024—slightlyuponthe2023figure

of25%.Althoughlargepharmatrialstartsweremost

prominentinPhaseIII(at30%oftrialsin2024),EBPtrialsstartsstillaccountedforthemajorityinthisphase(56%).

U.S.-headquarteredcompaniescontinuedtoaccountforthemajorityoftrialstartsin2024,increasingfroma33%sharein2023to35%in2024.Despitethedramaticlong-termincreaseinthecontributionofChina-headquarteredcompaniestotrialstarts,theirshareoftrialstartsdidnotchangebetween2023and2024,remainingat30%—butwithover80%ofthesetrialsinvolvingsitesonlyinChina.Europeancompaniesaccountedforafurther21%oftrialstartsin2024,continuingtheregion’sgraduallong-termdeclineinthismetric.

Oncologytrialactivityhasincreasedthemostsince2019andremainsthemostprominenttherapeuticarea,withobesitytrialsalsoshowingadramaticrecentincrease.

Novelmechanismshavegainedprominenceinoncology,withantibody-drugconjugates,cellandgenetherapiesandmulti-specificantibodiescollectivelyaccountingfor35%ofoncologytrialstartsin2024.Thesmallmoleculeshareoftrialstartshascontinuedtodeclineacross

therapeuticareas.

NEWDRUGAPPROVALSANDLAUNCHES

Atotalof65novelactivesubstances(NAS)launchedgloballyin2024,adeclineonthe2023figureof80butstillhigherthaninthepre-pandemicperiod.

Thecohortoflaunchesin2024includedthefirst

newmechanismofactioninschizophreniainover

30years,thefirsttherapyofmetabolicdysfunction-associatedsteatohepatitis(MASH),fourtreatmentsforrareneurologicaldiseases,andsevennon-oncologyhematologydrugs—includingtwogenetherapies.

TheU.S.wasthemost-commonfirst-launchcountry.

While110oftheNASlaunchedintheU.S.since2020arenotyetavailableinEurope,only14EuropeanlaunchesarenotyetavailableintheU.S.Nearly60%ofnewU.S.launcheswerefirst-in-class,includingtenoncology

medicines—ofwhichtwowerecelltherapiesand

threewerebispecificantibodies.EBPsoriginated85%ofU.S.launchesandthemajorityofthesewerealso

EBP-launched(63%werebothEBP-originatedandEBP-launched).Overthreequartersofthe2024drugcohortwerelaunchedmorethan10yearsafterfirstpatent

filing,withamedianintervalof14years.

Inthelastfiveyears,Chinahasreduceditsmedian

launchlag(timebetweenfirstgloballaunchandlaunchinChina)to3.7yearswhilethecontributionofglobal

launchestoChinadeclinedonlyslightly,from119in

2015-19to112in2020–24.ThevolumeofChina-onlyNASlauncheshoweverincreaseddramaticallyoverthesameperiod,from9in2015–19to76in2020–24.

CLINICALDEVELOPMENTPRODUCTIVITY

TheIQVIAInstitute’srefreshedClinicalProgram

ProductivityIndex(CPPI)examinesclinicaldevelopmentproductivitybasedonacombinationoftrialand

programparameters,whereaprogramisdefined

asauniquecombinationofinvestigationaldrugandindication.TheCPPIprovidesacompositemetricof

R&Dprogramsuccessrates,trialcomplexity,andtrialduration.Clinicaldevelopmentproductivityincreasedfrom2023to2024,drivenbyanincreaseinPhaseIIIsuccessrates,whichcounteracteddecliningsuccessinPhaseIandPhaseIIandincreasingtrialdurations.

Atotalof65novelactivesubstances(NAS)launchedgloballyin2024,

adeclineonthe2023figureof

80butstillhigherthaninthepre-pandemicperiod.

Compositesuccessrate(theend-to-endsuccessrate

fromPhaseItoapproval)increasedfrom6%in2023to7%in2024,drivenbyimprovementsinPhaseIII.This

7%figurewasequaltothecorrespondingfive-year

figurefor2020–2024,butlowerthanthe9%figureoftheprecedingfiveyears.Thislong-termoveralldeclinewasreflectedacrosssmallmoleculesandbiologics,butwithsmallmoleculecompositesuccessratesparticularlylowin2020-2024.The6%successrateforsmallmolecules

inthisperiodreflectedmeaningfulphasesuccess

ratedeclinesinPhaseI,IIandIII.Withinthebiologics

category,cellandgenetherapiesexperiencedan

increaseincompositesuccessratein2020–2024—albeitfromalow2015–2019baseline—from4%to5%,drivenbyalargeimprovementinPhaseIIIsuccess.

