Deal Library / Pharma BD Deal Intelligence

Pharma Deals of 2025

The Pharma Closeout tracks 190 deals, $308.0B 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 190 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.
• Shionogi & Co., Ltd. / Mitsubishi Tanabe Pharma Corporation — 2025 · $2.5B
• Novo Nordisk A/S / Akero Therapeutics, Inc. — 2025 · $5.2B
• Bristol-Myers Squibb Company / BioNTech SE — 2025 · $11.1B
• Gilead Sciences Inc. / Interius BioTherapeutics, Inc. — 2025 · $350M
• Battery Ventures / Enzo Biochem, Inc. — 2025 · $37M
• Lyell Immunopharma, Inc. / Innovative Cellular Therapeutics Holdings Limited — 2025
• Cadrenal Therapeutics, Inc. / Abbott Laboratories — 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
• Sino Biopharmaceutical Ltd. / LaNova Medicines Ltd. — 2025 · $951M
• Relmada Therapeutics, Inc. / Asarina Pharma AB — 2025
• F. Hoffmann-La Roche AG / Manifold Bio, Inc. — 2025 · $2.0B
• AstraZeneca PLC / CSPC Pharmaceutical Group Ltd. — 2025 · $5.3B
• 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
• Sanofi SA / Vigil Neuroscience, Inc. — 2025 · $600M
• Bristol-Myers Squibb Company / 2seventy bio, Inc. — 2025 · $286M
• Halozyme Therapeutics, Inc. / Elektrofi, Inc. — 2025 · $900M
• OS Therapies Incorporated / