State of the Landscape 2025: European Pharma and Biotech throughout the year

2025 saw a market pulling in two directions at once. Seed count surged, yet median seed tickets fell. At the other end, just 15 rounds above $100M absorbed 45% of all venture volume. Growth-stage deal count fell, but median tickets increased. Strategic alliances hit $99B as large-cap pharma increasingly used European biotechs as externalised R&D. 

Landmark deals represented specific market dynamics, including in AI drug discovery and obesity as a durable European investment theme. Read our full State of the Landscape for the data, our full analysis, and what to watch in 2026.