As JP Morgan’s annual healthcare conference kicks off in San Francisco, companies are not missing the opportunity to drum up buzz for their latest deals, including Johnson & Johnson’s $14.6 billion acquisition of neurological drugmaker Intra-Cellular Therapies.

While the healthcare and life sciences sectors continue to face some dealmaking challenges like high interest rates, PitchBook senior analyst Aaron DeGagne expects VC and PE transactions to increase and hold steady as shares of their respective global deal counts in 2025.

“In 2025, the healthcare & life sciences VC industry will be defined by fewer but larger deals and funds,” PitchBook senior analyst Kazi Helal noted in a December report. “Investors will increasingly focus on late-stage, capital-intensive opportunities with strong clinical validation and clearer paths to commercialization, consolidating resources into high-potential ventures.”

Some of the venture capital funding rounds announced just in the lead-up to the conference’s first day: Truveta ($320 million), Tune Therapeutics ($175 million), Cera Care ($150 million including debt), Qventus ($85 million) and Clear Labs ($30 million), among others.

Additionally, Andreessen Horowitz announced it’s teaming up with Eli Lilly to deploy a $500 million venture vehicle funded by the drug giant, and Hildred Capital Management has raised $810 million for its third mid-market healthcare fund. A slew of other deals, including Eli Lilly’s purchase of Scorpion Therapeutics for $2.5 billion and GSK‘s $1.15 billion acquisition of IDRx, have also been announced.

https://pitchbook.com/news/articles/jp-morgan-healthcare-conference-kicks-off-2025-with-deal-buzz