摩根大通 生物制药2025年第一季度：战略转变和市场动态 Biopharma Q1 2025 Strategic shifts and market dynamics

BiopharmaQ12025:Strategicshiftsandmarketdynamics

May2025

Fueledby

DEALFORMA

ExecutiveSummary

BiopharmaQ12025:BigPrivateDeals,CautiousIPOs,andGlobalGrowth

Ventureinvestmentscontinuedtheirlarger-but-fewertheme,andlicensingtransactionspostedlargerpotentialdealvalueswitha

largershareofupfrontpaymentsforlater-stageprograms.

IPOactivityslowedduetomacroeconomicuncertaintyand

marketvolatility.Manycompaniesdelayedgoingpublic;some

wereabletopivotandraiselargeprivaterounds,whileothers

remainpreparedforwhenmarketconditionsimprove,aimingtocapitalizeonwindowsofopportunitytoaccesspublicmarkets.

Theglobalbiotechecosystemremainedrobust,withaslightlyhigherproportionoffirst-timefinancingsoccurringoutsidetheU.S.comparedtoFY2024.

HereareafewhighlightsfromourQ12025report:

•Ventureinvestmentintherapeuticsanddiscoveryplatforms:$6.7billioninvestedinQ12025in109roundsforbiopharmacompanies,matchingtheQ12024total.

•Biopharmalicensingpartnerships:$56.8billionintotal

announceddealvalueforbiopharmalicensingdealssignedinQ12025.

•M&A:27M&AtransactionsforbiopharmatherapeuticsandplatformcompanieswereannouncedinQ12025totaling

$25.2billion.

•IPOs:$770millionacrossfourbiopharmaIPOsontheNasdaqcompletedthroughMarch31,2025.

J.P.Morganiscommittedtoyoursuccess.Ourrelationships,ourcapitalandourskilledteamofbankersandspecialistsdedicatedtothelifesciencesandhealthcaresectorsreflectourconvictioninthepivotalcontributionstheseclientsaddtotheirstakeholders—society,shareholdersandemployeesalike.

Ourbankers’expertiserangesfromadvisingcompaniesatthe

earlieststageofformationtothemostgraduated,complexM&Aandcapitalmarketstransactions.Regardlessofthesizeorstageofyourcompany,weareprepared,equippedandenthusiasticaboutadvisingandenablingyoutomeetyourstrategic,financialand

technicalobjectives.

Thankyoufortakingthetimetoreadthisreport.Welookforwardtosupportingyou.

KathrynMcDonoughHeadofLifeSciences

InnovationEconomy,CommercialBankingJ.P.Morgan

SkipKelly

HeadofHealthcareVCCoverage

InnovationEconomy,CommercialBankingJ.P.Morgan

Parameters

Biopharmacompaniesaredefinedasfirmsdeveloping

therapeuticsandtechnologyplatformsengagedindrugdiscovery,clinicalR&Dandcommercialization.

Therapyareas,developmentstages,modalitiesanddealstructuresaresegmentedpertheDealFormadatabase.

FinancialsarebasedondisclosedfigurescuratedbyDealForma.Multipletranchesofthesameseriesarecountedasonetogether.

Dealsaretrackedgloballyunlessotherwisenoted.

DataasofMarch31,2025.

DEALFRMA2

BiopharmaVentureActivity:SteadyDollars,StrategicFocus

BiopharmaTherapeuticsandDiscoveryPlatformsDealActivityvs.FederalFundsRate

TotalDealValue($B)

$50.0

$45.0

$40.0

$35.0

$30.0

$25.0

$20.0

$15.0

$10.0

$5.0

$0.0

TotalAmountRaised($B)NumberofRounds

$44.1

764

Q4,$9.5

$32.4

Q3,$10.2

Q4,$9.1

Q4,$5.4

Q4,$6.5

Q2,$10.5

Q3,$6.9

Q2,$6.1

Q2,$8.3

Q2,$6.8

Q1,$13.9

Q1,$11.4

Q1,$6.0

202020212022202320242025YTD

FederalFundsEffectiveRate

6.00

5.00

4.00

3.00

2.00

1.00

0.00

4.33

2019202020212022202320242025

Biopharmaventureinvestmentdollartotalsheldsteady,thoughfewerroundspostedlargervalues

654

InQ12025,biopharmaventuredollarvolumereached$6.7billion,matching

$27.6

457

549$27.9

454

$22.6

Q4,$4.4

Q3,$6.6

thetotalfromQ12024.Investorsconcentratedonmoredevelopedprograms,resultinginlargerinvestmentsbeingdirectedtowardsfewercompanies.Atotalof$6.7billionwasraisedinprivatefundingroundsduringQ12025,consistentwiththeamountraisedinQ12024.

