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Cell and Gene Therapy Market Deals: Investments, M&As, and Partnerships, 2021-2025

Published Jan 01, 2026
Length 486 Pages
SKU # KLI20718709

Description

The CGT market is evolving rapidly, with billions in investments and thousands of strategic deals shaping its trajectory. Companies that understand the landscape and anticipate future deal trends will have the competitive edge needed to thrive. Whether you are a biotech executive, investor, R&D leader, or regulatory strategist, this report provides data-driven insights to inform your next move.

TWO REPORTS FOR THE PRICE OF ONE
Cell and Gene Therapy Market Deals: Investment, M&A, and Partnerships, 2021-2025 (3rd Edition) is published in two installments. The first installment, released in February 2025, covers deals up to the end of 2024. The second installment will be released in Fall 2025 and will cover deals through September 2025. Customers who purchase this third edition will receive both installments. The report covers deals including financing, funding, partnering, M&A, tech transfers, IPOs/SPACs, and other deals.
Cell and Gene Therapy Market Deals: Investment, M&A, and Partnerships, 2021-2025 (3rd Edition) is also the companion to another 2025 Kalorama Information report, Cell and Gene Therapy Market Dynamics by Disease Type: Development, Trends, and Forecasts 2024-2030 (4th Edition), which will be released in Spring 2025. The report focuses on cell and gene therapy for disease segments including oncology, neurology, musculoskeletal, dermatology, cardiology/non-oncology blood, and more. Cell and Gene Therapy Market Dynamics by Disease Type, 4th Edition will be available for a separate price.

The cell and gene therapy (CGT) field is at the forefront of medical innovation, fueled by cutting-edge advancements in CRISPR, next-generation sequencing (NGS), and breakthrough therapeutics. With around 2,000 companies actively engaged in the CGT industry, the sector has witnessed significant volumes of investments, strategic collaborations, and groundbreaking deals. However, shifting market dynamics—including fluctuating availability of funding of different types, evolving regulatory landscapes, and consolidation trends—have reshaped the investment outlook.

Kalorama Information’s new report, Cell and Gene Therapy Market Deals: Investment, M&A, and Partnerships, 2021-2025 (3rd Edition), delivers an unparalleled deep dive into the CGT market’s financial ecosystem, offering actionable insights into the deals that are driving the future of regenerative medicine.

Report Features
  • Investment & Funding Trends – Track quarterly funding fluctuations from Q1 2021 to Q4 2024, with a focus on venture capital, private equity, and public offerings.
  • M&A and Strategic Partnerships – Understand how acquisitions, licensing agreements, manufacturing deals, and co-marketing partnerships are shaping the competitive landscape.
  • Regional Market Insights – Gain a global perspective on deal activity across North America, Europe, Asia-Pacific, and emerging markets.
  • Top Players & Deal-Making Trends – Identify the industry’s most active investors, biotech startups, and pharmaceutical leaders driving CGT growth.
  • Regulatory & Market Challenges – Explore how regulatory shifts, reimbursement strategies, and supply chain dynamics impact CGT deal-making.
In addition, the following is just some of the information in this report:
  • Quarterly Funding Amounts Q1 2021- Q4 2024 by Type and Region
  • Specific details of 2,000+ CGT Deals from 2021 through 2024
  • Venture Capital/Private Funding Round Amounts, By Quarter
  • Monthly VC/Private Funding, by Seed/ Angel, Series A/ B/ C/ D or PIPE/ direct offering
  • Chronological Trends Presented in Multiple Categories (VC, M&A, Other Areas)
  • Deals by Type – Technology/Research/Strategic Collaboration; Venture Capital/Private Investment; Acquisition, Merger, Strategic Investment; Licensing; Public Offering/SPAC; Manufacturing, Supply Chain; Distribution, Co-Marketing; Spinout, Restructure; Conclude/Terminate Deal; Joint Venture
  • Most Active Deal-Making Companies, by Type of Deal (Acquisition/Merger/ Strategic Investment, Overall Deals, Collaborations)
  • Regional Breakdown of Dealmaking [North America, Europe, APAC, Rest of World] (%)
Methodology

The report’s insights are derived from a blend of primary and secondary research, including interviews with industry professionals, comprehensive literature reviews, and analysis of company and government reports.

