Key highlights from March:

• Large pharma continues to outperform the broader Life Sciences industry as investors focus on de-risked, cash flow generating companies 
• The number of M&A and licensing transactions picked up slightly in March; 7 M&A and 23 licensing transactions were announced this month, versus 5 M&A and 16 licensing transactions announced in February of 2025
• The IPO market continues to be non-existent with no priced transactions in March, although 6 IPOs on file 
• Follow-on market maintained a steady pace with 12 priced deals in March raising an aggregate of $1.3bn
• Continued uncertainty remains at FDA, pricing and tariffs, all of which are weighing on the industry
• Peter Marks, head of CBER (Center for Biologics Evaluation and Research), resigned effective 04/05/25 following a dispute with HHS Secretary Robert F. Kennedy Jr., and has been succeeded by FDA veteran Scott Steele, who was named acting director of CBER