Deal Library / Pharma BD Deal Intelligence

Pharma Deals of 2025

The Pharma Closeout tracks 408 deals, $342.1B 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 408 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.
• Chuang Yi Global Asset Management Co., Ltd. / Denovo Biopharma LLC — 2025
• GLD Partners, LP / Seelos Therapeutics, Inc. — 2025
• Shionogi & Co., Ltd. / Mitsubishi Tanabe Pharma Corporation — 2025 · $2.5B
• Alkermes plc / Avadel Pharmaceuticals plc — 2025 · $2.1B
• Novo Nordisk A/S / Akero Therapeutics, Inc. — 2025 · $5.2B
• GSK / ABL Bio Inc. — 2025
• Bristol-Myers Squibb Company / BioNTech SE — 2025 · $11.1B
• Gilead Sciences Inc. / Interius BioTherapeutics, Inc. — 2025 · $350M
• Battery Ventures / Enzo Biochem, Inc. — 2025 · $37M
• Skye Bioscience, Inc. / Arecor Therapeutics — 2025
• Mwyngil Therapeutics Inc. / Expert Systems Inc — 2025
• Lyell Immunopharma, Inc. / Innovative Cellular Therapeutics Holdings Limited — 2025
• Harbour BioMed / Lannacheng — 2025
• AbbVie / Neomorph Inc. — 2025
• Photys Therapeutics, Inc. / Polymed — 2025
• Cadrenal Therapeutics, Inc. / Abbott Laboratories — 2025
• Teva / Formycon AG — 2025
• Dropshot Therapeutics / etherna immunotherapies NV — 2025
• Zenas BioPharma / InnoCare Pharma — 2025
• Pierre Fabre Laboratories / Redridge Bio — 2025
• Johnson & Johnson / Kelonia Therapeutics, Inc. — 2025
• Servier Pharmaceuticals LLC / Black Diamond Therapeutics, Inc. — 2025 · $780M
• Pfizer Inc. / Metsera, Inc. — 2025 · $10.0B
• AbbVie Inc. / Gilgamesh Pharmaceuticals Inc. — 2025 · $1.2B
• CellBio Scientific / BioChain — 2025
• Sino Biopharmaceutical Ltd. / LaNova Medicines Ltd. — 2025 · $951M
• Revive Therapeutics / DiagnaMed — 2025
• NanoImaging Services / Proteos, Inc. — 2025
• Renovaro Biosciences Inc. / BioSymetrics — 2025
• Relmada Therapeutics, Inc. / Asarina Pharma AB — 2025
• Renovaro Inc. / Predictive Oncology — 2025
• F. Hoffmann-La Roche AG / Manifold Bio, Inc. — 2025 · $2.0B
• AstraZeneca PLC / CSPC Pharmaceutical Group Ltd. — 2025 · $5.3B
• Daiichi Sankyo / Wayfinder Biosciences — 2025
• Azurity Pharmaceuticals / George Medicines — 2025
• Avenzo Therapeutics Inc. / Duality Biotherapeutics, Inc. — 2025 · $1.2B
• Braveheart Bio, Inc. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $1.1B
• Merck & Co. Inc. / Verona Pharma plc — 2025 · $10.0B
• BioNexus Gene Lab Corp. / Fidelion Diagnostics — 2025 · $2M
• Sanofi SA / Vigil Neuroscience, Inc. — 2025 · $600M
• Purespring Therapeutics / Chromatin Bioscience — 2025
• Bristol-Myers Squibb Company / 2seventy bio, Inc. — 2025 · $286M
• HekaBio / NKGen Biotech, Inc. — 2025
• Apotex Inc. / Formosa Pharmaceuticals — 2025