Table of Contents

486 Pages
CHAPTER 1: EXECUTIVE SUMMARY
INTRODUCTION
$12 BILLION IN INVESTMENT FROM Q1–Q3 2025
Figure 1-1: Total Deals per Month, April 2021-September 2025 (count)
Figure 1-2: Total Deals per Month, by Type, April 2021-September 2025 (count) [VC/Private, IPO/FPO/SPAC, All Other Deals]
QUARTERLY FUNDING AMOUNTS
Table 1-1: Total Quarterly Funding and Shares, by Type, 2025 (through Q3 2025) ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-2: Total Quarterly Funding and Shares, by Type, 2024 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-3: Total Quarterly Funding, by Type, 2023 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-4: Total Quarterly Funding, by Type, 2022 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-5: Total Quarterly Funding and Shares, by Type, 2021 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-3: Total Quarterly Investment/Funding, Q1 2021-Q3 2025 ($ million)
Figure 1-4: Total Quarterly Funding, by Type, Q1 2021-Q3 2025 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
QUARTERLY FUNDING CATEGORY SHARES, Q1 2021 THROUGH Q3 2025
Table 1-6: Total Quarterly Funding Share, by Type, 2025 (through Q3 2025) (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-7: Total Quarterly Funding Share, by Type, 2024 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-8 Total Quarterly Funding Share, by Type, 2023 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-9: Total Quarterly Funding Share, by Type, 2022 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Table 1-10: Total Quarterly Funding Share, by Type, 2021 ($ million) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-5: Total Quarterly Funding Share, by Type, Q1 2021-Q3 2025 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-6: Funding Share, by Type of Funding, Q1 2025-Q3 2025 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-7: Funding Share, by Type of Funding, 2024 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-8: Funding Share, by Type of Funding, 2023 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-9: Funding Share, by Type of Funding, 2022 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Figure 1-10: Funding Share, by Type of Funding, 2021 (%) [Collab, IPO/FPO, M&A, SPAC, Strategic Investments, Venture Capital/Private]
Quarterly Deal Counts by Category, Q1 2021 –Q3 2025
Table 1-11: Quarterly Count of Deals, By Category, By 2025 Quarter (total number) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Table 1-12: Quarterly Count of Deals, By Category, By 2024 Quarter (total number) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Table 1-13: Quarterly Count of Deals, By Category, By 2023 Quarter (total number) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Table 1-14: Quarterly Count of Deals, By Category, By 2022 Quarter (total number) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Table 1-15: Quarterly Count of Deals, By Category, By 2021 Quarter (total number) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Table 1-16: Yearly Shares of Number of Deals, By Category, 2021-2025 partial (%) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Growth in Collaborations, Manufacturing/Supply Chain Deals, Licensing, Distribution/Co-Marketing Highlight Activity in Cell and Gene Therapy
