Deal value 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 (September 2024 to August 2025) average of 92 deals worth $12.8 billion.

Genmab AS, biotechnology company to acquire Merus AV, a clinical-stage biotechnology company, in an all-cash transaction representing a transaction value of approximately $8 billion; Pfizer Inc, to acquire 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 Ltd, to acquire 89bio Inc., a clinical-stage biopharmaceutical company focused on the development and commercialisation of innovative therapies for the treatment of liver and cardiometabolic diseases, for equity value of up to approximately $3.5 billion. These were the three major deals which contributed 79.7 per cent of the total deal value during September 2025.

VC funding decreased by 4.9 per cent in September 2025, compared to September 2024

The healthcare industry reported 96 venture capital (VC) deals worth $2.8 billion in September 2025, compared to the last 12-month (September 2024 to August 2025) average of 100 deals worth $2.5 billion.

Odyssey Therapeutics Inc, a clinical-stage biopharmaceutical company, raising $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, raising $205 million in series A financing to support its mission of addressing the significant unmet medical needs of people living with gout; Treeline Biosciences Inc, a clinical-stage biopharma company, raising $200 million in series A extension round to fund its first clinical trial program. These were the three major VC deals reported in September 2025.