• Halozyme Therapeutics, Inc. / Elektrofi, Inc. — 2025 · $900M
• Roche / Foresight Diagnostics — 2025
• Novo Nordisk / Variant Bio — 2025
• Rege Nephro Co., Ltd. / Syros Pharmaceuticals — 2025
• Lilly / Insilico Medicine — 2025
• Chiesi Group / Key2Brain — 2025
• OS Therapies Incorporated / Ayala Pharmaceuticals, Inc. — 2025
• Monarch Therapeutics / SNAP Biosciences, Inc. — 2025
• Eli Lilly and Company / MeiraGTx — 2025
• Jazz Pharmaceuticals plc / Saniona — 2025
• XOMA Royalty / LAVA Therapeutics N.V. — 2025
• Concentra Biosciences / CARGO Therapeutics, Inc. — 2025
• Vertex Pharmaceuticals / Orna Therapeutics — 2025
• RayzeBio / Philochem AG — 2025 · $1.4B
• Daiichi Sankyo Company, Limited / Nosis Biosciences, Inc. — 2025
• Eli Lilly and Company / Magnet Biomedicine — 2025
• MaxCyte, Inc. / SeQure Dx — 2025
• Lilly / Alchemab Therapeutics — 2025
• Sanofi SA / EVOQ Therapeutics, Inc. — 2025 · $500M
• Boehringer Ingelheim International GmbH / Cue Biopharma, Inc. — 2025 · $357M
• Sermonix / Regor — 2025
• Celltrion, Inc. / Kaigene, Inc. — 2025 · $744M
• Regeneron Pharmaceuticals, Inc. / 23andMe, Inc. — 2025 · $256M
• Nippon Shinyaku / AB2 Bio Ltd. — 2025
• Swedish Orphan Biovitrum AB / Arthrosi Therapeutics, Inc. — 2025 · $1.5B
• Compass Pathways / Neurokaire — 2025
• Bristol-Myers Squibb Company / Orbital Therapeutics, Inc. — 2025 · $1.5B
• AstraZeneca PLC / EsoBiotec SA — 2025 · $1.0B
• Thermo Fisher Scientific Inc. / Clario Holdings, Inc. — 2025 · $9.4B
• Labcorp / BioReference Health — 2025
• American Regent / Allegro — 2025
• SpringWorks Therapeutics / Rappta Therapeutics Oy — 2025
• INmune Bio Inc. / Great Ormond Street Hospital NHS Foundation Trust — 2025
• Zydus Lifesciences Ltd. / Rk Pharma — 2025
• Dyadic Applied Biosolutions / Ers Genomics — 2025
• Boston Scientific Corporation / Bolt Medical, Inc. — 2025
• Biogen Inc. / Vanqua Bio, Inc. — 2025 · $1.1B
• Lantheus Holdings, Inc. / Evergreen Theragnostics — 2025
• Incyte / Prelude Therapeutics Incorporated — 2025
• Biohaven / Bexorg, Inc. — 2025
• HBM Holdings Limited (Harbour BioMed) / Yantai Lannacheng Biotechnology Co., Ltd. — 2025
• PharmaLogic Holdings Corp. / Agilera — 2025
• Hansoh Pharmaceutical Group Co. Ltd. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025
• ESTEVE / Sanofi — 2025
• Avadel Pharmaceuticals plc / XWPharma Ltd — 2025
• atai Life Sciences / Psilera, Inc. — 2025
• F. Hoffmann-La Roche AG / Qyuns Therapeutics Co., Ltd. — 2025 · $1.1B
• BioCryst Pharmaceuticals, Inc. / Astria Therapeutics, Inc. — 2025
• Takeda Pharmaceutical Company Ltd. / Innovent Biologics, Inc. — 2025 · $11.4B
• Relmada Therapeutics, Inc. / Trigone Pharma Ltd. — 2025
• Astellas / Chromatin Bioscience — 2025