Figure 1-11: Yearly Shares of Number of Deals, By Category, 2021-2025 partial (%) [Acquisition, Merger, Strategic Investment; Conclude/Terminate Deal; Distribution, Co-Marketing; Licensing; Manufacturing, Supply Chain; Public Offering/SPAC; Spinout, Restructure; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
Figure 1-12: Most Frequent Types Deals by Quarter, by Category, 2021-Q3 2025 (Total Number) [Acquisition, Merger, Strategic Investment; Licensing; Manufacturing, Supply Chain; Technology/Research/Strategic Collaboration; Venture Capital/Private Investment]
A Look at Less Frequent CGT Deal Types
Figure 1-13: Lower Frequency Deal Types, by Quarter, by Category, Q1 2021-Q3 2025 (total number) [Conclude/Terminate Deal; Distribution, Co-Marketing; Joint Venture; Public Offering/SPAC; Spinout, Restructure]
Figure 1-14: Merger/Acquisition Amount, by Quarter, Q1 2021-Q3 2025 ($ million)
Figure 1-15: Venture Capital/Private Funding Round Amount, by Quarter, Q1 2021-Q3 2025 ($ million)
Figure 1-16: IPO/FPO Amount, by Quarter, Q1 2021-Q3 2025 ($ million)
Figure 1-17: SPAC Portion Amount, by Year, 2021-2024 ($ million)
Most Active Companies
Table 1-17: Most Active Companies Overall in CGT Deals, Collaborations, 2021-September 2025 (Count)
Figure 1-18: Most Active Companies Overall in CGT Deals, Collaborations, 2021-September 2025 (Count)
CHAPTER 2: VENTURE CAPITAL & PRIVATE FUNDING
VC/PRIVATE FUNDING IN FLUX
Figure 2-1: Total Number of Private Investments/VC Rounds by Month, January 2021-September 2025 (count)
Figure 2-2: Average VC Round/Private Funding Amount, By Quarter Q1 2021-Q3 2025 ($ million)
Table 2-1: Regional Venture Capital/Private Funding, by Quarter, Q1 2021-Q3 2025 ($ million) (%) [APAC, Europe, North America, Rest of World]
Figure 2-3: Quarterly Venture Capital/Private Total Funding, Q1 2021- Q3 2025, by Region ($ million) [APAC, Europe, North America, Rest of World]
Table 2-2: Regional Venture Capital/Private Funding Shares, by Quarter, Q1 2021-Q3 2025 (%) [APAC, Europe, North America, Rest of World]
Figure 2-4: Regional Venture Capital/Private Funding Shares, by Quarter, Q1 2021-Q3 2025 (%) [APAC, Europe, North America, Rest of World]
Figure 2-5: Venture Capital/Private Funding Round Amounts, By Quarter, Q1 2021-Q3 2025 ($ million)
Figure 2-6: Scaled Venture Capital/Private Funding Round Amounts, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 2-3: Venture Capital/Private Fundraising Deals, Q3 2025
Table 2-4: Venture Capital/Private Fundraising Deals, Q2 2025
Table 2-5: Venture Capital/Private Fundraising Deals, Q1 2025
Table 2-6: Venture Capital/Private Fundraising Deals, Q4 2024
Table 2-7: Venture Capital/Private Fundraising Deals, Q3 2024
Table 2-8: Venture Capital/Private Fundraising Deals, Q2 2024
Table 2-9: Venture Capital/Private Fundraising Deals, Q1 2024
Table 2-10: Venture Capital/Private Fundraising Deals, Q4 2023
Table 2-11: Venture Capital/Private Fundraising Deals, Q3 2023
Table 2-12: Venture Capital/Private Fundraising Deals, Q2 2023
Table 2-13: Venture Capital/Private Fundraising Deals, Q1 2023
Table 2-14: Venture Capital/Private Fundraising Deals, Q4 2022
Table 2-15: Venture Capital/Private Fundraising Deals, Q3 2022
Table 2-16: Venture Capital/Private Fundraising Deals, Q2 2022
Table 2-17: Venture Capital/Private Fundraising Deals, Q1 2022
CHAPTER 3: STRATEGIC INVESTMENTS
STRATEGIC INVESTMENTS IN CELL AND GENE THERAPY
Figure 3-1: Total Number of Strategic Investments, By Quarter, Q1 2021-Q3 2025 (count)
Figure 3-2: Average Strategic Investment Amount, By Quarter, Q1 2021-Q3 2025 ($ million)
