In recent conversations with founders, investors, and industry leaders, one message is clear: the animal health sector is entering a new era of commercial maturity. So far in 2025, over 150 transactions have shaped the sector, representing more than $300 million in disclosed value, signalling a renewed appetite for commercially ready innovation. Yet behind the headlines lies a more nuanced story – not only about capital, but about commercialisation: the process of turning groundbreaking science into sustainable, scalable businesses.

At Kisaco Research, the Animal Health, Nutrition, Technology & Innovation (AHNTI) series has a front-row view of this momentum. I’ve had the pleasure of connecting with our community, from early-stage innovators to global strategics, to better understand the complexities of commercialisation. It was from these conversations that The Next Stage was born – a platform designed to spotlight the real, often messy, milestones that turn research into reality. Ahead of AHNTI Europe 2026, I’m struck by how these founder-led stories capture the shifting DNA of the industry: more cross-disciplinary, more investor ready, and increasingly attuned to the commercial, regulatory, and cultural factors that enable and define success.