• Sernova Biotherapeutics / Eledon Pharmaceuticals — 2025
• Taiho Pharmaceutical Co., Ltd. / Araris Biotech AG — 2025 · $1.1B
• TG Therapeutics / MaxCyte, Inc. — 2025
• Debiopharm / Repare Therapeutics Inc. — 2025 · $267M
• Novo Nordisk / Replicate Bioscience — 2025 · $550M
• Revolution Medicines, Inc. / Summit Therapeutics — 2025
• Olympus Partners / PAI Pharma — 2025
• Vita Therapeutics, Inc. / Synthego — 2025
• Nippon Shinyaku Co., Ltd. / REGENXBIO Inc. — 2025 · $810M
• Oruka Therapeutics, Inc. / Paragon Therapeutics, Inc. — 2025 · $22M
• Takeda Pharmaceutical Company Ltd. / Novavax Inc. — 2025
• Genentech / Repertoire — 2025
• Third Arc Bio / Adagene — 2025
• Boehringer Ingelheim International GmbH / Synaffix B.V. — 2025 · $1.3B
• Boehringer Ingelheim / ViVerita Therapeutics — 2025
• Crescent Biopharma, Inc. / Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. — 2025 · $1.3B
• Novo Nordisk / IMMvention Therapeutix, Inc. — 2025
• Royalty Pharma plc / Blackstone Life Sciences — 2025 · $310M
• Knight Therapeutics Inc. / Sumitomo Pharma — 2025
• Castle Biosciences, Inc. / SciBase — 2025
• Merck Animal Health / AmacaThera — 2025
• VYNE Therapeutics Inc. / Yarrow Bioscience — 2025
• Concentra Biosciences, LLC / Allakos Inc. — 2025
• Oceanpine Capital / Jacobio Pharma — 2025
• DoveTree Medicines / XtalPi Holdings Ltd. — 2025 · $6.0B
• ImmunoPrecise Antibodies Ltd. / RiboPro — 2025
• Clario / NeuroRx — 2025
• Siemens / Dotmatics — 2025 · $5.1B
• BioMarin Pharmaceutical Inc. / Inozyme Pharma, Inc. — 2025 · $270M
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.8B
• Eli Lilly and Company / Organovo Holdings, Inc. — 2025 · $50M
• MultiValent Biotherapies, Inc. / Coherent Biopharma (Suzhou) Co., Ltd. — 2025 · $2.0B
• Neurocrine Biosciences Inc. / Takeda Pharmaceutical Company Ltd. — 2025
• Supernus Pharmaceuticals, Inc. / Sage Therapeutics, Inc. — 2025 · $795M
• Amicus Therapeutics, Inc. / Dimerix Limited — 2025 · $590M
• Harrow / Melt Pharmaceuticals — 2025
• Juri Biosciences / EpimAb Biotherapeutics — 2025 · $210M
• MannKind Corporation / scPharmaceuticals Inc. — 2025 · $303M
• Pfizer / Nona Biosciences — 2025
• Coherus BioSciences, Inc. / STORM Therapeutics — 2025
• Windward Bio AG / Harbour BioMed (Nottingham) Ltd. — 2025 · $970M
• XOMA Royalty / Generation Bio Co. — 2025
• Teva Pharmaceutical Industries Ltd. / Fosun Pharma — 2025
• JW Therapeutics / Imugene Ltd — 2025
• Takeda Pharmaceutical Company Ltd. / Nabla Bio, Inc. — 2025 · $1.0B
• Castle Biosciences, Inc. / Previse — 2025
• Novo Nordisk A/S / Deep Apple Therapeutics, Inc. — 2025 · $812M
• CorMedix Inc. / Melinta Therapeutics — 2025
• Novartis AG / Argo Biopharmaceutical Co., Ltd. — 2025 · $5.3B