Trialcomplexityremainedbroadlyflatin2024overall,

althoughunderlyingmetricswerevariable.Subjectsandsitespertrialincreased—tendingtoincreasecomplexity—whilecountryandinclusion/exclusioncriteriacounts

declined,opposingthiseffect.Endpointspertrialremainedstable,despitehistoricalpriorincreases.

|3

4|GlobalTrendsinR&D2025:ProgressinRecapturingMomentuminBiopharmaInnovation

Whileretainingthelargestoverallshare,Western

Europe’scontributiontoglobaltrial-countryutilizationfellby12%between2019and2024,whileCentral&

EasternEurope’ssharefellby28%.Incontrast,North

Americacountryutilizationincreasedby7%,retaining

secondplaceintheglobalranking.China’sshare

increaseddramaticallyby66%between2019and2024tobecomethefourth-rankedregion,onlyslightlybehindtherestofAsia-Pacificcombined(excludingChina).

Single-countrytrialswerecommon—especiallyforEBPs—andweremost-oftenconductedintheU.S.orChina.

Single-countrytrialsaccountedfor85%ofEBPtrialsand63%oflargercompanytrials.

Clinicaltrialtimelineswereimpactedbyincreasesin

enrollmentdurationbetween2021and2023,with

medianenrollmenttimeincreasingfrom13monthsto16monthsoverthatperiodbeforestabilizingin2024.Oncologyhasbeenakeydriverofthistrend,with

medianenrollmenttimesconsistentlyexceeding25

months.Atanoverallprogramlevel,inter-trialintervalscollectivelycontributed17monthstooverallmedicinedevelopmenttimebasedon2024data,representinganalmostcompleterecoveryfromthepandemic-driven

peakvalueof32monthsobservedin2022.

PRODUCTIVITYENABLERS

Awidevarietyofdynamicexternalecosystemfactors

areincreasingpressureon—andcreatingopportunitiesfor—sponsorcompanies.Rapidlyincreasingartificial

intelligenceadoptionandcapabilities,emergingscience,economicchallenges,socialchange,geopolitical

issues—includingtradedisputesandconflicts,policy

changesandregulatorydevelopmentsarecollectively

increasingR&Dcomplexityanduncertainty.Meanwhile,sponsorcompaniesarecontinuingtoemployarangeofproductivityenablerstopositivelyimpactspeed,successrateandcost.

Artificialintelligence(AI)israpidlygainingtractioninR&D.CompanieswithacorefocusonAIormachinelearningsponsoredorcollaboratedonatleast35

newtrialstartsperyearin2022,2023and2024,withtheirtechnologymostcommonlyhavingcontributedtothetargetordrugdiscoveryactivitiesbehindtheinvestigationalstudydrug.

NoveltrialdesignsprovideimportantopportunitiestoaccelerateR&D.Umbrella,basket,master,andadaptive

protocolsaccountedfor19%oftrialsin2024—

ahigherproportionthaninallpreviousyears.Althoughthevolumeofremote,virtualordecentralizedtrials

declinedbetween2023and2024,themostrecenttotalwassimilartopre-pandemiclevels.Thissuggeststhatopportunitiesremaintocapitalizeuponpandemic

learningstoincrease‘virtualization,’whereappropriate.

Ensuringthattrialsubjectsarerepresentativeofthe

intendedpopulationiscriticalinensuringthatstudy

findingsaregeneralizable,butimprovingparticipationofunderrepresentedgroupsalsooffersanopportunitytoincreaseenrollment.Whilerepresentationof

Black/AfricanAmericanpatientsinU.S.PhaseIIItrialsisabovecensuslevels,thisisnotthecaseforHispanicinclusion—andrepresentationvariesbydiseasearea.

