Key highlights from March:

• Biotech markets remained constructive in March, with performance led by large- and small-cap names, while specialty pharma continued to lag
• Deal activity accelerated, with 13 M&A and 12 licensing transactions announced (vs. 5 M&A and 24 licensing in February); eight M&A deals exceeded $1bn, led by Eli Lilly / Centessa, Merck / Terns, Biogen / Apellis, Novartis / Pikavation, and Servier / Day One
• Q1 M&A accelerated meaningfully, with 14 deals ≥$500mm (~44% of 2025 total), tracking toward ~$172bn of implied annual value (vs. $111bn in 2025) and supporting a sustained recovery into 2026
• There continues to be a lack of IPOs with the current backlog expected to raise insignificant amounts of capital 
• Follow-on activity softened modestly (22 deals vs. 24 in February), though total capital raised increased to $3.2bn (vs. $2.4bn), reflecting larger average deal sizes
• Vinay Prasad will depart the FDA at the end of April after less than a year leading CBER, during a period of heightened scrutiny across biologics, including vaccines and gene therapies
• FDA approvals resumed across oncology and rare diseases following prior disruptions, including therapies from Corcept Therapeutics, Denali Therapeutics, and Rocket Pharmaceuticals