• Regeneron / ModeX — 2025
• Carisma Therapeutics Inc. / OrthoCellix — 2025
• Voyager / Transition Bio — 2025
• Dynavax Technologies Corporation / Vaxart — 2025
• Lotus Pharmaceutical / LENZ — 2025 · $125M
• Saval / Formosa Pharmaceuticals — 2025
• Expedition Therapeutics, Inc. / Shanghai Fosun Pharmaceutical (Group) Co., Ltd. — 2025 · $645M
• RadNet, Inc. / iCAD, Inc. — 2025 · $103M
• Kyorin / Cyrano Therapeutics, Inc. — 2025
• Eli Lilly and Company / Juvena Therapeutics, Inc. — 2025 · $650M
• Longevity Health Holdings / 20/20 Biolabs — 2025
• Alpha Fusion, Inc. / Curadh Mtr Inc — 2025
• MalarVx, Inc. / HDT Bio — 2025
• Biosidus / Prestige Biopharma — 2025
• CB Biotechnology, LLC (Future Pak) / Theratechnologies Inc. — 2025
• Pacira BioSciences, Inc. / GQ Bio — 2025 · $32M
• Orion / Invenra — 2025
• Basilea Pharmaceutica Ltd / Phare Bio — 2025
• BerGenBio ASA / Oncoinvent — 2025
• AI Technology Group Inc. / AVM Biotechnology — 2025
• Chugai Pharmaceutical Co. Ltd. / Araris Biotech AG — 2025 · $780M
• Revolution Medicines, Inc. / Iambic — 2025
• BlackfinBio Ltd / Oxb — 2025
• GSK plc / CAMP4 Therapeutics Corporation — 2025
• Takeda Pharmaceutical Company Ltd. / BridGene Biosciences, Inc. — 2025 · $770M
• Bausch Health / George Medicines — 2025
• Biogen Inc. / Alcyone Therapeutics, Inc. — 2025 · $85M
• Evotec / Peptone — 2025
• XOMA Royalty Corporation / Mural Oncology plc — 2025 · $36M
• Harbour BioMed / Insilico Medicine — 2025
• Mitsubishi Tanabe Pharma Corporation / GV20 Therapeutics — 2025
• Mitsubishi Tanabe Pharma / Synaffix B.V. — 2025
• Glenmark Specialty S.A. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $1.1B
• Pfizer Inc. / Chongqing Yaopharma Co., Ltd. — 2025 · $2.1B
• Catalent / Lisata Therapeutics, Inc. — 2025
• Gilead Sciences Inc. / LEO Pharma A/S — 2025 · $1.7B
• Qilu Pharmaceutical Group Co., Ltd. / Mabwell (Shanghai) Bioscience Co., Ltd. — 2025
• Sumitomo Pharma America, Inc. / Foundation Medicine, Inc. — 2025
• AbbVie Inc. / Ichnos Glenmark Innovation (IGI) — 2025 · $1.9B
• Kinea Bio / Solid Biosciences Inc. — 2025
• Knight Therapeutics Inc. / Paladin — 2025
• Teva / Samsung Bioepis Co., Ltd. — 2025
• Precision BioLogic Inc. / George King Bio-Medical — 2025
• Barinthus Biotherapeutics plc / Clywedog Therapeutics, Inc. — 2025
• Shanghai Fosun Pharmaceutical (Group) Co., Ltd. / Green Valley Pharmaceutical Co., Ltd. — 2025 · $199M
• Innova Therapeutics / Enci Therapeutics — 2025
• GSK / Oxford BioTherapeutics — 2025
• Novo Nordisk A/S / Omeros Corporation — 2025 · $2.1B
• Hologen Limited / MeiraGTx Holdings plc — 2025 · $200M
• Karo Healthcare AB / Moberg Pharma — 2025
• Andelyn Biosciences / Solid Biosciences Inc. — 2025
• Sandoz / Henlius — 2025
