Biopharma merger-and-acquisition (M&A) activity is anticipated to increase in volume but not in dollar value in 2025, as companies seek to replenish pipelines amid patent expirations expected to erase $300 billion in revenue by 2028. In 2024, deal numbers rose 17% despite a 51% drop in total dollar value. With $1.3 trillion available for deals, firms are focusing on targeted acquisitions, especially for pre-Phase III candidates. Optimism in the sector is bolstered by anticipated favorable policies under the incoming Trump administration. Additionally, increases in IPOs and venture capital financing are expected, although early-stage funding may become more challenging.