Key highlights from November:

• Micro-cap biotechs (<$500mm) have continued to outpace large-cap names, while small-caps and mid-caps also maintained upward momentum over the last month
• Licensing and M&A activity was flat in November; 10 M&A and 23 licensing transactions were announced this month, versus 10 M&A and 25 licensing transactions announced in October of 2025; M&A markets continued to favor late-stage clinical assets this month, with all $1bn+ deals being for Phase 2 or later assets
• IPO markets remained dormant, with Edison Oncology filing late in the month for an expected total deal value of $25mm
• Follow-on activity fell to 19 priced deals in November raising an aggregate of $2.5bn down from $5.4bn in October, led by Nuvalent’s $500mm offering
• The trend of highly competitive large public life sciences transactions continued this month, with the bidding war for Metsera concluding in early November after the FTC warned Novo that its two-step buyout may circumvent pre-merger review legislation requirements allowing Pfizer to secure the acquisition for $10bn, a 37% increase from the original September purchase price of $7.3bn. Meanwhile, Lundbeck’s attempt to supersede Alkermes’ already-announced acquisition of Avadel resulted in a 13% increase in the deal’s total consideration to $2.4bn
• Weeks after agreeing to accept the FDA’s highest position overseeing prescription drug review and approval as head of Center for Drug Evaluation and Research (CDER), Richard Pazdur began filing to retire from the agency. The appointment followed Tidmarsh’s departure from the FDA amid an investigation into allegations he used his position to financially harm a former business partner. Pazdur’s move heightened concerns surrounding the agency’s drug-regulation office, particularly in light of his storied 26 year career at the FDA including 8 years leading the oncology center of excellence