Q3,$5.0

Q3,$9.1

Atotalof$6.7billionwasraisedinprivatefundingroundsduringQ12025,consistentwiththeamountraisedinQ12024.

Q2,$7.4

109

Q1,$6.7

Q1,$6.7

Q1,$4.7

Source:

DealF

database;Fedrate:

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA3

Biopharma:TotalNumberofVentureRoundsandR&DPartnership&LicenseDealsbyValueUpfront

Biopharmaventureinvestmentscontinuedtoconcentrateintofewerrounds,whilelicensingupfrontsincreasedforlargerdeals

InQ12025,biopharmaventureinvestorssupportedlargerroundsforfewercompanies,mirroringthetrendseeninlicensingpartnerships.

Venturerounds

19biopharmacompaniesraisedventureroundsof$100millionormoreinQ12025.

NotableQ12025biopharmaventureroundsover$100millionincludea$600millionprivateroundforIsomorphicLabs(anAIdrug-discovery

companyspunoutofAlphabet),VerdivaBio’s$410millionSeriesAfromForbion/GeneralAtlantic/RACapital,andEikonTherapeutics’$351millionSeriesDledbyLuxCapital.

Licensingtransactions

LicensingtransactionvolumeinQ12025totaled48withdisclosedupfrontpayments,onpacefor14%annualizedgrowthinvolumes.Ofthese48

transactions,ninedealsdisclosed$100millionormoreupfront.Notable

transactionsincludeRoche’sdealwithZealandPharma($1.4billionupfront)andOnoPharmaceutical’sdealwithIonis($280millionupfront).

Megaroundsandlucrativeupfronts

NumberofVentureInvestmentsbyRoundSize

200

150

100

<$50M$50M-$99M$100M+Undisclosed900

800

700

600

500

400

300

200

100

0

654

44

98

549

52

152

454457

80

34

49

105

102

70

360

90

86

315

245

232

109

13

19

24

53

202020212022202320242025YTD

764

70

148

181

365

NumberofR&DLicensesbyDisclosedUpfront

<$10M$10M-$99M$100M+250

222

40

125

57

189

28

118

43

169

32

105

32

148

28

91

29

47

50

9

28

10

0

231

40

130

61

2021

2022

2023

2024

2025YTD

2020

Source:

DealF

database

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA4

BiopharmaSeedandSeriesA:Robustearly-stagefundingsetsthestageforgrowth

SeedandSeriesAvs.LaterSeriesVentureTotalsinBiopharmaTherapeuticsandDiscoveryPlatforms

TotalofSeedandSeriesARounds($B)NumberofSeedandSeriesARounds

TotalofSeriesBandLaterRounds($B)NumberofSeriesBandLaterRounds

SeedandSeriesAroundspostedlargerfiguresthanSeriesBandlaterforbiopharmainQ12025

$35.0

407

$30.0

361

SeedandSeriesAfundingintobiopharmacompaniestotaled$3.7billionacross

357

$25.0

60roundsinQ12025.SeriesBandlatertotaled$3.0billionfrom49rounds.Keyinvestments

293

271

$20.0

278

230

241

227

$31.7

ThelargestbiopharmainvestmentinQ12025wasIsomorphicLabs’$600millionfinancing.

213

$15.0

$22.7

OthermeaningfulseedandSeriesAfinancingsincluded$300millionforKardiganInc.(ARCH/Perceptive)and$200millionforTenvieTherapeutics(ARCH/F-Prime).