• Adicet Bio / MaxCyte, Inc. — 2025
• Juvenescence / Ro5 — 2025
• Health Hope Pharma Limited / Gilead Sciences — 2025
• Gilead Sciences Inc. / HOOKIPA Pharma Inc. — 2025 · $10M
• Madrigal Pharmaceuticals / CSPC Pharmaceutical Group Ltd. — 2025 · $2.1B
• Radiance Biopharma, Inc. / CSPC Pharmaceutical Group Ltd. — 2025 · $1.2B
• CRISPR Therapeutics AG / Sirius Therapeutics, Inc. — 2025 · $95M
• Acumen Pharmaceuticals, Inc. / JCR Pharmaceuticals Co., Ltd. — 2025
• Chiesi Group / Aliada Therapeutics — 2025
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.9B
• Abbott / Exact Sciences — 2025 · $21.0B
• Biogen Inc. / Stoke Therapeutics, Inc. — 2025 · $550M
• Royalty Pharma / BeOne Medicines Ltd. — 2025 · $950M
• QOL Medical / Evoke Pharma, Inc. — 2025
• Gilead Sciences Inc. / Assembly Biosciences, Inc. — 2025 · $365M
• Genentech, Inc. (Roche Group) / OMass Therapeutics Ltd. — 2025 · $420M
• Medicovestor, Inc. / Sanyou Biopharmaceuticals — 2025
• Boehringer Ingelheim International GmbH / AimedBio Inc. — 2025 · $991M
• Qilu Pharmaceutical / Minghui Pharmaceutical — 2025
• Aptorum Group Limited / DiamiR Biosciences — 2025
• Chiesi Group / Arbor — 2025
• Momentum Biotechnologies / Omicscouts — 2025
• Laboratory Corporation of America Holdings / OPKO Health, Inc. — 2025 · $225M
• AbbVie / ADARx — 2025
• GENFIT / EVerZom — 2025
• BioMarin Pharmaceutical Inc. / Amicus Therapeutics, Inc. — 2025 · $4.8B
• Roche / Oxford BioTherapeutics — 2025
• Salarius Pharmaceuticals, Inc. / Decoy Therapeutics Inc. — 2025
• Sanofi S.A. / Vicebio Ltd. — 2025 · $1.6B
• Kalexo Bio, Inc. / Mabwell (Shanghai) Bioscience Co., Ltd. — 2025 · $1.0B
• ASK Pharm / Adlai Nortye — 2025 · $230M
• Angelini Pharma / Sovargen — 2025
• Eli Lilly and Company / Camurus AB — 2025 · $870M
• Otsuka Pharmaceutical Co., Ltd. / 4D Molecular Therapeutics, Inc. — 2025 · $421M
• Ligachem Biosciences / DAAN Biotherapeutics — 2025
• Stryker Corporation / Inari Medical, Inc. — 2025 · $4.9B
• ProductLife Group / Stragen Services — 2025
• AstraZeneca / Syneron Bio — 2025
• Dianthus Therapeutics, Inc. / Leads Biolabs — 2025
• Genentech / Starpharma — 2025
• ArriVent BioPharma, Inc. / Lepu Biopharma Co., Ltd. — 2025 · $1.2B
• Concentra Biosciences, LLC / IGM Biosciences Inc. — 2025
• Qurient Co., Ltd. / Synaffix B.V. — 2025
• Sanofi SA / Blueprint Medicines Corporation — 2025 · $9.5B
• MapLight Therapeutics, Inc. / SandboxAQ — 2025
• Mirum Pharmaceuticals, Inc. / Bluejay Therapeutics, Inc. — 2025 · $820M
• Kaken Pharmaceutical / Alumis Inc. — 2025
• Ligachem Biosciences / 1ST Biotherapeutics, Inc. — 2025
• SERB Pharmaceuticals / Y-mAbs Therapeutics, Inc. — 2025 · $412M
• Halda Therapeutics, Inc. / VantAI — 2025 · $1.0B
