2025 Dealmakers' Intentions Survey

In terms of dealmaking, 2024 was not, by most measures, a banner year. Still, it was not without some bright spots. Since many metrics are trending in the right direction and selected opportunities exist in the upcoming year, respondents to our 2025 Dealmakers’ Intentions Survey are expressing muted optimism for the year ahead.

Several factors likely contributed to this decline in dealmaking volume and value. Some companies may have shifted their focus toward smaller, less costly acquisitions that further a strategic goal. Others, who spent heavily in 2023, may now be focused on integrating those acquisitions into their organizations. And, larger biotechs may have become less attractive targets due to their high valuations. Finally, broader economic uncertainties and heightened scrutiny around antitrust issues may have further tempered enthusiasm for dealmaking.

Where Dealmakers Are Placing Their Bets in 2025

Survey respondents voiced cautious optimism for the state of dealmaking in 2025. About one-third anticipate more activity compared to 2024, while half feel it will remain the same. Buyers were generally more optimistic than sellers across all deal types. However, the difference in outlook between the two groups was most pronounced over outright acquisitions; buyers shared significantly more bullish expectations than sellers. This suggests that buyers may be hoping to buy companies at a discount, while sellers may hope valuations rise to higher, more normal levels.

In comparing therapeutic areas of interest to buyers with the assets available from sellers, we see certain mismatches in 2025 that will have a direct bearing on what deals are made—and at what cost. Respondents anticipate a supply surplus in cardiovascular and oncology products, making it a buyers’ market. Meanwhile, respondents expect heightened demand for respiratory and hematology products as well as non-oncology vaccines.

These and other trends seen in our 2025 Dealmakers’ Intentions survey highlight a dynamic and competitive environment for dealmakers this year, driven by innovation, strategic alignment, and a forward-looking approach to capturing value.

What is the Syneos Health Dealmakers’ Intentions Survey?

The Syneos Health Dealmakers’ Intentions Survey explores what pharmaceutical executives expect in terms of licensing and acquisition deals in the coming year. In this, our 15th report in the series, we put dealmakers’ thoughts on the future into historical context with year-over-year and/or time-series data, adding our insights as to the possible reasons behind key developments and trends. Over 170 industry senior-level industry decision makers gave us their candid views on the volume and nature of deals we can expect, the therapy areas in greatest demand vs. in greatest supply, the importance that they are assigning to technology and why they believe some deals go awry.