For over 30 years we at PharmaVentures have seen the ebbs and flows of venture capital funding into emerging biotech companies. In today’s tight funding environment capital efficiency is again in the forefront of investor and company executive thoughts.

The paper examines how companies can optimise financing strategy, accelerate value creation, and position themselves more effectively for partnering and investment.

Collaborations & Alliances in AI and omics gain prominence
in CDx and oncology.

Beyond outright acquisitions, 2025 saw a flood of
partnerships, licensing deals, and co-development
agreements in life sciences diagnostics. These deals are
often the preferred route for accessing novel technology
or entering new markets without full acquisition.

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H1 2025: Acceleration, Integration, and the Shift from Innovation to Infrastructure

H1 2025 saw sustained Dx deal activity, highlighting
sector resilience despite macroeconomic headwinds. We
identified a total deal volume of 174 across Q1 and Q2,
which was stable year-over-year (vs. 171 in H1 2024), but
deal composition signalled a strategic shift.