The pharmaceutical and biotechnology industry has kicked off 2025 with some notable mergers and acquisitions (M&A), signaling a renewed focus on innovation, pipeline expansion and strategic growth.
After a relatively subdued 2024, where companies favored smaller, strategic deals over large-scale acquisitions, major players are now aggressively pursuing deals to strengthen their positions in therapeutic areas such as oncology, neuroscience and cell therapy.
With impending patent expirations, increasing competition and advancements in AI-driven drug discovery, companies are leveraging acquisitions to stay ahead.
Given this, Ernst & Young (EY) is predicting that “major deals could come back on the agenda” in 2025.
Pharma and Biotech M&A Transactions 2025
Thermo Fisher Scientific to Acquire Clario Holdings Inc. for Up to $9.4B for Digital Clinical Solutions
Announcement Date: October 29
Details: Thermo Fisher is acquiring clinical-trial endpoint and data-analytics provider Clario for up to $9.4 billion, including an $8.80 billion upfront cash payment and performance-based earn-outs. Clario, formed from the 2021 merger of ERT and Bioclinica and with technology used across tens of thousands of trials, would expand Thermo Fisher’s footprint into digitally driven clinical development, with closing expected in early to mid-2026. The deal marks a pivot for Thermo Fisher into the digitally-driven clinical-trial endpoint/data analytics space.
Novartis to Acquire Avidity Biosciences for ~$12B for Neuromuscular Disease RNA Therapies
Announcement Date: October 26
Details: Novartis announced an all-cash agreement to acquire San Diego-based biopharmaceutical company Avidity Biosciences for about $12 billion (approximately $72 per share), a premium that underscores Big Pharma’s growing appetite for RNA-based modalities targeting diseases such as rare neuromuscular diseases. The structure includes a spin-out of Avidity’s early-stage precision cardiology programs before closing, which is anticipated in the first half of 2026.
Lilly to Acquire Adverum Biotechnologies in ~$261M Deal for Eye Disease Gene Therapy
Announcement Date: October 24
Details: Lilly struck an agreement to acquire Adverum for a per-share cash payment of $3.56 plus a contingent value right (CVR) worth up to $8.91, for a total potential of $12.47 per share, valuing the deal at about $261.7 million. The target is Adverum’s lead program, Ixo-vec, a Phase III intravitreal gene therapy for wet age-related macular degeneration (wAMD) that has FDA Fast Track, RMAT and EMA PRIME designations. The acquisition reflects Lilly’s growing commitment to gene therapies, eye-disease markets and one-time treatments, and comes at a time when Adverum’s cash runway was limited. Lilly also provided a secured promissory note of up to $65 million to support ongoing operations pre-closing. The deal is expected to close in Q4 2025.
Genmab Acquires Merus in $8B Oncology Platform Expansion
Announcement Date: September 29
Details: Genmab A/S announced an agreement to acquire Merus N.V. for approximately $8.0 billion, paying $97 per share in cash. The deal adds Merus’ Phase III EGFRxLGR5 bispecific antibody asset petosemtamab to Genmab’s pipeline and advances its goal of moving to a wholly-owned model. Petosemtamab is being developed as a potential first- and best-in-class in head and neck cancer and has received two Breakthrough Therapy Designations from the FDA for first- and second-line plus head and neck cancer indications.
Pfizer Re-Enters the Obesity Race with $7.3B Metsera Deal
Announcement Date: September 22
Details: Pfizer has moved to re-enter the obesity market by acquiring Metsera in a deal valued at up to $7.3 billion, including $4.9 billion upfront and milestone-based contingent payments. The transaction brings Pfizer a clinical-stage portfolio with four clinical-stage incretin and amylin analogs for obesity and MASH, complementing its broader cardiometabolic ambitions and following internal pipeline setbacks in obesity.
Roche Strengthens Metabolic Portfolio with $3.5B 89bio Acquisition
Announcement Date: September 18
Details: Roche has agreed to acquire 89bio for up to $3.5 billion, comprising $2.4 billion in cash at closing ($14.50 per share) plus a non-tradeable CVR worth up to $6.00 per share. The deal gives Roche rights to pegozafermin, a Phase III-ready FGF21 analogue for MASH and related metabolic liver diseases, strengthening Roche’s growing cardiovascular, renal and metabolic (CRM) portfolio.
