Market forces reshape biotech dealmaking Gene-editing breakthroughs, patent cliffs, and capital that still remembers 2021’s valuations keep life-science executives hunting for the next blockbuster. Yet the numbers show a cooler M&A climate. EY’s Biotech Beyond Borders 2025 records just 54 announced pharma–biotech transactions in 2024, down from 61 the year before, with aggregate value sliding […]