$10.0

$19.1

$17.0

$13.8$8.8

60YTD

49YTD

$10.6

$5.0

$12.4$9.7

$8.9

Geographicdistribution

$3.7YTD

$3.0YTD

Outof60first-timefinancingsinQ1’25,26(43%)wereheadquartered

$0.0

Seed&Ser.ASer.B+

2020

Seed&Ser.ASer.B+

2021

Seed&Ser.ASer.B+

2022

Seed&Ser.ASer.B+

2023

Seed&Ser.ASer.B+

2024

Seed&Ser.ASer.B+

2025YTD

outsideoftheU.S.20ofthesedeals(33%)wereheadquarteredinCalifornia,andsix(10%)wereheadquarteredinMassachusetts.

Thiscomparesto2024where89(39%)offirst-timefinancingshadanHQ

outsideoftheU.S.,49(22%)wereheadquarteredinCalifornia,and41(18%)wereheadquarteredinMassachusetts.

Source:DealFdatabase

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA5

Ventureinvestment:Focusonearlydiscoveryandnear-commercial

BiopharmaTherapeuticsandPlatforms:MedianVentureRoundsbyCompanyStageatFunding

MedianDollars($M)

Biopharmaventureinvestmentswerepolarizedtowardsearly-andlate-stagecompanies,bothexperiencinghighermedianroundvalues

PlatformPreclinicalPhaseIPhaseIIPhaseIII

Investorsfocusedonplatform/discoverystagecompaniesandthosewithleadprogramsinPhaseIII,aimingforquickerreturnsthroughcommercialization

whilealsomakingvalue-drivenearlybets.

$200

Platform/discoverystagebiopharmacompaniessawanincreaseinmedianfundingroundsto$31millioninQ12025.

31platform/discovery-stagecompaniesdisclosedfundingroundsinQ12025rangingfrom$4.0millionto$600million.

$98

OnebiopharmacompanyinPhaseIIIraiseda$200millionSeriesC(Abcuro).

$55

$67

$65

$46

$46

$40

$45

$46

$34

$53

$40

$50

$36

$41

$50

$35

$52

$43

$30

$32

$26

$31

$29

$23

$28

$28

$26

$32

2020

2021

2022

2023

2024

2025YTD

2020

2025YTD

2020

2025YTD

2020

2025YTD

2020

2025YTD

Source:DealFdatabase

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA6

TopBiopharmaModalities:SeedandSeriesAVentureRoundsandTotalLicensingUpfrontValue

Biologicsandsmallmoleculescontinuetoleadearly-stageinvestmentandlicensingdealvalues

Biologicsdominatesinvestmentacrosstherapeuticmodalities

TopModalities

Seed-SeriesA($M)

Biologics,Antibody,DNA,

Biopharmalicensingupfrontsandearly-stageinvestmentsrankedhighestfor

biologicsfollowedbysmallmoleculesasbothgroupsofmodalitiescontinuedtoattractdealflowaheadofmoreadvancedapproaches.

$1.6billioninSeedandSeriesAinvestmentsweremadeintobiologicsinQ12025.Full-year2024saw$4.1billionhere.

$3.4billionintotalannouncedupfrontcashandequitywentintodeals

developingbiologicsinQ12025.Smallmoleculessawanother$696million.

Genetherapyandcelltherapycontinuedtoseepullbackindealflowasinvestorsandin-licensingpartnersturnedtomorestandardmodalities.

RNA,Protein,etc.

SmallMolecule

Genomics,Sequencing,

Screening,etc.

CellTherapy

GeneTherapyandVectors

Immunotherapy

GeneEditing/CRISPR

TotalAmountRaised2025YTD($M)

TotalAmountRaised2024($M)

TopModalities

LicensingUpfrontCash&Equity($M)

TotalUpfrontCash+Eq2025YTD($M)

TotalUpfrontCash+Eq2024($M)

$1,596

$4,061

$610

$2,533

$760

$1,837

$99$470$146$296

$4

$241

$0

$10

Biologics,Antibody,DNA,

RNA,Protein,etc.

SmallMolecule

CellTherapy

Genomics,Sequencing,

Screening,etc.

