Tasneem Nashrulla

Biotech firms are attracting significant dealmaking and investor interest, with 37 biotech acquisitions over $1 billion this year driven by pharma companies seeking to strengthen pipelines before patent expirations. The Trump administration’s regulatory approach and profits from top-selling drugs are fueling mergers, while biotech IPOs are outperforming AI-related listings.

The number of interstate conflicts reached its highest level since WWII in 2025, with 8 active cases recorded by the Uppsala Conflict Data Program. Conflict deaths rose to 244,600 in 2025, driven largely by violence in Sudan, while global peacefulness declined for the 12th consecutive year, with the economic cost of violence exceeding $20 trillion.