Vital Signs: Dealmaking Momentum
Political Economy Update – Markets, Policy and Deal Activity
The latest report from the DNB Carnegie | Back Bay Investment Banking Division synthesizes macroeconomic data, policy insights, and dealmaking activity.
In February 2026, we assess dealmaking momentum from 2025 and current regulatory headwinds since Vital Signs was last released in November 2025.
Report topics include:
Improved healthcare equities and dealmaking in 2025, even as regulatory uncertainty persisted among shifting leadership and federal disruptions
How IPOs favored commercial MedTech in 2025 as investors rewarded execution and unit economics over “vision”
Evolving pharmaceutical tariffs, from sweeping trade threats to deal-based leverage with limited real economic impact
Total proceeds raised rebounded sharply in H2 2025, driven by a surge in M&A activity that lifted total issuance to its highest level since 2020
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The DNB Carnegie | Back Bay was created to drive global healthcare growth and innovation. The DNB-Back Bay Partnership provides a full range of strategic advisory and financing capabilities along the full continuum of life science and healthcare company development. The DNB Carnegie | Back Bay Partnership is a marketing term referring to a strategic agreement between DNB Markets, Inc. and Back Bay Life Science Advisors. More information about the DNB Carnegie | Back Bay Partnership can be found here.
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