In Q3 2025, cardiovascular drew diversified capital across R&D, M&A, and venture funding. Biologics dominated R&D with 3 deals totaling $7 billion and $205 million upfront, while small molecules added $1.1 billion across 1 deal. M&A activity reached $2.4 billion, led by biologics ($1.4 billion) and supported by diagnostics and small molecules. Venture funding totaled $554 million, driven by medtech, digital health, and wearable technologies, alongside diagnostics, gene therapy, small molecules, and genomics. During Q3 2025, cardiovascular deal activity was marked by high-value transactions across R&D, M&A, and venture funding, reflecting innovation and strategic expansion.
In R&D, Argo Biopharma–Novartis secured $160 million upfront plus equity with potential milestones of up to $5.2 billion for RNA therapies targeting hypertriglyceridemia, Hengrui Pharma–Braveheart Bio closed $65 million upfront and up to $1 billion in milestones for a Phase III myosin inhibitor, and Mabwell Bioscience-Kalexo Bio signed a $12 million upfront deal with up to $988 million in milestones for a dual-target siRNA candidate for dyslipidemia and ASCVD prevention. M&A’s included Novartis’ $1.4 billion acquisition of Tourmaline Bio, Edwards Lifesciences’ $497 million acquisition of Vectorious Medical, and MannKind’s $360 million total purchase of scPharmaceuticals, including $81 million in assumed debt. Venture funding raised $250 million for Kardium Inc., $124 million for Baraya Health, and $61 million for Reprieve Cardiovascular, supporting medtech, digital health, extended care, and personalized heart failure solutions.
Cardiovascular R&D Partnerships by Tech Grouping – Q3 2025
Cardiovascular R&D activity in Q3 2025 was dominated by biologics, including antibody and DNA or RNA-based platforms, which accounted for 3 partnerships worth $7 billion and $205 million in upfront payments. Small molecule approaches contributed 1 deal valued at $1.1 billion with $65 million upfront. In total, the quarter recorded 4 partnerships totaling $8.1 billion and $270 million upfront.
Top R&D Partnerships by Tech Grouping in Q3 2025
Argo Biopharma license option deal with Novartis – September 2025
Argo Biopharma licensed Novartis global rights outside China to its Phase II ANGPTL3 program, two additional molecules for severe hypertriglyceridemia and mixed dyslipidemia, and one siRNA candidate in IND-enabling studies. The agreement includes several profit and loss sharing options across China, the United States, and other regions. Argo will receive $160 million upfront plus an equity investment and can earn up to $5.2 billion in option fees and development and commercial milestones, along with tiered royalties.
Hengrui Pharma development and commercialization deal with Braveheart – September 2025
Hengrui Pharma granted Braveheart Bio exclusive global rights outside China, Hong Kong, Macau, and Taiwan to develop, manufacture, and commercialize HRS 1893, a selective myosin inhibitor in Phase III for obstructive hypertrophic cardiomyopathy. Hengrui will receive $65 million upfront, split evenly between cash and an equity investment in Braveheart Bio, and a $10 million near-term milestone tied to technology transfer. The company is also eligible for as much as $1 billion in development and commercial milestones, along with undisclosed royalties.
Lipdro Therapeutics’ Dr. Justin Chun (Founder) is eligible for undisclosed royalties – September 2025
Mabwell Bioscience licensed Kalexo Bio exclusive global rights to 2MW 7141, a dual-target siRNA candidate for dyslipidemia and for reducing the risk of atherosclerotic cardiovascular disease events. Mabwell will receive up to $1 billion in total potential value, including $12 million in upfront and near-term cash and up to $988 million in development and commercial milestones, along with tiered royalties. Mabwell will also receive an undisclosed equity stake in Kalexo Bio.
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Cardiovascular M&A by Tech Grouping – Q3 2025
Cardiovascular M&A in Q3 2025 was led by biologics, driven by a single $1.4 billion cash acquisition with no contingent payments. Diagnostics followed with 2 transactions totaling $497 million, signaling steady demand for technologies that enhance disease detection and monitoring. Small molecule assets saw 3 acquisitions valued at $456 million, including $303 million in upfront cash. In total, 6 deals reached $2.4 billion, including contingents, and $2.2 billion in cash.