Immunotherapy

GeneTherapyandVectors

GeneEditing/CRISPR

$3,435

$696

$3,059

$5

$583

$62

$477

$0

$361

$175$155

$25$150

$5,251

Source:DealFdatabase

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA7

Licensingupfrontssurgeon

strategicpartnershipsand

promisingscienceandtechnologies

BiopharmaTherapeuticsandPlatforms:R&DLicensingTotals($B)andPercentageUpfront

TotalDealValue($B)TotalUpfrontPercentofTotalDealValue

$300.0

$250.0

$200.0

$150.0

$100.0

$50.0

$0.0

13%

UpfrontShareofTotalDealValue

11%11%

8%

$181.2

$173.38%

6%

$118.9$119.5

$76.3$74.6

$56.8

2016201720182019202020212022202320242025YTD

14%

BiopharmalicensingandR&Dpartnershipsareseeingalargershareofdealeconomicscommittedupfront

11%

12%

10%

Totalannouncedlicensingdealvaluesforbiopharmapostedastrongstarttotheyear,withtheshareofthosevaluespaidupfrontshowingamodestupward

8%$187.6

7%

trendsince2022.

$181.7

$180.4

7%

8%

8%ofthe$56.8billioninbiopharmalicensingtotalannounceddealvalueinQ12025wasinupfrontpayments,upfrom7%in2024butstillbelowthe

2019peakof13%.

6%

4%

NinelicensingdealsannouncedinQ12025had$100millionormorepaidupfront.Bycomparison,Q12024hadfourdealswith$100millionormoreupfrontand$5billionintotalannounceddealvalue.

2%

NotableQ12025licensingdealsincludeZealandPharma/Roche($1.4billionupfront),Ionis/OnoPharmaceutical($280millionupfront)andHarbour

BioMed/AstraZeneca($280millionupfront).

0%

Source:DealFdatabase

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA8

BigPharmalicensing:FocusonPhaseIIopportunities

In-LicensingbyBigPharma:MedianUpfrontCash&EquitybyStageatSigning.2023to2025YTD($M)

202320242025YTD

BigPharmadealmakersplacedmorevalueinlater-

stageprogramswithafocusonPhaseIIopportunities

DiscoveryPlatform

Preclinical

PhaseIPhaseIIPhaseIII

$165

Large-capbiopharma(withamarketcapof$50billionormore)arefocusedonfillingpipelineswiththerapiesclosetoapprovalandforlargemarket

opportunities.Thiskeptplatformdealupfrontmedianssteadyat$40million,whilePhaseIIreached$165millioninQ12025.

MedianupfrontcashandequitypaymentsfromBigPharmawerehighestforPhaseIIalongwithnotableincreasesinpreclinicalandPhaseImedians.

$58

$46

$45

$40$40$40

$40

$38

$36

$35

$34

ThelargestmediandisclosedupfrontpaymentsinQ12025cameinPhaseIIdeals,includingRoche’sdealwithZealandPharma($1.4billionupfrontand$250millioncommittedovertwoyears)andOnoPharmaceutical’sdealwithIonis($280millionupfront).

$28

$26

$20

PlatformPreclinicalPhaseIPhaseIIPhaseIII

Source:

DealF

database

Financialsbasedondisclosedfigures.Stageofleadassetinmulti-assetdeals.DatathroughMarch31,2025.

DEALFRMA9

Topmodalitiesinpartnerships:Biologicsleadtheway

R&DPartnershipsforTopBiopharmaModalities:TotalAnnouncedDealValue($B)$80.0

$70.0

$60.0

$50.0

$40.0

$30.0

$20.0

$10.0

$0.0

$2.0

$2.4

$1.3

$1.2

$1.0

$4.6$0.3

$5.3

$1.6

$9.7

$17.8

$38.4

$1.5

$30.9$2.5

$2.0$4.3

$1.5$2.5

$14.8

Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25

Biologicsdealsannouncedhighertotaldealvaluesdrivenbyantibody-drugconjugateandbispecificantibodytherapies

$15.1

$5.2

$52.0

Antibody-drugconjugate(ADC)andbispecificantibodytherapiescontinuedtoseelargerdealtotalsinQ12025.Totalannouncedpotentialdealvaluesshrankforsmall-moleculetherapeutics.

