Life Sciences Funding in View: 2025 Outlook

Merger & Acquisition Activity

BioPharma M&A Deal Volume by Year

› Pharma companies continued to make significant biotech acquisitions in 2024, closing 39 BioPharma M&A deals, slightly above the 38 deals of 2023. However, deal size in 2024 was notably subdued, with no megadeals ($10 billion-plus) in 2024. The largest deal of the year was Boston-based Vertex Pharmaceuticals’ $4.9 billion purchase of Alpine Immune Sciences. Immune therapy-focused M&As dominated the year, followed by cancer therapies. › In one of the first deals of 2025, New Jersey-based Johnson & Johnson(J&J) purchased Intra-Cellular Therapies for $14.6 billion. This deal added Intra Cellular’s Caplyta, a treatment for schizophrenia and depression tied to bipolar disorder 1 , to J&J’s portfolio. Pharma companies are expected to remain active this year as they continue to add companies to offset revenue shortfalls from the patent cliff and loss of exclusivity. CRE VIEW: Pharma mergers are generally net positive for the CRE sector. In some cases, they result in decreasing footprints as the acquired combines are folded into existing space. However, often these acquisitions result in additional space being leased to better accommodate the newly acquired companies.

$160

$142.4

$140

$120

$100

$80

$71.8

$66.8

$Millions

$60

$46.5

$40

$15.6

$20

$0

2021

2022

2023

2024

2025YTD

1. https://apnews.com/article/johnson-jnj-intracellular schizophrenia-19160ba4559aaab40836078d12a89800

Source: BioPharma Dive

17 / CUSHMAN & WAKEFIELD

LIFE SCIENCES JANUARY 2025 LIFE SCIENCES JANUARY 2025