Sponsorcapabilitiesinsuccessfullynavigatingregulatorysubmissionshavebeenimproving.Theuseofreal-worlddatawithinR&Dhasprovidedimportantevidence

generationopportunities,andreal-worldevidencewaskeytofiveFDAapprovalsin2024.Morebroadly,fewerCompleteResponseLetterswerereceivedbysponsorsin2024thanin2023,andclinicalreasonswerecitedinfewercases—implyingthatsubmissionandevidencepackageshaveimprovedconsiderablyforcompanieswithsignificantexperience.

|5

R&Dfunding

?Biopharmafundinglevelsincreaseddramaticallyto$102Bnin2024,althoughtheIPOvalueremainedlow.

?R&Ddealsbetweenpharmacompaniesfell5%in2024asthenumberofdealsinvolvingemergingbiopharmacompanies(EBPs)declined.

?ThemedianvalueofM&Adealsdoubledbetween

2023and2024,reaching$405Mn,largelydrivenbyincreaseddealvolumeandvalueinthe$1Bnto

$5Bnrange.

?OncologyM&Aaccountedfor9ofthe27dealsabove$2Bnin2024,althoughthelargestM&Adealwas

relatedtomanufacturingcapacityinobesity.

?Over70internationalM&AorlicensingdealsweremadewithChina-basedcompaniesin2024,mostlyinvolvingout-licensingtooracquisitionbyaU.S.orEuropeancompany.

?LifesciencescompanyAI/MLdealsannouncedin2024accountedforalmost$10Bnindealvalue.

?RadiopharmaceuticalandRNAtherapydealshavemorethandoubledinthepastfiveyears.

?CollectiveR&Dexpenditurebylargepharma

corporationsincreasedfrom$163Bnin2023to$190Bnin2024,reaching25%asapercentageofsales.

R&Dfundinglevelshaveincreasedagainin2024afterasteepdecline

fromthepeakyearsof2020and2021.Whilethenumberofdealshasbeenfalling,highprofileandhighvaluedealsindicaterobustinterestfrom

investorsandinnovatorsinthenextgenerationoftherapies.

6|GlobalTrendsinR&D2025:ProgressinRecapturingMomentuminBiopharmaInnovation

R&DFUNDING

Biopharmafundinglevelsreboundedin2024despitealownumberofIPOs

Exhibit1:BiopharmafundinglevelsUS$Bn,2015–2024

140

120

Values(In$Bn)

100

80

60

40

20

0

134

118

28

102

40

24

68

27

21

8

51

10

27

46

29

26

24

7

57

16

11

21

9

52

11

9

27

5

38

9

8

15

6

17

17

5

61

22

67

17

33

20

44

25

22

71

10

11

4

6

2015201620172018201920202021202220232024

IPOs

Follow-ons

Public/other

Private

Source:BioWorld,Jan2025.

?Biopharmafundingactivityin2024reboundedto$102Bn,upfrom$71Bnin2023andbringingthefive-yeartotalforfundingto$486Bn,astark

contrasttothe$282Bninthepriorfiveyears.

?Theoverallfundinglevelin2024wasthethirdhighestofthepastdecade,onlytrailingtheearlypandemicyearsof2020and2021,andasecondstraightyearofsignificantlyincreasedfunding.

?Follow-onfundingrepresented34%offive-year

fundingat$167Bnandwasthestrongestcontributiontypein2024with$46Bn,upfrom$26Bnin2023.

Follow-onfundingincreasedby77%andrepresentedabout45%ofbiopharmafundingin2024.

?Thenearly$7Bnin2024IPOvalueexceededthenearly$4Bnof2023butremainedathistoriclowlevels.

?Privateandpublic/otherfinancingstayedconsistentlyabovepre-pandemiclevels,with$24and$25Bn

respectively.

Notes:IPOmeansinitialpublicoffering;Follow-onreferstoapublicofferingofsharesaftertheinitialoffering;Public/otherfinancingsarewhenpubliccompaniesreceivingfinancinginsomeotherway;Privatemeansventurecapitalinvestments.

R&DFUNDING

|7

R&Ddealsbetweenpharmacompaniesdroppedby5%from

2023to2024,mostlyduetofewerdealsinvolvingEBPcompanies

Exhibit2:Numberofdealsbycompanysegment,2019–2024

1,568

1,443

1,232

1,161

1,016

1,068

858

1,007

639

725

582

628

417

407

349

331

109

324

110

394

169

154

173

113

201920202021202220232024

Totalselected

company-to-companydeals

EBP–EBP

Large/midcompanieswithEBP

Large/midcompanieswithanotherlarge/mid

Source:IQVIAPharmaDeals,Jan2025.

