Biotech M&A Tracker 2025
Acquisitions announced in 2025 with disclosed deal value over $500 million — buyers, targets, fixed and maximum consideration, therapeutic areas, stage at announcement and public sources.
Follow new acquisitions and deal terms in the daily BioBucks tape.
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| Target | Acquirer | Upfront | Total deal value | Announced | Classification | TA | Stage | Press |
|---|---|---|---|---|---|---|---|---|
| Dynavax Technologies | Sanofi | $2.2B | $2.2B | Biotech | Infectious disease vaccines — hepatitis B / shingles | Commercial | ||
| Tanabe Pharma RADICAVA business/global rights | Shionogi | $2.5B | $2.5B | Pharma | Neurology / ALS | Commercial | ||
| Amicus Therapeutics | BioMarin Pharmaceutical | $4.8B | $4.8B | Biotech | Rare disease — Fabry / Pompe | Commercial | ||
| Arthrosi Therapeutics | Sobi | $950M | $1.5B | Biotech | Gout / progressive and tophaceous gout | Phase 3 | ||
| Exact Sciences | Abbott | $21B | $23B | Diagnostics | Oncology diagnostics | Commercial | ||
| Halda Therapeutics | Johnson & Johnson | $3.05B | $3.05B | Biotech | Oncology — prostate cancer (mCRPC) | Phase 1/2 | ||
| Cidara Therapeutics | Merck & Co. | $9.2B | $9.2B | Biotech | Infectious disease / respiratory — influenza prevention (long-acting, strain-agnostic antiviral CD388) | Phase 3 | ||
| Avidity Biosciences | Novartis | $12B | $12B | Biotech | Neuroscience / rare neuromuscular diseases (DMD, DM1, FSHD) | Phase 3 | ||
| Avadel Pharmaceuticals | Alkermes | Undisclosed | $2.37B | Pharma | CNS / sleep disorders (narcolepsy; pursuing idiopathic hypersomnia) | Commercial | ||
| ImCheck Therapeutics | Ipsen | $406M | $1.16B | Biotech | Oncology — AML (first-line “unfit” AML focus) | Phase 1/2 |
| Hologic | Blackstone and TPG | Undisclosed | $18.3B | Diagnostics | Women's health diagnostics / breast imaging | Commercial | ||
| Orbital Therapeutics | Bristol Myers Squibb | $1.5B | $1.5B | Biotech | Immunology / autoimmune diseases (lead program targets autoimmune disease via CD19+ B-cell depletion / immune reset) | Preclinical / IND-enabling | ||
| Akero Therapeutics | Novo Nordisk | $4.7B | $5.2B | Biotech | Metabolic / Hepatology — MASH | Phase 3 | ||
| Elektrofi | Halozyme Therapeutics | $750M | $900M | LS Tools | NA (tools; not a therapeutic developer) | Pre-commercial | ||
| Merus | Genmab | $8B | $8B | Biotech | Oncology — head & neck cancer | Phase 3 | ||
| Alvogen US (New Alvogen Group Holdings) | Lotus Pharmaceutical | Undisclosed | $658M | Pharma | Diversified Spec Pharma | Commercial | ||
| Metsera | Pfizer | Undisclosed | $10B | Biotech | Obesity / cardiometabolic | Phase 2 | ||
| 89bio | Roche | $2.4B | $3.5B | Biotech | Liver + cardiometabolic — MASH | Phase 3 | ||
| VarmX | CSL | $117M | $2.205B | Biotech | Hematology / bleeding and coagulation | Phase 3-ready | ||
| Zentiva | GTCR | Undisclosed | $4.8B | Pharma | Generics / OTC | Commercial | ||
| Tourmaline Bio | Novartis | $1.4B | $1.4B | Biotech | Cardiovascular — ASCVD (anti-IL-6 mAb to reduce systemic inflammation) | Phase 2 / Phase 3-ready | ||
| Gilgamesh Pharmaceuticals (bretisilocin program) | AbbVie | Undisclosed | $1.2B | Biotech | CNS / Psychiatry — Major Depressive Disorder (MDD) | Phase 2 | ||
| Vicebio | Sanofi | $1.15B | $1.6B | Biotech | Infectious disease (respiratory vaccines) | Phase 1 | ||
| Cantargia — CAN10 / 3G5 assets | Otsuka Pharmaceutical | $33M | $613M | Biotech | Autoimmune diseases | Phase 1 | ||
| LaNova Medicines (remaining 95.09%) | Sino Biopharmaceutical | Undisclosed | $950.92M | Biotech | Oncology (lung + GI cancers; immuno-oncology) | Phase 3 | ||
| BD Biosciences & Diagnostic Solutions business | Waters | Undisclosed | $17.5B | Diagnostics | Flow cytometry / research / clinical diagnostics | Commercial | ||
| Verona Pharma | Merck & Co. | $10B | $10B | Biotech | Respiratory — COPD | Commercial | ||
| Capstan Therapeutics | AbbVie | $2.1B | $2.1B | Biotech | Immunology / autoimmune (B-cell mediated autoimmune diseases) | Phase 1 | ||
| J. B. Chemicals & Pharmaceuticals | Torrent Pharmaceuticals | $1.4B | $1.4B | Pharma | Chronic therapies / ophthalmology / CDMO | Commercial | ||
| Verve Therapeutics | Eli Lilly | $1B | $1.3B | Biotech | Cardiovascular — ASCVD / hypercholesterolemia (PCSK9 targeting; HeFH + premature CAD mentioned) | Phase 1b | ||
| SAGE Therapeutics | Supernus Pharmaceuticals | $561M | $795M | Biotech | CNS / Psychiatry — postpartum depression | Commercial | ||
| CureVac | BioNTech | $1.25B | $1.25B | Biotech | Oncology / mRNA platform | Phase 1 | ||
