Deal Library / Pharma BD Deal Intelligence

Pharma Deals of 2025

The Pharma Closeout tracks 59 deals, $205.8B in disclosed deal value, 13 with a post-close Outcome Score for the year 2025.

Median Critic Score: 92  ·  Median Outcome Score: 65

Best outcome: Johnson & Johnson / Intra-Cellular Therapies (76)  ·  Weakest outcome: Novartis AG / Monte Rosa Therapeutics Inc. (58)

All 59 deals

• Johnson & Johnson / Intra-Cellular Therapies — 2025 · $14.6B · Worked — the deal delivered on its rationale.
• Novartis AG / Anthos Therapeutics — 2025 · $3.1B · Largely worked — most objectives met.
• Merck KGaA / SpringWorks Therapeutics — 2025 · $3.4B · Largely worked — most objectives met.
• AstraZeneca PLC / Jacobio Pharmaceuticals Group Co. Ltd. — 2025 · $2.0B · Largely worked — most objectives met.
• Sanofi SA / Dynavax Technologies — 2025 · $2.2B · Largely worked — most objectives met.
• GSK plc / IDRx Inc. — 2025 · $1.1B · Largely worked — most objectives met.
• GSK plc / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $12.0B · Largely worked — most objectives met.
• Eli Lilly and Company / Scorpion Therapeutics — 2025 · $2.5B · Largely worked — most objectives met.
• Roche Holding AG / Zealand Pharma A/S — 2025 · $5.3B · Largely worked — most objectives met.
• Novartis AG / Regulus Therapeutics — 2025 · $1.7B · Largely worked — most objectives met.
• Pfizer Inc. / 3SBio Inc. — 2025 · $6.0B · Largely worked — most objectives met.
• Roche Holding AG / 89bio Inc. — 2025 · $3.5B · Largely worked — most objectives met.
• Novartis AG / Monte Rosa Therapeutics Inc. — 2025 · $5.8B · Mixed — partial payoff, real shortfalls.
• Novo Nordisk A/S / Akero Therapeutics, Inc. — 2025 · $5.2B
• Bristol-Myers Squibb Company / BioNTech SE — 2025 · $11.1B
• Gilead Sciences, Inc. (via Kite) / Interius BioTherapeutics, Inc. — 2025 · $350M
• Pfizer Inc. / Metsera, Inc. — 2025 · $10.0B
• AbbVie Inc. / Gilgamesh Pharmaceuticals Inc. — 2025 · $1.2B
• Sino Biopharmaceutical Ltd. / LaNova Medicines Ltd. — 2025 · $951M
• Merck & Co. Inc. / Verona Pharma plc — 2025 · $10.0B
• Sanofi SA / Vigil Neuroscience, Inc. — 2025 · $600M
• Bristol-Myers Squibb Company / 2seventy bio, Inc. — 2025 · $286M
• Swedish Orphan Biovitrum AB (Sobi) / Arthrosi Therapeutics, Inc. — 2025 · $1.5B
• Bristol-Myers Squibb Company / Orbital Therapeutics, Inc. — 2025 · $1.5B
• AstraZeneca PLC / EsoBiotec SA — 2025 · $1.0B
• Takeda Pharmaceutical Company Ltd. / Innovent Biologics, Inc. — 2025 · $11.4B
• Taiho Pharmaceutical Co., Ltd. / Araris Biotech AG — 2025 · $1.1B
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.8B
• Supernus Pharmaceuticals, Inc. / Sage Therapeutics, Inc. — 2025 · $795M
• Novartis AG / Argo Biopharmaceutical Co., Ltd. — 2025 · $5.3B
• Glenmark Specialty S.A. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $1.1B
• AbbVie Inc. / Ichnos Glenmark Innovation (IGI) — 2025 · $1.9B
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.9B
• BioMarin Pharmaceutical Inc. / Amicus Therapeutics, Inc. — 2025 · $4.8B
• Sanofi SA / Blueprint Medicines Corporation — 2025 · $9.5B
• Mirum Pharmaceuticals, Inc. / Bluejay Therapeutics, Inc. — 2025 · $820M
• Otsuka Pharmaceutical Co., Ltd. / Cantargia AB — 2025 · $613M
• AbbVie Inc. / Capstan Therapeutics, Inc. — 2025 · $2.1B
• Eli Lilly and Company / Verve Therapeutics, Inc. — 2025 · $1.3B
• Genmab A/S / Merus N.V. — 2025 · $8.0B
• BioNTech SE / CureVac N.V. — 2025 · $1.2B
• Pfizer Inc. / Adaptive Biotechnologies Corp. — 2025 · $890M
• Novartis AG / Avidity Biosciences, Inc. — 2025 · $12.0B
• Bristol-Myers Squibb Company (via RayzeBio) / Philochem AG — 2025 · $1.4B
• Sanofi SA / ADEL, Inc. — 2025 · $1.0B
• Sun Pharmaceutical Industries Ltd. / Checkpoint Therapeutics, Inc. — 2025 · $355M
• Servier / Kaerus Bioscience Ltd. — 2025 · $450M
• AstraZeneca PLC / Jacobio Pharmaceuticals Group Co. Ltd. — 2025 · $2.0B
• AstraZeneca PLC / Harbour BioMed (Nottingham) Ltd. — 2025 · $4.6B
• Novo Nordisk A/S / Lexicon Pharmaceuticals Inc. — 2025 · $1.0B
• Merck & Co. Inc. / Cidara Therapeutics, Inc. — 2025 · $9.2B
• GSK plc / Boston Pharmaceuticals Inc. — 2025 · $2.0B
• Merck & Co. Inc. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $2.0B
• Jazz Pharmaceuticals PLC / Chimerix, Inc. — 2025 · $935M
• Johnson & Johnson / Halda Therapeutics, Inc. — 2025 · $3.0B
• Novartis AG / Kyorin Pharmaceutical Co., Ltd. — 2025 · $833M
• Novartis AG / Tourmaline Bio, Inc. — 2025 · $1.4B
• Eli Lilly and Company / Adverum Biotechnologies, Inc. — 2025 · $261M
• Sanofi SA / Earendil Labs, Inc. — 2025 · $1.8B

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