Biopharma dealmaking cooled in Q3 as M&A, big upfronts and venture investing all slowed
- Endpoints News describes a chill in the third quarter: the pace of M&A from the first half cooled.
- Large upfront licensing payments slackened, and venture investing slowed.
- The report frames this as a pause after a busy first half rather than a collapse.
💡 Points
A slower quarter does not mean capital has left: this week's $1.28B upfront Gilead-PepStar deal and a 31-IPO year show money still flows to select assets, mostly clinical-stage or China-sourced. Expect buyers to stay selective and sellers with thin data to find financing harder.