Sanofi Closes $9.5B Blueprint Buy, Adding Ayvakit and a Deeper Rare-Disease Pipeline
Announcement Date: July 18
Details: Sanofi’s completed its acquisition of Blueprint Medicines, which is valued at up to $9.5 billion, including $9.1 billion upfront ($129 per share in cash) plus a CVR of up to $6 per share. The deal strengthens Sanofi’s oncology and rare-disease portfolio by adding rare immunology disease therapy Ayvakit/Ayvakyt (avapritinib), approved in the US and EU for systemic mastocytosis, along with clinical-stage assets such as elenestinib and oral selective wild-type KIT inhibitor BLU-808. Sanofi announced the purchase in early June.
Merck Acquires Verona Pharma for $10B to Bolster Respiratory Portfolio
Announcement Date: July 9
Details: Merck & Co. is set to acquire Verona Pharma for approximately $10 billion (at $107 per American Depository Share, ADS), a significant move into cardiopulmonary disease for the pharma giant. The acquisition gives Merck rights to Verona’s FDA-approved COPD treatment, Ohtuvayre (ensifentrine), a first-in-class selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), adding to its burgeoning cardio-pulmonary portfolio.
GSK Expands MASH Pipeline with $2B Efimosfermin Alfa Buyout
Announcement Date: July 7
Details: GSK completed its previously announced purchase of Boston Pharmaceuticals’ late-stage FGF21 analogue efimosfermin alfa for up to $2 billion, including $1.2 billion upfront and up to $800 million in milestones. The Phase III-ready asset targets steatotic liver disease (SLD), including MASH, adding a differentiated metabolic program to GSK’s pipeline.
AbbVie Acquires Capstan Therapeutics in Up to $2.1B Cell-Therapy Move
Announcement Date: June 30
Details: AbbVie announced a definitive agreement to acquire Capstan Therapeutics for up to $2.1 billion in cash, giving AbbVie access to Capstan’s in-vivo targeted-lipid-nanoparticle (tLNP) platform and its lead asset CPTX2309 (Phase I, in-vivo CD19 CAR-T for B-cell autoimmune diseases). Update: AbbVie completed the acquisition on August 19, 2025.
Eli Lilly Acquires Verve Therapeutics for Up-to $1.3B Gene-Editing Bet
Announcement Date: June 17
Details: Eli Lilly & Company signed a definitive agreement to acquire Verve Therapeutics for an upfront value of around $1 billion and up to $1.3 billion if milestones are reached. The deal brings Lilly in Verve’s in-vivo gene-editing programs for cardiovascular disease, centered around VERVE-102, which targets PCSK9, a gene linked to cholesterol levels and cardiovascular health. Update: The deal completed on July 25, 2025.
Sanofi to acquire Vigil Neuroscience in ~$470M Deal for Alzheimer’s Drug
Announcement Date: May 21
Details: Sanofi is expanding its neuroscience portfolio via the acquisition of Vigil’s oral Alzheimer’s candidate VG-3927. In addition to the upfront cash, Vigil shareholders will receive a CVR of $2 per share tied to commercialization of VG-3927. The acquisition strengthens Sanofi’s early-stage neurology pipeline with the addition of VG-3927, an oral small-molecule TREM2 agonist being developed for Alzheimer’s disease, and Vigil’s broader pre-clinical neurodegenerative portfolio. The deal completed in August 2025, with Vigil becoming a wholly-owned subsidiary of Sanofi. In June 2024, Sanofi made a $40 million strategic investment in Vigil Neuroscience, securing an exclusive right of first negotiation for potential rights to research, develop, manufacture and commercialize VG-3927.
Novartis to Acquire Regulus Therapeutics for Up to $1.7B
Announcement Date: April 30
Details: Novartis announced plans to acquire Regulus Therapeutics Inc. in a deal that could be valued at up to $1.7 billion. Theacquisition aims to strengthen Novartis’s pipeline in RNA-targeted therapies. Under the terms of the agreement, Novartis will pay an upfront cash amount of $7 per share, totaling approximately $800 million. This represents a 108% premium over Regulus’s last closing stock price. Additionally, Regulus shareholders may receive an extra $7 per share contingent upon achieving specific regulatory milestones related to RGLS8429, bringing the total potential value of the deal to $1.7 billion. The transaction is expected to close in the second half of 2025, pending customary closing conditions and regulatory approvals.