• Dr. Reddy’s / Immutep Limited — 2025
• Secarna Pharmaceuticals GmbH & Co. KG / Vect-Horus — 2025
• GeneDx Holdings Corp. / Fabric Genomics, Inc. — 2025 · $51M
• Otsuka Pharmaceutical Co., Ltd. / Cantargia AB — 2025 · $613M
• Novartis AG / Relation Therapeutics Limited — 2025 · $1.8B
• Zealand Pharma A/S / OTR Therapeutics Co., Ltd. — 2025 · $2.5B
• Bausch + Lomb / InflammX Therapeutics Inc. — 2025
• AbbVie Inc. / Capstan Therapeutics, Inc. — 2025 · $2.1B
• Concentra Biosciences, LLC / Kronos Bio, Inc. — 2025
• Servier / IDEAYA Biosciences, Inc. — 2025 · $530M
• Gilead Sciences Inc. / Sprint Bioscience AB — 2025 · $414M
• Eli Lilly and Company / Verve Therapeutics, Inc. — 2025 · $1.3B
• Teva / Prestige Biopharma — 2025
• Cyrano Therapeutics / Resyca — 2025
• Kyorin Pharmaceutical Co., Ltd. / Hinge Bio, Inc. — 2025
• Regeneron Pharmaceuticals, Inc. / Tessera Therapeutics, Inc. — 2025 · $275M
• IDEAYA Biosciences, Inc. / ATTMOS — 2025
• Boehringer Ingelheim / Re-Vana Therapeutics — 2025
• Genmab A/S / Merus N.V. — 2025 · $8.0B
• Biogen Inc. / City Therapeutics — 2025
• Angelini Pharma / GRIN Therapeutics, Inc. — 2025
• Novartis / Matchpoint — 2025 · $1.0B
• LifeNet Health / HCM Medical — 2025
• Kaken Pharmaceutical Co., Ltd. / KalVista Pharmaceuticals, Inc. — 2025 · $24M
• AbbVie Inc. / Gubra A/S — 2025 · $2.2B
• BioNTech SE / CureVac N.V. — 2025 · $1.2B
• Zimmer Holdings Inc. / Paragon 28, Inc. — 2025 · $1.1B
• Pacira BioSciences, Inc. / AmacaThera — 2025
• Dianthus Therapeutics, Inc. /DE/ / Nanjing Leads Biolabs Co., Ltd. — 2025 · $1.0B
• Pfizer Inc. / Adaptive Biotechnologies Corp. — 2025 · $890M
• OPKO Health, Inc. / Entera Bio Ltd. — 2025
• Hanmi Pharmaceutical / Aptose Biosciences Inc. — 2025
• Windward Bio AG / Qyuns Therapeutics Co., Ltd. — 2025 · $700M
• Intas Pharmaceuticals / Bio-Thera Solutions — 2025
• Northstrive Biosciences Inc. / Yuva Biosciences — 2025
• Crescent Biopharma / Kelun-Biotech — 2025
• Lilly / Ailux — 2025
• Sagimet Biosciences Inc. / TAPI — 2025
• Novartis AG / Avidity Biosciences, Inc. — 2025 · $12.0B
• Argentum 47, Inc. / Marelius Biopharma Group — 2025
• F. Hoffmann-La Roche AG / Hansoh Pharmaceutical Group Co. Ltd. — 2025 · $1.5B
• BioVaxys Technology Corp. / Sona Nanotech — 2025
• Merus N.V. / Halozyme Therapeutics, Inc. — 2025
• BioCina / NovaCina — 2025
• Northwest Biotherapeutics, Inc. / Advent BioServices Ltd. — 2025
• BioLife Solutions, Inc. / PanTHERA CryoSolutions — 2025
• Vanda Pharmaceuticals / AnaptysBio, Inc. — 2025 · $15M
• ToolGen Inc. / GenEditBio — 2025
• AbbVie Inc. / Simcere Zaiming Pharmaceutical Co., Ltd. — 2025 · $1.1B
• Novo Nordisk A/S / The United Laboratories International Holdings Limited — 2025 · $2.0B
