INFOGRAPHIC: After M&A and alliance metrics plunged across the board in 2024, 2025 produced significantly higher total and average values in both categories. 2025 marked a return to normalcy for biopharma dealmaking, with increased activity in M&A and alliances (Shutterstock) Key Takeaways Biopharma dealmaking metrics returned to more normal levels in 2025 after a historic downturn in 2024.