In 2025, only four of the top ten animal health companies made acquisitions, the joint lowest on record. Total M&A spend fell from $8.8bn in 2024 to $1.7bn. But while the volume of deals dropped, the quality of diligence went up. Acquirers and licensees are more selective, more data-driven, and more focused on development-stage risk than at any point in the last decade.
This session will pull back the curtain on what actually drives deal decisions in animal health: what data matters, what kills deals, and what founders and development teams need to build into their programs from day one if they want to be acquirable, licensable, or fundable.