$2.1

$3.3

$10.8

$24.2

$3.2$0.7

$9.2$3.5

$2.9

$9.3$8.3

$15.8$12.7

Biologicslicensingdealvaluesrosefrom$30.9billioninQ42024to$38.4billioninQ12025.ADCandbispecificantibodydealsledthegrowthindealeconomicshereasin-licensorspartneredinmoderntherapiesforlarge

$3.2

$6.4

$8.8

$14.2

$5.2

$0.9$10.3

$14.7

Immunotherapy

GeneTherapyandVectors

GeneEditing/CRISPR

CellTherapy

Genomics,Sequencing,Screening,etc.

SmallMolecule

Biologics,Antibody,DNA,RNA,Protein,etc.

potentialtherapeuticareas.

Source:

DealF

database

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA10

GLP-1partnershipsinfocus:

Expandinghorizonsinobesityanddiabetes

R&DPartnershipsforBiopharmaTherapeuticsandDrugDiscoveryinObesity,Diabetes,andaFocusonGLP-1

30

$10.9

$0.6

$10.6

9

●

$2.0

ObesityandDiabetes

TotalDealValue($B)TotalUpfrontCashandEquity($B)NumberofDeals

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$0.0

$0.2

2016201720182019202020212022202320242025YTD

DealmakinginobesityanddiabetesattractedlargeupfrontpaymentswithfocusexpandingbeyondjustGLPandGIP

20

$8.4

1611

16

14

11

$3.5

13

8

$3.0

$2.3

$0.3

$2.1

$1.8

$0.3

$0.1

GLP-1andGIPtargetswereactivelypursuedindealsthrough2024withQ12025seeingcontinuedmomentuminobesityanddiabetespartnerships.

$0.8

$0.1

GLP-1,GLP-1R,andGIPTargetedTherapeutics

NineR&DpartnershipsandlicensingdealshavebeensignedforobesityanddiabetesinQ12025totaling$10.9billioninannouncedpotentialdealvalue.Full-year2024saw30dealsand$8.4billionindealheadlinenumbers.

TotalDealValue($B)TotalUpfrontCashandEquity($B)NumberofDeals

10

$10.0

$8.0

$6.0

$4.0

$9.1

1

$0.1

4

$4.5

2

●

Twodealstotaling$4.5billioninannouncedpotentialdealvaluehavebeensignedforGLP-1,GLP-1R,andGIPtargetedtherapiesinQ12025.

NotabledealsinQ12025includeUnitedBiotechnology/NovoNordisk($200millionupfront;upto$1.8billionindevelopmentandcommercial

3

2$2.0

1

2

milestones)andSciwindBiosciences/Verdiva($70millionupfront;upto$2.4billionindevelopment,regulatoryandcommercialmilestones).

0

$0.9

n/d

$0.9$0.1

0

●

$2.0

$0.0

2016201720182019202020212022202320242025YTD

Source:DealFdatabase

Financialsbasedondisclosedfigures.DatathroughMarch31,2025.

DEALFRMA11

BigPharmalicensingfromChina:Asurgeinstrategicpartnerships

GlobalLarge-CapBiopharmaIn-LicensingfromChineseBiopharma:DealswithatLeast$50MillionPaidUpfront

TotalUpfrontCash&Eq.AllDeals($M)NumberofDealswith$50M+UpfrontCash&Eq.

Navigatingevolvingglobalmarketdynamicsand

regulatorylandscapes,large-capbiopharma

$4,000

$3,000

$2,000

$1,000

$0

11

9

$3,271

22$423$350

companiessignificantlyincreasedactivitywithChina

5

1$957$274

●

$835

Theshareofdealsanddollarspaidupfrontfromgloballarge-capbiopharma

(marketcapof$50billionormore)toChina-domiciledbiopharmahasincreasedsharplyaspharmacompanieslooktospeedupearly-stagedevelopmentin

ShareofGlobalBigPharmaDealswith$50M+UpfrontOriginatingfromChina-DealCount

42%

establishedtherapeuticmodalities.

27%

20%

5%

4%

3%

2024saw$3.3billionintotalupfrontpaymentsamongthe11in-licensingdealswithatleast$50millionpaidupfrontbyglobalpharmatoChinesebiopharmacompanies.27%oftheirgloballargedealactivityand39%oftheirupfrontpaymentshavebeentobiopharmacompaniesinChina.

