Key highlights from April:

• Large pharma continues to outperform the broader Life Sciences industry as investors focus on de-risked, cash flow generating companies; small- and micro-cap biotech have continued to be under pressure 
• The number of M&A and licensing transactions slowed slightly in April; 4 M&A and 15 licensing transactions were announced this month, versus 7 M&A and 23 licensing transactions announced in March of 2025, although two transactions surpassed $1bn in total transaction value
• The IPO market continues to be non-existent with no priced transactions in March, although 7 IPOs on file 
• Follow-on market slowed with only 5 priced deals in April raising an aggregate of $460mm vs. $1.3bn in March
• Economic uncertainty driven by White House trade policy and concerns about growth and inflation have affected the LS sector
• Potential US import tariffs on drugs are accelerating strategic decisions, prompting companies to reevaluate global supply chains and contingency plan for cost exposure