RGLS8429 is a next-generation oligonucleotide designed to inhibit microRNA-17 (miR-17), a target implicated in the progression of autosomal dominant polycystic kidney disease (ADPKD). As of late 2024, Regulus completed enrollment in the fourth cohort of its Phase 1b multiple-ascending dose (MAD) clinical trial for RGLS8429. The company plans to share topline data from this cohort in early 2025.
Merck KGaA to Acquire SpringWorks Therapeutics for $3.9B
Announcement Date: April 28
Details: Germany’s Merck KGaA announced a definitive agreement to acquire US-based SpringWorks Therapeutics in an all-cash deal valued at $3.9 billion. The acquisition aims to bolster Merck’s rare cancer therapies portfolio, especially following recent setbacks in late-stage trials. SpringWorks is anticipating a positive opinion from the European CHMP for its desmoid tumor treatment, Ogsiveo (nirogacestat).
AstraZeneca to Acquire EsoBiotec for In Vivo CAR-T Cell Therapy
Announcement Date: March 17
Details: AstraZeneca announced its agreement to acquire Belgian biotech company EsoBiotec for up to $1 billion. EsoBiotec specializes in in vivo CAR-T cell therapies. The biotech’s approach involves the delivery of cell therapies via a straightforward IV injection, eliminating the need for immune cell depletion and genetically modifying and expanding cells in a laboratory. The deal includes an initial payment of $425 million, with additional payments contingent on achieving specific development and regulatory milestones. The acquisition aligns with AstraZeneca’s strategy to expand its investments in innovative cancer treatments and follows its earlier acquisition of Gracell Biotechnologies in China.
Sun Pharmaceuticals Acquires Checkpoint Therapeutics
Announcement Date: March 9
Details: India’s Sun Pharmaceutical Industries announced its acquisition of US-based Checkpoint Therapeutics for $355 million. The move supports Sun Pharma’s goal of expanding its oncology and immunotherapy pipelines, particularly its onco-derm therapy portfolio. Checkpoint Therapeutics’ PD-L1 inhibitor Unloxcyt (cosibelimab-ipdl), which received FDA approval in December 2024 for the treatment of advanced skin cancer, will become part of Sun Pharma’s offerings. The purchase involves an upfront cash payment of $4.10 per common share, a 66% premium on Checkpoint’s last closing price. Additionally, Checkpoint shareholders may receive extra payments if its drug cosibelimab gets approved in the European Union (EU) or key European markets within specified deadlines.
Jazz Pharmaceuticals Acquires Chimerix for Rare Brain Tumor Drug
Announcement Date: March 5
Details: Jazz Pharmaceuticals announced its intention to acquire Chimerix for approximately $935 million in cash at $8.55 per share. The acquisition aims to secure Chimerix’s lead drug candidate, dordaviprone, which is under FDA review for treating H3 K27M-mutant diffuse glioma — a rare brain tumor affecting children and young adults. The purchase price represents a 72.4% premium to Chimerix’s last closing share price, and the FDA’s decision on dordaviprone is expected by August 18, 2025. Jazz plans to fund the acquisition through existing cash and investments, with the transaction anticipated to close in the second quarter of 2025.
Novartis Strengthens Late-Stage Cardiovascular Pipeline with Acquisition of Anthos
Announcement Date: February 11
Details: Novartis agreed to acquire Anthos Therapeutics from Blackstone Life Sciences for up to $3.1 billion. Anthos, established by Blackstone after licensing abelacimab from Novartis in 2019, focuses on developing treatments to prevent strokes and blood clots. The drug was in development for the prevention of stroke and systemic embolism in patients with atrial fibrillation. The acquisition includes a $925 million upfront payment, with additional payments contingent on future milestones. The move enhances Novartis’s cardiovascular drug portfolio as the company looks to boost its late-stage cardiovascular pipeline.
