Cambridge life science sector defies global gloom
This made it the most active quarter of the year by both deal volume and value, bringing the full-year total for 2025 to $943.4 million across 31 qualifying transactions. The following table summarises total amount of equity raised (in transaction over $1m) and number of deals in brackets during 2025.
The largest Q4 transaction was from Artios Pharma, which raised $115m one of three $100m+ deals completed in 2025. Other notable raises included bit.bio ($50m), Cellular Origins ($40m), and Epilepsygtx ($33.4m). The remainder of the quarter saw a diverse spread of deals across all size bands, with notable mid-sized activity in the $10–50m range.
Compared with earlier quarters, Q4 marked a notable increase in the number of transactions – more than tripling from Q3 and doubling from Q2. However, average deal size fell slightly in Q4 to $26.1 million, reflecting a mix of both larger and smaller deals. It also produced the lowest median of the year ($9.1 million), reinforcing the breadth of deal sizes in the final quarter.
2025 Market observations and takeaways
• Cambridge life sciences companies raised nearly $1 billion in equity capital in 2025 across 31 qualifying transactions.
• The year featured three $100m+ deals, representing 46% of total funds raised.
• Six transactions over $50 million contributed 66% of total capital, showing a highly concentrated funding environment.
• 32 per cent of deals (10 out of 31) raised more than $25 million, demonstrating strong support for scale-up businesses alongside early-stage activity.
• Q2 and Q4 were the standout quarters, each raising over $330 million, but Q4 delivered the highest number of transactions - a possible sign of regained momentum at year-end.
• While Q2 had the highest average deal size, Q3’s median of $38.0 million suggests significant mid-market strength.
• The range of deal sizes and company types reflects a resilient and diversified Cambridge life sciences funding landscape.
Despite macroeconomic uncertainty, investor appetite remains strong in Cambridge, particularly for platforms with high-growth potential and clinical-stage assets. With four solid quarters, several standout raises, and a balance of early and late-stage funding, 2025 marks a resilient and dynamic year for life sciences investment in the region.
