Experts predict that 2025 will see an increase in mergers and acquisitions (M&A) activity in the healthcare sector, particularly in biopharma. The recent JPMorgan Healthcare Conference highlighted expectations for more 'smaller, smarter' deals, as companies look to replenish their pipelines within key therapeutic areas. According to a report by EY, the dollar value of biopharma M&A transactions fell by 51% in 2024, dropping from 186 deals in 2023 to just 92. Additionally, a report from Piper indicated that no acquisitions in the $5 billion to $10 billion range occurred in 2024, with the majority of deals (57%) falling between $1 billion and $5 billion, marking the highest concentration of such deals since 2018. This trend suggests that while M&A activity may rise, the overall value of transactions is expected to remain low as companies navigate the current market landscape.