?Emergingbiopharmacompanies(EBPs)—defined

asthosewithlessthananestimated$200MninR&D

spendperyear,includingthose‘pre-commercial’

companieswithnorevenueaswellassmaller

emergingcompanieswithupto$500Mnperyearin

annualrevenue—haveexpandedtheirinvolvementindealsoverthepastfiveyears,evenasaggregatenewdealnumbershavedeclinedforthelastthreeyears.

?Largeand-mid-sizedcompanies—thosewithmorethan$10Bnandmorethan$5Bn,respectively,in

globalrevenue—wereinvolvedin522dealsin2019thatinvolvedotherlargeandmid-sizedoremergingcompanies,droppingto434in2024.

?Thosedealsinvolvinglargeandmid-sizedcompanieswere45%ofthe1,161in2019,butoveralldealactivityin2024droppedto1,016deals,withlargeand

mid-sizedcompaniesrepresentingonly41%.

?Theshiftsinactivityoverthepastfiveyearshave

meantthat74%ofalldealactivitybetweenthesetypesofcompaniesinvolvesanemergingcompany,evenastheactivitybetweenemergingcompanieswithouta

largerfirmnowrepresent66%ofdeals.

?Therisingindependenceofemergingbiopharma

companiesinrecentyearsstartedtoshiftin2021as

theshareofdealsinvolvinglargercompaniesjumpedfrom29%in2021to35%in2022andhasstayedatthesamesharesince.

Notes:Dealsinthisanalysisareexcludingnon-fundingdeals.Fundingdealsaredealsthatinvolveresearchgrantsorfundingfromgovtinstitutions,

govtbodies,universitiesorotheracademicinstitutions.ExcludingVCandFundingGrantsfromNon-Commercial.Excludesdealswhereonesideisnotapharmaceuticalcompany.Emergingbiopharma(EBP)aredefinedasthosewithlessthananestimated$200MninR&Dspendperyear,includingthose‘pre-commercial’companieswithnorevenueaswellassmalleremergingcompanieswithupto$500Mnperyearinannualrevenue.

R&DFUNDING

8|GlobalTrendsinR&D2025:ProgressinRecapturingMomentuminBiopharmaInnovation

ThenumberofverylargeM&Adealsremainedsmallin2024,whilethecountandtotalvalueof$1Bn-$5Bndealsdoubled

DealvalueUS$Bn

250

200

150

100

50

0

Exhibit3:BiopharmaM&Aactivity,2020–2024

Numberof

M&Adealswithdisclosed

dealvalues

100

90

80

70

60

50

40

30

20

10

0

NumberofM&Adeals

91

86

81

77

77

20202021202220232024

<$1Bn

>$5Bn

$1–$5Bn

M&Adealvalue

450

MediandealvalueUS$Mn

400

185

350

300

138

121

250

104

200

77

150

100

50

0

20202021202220232024

MediandealvalueUS$Mn

Source:BioWorld,Jan2025.

?ThenumberofM&Adealshasbeenrelativelysteadyoverthelastfiveyears,althoughadeclinefrom86to81dealsoccurredfrom2023to2024.

?M&Adealvalueshavebeenmorevariable,withtotalvaluedroppingfrom$138Bnin2023to$104Bnin2024—whileremainingsignificantlyabovethe$77Bnlowseenin2022.

?Themediandiscloseddealvaluein2024reachedtheexceptionallyhighfigureof$405Mn—morethan

doublethe2023medianof$153Mn.

?Thedramaticincreaseinmediandealvaluewas

primarilydrivenbyanincreaseinthenumberand

valueofdealsinthe$1Bnto$5Bnrange—wheredealcountgrewfrom14to26andtotalvaluegrewfrom

$26Bnto$51Bnfrom2023to2024.

?Larger,high-profileM&AdealswereledbyAbbVie’sacquisitionsofCerevel($14Bn)andImmunogen

($10Bn)whichclosedin2024,althoughbothwerefirstannouncedinlate2023.Therewerethreeotherdealsabove$5Bnin2024.

