Key highlights from June:

• While large pharma continues to outperform the broader Life Sciences industry, small- and mid-cap biotechs have continued to narrow the gap in YTD stock price performance
• The number of M&A and licensing transactions picked up noticeably in June; 8 M&A and 25 licensing transactions were announced this month, versus 6 M&A and 17 licensing transactions announced in May of 2025, with four major M&A transactions that surpassed $1bn in deal value, including Sanofi/Blueprint ($9.5bn), AbbVie/Capstan ($2.1bn), Lilly/Verve ($1.3bn), and BioNTech/CureVac ($1.3bn)
• A single IPO took place this month, raising ~$20mm at the lower end of the filing range, traded up ~20% post-pricing, and did not have notable insider participation; 2 IPOs currently remain on file
• Follow-on market picked up significantly with 16 priced deals in June raising an aggregate of $2.7bn vs. $579mm in May, led by Insmed’s $750mm offering
• Obesity updates underscore divergent approaches: Amgen’s MariTide showed up to 20% weight loss but with high discontinuation rates, while Lilly’s bimagrumab + Wegovy combo achieved 22% weight loss with preserved lean mass and favorable biomarker shifts
• The FDA launched the “National Priority Voucher” program, which offers accelerated reviews for drugs aligned with federal health priorities including domestic manufacturing and addressing unmet medical needs