(excluding out-licensing deals and divestments by such companies). a clear clinical and commercial pathway. In a similar vein to 2024, the volume of licensing deals in the life sciences sector dropped 6% from 2024 to 2025, as volume, the level of licensing spend in 2025 was particularly upbeat compared to previous years, with signed in 2025 increased by 48%, whereas the median with disclosed financials amounting to Us$205.3 B, exceeding the US$152.7 B spent in 2024 and the upfront payment increased by 33%. In total, licensees US$160 B achieved in 2023. The mean licensing deal committed to pay Us$12.8 B in guaranteed upfront payments in 2025, up by 35% on the US$9.5 B paid by value jumped 38% in 2025 to US$821 M, while the licensees to in-license life science assets in 2024. Alike 2024, five licensing deals in 2025 involved an upfront consideration of Us$5oo M or more, however and above compared to only one deal in 2024.