?Notabledealsinthe$1Bnto$5BnrangeincludedGilead’s$4.3BnacquisitionofCymabay(Exhibit4),aswellasfourAstraZenecadealstogethervaluedat$5.8Bn,encompassingdiverseareas(CART,

respiratoryvaccines,radioconjugates,andrareendocrinediseases).

?Thesedataarebasedondisclosedvaluesatthetime

ofdealannouncement,butifdealsofundisclosed

valuewereassumedtobeatmedian,thiswouldadd11%tototaldealvalue(datanotshown);however,

smalldealsmaybeoverrepresentedintheundiscloseddataset,astheyarelessfinanciallymaterialtothe

companiesconcerned.

Notes:M&Aisinvolvingatleastonebiopharmaceuticalcompany.Dealvalueisthedisclosedvalueofthedealwhenannounced.

R&DFUNDING

|9

ThelargestlicensingandM&Adealin2024—at$16.5Bn—relatedtoobesitymanufacturing,while9oncologydealssurpassed$2Bn

Exhibit4:Dealswithvalue>$2Bnin2024bytherapeuticarea

N=27deals>$2Bn,Total$102Bn

Others(10deals/$55.7Bn)

+NovoHoldings+Catalent(CDMOacquisition)

▲Arrowhead+SareptaTherapeutics

(RNAtherapeutics)

▲JiangsuHengruiPharma+HerculesCM(Peptides)

+Vertex+AlpineImmune(Protein)

▲BMS+PrimeMedicine(T-celltherapies)

+Merck+EyeBiotech(TsAb)

▲Novartis+Schr?dinger(Smallmolecule)

▲Novartis+MonteRosaTherapeutics

(Smallmolecule)

+Sanofi+Inhibrx(Protein)

Merck+HansohPharma(Peptide)

Cardiovascular(2deals/$6.2Bn)

▲Novartis+ShanghaiArgoBiopharma(RNATherapeutics)

▲AstraZeneca+CSPCPharmaceutical(Smallmolecule)

16.5

13.0

6.0

4.9

3.6

3.0

2.4

2.3

2.2

2.0

2.9

2.0

23%

9%

7%

6%

55%

Oncology(9deals/$23Bn)

▲Merck+LaNovaMedicines(bsAb)3.3

▲Novartis+DrenBio(bsAb)

3.0

+Novartis+MorphoSys(Smallmolecule)

2.9

▲Novartis+PeptiDream(Peptide)

2.9

+Deciphera+ONOPharma(Smallmolecule)

2.4

+AstraZeneca+FusionPharma(Radioconjugate)

2.4

▲Roche+MOMATherapeutics

2.1

▲Takeda+ProtagonistTherapeutics(Peptide)

2.0

+J&J+AmbrxBiopharma(ADCs)

2.0

Gastrointestinal(3deals/$9.5Bn)

+Gilead+CymaBayTherapeutics(Smallmolecule)4.3

+EliLilly+MorphicHolding(Smallmolecule)3.2

▲SuzhouRiboLifeScience+Ribocure2.0(RNAtherapeutics)

Neurology(3deals/$7.5Bn)

▲Novartis+PTCTherapeutics29

(Smallmolecule)

+H.Lundbeck+Longboard2.6

Pharmaceuticals(Smallmolecule)

▲AbbVie+GilgameshPharma2.0

(Smallmolecule)

+Acquisition▲Alliance/collaboration

Source:IQVIAPharmaDeals,Jan2025.

?In2024,thelargestM&Adealwastheacquisitionof

CatalentbyNovoHoldings—aholdingandinvestmentcompanythatisresponsibleformanagingtheassetsandwealthoftheNovoNordiskFoundation—aimed

atboostingandaligningGLP-1capacitystrategy.

?Therewere27dealsannouncedin2024withvaluesabove$2Bnandtotaling$102Bn,with9(23%)in

oncologyaccountingfor$23Bn.

?Gastrointestinalandneurologyeachincludedthreedealsabove$2Bn,totaling$9.5Bnand$7.5Bn,

respectively.

?Twobispecificantibodydealsinoncologyfor$3.3Bnand$3Bnrespectivelywereannouncedin2024,as

wellasatrispecificantibodydealrelatedtoasignalingpathwayindiabeticmacularedemabetweenMerck

andEyeBiotechfor$3Bn.

?RNArelateddealswereledbythe$13BnSarepta/ArrowheaddealrelatedtosiRNAplatformsandpr