Top M&A by Tech Grouping in Q3 2025
Novartis acquiring Tourmaline Bio – September 2025
Novartis agreed to acquire Tourmaline Bio and its Phase III-ready monoclonal antibody pacibekitug, a long-acting anti IL 6 therapy being developed for cardiovascular and autoimmune indications. The deal values Tourmaline at $1.4 billion, with shareholders receiving $48 per share in cash, representing a 59 percent premium. Tourmaline will operate independently until closing, expected in the fourth quarter of 2025, after which it will become a wholly owned Novartis subsidiary. Novartis completed the acquisition on October 28, 2025.
Edwards Lifesciences acquiring Vectorious Medical – September 2025
Edwards Lifesciences moved to fully acquire Vectorious Medical, a private cardiovascular diagnostics company. The deal builds on Edwards earlier purchase of Endotronix and reinforces its strategy to expand in interventional cardiology and preventive heart failure care, including remote monitoring. Edwards previously held a 52 percent stake and will now assume full ownership. Vectorious will receive $497 million.
MannKind acquiring scPharmaceuticals – August 2025
MannKind acquired scPharmaceuticals, gaining FDA-approved Furoscix for chronic heart failure and kidney disease, and the SCP 111 ReadyFlow Autoinjector, which reduces administration time to under 10 seconds. The deal expands MannKind’s cardiometabolic portfolio and complements its endocrine and pulmonary focus. Shareholders received $5.35 per share in cash, plus a contingent value right of up to $1 per share, for a total potential transaction value of $360 million. MannKind also assumed $81 million of debt. The acquisition closed on October 7, 2025.
Cardiovascular Venture Funding by Tech Grouping – Q3 2025
Cardiovascular venture funding in Q3 2025 was led by medtech, digital health, and wearable solutions, which drew 7 rounds totaling $401 million, stressing interest in device and software-enabled care. Diagnostics followed with 3 rounds, raising $83 million, reflecting sustained demand for earlier and accurate detection. Gene therapy platforms secured $45 million in a single round, while small molecule programs raised $15 million across 2 rounds, and genomics technologies added $10 million from 1 round. In total, 14 rounds generated $554 million over the last 2 quarters.
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Top Venture Funding by Tech Grouping in Q3 2025
Kardium – Series Unspecified – $250M – July 2025
Kardium Inc., developer of the Globe Pulsed Field System for atrial fibrillation, raised $250 million in an oversubscribed financing round led by Janus Henderson Investors, Qatar Investment Authority, MMCAP, Piper Heartland, Eventide, and Eckuity Capital, with participation from existing investors including T. Rowe Price and Durable Capital, plus a strategic equity partner. The funding will support the Globe System’s commercial launch, expand manufacturing capacity, build clinical and commercial teams, pursue regulatory approvals, and enable further clinical research across additional indications. The Globe System features a 122-electrode catheter and advanced software for rapid pulmonary vein isolation, high-definition mapping, and comprehensive atrial ablation with a single device.
Baraya Extended Care – Series B – $125M – July 2025
TVM Capital Healthcare closed a $124 million series B funding round for Baraya Health, advancing long-term care development in Saudi Arabia. The round included TVM Healthcare Afiyah Fund, Olayan Financing Company, SEDCO Holding, ANB Capital, and the Saudi Venture Capital Company. The capital will support the launch of Baraya’s first 216-bed long-term care hospital in early 2026 and the expansion of its outpatient clinics in Riyadh and Jeddah, which currently provide over 9,000 therapy sessions per month.
Reprieve Cardiovascular – Series B – $61M – August 2025
Reprieve Cardiovascular closed a $61 million series B financing to fund its pivotal FASTR II trial and prepare for the commercialization of its heart failure fluid management system. The system personalizes decongestion therapy in acute decompensated heart failure by combining real-time physiological monitoring with automated recommendations, allowing physicians to tailor fluid and sodium removal and streamline patient care. FASTR II builds on the prior FASTR pilot study, which met primary efficacy and safety endpoints, and will compare Reprieve’s performance against standard diuretic therapy in hospitalized patients.
Also check out Cardiovascular R&D Partnerships, M&A and Venture Funding – Q3 2025 Review