Merck KGaA’s Negotiations with SpringWorks Therapeutics
Announcement Date: February 10
Details: Germany’s Merck KGaA confirmed in early February that it is in “advanced” discussions to acquire US biotech firm SpringWorks Therapeutics, which specializes in treatments for cancer and rare diseases. While a definitive agreement has yet to be reached, the potential deal could significantly enhance Merck’s oncology pipeline. The announcement led to SpringWorks’ share price jumping 34%, raising its market cap from $3 billion to just over $4 billion. A few days later, the company got some more good news with the FDA approval of its MEK inhibitor for neurofibromatosis type 1 (NF1) Gomekli (mirdametinib), making it the first approved treatment for the indication and Springworks’ second approved product after desmoid tumor treatment Ogsiveo (nirogacestat).
J&J’s Acquisition of Intra-Cellular Therapies for Schizophrenia Drug Caplyta
Announcement Date: January 13
Details: J&J announced its acquisition of Intra-Cellular Therapies Inc. for approximately $14.6 billion. The move aims to enhance J&J’s neuroscience portfolio, particularly with Intra-Cellular’s lead product, Caplyta (lumateperone), which was approved late last year as the first and only approved treatment for schizophrenia and depressive episodes associated with bipolar disorder. Also this year, Intra-Cellular reached a patent settlement with generics maker Sandoz that extends Caplyta’s market exclusivity from 2036 to 2040, strengthening its market position. The acquisition marks the largest in the biopharma industry since February 2024, when Novo Nordisk spent $16.5 billion to acquire the contract development and manufacturing organization (CDMO) Catalent. It’s also one of J&J’s most significant acquisitions in recent years. Last year, J&J scooped up Shockwave Medical for $13.1 billion and heart pump manufacturer Abiomed for $16.6 billion in 2022.
Related: Top 10 Pharma and Biotech M&As in the Past Decade
GSK Purchases Cancer Biotech
Announcement Date: January 13
Details: Also to kick start the year, GSK agreed to acquire US-based cancer drug developer IDRx for up to $1.15 billion. The acquisition — which involves GSK making an upfront payment of $1 billion — is set to strengthen GSK’s oncology division, focusing on precision medicines for gastrointestinal cancers. The acquisition brings IDRX-42, IDRx’s Phase III KIT-selective tyrosine kinase inhibitor (TKI) for the treatment of gastrointestinal stromal tumors (GIST). An estimated 80% of GIST cases are driven by KIT gene mutations. GSK is looking to top the current standard of care for GIST — Novartis’ Gleevec (imatinib) — with IDRX-42. As a more targeted TKI, GSK believes it has the edge over Gleevec, which is associated with high toxicity. GSK will also take on milestone payments and potential royalties for the candidate, which IDRx originally licensed from Merck KGaA in 2022.
Roche’s Acquisition of Poseida Therapeutics
Announcement Date: January 8
Details: In December 2024, Roche agreed to acquire San Diego-based Poseida Therapeutics for up to $1.5 billion. The acquisition aims to expand Roche’s cell therapy capabilities, particularly in developing CAR-T cell therapies for hematological malignancies. In early January, Roche announced its intention to complete the acquisition, disclosing that it had accepted payment for almost 65 million shares in Poseida, amounting to 66% of the company’s stock.
Novo Holdings’ Purchase of Catalent
Just on the heels of the new year, Novo Holdings A/S completed its acquisition of leading CDMO Catalent for $16.5 billion. By integrating Catalent’s manufacturing facilities, the strategic move is intended to boost the production of Novo Nordisk’s (which is under Novo Holdings) popular diabetes and weight-loss drugs, Ozempic and Wegovy. As part of the deal, Novo Holdings acquired three of Catalent’s fill-finish manufacturing sites located in Anagni (Italy), Bloomington (USA) and Brussels (Belgium).
Industry analysts project that the momentum in pharma and biotech M&A activity will continue throughout 2025. The combination of financial capacity, strategic necessity due to patent expirations and a changing regulatory climate is looking to create an environment conducive to significant deals. Companies are expected to pursue both bolt-on acquisitions and larger transformative deals to maintain competitive advantage and drive growth in an evolving market landscape.
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