• Eli Lilly and Company / Rznomics Inc. — 2025
• Pfizer / Atavistik Bio — 2025
• Advanced Instruments / Nova Biomedical — 2025
• Biohaven Ltd. / Merus N.V. — 2025
• Daiichi Sankyo / General Proximity — 2025
• Day One Biopharmaceuticals Inc. / Mersana Therapeutics, Inc. — 2025 · $285M
• Novo Nordisk A/S / Septerna, Inc. — 2025 · $2.2B
• XOMA Royalty Corporation / Turnstone Biologics Corp. — 2025
• Bristol-Myers Squibb Company / Philochem AG — 2025 · $1.4B
• iBio, Inc. / AstralBio, Inc. — 2025
• Kite Pharma, Inc. / Pregene (ShenZhen) Biotechnology Co., Ltd. — 2025 · $1.6B
• Invetx / Nona Biosciences — 2025
• Bausch Health / DURECT Corporation — 2025 · $413M
• Novartis AG / Arrowhead Pharmaceuticals Inc. — 2025 · $2.2B
• BMI Korea Co., Ltd. / Brexogen Inc. — 2025
• LaunXP International Co., Ltd. / Apollomics Inc. — 2025 · $60M
• Onconetix, Inc. / Ocuvex Therapeutics — 2025
• Spruce Biosciences, Inc. / Allievex Corporation — 2025
• Verastem, Inc. / GenFleet Therapeutics (Shanghai), Inc. — 2025
• LEO Pharma / Shanghai Junshi Biosciences Co., Ltd. — 2025
• Sanofi SA / ADEL, Inc. — 2025 · $1.0B
• AbbVie Inc. / Xilio Therapeutics, Inc. — 2025 · $2.2B
• Roche / Innovent Biologics, Inc. — 2025
• Sun Pharmaceutical Industries Ltd. / Checkpoint Therapeutics, Inc. — 2025 · $355M
• Kissei Pharmaceutical Co., Ltd. / Viridian Therapeutics, Inc. — 2025 · $385M
• Anocca AB / MaxCyte, Inc. — 2025
• Merck KGaA, Darmstadt, Germany / Mirror Biologics, Inc. — 2025
• Biogen Inc. / Dayra Therapeutics, Inc. — 2025
• Regeneron Pharmaceuticals, Inc. / Hansoh Pharmaceutical Group Co. Ltd. — 2025 · $2.0B
• Servier / Kaerus Bioscience Ltd. — 2025 · $450M
• AstraZeneca PLC / Jacobio Pharmaceuticals Group Co. Ltd. — 2025 · $2.0B
• Norgine / X4 Pharmaceuticals — 2025
• MSD / Antengene Corporation Limited — 2025
• Quanterix Corporation / Akoya Biosciences, Inc. — 2025
• Formosa Pharmaceuticals / Almac Discovery — 2025
• AstraZeneca PLC / Harbour BioMed (Nottingham) Ltd. — 2025 · $4.6B
• Scinai Immunotherapeutics Ltd. / Pincell — 2025
• Lilly / Lila Biologics — 2025
• MSD / Cyprumed — 2025 · $493M
• Concentra Biosciences, LLC / iTeos Therapeutics, Inc. — 2025
• Merck & Co. Inc. / Cyprumed GmbH — 2025 · $493M
• US WorldMeds, LLC / Adaptimmune Therapeutics plc — 2025 · $85M
• Metagenomi, Inc. / Acuitas Therapeutics, Inc. — 2025
• Laboratoires Théa / Iolyx Therapeutics, Inc. — 2025 · $280M
• Novo Nordisk A/S / Lexicon Pharmaceuticals Inc. — 2025 · $1.0B
• Dr Ashleys Limited / Impact BioMedical Inc. — 2025
• Formation Bio, Inc. / Lynk Pharmaceuticals Co., Ltd. — 2025 · $605M
• Pelthos Therapeutics Inc. / Biofrontera Inc. — 2025 · $10M
