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1、White PaperIQVIA Pharma Deals Half-year review of 2025LUCY HAGGERTY,Analyst,Global Market Insights,IQVIA TASKIN AHMED,Associate Director,Global Market Insights,IQVIA AYUSH SAXENA,Senior Insights Analyst,Global Market Insights,IQVIASHIKHA KASHYAP,Manager,Global Market Insights,IQVIA 2|IQVIA Pharma De

2、alsTable of contentsIntroduction 1M&A deal volume up yet values drop 2Late-stage assets drive licensing deal spend up 5Roche leads deal activity rankings 8R&D collaborations remain muted despite innovation push 10Oncology continues to fuel dealmaking 12Outlook for H2 2025 13About the authors 14 |1Af

3、ter an underwhelming 2024 on the dealmaking front,deal activity in the life sciences sector remained muted in the first half of 2025 as caution prevailed amid continued macroeconomic pressures and rising geopolitical tensions.M&A activity was somewhat upbeat in H1 2025 in terms of deal volume,which

4、was up by 11%from H1 2024.However,the aggregate,mean and median total deal values for these deals were suppressed in H1 2025 as cautious buyers remained deterred from making risky mega-deals.Key players such as Johnson&Johnson(J&J),Sanofi and Novartis signed acquisitions at US$3 B or more in H1 2025

5、 to gain access to pipeline-enhancing therapies and technologies.With significant deal activity across a range of indications,Roche achieved the title of the most prolific dealmaker in H1 2025,announcing one more deal than Lilly in second place.However,in a stark contrast to H1 2024,overall transact

6、ion volume for several of the top dealmakers decreased in H1 2025.Licensing deal flow for life sciences companies decreased only 2%relative to H1 2024,as licensees remained selective in the assets they invested in,prioritizing quality over quantity.This was further supported by the increase in licen