艾昆纬（IQVIA）：2025年全球医药交易年度回顾报告（英文版）（21页）.pdf

1、2025 Pharma Deals Annual ReviewA leaner yet higher-value year for dealmaking LUCY HAGGERTY,Analyst,Global Market Insights,IQVIA TASKIN AHMED,Associate Director,Global Market Insights,IQVIA AYUSH SAXENA,Senior Insights Associate,Global Market Insights,IQVIA SHIKHA KASHYAP,Manager,Global Market Insigh

2、ts,IQVIAWhite Paper2|2025 Pharma Deals Annual Review A leaner yet higher-value year for dealmakingTable of contentsIntroduction 1 Restrained dealmaking amid market volatility 2M&A deal spend soars 2Roche tops list of most prolific dealmakers 6Late-stage assets drive licensing fees up 8Oncology conti

3、nues to drive product deals 12Key players remain selective in R&D alliances 13Outlook for 2026 16Conclusion 17Learn more about IQVIA Pharma Deals 17About the authors 18 |1 |1Following an uneventful 2024,the slowdown in deal activity in the life sciences sector continued in 2025 as persistent macroec

4、onomic headwinds,heightened geopolitical tensions and shifts in US healthcare policy discouraged companies from signing M&A,licensing and collaborative R&D deals over the course of the year.M&A activity continued its decline from 2024 to 2025 as elevated interest rates and regulatory uncertainty kep

5、t deal volumes down.However,in contrast,aggregate spending on M&A surged by 99%to US$257 B,with nine acquisitions exceeding the US$10 B mark.Licensing deal flow for life science companies remained sluggish in 2025 as licensees continued to be selective in the types of assets they in-licensed to thei

6、r already streamlined portfolios.Similar to 2024,clinical stage deals accounted for a greater proportion of therapeutic licensing activity in 2025 as risk averse companies looked to invest in products with established clinical and commercialization pathways.Aggregate licensing deal spend was particu