| Blueprint Medicines | Sanofi | $9.1B | $9.5B | Biotech | Immunology / rare disease (systemic mastocytosis; KIT-driven diseases) | Commercial | ||
| SiteOne Therapeutics | Eli Lilly | Undisclosed | $1B | Biotech | CNS / pain (non-opioid pain management; chronic pain focus) | Phase 2-ready | ||
| Vigil Neuroscience | Sanofi | $470M | $600M | Biotech | Neurology / Alzheimer's disease | Phase 2-ready | ||
| Boston Pharmaceuticals (asset acq.: efimosfermin alfa) | GSK | $1.2B | $2B | Biotech | Hepatology / metabolic liver disease: steatotic liver disease (SLD) incl. MASH (incl. cirrhosis) | Phase 3-ready | ||
| Torii Pharmaceutical | Shionogi & Co. | Undisclosed | $1.05B | Pharma | Dermatology / renal / allergy | Commercial | ||
| Regulus Therapeutics | Novartis | $800M | $1.7B | Biotech | Nephrology — ADPKD (autosomal dominant polycystic kidney disease) | Phase 1b; Phase 3 planned | ||
| SpringWorks Therapeutics | Merck KGaA | $3.9B | $3.9B | Biotech | Oncology (rare tumors) + rare genetic disease (NF1-PN) | Commercial | ||
| Biotage | KKR (RWK Bidco) | Undisclosed | $1.22B | LS Tools | Purification / separation tools | Commercial | ||
| Dren Bio (Asset acq.: Dren-0201) | Sanofi | $600M | $1.9B | Biotech | Immunology / autoimmune (deep B-cell depletion) | Phase 1 (evaluated in two ongoing phase 1 studies) | ||
| Araris | Taiho Pharmaceutical Company | $400M | $1.14B | Biotech | Oncology (hematological + solid tumors) | Preclinical | ||
| EsoBiotec | AstraZeneca | $425M | $1B | Biotech | Oncology (cancers) + immune-mediated diseases (platform applicability) | Phase 1 | ||
| Chimerix | Jazz Pharmaceuticals | $935M | $935M | Biotech | Oncology (CNS) — H3 K27M-mutant diffuse glioma (rare high-grade brain tumor) | NDA under review | ||
| Solventum (Purification & Filtration business) | Thermo Fisher Scientific | $4.1B | $4.1B | LS Tools | NA (tools/bioprocessing; not a therapeutic developer) | Commercial | ||
| Anthos Therapeutics | Novartis | $925M | $3.075B | Biotech | Cardiovascular / thrombosis (stroke & systemic embolism prevention in atrial fibrillation; also cancer-associated thrombosis) | Phase 3 (lead asset abelacimab, FXI-inhibiting mAb) | ||
| Mitsubishi Tanabe Pharma | Bain Capital | Undisclosed | $3.3B | Pharma | CNS, immunology, metabolic, vaccines | Commercial | ||
| Evergreen Theragnostics | Lantheus | $250M | $1.0025B | Diagnostics | Oncology radiopharmaceuticals | Regulatory / clinical pipeline; commercial CDMO | ||
| IDRx | GSK | $1B | $1.15B | Biotech | Oncology — GIST (GI cancer / soft-tissue sarcoma) | Phase 1 / 1b | ||
| Intra-Cellular Therapies | Johnson & Johnson | $14.6B | $14.6B | Biotech | CNS / psychiatry (schizophrenia + bipolar depression; pursuing MDD) | Commercial | ||
| Life Molecular Imaging | Lantheus Medical Imaging | $350M | $750M | Diagnostics | Neurology — Alzheimer’s disease radiodiagnostic (β-amyloid PET) | Commercial | ||
| Scorpion Therapeutics (STX-478 program) | Eli Lilly | Undisclosed | $2.5B | Biotech | Oncology — hormone-positive breast cancer + other advanced solid tumors (PI3Kα-mutant) | Phase 1/2 |
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Includes company, control and asset acquisitions, plus the separately labelled VarmX acquisition-option agreement, first publicly announced between 1 January and 31 December 2025, with a disclosed consideration or enterprise value strictly greater than US$500 million; quantified contingent maxima are included. An announcement is not proof of completion. Later amendments to 2025 deals are noted without changing the first announcement date. Stage reflects the announcement, rather than subsequent development.
Upfront / fixed shows disclosed non-contingent consideration, with cash, shares and deferred instalments labelled. Disclosed / max value includes quantified contingent consideration; enterprise value includes debt and is distinguished from equity value. Native currency values and approximate US dollar conversions are noted. Rounded values follow public disclosures. Values on different bases should not be summed as cash spending.
Below-threshold deals, unpriced CVRs, ordinary licensing collaborations and deals announced in 2024 are excluded. VarmX is the explicitly labelled acquisition-option exception; its potential value depends on option exercise and milestones. The source workbook’s diagnostics and tools coverage is retained and clearly classified. A missing upfront is displayed as undisclosed, never zero. Sources are company announcements, regulatory filings or identified public reporting. This is a researched tracker, not a guarantee of an exhaustive global census.