2025, A Year for Deals?

（the article has been updated to make it concise and cohesive)

As we look ahead to 2025, there’s growing optimism that it could be a year marked by increased deal activity. This expectation is largely driven by the anticipation of relaxed regulatory scrutiny, particularly with the potential for eased oversight from the Federal Trade Commission under a second Trump presidency. Business executives are eyeing this shift as a chance to pursue more mergers, acquisitions, and IPOs. Bloomberg reports that CEOs and dealmakers are excited by the prospect of larger, more frequent M&As in sectors like technology, healthcare, and energy.

However, 2025 might also be the year of mega IPOs, especially as the healthcare and biotech sectors have seen fewer IPOs in the past two years. This downturn has dampened overall market sentiment, but increased M&A activity could rejuvenate these sectors and lead to a more positive outlook.

That said, there’s still a cloud of uncertainty hanging over the horizon. One of the biggest concerns is the ongoing US-China trade tariffs, which could impede cross-border dealmaking, especially between U.S. investors and Chinese biotech innovators. This uncertainty could temper the pace of international deals, even as domestic transactions heat up.

Looking back at 2024, dealmaking was active in specific assets, but investors remained cautious and selective. As we head into 2025, the hope is that this cautious approach will evolve into a more expansive, vibrant deal environment, benefiting a wider range of industries beyond the usual hot spots like antibody-drug conjugates, T-Cell engagers, and degrader BTK inhibitors. Whether the year delivers remains to be seen, but the stage is set for a potentially game-changing period in the world of corporate transactions.