According to GlobalData, deal value in the pharmaceuticals industry increased by 320 per cent in September 2025 compared to September 2024. In September 2025, the healthcare industry reported 72 deals worth $20.5 billion, compared to the last 12-month average (September 2024 to August 2025) of 92 deals worth $12.8 billion.
Genmab AS, a biotechnology company, announced the acquisition of Merus AV, a clinical-stage biotechnology company, in an all-cash transaction representing a value of approximately $8 billion. Pfizer Inc announced the acquisition of Metsera Inc, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for an enterprise value of approximately $4.9 billion. F. Hoffmann-La Roche announced the acquisition of 89bio Inc., a clinical-stage biopharmaceutical company focused on the development and commercialisation of therapies for liver and cardiometabolic diseases, for an equity value of up to approximately $3.5 billion. These three transactions contributed 79.7 per cent of the total deal value during September 2025.
Venture capital funding in the healthcare industry decreased by 4.9 per cent in September 2025 compared to September 2024. The industry reported 96 venture capital deals worth $2.8 billion in September 2025, compared to the last 12-month average (September 2024 to August 2025) of 100 deals worth $2.5 billion. Odyssey Therapeutics Inc, a clinical-stage biopharmaceutical company, raised $213 million in Series D financing to support the advancement of its portfolio of clinical and preclinical medicines designed to precisely treat the drivers of complex autoimmune diseases. Crystalys Therapeutics Inc, a biopharmaceutical company, raised $205 million in Series A financing to support its mission of addressing the unmet medical needs of people living with gout. Treeline Biosciences Inc, a clinical-stage biopharma company, raised $200 million in a Series A extension round to fund its first clinical trial programme.
