1、Click here or press enter for the accessibility optimised versionQ1 Round Up:Under PressureClick here or press enter for the accessibility optimised versionForewordThe first quarter of the year got off to apredictably shaky start for a biopharma marketwhich is marked by increasing uncertainty andtur

2、moil.Huge cuts at the FDA,coupled with thewill-they/wont-they situation on tariffs forpharmaceutical players are making it hard forinvestors and dealmakers to make bold moves inalmost any part of the industry.The good news is that M&A in the first quarterof 2025 was significantly up on the end o

3、f 2024,though that is a low bar to clear.The fourthquarter was exceptionally low in terms ofpotential deal value.Q1 saw a total value of$33.6bn which came mostly from the smallerdeals weve come to expect in recent years,withthree outliers doing the heavy lifting to hit thatmark.One of these Johnson&

4、amp;Johnsons$14.6bn acquisition of Intra-Cellular was thelargest biopharma deal in close to two years.The last years hot modalities continue tofeature in the dealmaking list.Developers withassets in ADCs,CAR-Ts and radiopharma wereall snapped up and have the potential to breakthe billion-dollar mark

5、 in total deal value.The long-awaited revival of first-time offeringscontinues to elude the industry.There were sixIPOs on western exchanges(five in the US andone Swiss),which makes the 13th consecutivequarter of single-digit activity.And all of thosesix took place in January and February beforethe

6、most recent ramping up of uncertainty.The stock market continues to be tough onbiopharma,with the XBI seeing its largest single-day decline on 4th April(just outside our Q1remit,but worthy of note regardless).Most ofthe new entrants to the stock market are nowtrading below their initial offering pri