Figure 3-3: Total Strategic Investment Amount, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 3-1: Strategic Investment Total Amounts, Counts, and Averages by Quarter, Q1 2021-Q3 2025, ($ million)
Table 3-2: Strategic Investments, January 2021-September 2025
Table 3-3: Most Active in Acquisition/Merger/Strategic Investment, 2021-September 2025
Figure 3-4: Most Active in Acquisition/Merger/Strategic Investment, 2021-September 2025
CHAPTER 4: IPOS, FPOS, & SPACS
NORTH AMERICA SEES THE MAJORITY OF PROCEEDS FROM IPOS, FPOS, SPACS
Figure 4-1: Total Number of IPOs/FPOs, By Month, January 2021-September 2025 (count)
Figure 4-2: Average IPO/FPO Proceeds, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 4-1: Quarterly IPO/FPO Total Funding, Q1 2021-Q3 2025, by Region ($ million) [APAC, Europe, North America]
Figure 4-3: IPO/FPO Funding, By Quarter, Total by Region Q1 2021-Q3 2025 ($ million) [APAC, Europe, North America]
Table 4-2: Regional IPO/FPO Funding Shares, by Quarter, Q1 2021-Q3 2025 (%) [APAC, Europe, North America]
Figure 4-4: Regional IPO/FPO Funding Shares, By Quarter, Q1 2021-Q3 2025 (%) [APAC, Europe, North America]
Figure 4-5: IPO/FPO Amounts, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 4-3: Quarterly SPAC Funding Portion, Q1 2021-Q3 2025 ($ million)
Figure 4-6: Quarterly SPAC Funding Portion Total and Average, Q1 2021-Q3 2025 ($ million)
Table 4-4: IPO/FPO Announcements, Q3 2025
Table 4-5: IPO/FPO Announcements, Q2 2025
Table 4-6: IPO/FPO Announcements, Q1 2025
Table 4-7: IPO/FPO Deals, Q4 2024
Table 4-8: IPO/FPO Deals, Q3 2024
Table 4-9: IPO/FPO Deals, Q2 2024
Table 4-10: IPO/FPO Deals, Q1 2024
Table 4-11: IPO/FPO Deals, Q4 2023
Table 4-12: IPO/FPO Deals, Q3 2023
Table 4-13: IPO/FPO Deals, Q2 2023
Table 4-14: IPO/FPO Deals, Q1 2023
Table 4-15: IPO/FPO Deals, Q4 2022
Table 4-16: IPO/FPO Deals, Q3 2022
Table 4-17: IPO/FPO Deals, Q2 2022
Table 4-18: IPO/FPO Deals, Q1 2022
Table 4-19: SPAC Portion, Q1 2021-Q3 2025 ($ million)
Figure 4-7: SPAC Portion Amount, by Year, 2021-2024 ($ million)
CHAPTER 5: MERGERS & ACQUISITIONS (M&A)
SHORT-TERM GROWTH IN M&A, DESPITE LOWER AVERAGE VALUE
Figure 5-1: Total Number of Mergers and Acquisitions, By Month, January 2021-September 2025 (count, 3-mo avg)
Figure 5-2: Average Merger/Acquisition Amount, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 5-1: Quarterly Merger and Acquisition Values, Counts, and Averages, Q1 2021-Q3 2025 ($ million) (Total count)
Figure 5-3: Merger/Acquisition Transactions Global Total, By Quarter, Q1 2022-Q3 2025 ($ million)
Figure 5-4: Merger/Acquisition Amounts, by Quarter, Q1 2021-Q3 2025 ($ million)
Table 5-2: Mergers and Acquisitions Announcements, Q3 2025 ($ million)
Table 5-3: Mergers and Acquisitions Announcements, Q2 2025 ($ million)
Table 5-4: Mergers and Acquisitions Announcements, Q1 2025 ($ million)
Table 5-5: Mergers and Acquisitions Announcements, Q4 2024 ($ million)
Table 5-6: Mergers and Acquisitions Announcements, Q3 2024 ($ million)
Table 5-7: Mergers and Acquisitions Announcements, Q2 2024 ($ million)
Table 5-8: Mergers and Acquisitions Announcements, Q1 2024 ($ million)
Table 5-9: Mergers and Acquisitions Announcements, Q4 2023 ($ million)
Table 5-10: Mergers and Acquisitions Announcements, Q3 2023 ($ million)
Table 5-11: Mergers and Acquisitions Announcements, Q2 2023 ($ million)
Table 5-12: Mergers and Acquisitions Announcements, Q1 2023 ($ million)