• GE HealthCare / Lantheus Holdings, Inc. — 2025
• XORTX Therapeutics Inc. / Vectus Biosystems — 2025 · $3M
• argenx / Unnatural Products, Inc. — 2025
• Merck & Co. Inc. / Cidara Therapeutics, Inc. — 2025 · $9.2B
• Sagard Healthcare Partners / MacroGenics, Inc. — 2025
• Galecto, Inc. / Damora Therapeutics — 2025
• Bionova Scientific / ATUM — 2025
• Percheron Therapeutics / Hummingbird Bioscience — 2025 · $290M
• Lantheus Holdings, Inc. / Life Molecular Imaging Ltd. — 2025 · $750M
• Adalvo Limited / Formosa Pharmaceuticals — 2025
• Boehringer Ingelheim / Salipro Biotech AB — 2025
• Astellas Pharma Inc. / Evopoint — 2025
• AlphaRose Therapeutics / Alpha Anomeric Sa — 2025
• Ipsen S.A. / Simcere Zaiming Pharmaceutical Co., Ltd. — 2025 · $1.1B
• Eli Lilly and Company / Alchemab Therapeutics — 2025
• Globus Medical, Inc. / Nevro Corp. — 2025 · $250M
• Moonlight Bio / MaxCyte, Inc. — 2025
• GSK plc / Boston Pharmaceuticals Inc. — 2025 · $2.0B
• Chugai Pharmaceutical Co. Ltd. / Rani Therapeutics Holdings, Inc. — 2025 · $1.1B
• Joincare Pharmaceutical Group Industry Co., Ltd. / Brii Biosciences Limited — 2025
• Merck & Co. Inc. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $2.0B
• Lilly / Sanegenebio — 2025
• Chugai Pharmaceutical / Renalys — 2025
• Grifols / XL-protein GmbH — 2025
• Formation Bio / Imidomics — 2025
• Cadrenal Therapeutics, Inc. / eXIthera — 2025
• Jazz Pharmaceuticals PLC / Chimerix, Inc. — 2025 · $935M
• Cullinan Therapeutics, Inc. / Genrix — 2025
• Immunome Inc. / Hummingbird Bioscience — 2025
• ImmunoScape Pte. Ltd. / Cue Biopharma, Inc. — 2025
• Johnson & Johnson / Halda Therapeutics, Inc. — 2025 · $3.0B
• Novartis AG / Kyorin Pharmaceutical Co., Ltd. — 2025 · $833M
• Ipsen S.A. / ImCheck Therapeutics SAS — 2025
• Synthego Corporation / AstraZeneca PLC — 2025
• I-Mab / Bridge Health — 2025
• RheumaGen, Inc. / SiVEC Biotechnologies, Inc. — 2025
• NextCure, Inc. / Simcere Zaiming — 2025 · $745M
• AVEO Oncology / HiberCell, Inc. — 2025
• Tonix Pharmaceuticals Holding Corp. / Makana Therapeutics — 2025
• Novartis AG / Tourmaline Bio, Inc. — 2025 · $1.4B
• Ono Pharmaceutical Co., Ltd. / Ionis Pharmaceuticals, Inc. — 2025 · $940M
• Eli Lilly and Company / Adverum Biotechnologies, Inc. — 2025 · $261M
• Axsome Therapeutics / Baergic Bio — 2025
• Everest Medicines / Visara — 2025
• Hikma Pharmaceuticals PLC / Emergent BioSolutions — 2025
• Orion / Abzena — 2025
• Sanofi SA / Earendil Labs, Inc. — 2025 · $1.8B
• Merck KGaA / Rapid Micro Biosystems, Inc. — 2025
• Gossamer Bio / Respira Therapeutics, Inc. — 2025
• Cassava Sciences, Inc. / Yale University — 2025 · $4M
• Vor Biopharma / RemeGen Co., Ltd. — 2025

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