The global life sciences industry has accelerated dealmaking activity with mergers and acquisitions (M&A) investment totaling USD 240 billion in 2025 – an 81% increase compared with USD 130 billion in 2024 – driven by a return to large-scale dealmaking among Big Pharma companies. According to the latest edition of the annual EY M&A Firepower report , which tracks global M&A investment in life sciences, despite a 12% decrease in overall deal volume (biopharma falling 19%, MedTech rising 6%),