Table 5-13: Mergers and Acquisitions, Q4 2022 ($ million)
Table 5-14: Mergers and Acquisitions, Q3 2022 ($ million)
Table 5-15: Mergers and Acquisitions, Q2 2022 ($ million)
Table 5-16: Mergers and Acquisitions, Q1 2022 ($ million)
Table 5-17: Most Active in Acquisition/Merger/Strategic Investment, 2021-September 2025 (count)
Figure 5-5: Most Active in Acquisition/Merger/Strategic Investment, 2021-September 2025
CHAPTER 6: TECHNOLOGY/RESEARCH/STRATEGIC COLLABORATIONS
CGT MARKET SEES A BROAD VARIETY OF COLLABORATIONS
Figure 6-1: Total Number of Tech/Research/Strategic Collaborations, By Month, January 2021-September 2025 (count)
Figure 6-2: Total Number of Collaborations with Upfront and/or Milestone Payments, By Quarter, Q1 2021-Q3 2025 ($ million)
Table 6-1: Collaboration Upfront and Future/Milestone Payments, Counts, Averages, Q1 2021-Q3 2025 ($ million) (count)
Figure 6-3: Average Collaboration Upfront Payment, By Quarter, Q1 2021-Q3 2025 ($ million)
Figure 6-4: Research Collaboration Upfront Payments Total, By Quarter, Q1 2021-Q3 2025 ($ million)
Figure 6-5: Average Collaboration Future/Milestone Payments, By Quarter, Q1 2021-Q3 2025 ($ million)
Figure 6-6: Total Collaboration Future/Milestone Payments, By Quarter, Q2 2021-Q3 2025 ($ million)
Table 6-2: Technology/Research/Strategic Collaboration Deals, Q3 2025
Table 6-3: Technology/Research/Strategic Collaboration Deals, Q2 2025
Table 6-4: Technology/Research/Strategic Collaboration Deals, Q1 2025
Table 6-5: Technology/Research/Strategic Collaboration Deals, Q4 2024
Table 6-6: Technology/Research/Strategic Collaboration Deals, Q3 2024
Table 6-7: Technology/Research/Strategic Collaboration Deals, Q2 2024
Table 6-8: Technology/Research/Strategic Collaboration Deals, Q1 2024
Table 6-9: Technology/Research/Strategic Collaboration Deals, Q4 2023
Table 6-10: Technology/Research/Strategic Collaboration Deals, Q3 2023
Table 6-11: Technology/Research/Strategic Collaboration Deals, Q2 2023
Table 6-12: Technology/Research/Strategic Collaboration Deals, Q1 2022-Q1 2023
Table 6-13: Most Active in Strategic/Research Collaborations, 2021-September 2025 (count)
Figure 6-7: Most Active in Strategic/Research Collaborations, 2021-September 2025 (count)
CHAPTER 7: LICENSING
STABLE LEVELS OF LICENSING IN THE CELL AND GENE THERAPY MARKET
Figure 7-1: Total Number of Licensing Deals, By Month, January 2021-September 2025 (count)
Table 7-1: Licensing Deals, Q3 2025
Table 7-2: Licensing Deals, Q2 2025
Table 7-3: Licensing Deals, Q1 2025
Table 7-4: Licensing Deals, Q4 2024
Table 7-5: Licensing Deals, Q3 2024
Table 7-6: Licensing Deals, Q2 2024
Table 7-7: Licensing Deals, Q1 2024
Table 7-8: Licensing Deals, Q4 2023
Table 7-9: Licensing Deals, Q3 2023
Table 7-10: Licensing Deals, Q2 2023
Table 7-11: Licensing Deals, Q1 2022-Q1 2023
Table 7-12: Most Active Companies in Licensing Deals, 2021-September 2025 (count)
Figure 7-2: Most Active Companies in Licensing Deals, 2021-September 2025 (count)
CHAPTER 8: MANUFACTURING AND SUPPLY CHAIN
MAJOR GROWTH IN MANUFACTURING AND SUPPLY CHAIN MANAGEMENT ACTIVITY IN CGT
Figure 8-1: Total Number of Supply/Manufacturing Deals, By Month, January 2021-September 2025 (count)
Table 8-1: Manufacturing and Supply Chain Deals, Q3 2025
Table 8-2: Manufacturing and Supply Chain Deals, Q2 2025
Table 8-3: Manufacturing and Supply Chain Deals, Q1 2025
Table 8-4: Manufacturing and Supply Chain Deals, Q4 2024

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