GlobalData has reported deal activity trends for the pharmaceuticals industry in November 2025.
According to the report, deal value increased by 274.8 per cent in November 2025 compared to November 2024. The healthcare industry recorded 53 deals worth USD 38.7 billion, compared to the 12-month average (November 2024 to October 2025) of 90 deals worth USD 18.1 billion.
The largest announced transactions in November 2025, as stated in the report, included Merck & Co Inc agreeing to acquire Cidara Therapeutics, Inc., a biotechnology company developing drug-Fc conjugate (DFC) therapeutics, for a total transaction value of approximately USD 9.2 billion. Johnson & Johnson announced its plans to acquire Halda Therapeutics OpCo, Inc., a clinical-stage biotechnology company with a proprietary Regulated Induced Proximity Targeting Chimera platform to develop oral, targeted therapies for multiple types of solid tumours, including prostate cancer, for USD 3.05 billion in cash. Prelude Therapeutics Incorporated, a clinical-stage precision oncology company, entered into an exclusive option agreement with Incyte to acquire the JAK2V617F programme for approximately USD 910 million. These were the three largest deals reported during the month.
GlobalData also reported a rise in venture capital funding for the period. Venture capital activity increased by 7.7 per cent in November 2025 compared to November 2024. The healthcare industry recorded 109 venture capital deals worth USD 2.2 billion, compared to the last 12-month average of 102 deals worth USD 2.7 billion.
The report identified three major venture capital transactions: Braveheart Bio Inc, a clinical-stage biotechnology company developing novel therapeutics for hypertrophic cardiomyopathy (HCM) and related conditions, raised USD 185 million in Series A financing to develop novel therapeutics for HCM and related conditions. AAVantgarde Bio Srl, a clinical-stage biotechnology company developing therapies for inherited retinal diseases (IRDs), raised USD 141 million in a Series B financing round to advance its clinical programmes in Stargardt Disease and Usher 1B Syndrome. Solve Therapeutics Inc, a clinical-stage biotechnology company developing antibody-drug conjugates (ADCs) for solid tumour malignancies, raised USD 120 million in a financing round to accelerate the development of its clinical pipeline and proprietary CloakLink linker platform.