Capital market activity so far in 2025 has been muted, especially compared to increased activity in 2024 in the biotech. This is not to say that the activity that has occurred has not been impactful. That being said, we have been seeing an increase in med tech transactions and other device-oriented transactions. This shift just highlights the importance of flexibility in our opinion and navigating the headlines regarding tariffs, rates, and regulations.
Week Ending February 21st, 2025:
Biotech: 2 Transactions (2 Follow-Ons) totaling just under $400M
2025 YTD:
24 biotech transactions totaling just under $4B vs. 2024 YTD: 56 biotech transactions totaling just under $11B
7 med tech transactions totaling just under $700M vs. 2024 YTD: 2 med tech transactions totaling just under $200M
Private Transactions:
Biotech: 44 US transactions / 18 European transactions
Med Tech: 31 US transactions / 19 European transactions
February M&A Deals:
Cosette Pharmaceuticals acquired Mayne Pharma for $430M or $4.71/share (Cosette Pharmaceuticals Announces Acquisition of Mayne Pharma, Transforming Company into a Leader in Women’s Health and Dermatology – Cosette Pharma)
Novartis acquired Anthos Therapeutics for $925M
We have also been seeing a shift in allocations to large cap enterprises. This is especially the case in the Euro zone where significant assets have been allocating. Most likely, this is a move for safety and lower volatility than US markets