The healthcare industry witnessed 69 deals amounting to USD 18.3 billion in July 2025, according to a report by GlobalData. While the number of deals was lower than the 12-month average of 95, the total deal value was significantly higher than the USD 13.2 billion average recorded between July 2024 and June 2025.

Leading the month's M&A activity was Merck & Co Inc’s announcement to acquire Verona Pharma Plc—a biopharma company specializing in respiratory diseases—in a transaction valued at approximately USD 10 billion.

Another major deal was the USD 2.9 billion acquisition of Bavarian Nordic AS, a global vaccine company, by Innosera ApS, a newly formed entity backed by Nordic Capital Fund. In a third significant transaction, Sanofi announced it would acquire Vicebio Ltd, a clinical-stage firm developing multi-pathogen vaccines for respiratory infections, for around USD 1.5 billion. Together, these three acquisitions contributed 79 per cent of the month’s total deal value, the report highlighted.

However, venture capital (VC) activity in the healthcare sector declined. July 2025 recorded 90 VC deals worth USD 1.9 billion, marking a 25 per cent decrease from the same month in 2024 and falling short of the 12-month average of 97 deals valued at USD 2.5 billion.

Key VC rounds included MapLight Therapeutics Inc raising USD 372.5 million in Series D funding to advance its lead programme ML-007C-MA and expand its pipeline. Artbio Inc secured USD 132 million in Series B financing to scale its Alpha Radioligand therapies and manufacturing infrastructure. Meanwhile, Avalyn Pharma Inc raised USD 100 million in Series D funding to continue clinical development of inhaled therapies targeting pulmonary fibrosis.