GMS (GMS): $100.27
Market cap: $3.85B
Enterprise Value: $5.53B
The much-awaited increase in M&A activity that was expected for 2025 appears to be finally materializing with 12 deals announced in June worth $30.76 billion, and we still have more than a week to go before the end of the month. Five of these deals were biotech deals, implying we might be getting closer to the end of the nuclear winter in the biotech sector since sector bottoms are often defined by increased M&A activity.
Overall deal volume for the first six months of 2025 is running at $238 billion, about 26% below the $324 billion of new deals reported over the same time period in 2024.