ShareofGlobalBigPharma$50M+UpfrontsPaidtoChineseBiopharma-UpfrontPayments

39%

Q12025sawfivelarge-capbiopharmain-licensingdealsinChinarepresenting42%oftheirglobaldealsand23%oftheirupfrontpaymentsinlargedeals.

Priorto2023,theshareofpharma’slargein-licensingdealsfromChinawasunder5%oftheiroveralldealmaking.

23%

9%

3%

4%2%

20202021202220232024Q12025

Source:

DealF

database

Financialsbasedondisclosedfigures.Dealsamonggloballarge-capbiopharmaandChina-domiciledbiopharma.

DatathroughMarch31,2025.

DEALFRMA12

BiopharmaM&A:Fewerdeals,highervalues

BiopharmaM&A:NumberofDeals,TotalDealValue($B),andMedianM&AUpfrontCashandEquity($M)

TotalM&ACashNoContingents($B)NumberofDeals

$56.8

$60.0

$40.0

$20.0

31

2424

$50.524

Quarterlybiopharmaacquisitiondollartotalstrackedhigheronfewerdeals

25$33.6

26

27292927

22

19

$8.9

$28.2

14

$2.3

$25.2

$18.4

$16.1

$22.5

$12.1

$9.9

$6.9

$0.0

MedianM&AUpfrontCashandEquity($M)

$1,000

FewerbiopharmacompanieswereacquiredinQ12025withhigherdollartotalsseeninthosedeals.Publicvaluationscontinuedtoremaindepressed,withonlythreeacquisitionsinthe$1billion-$2billionrange,apartfromtheone$14

$710

$764

$465

$500

$355

$382$393

billion-plusdeal(Johnson&Johnson/Intra-CellularTherapies).

$268$75

$247$100

$180

$100

$51

$0

27M&AtransactionsforbiopharmatherapeuticsandplatformcompanieswereannouncedinQ12025totaling$25.2billion.

NumberofM&ADealsbyAcquiredCompanyType

100%

80%

60%

40%

MidCapBio($1B-$50B)SmallCapBio(<$1B)

PrivateBiopharma

MedianbiopharmaM&AupfrontsinQ12025increasedto$355million,upfrom$100millioninQ42024.

Notablefirst-quarteracquisitionannouncementsincludeJohnson&JohnsonacquiringIntra-CellularTherapiesfor$14.6billionandEliLillyacquiring

ScorpionTherapeuticsforupto$2.5billion.

20%

0%

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q1

2022

2023

2024

2025

Source:

DealF

database

Financialsbasedondisclosedfigures.Biopharma-to-biopharmaM&A,acquisitionoptions,andreversemergers.

DatathroughMarch31,2025.

DEALFRMA13

BiopharmaIPOs:Slowstartto2025

NasdaqandNYSECompletedIPOsinBiopharmaTherapeuticsandPlatforms:Totals($B)andCount

TotalAmountRaised($B)NumberofIPOs

FirstquarterbiopharmaIPOactivitywasslowdespiteapromisingrunupinprioryears

$18.0

$15.699

$16.0

$14.8

$14.0

79

Q12025hadfourbiopharmaIPOscompleteonU.S.exchangestotaling$770million.

$12.0

$10.0

$8.0

Q12025IPOswereMetseraTherapeutics($316million),MazeTherapeutics($140million),SionnaTherapeutics($219million),andAardvark

Therapeutics($94million).

Asofthiswriting,Metseraistradingup56%whileMaze,SionnaandAardvarkarealltradingbelowtheirIPOprices.

$6.0

$3.8

19

17

$2.7

13

$4.0

$2.5

$0.8

4

$2.0

$0.0

202020212022202320242025YTD

Source:

DealF

database

Financialsbasedondisclosedfigures.IPOsover$15million.ExcludesKenvue,Inc.(Q22023,$4.4billion)andotherOTC-focusedcompanies.IPOsbycompletiondate.DatathroughMarch31,2025.

DEALFRMA14

DEALFRMA15

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