Hot topic: Biopharma deals bounce back in January

There was a sense of tense anticipation at the end of 2024, amid signs that serious money was about to return to the biopharma industry. 

According to latest figures from BioWorld, January figures suggest that the big money is in licensing deals, as pharma companies snap up the latest drugs and therapies, rather than outright acquisitions. 

The $28.6 billion in deals recorded in January 2025 was above the January levels for 2024 and 2022, which both came in at just under $28 billion. 

Another telling figure was the deal volume – which at 149 was below the 165 deals seen in 2024, suggesting a trend for fewer, but larger deals. 

It suggests that while big pharma has deep pockets, they would rather commit to licensing agreements with large “biobucks” milestone payments contingent on success in the clinic or with regulators. 

In a world where attrition rates in the clinic are still high, pharma companies are hedging their bets in their efforts to find the next generation of blockbuster drugs.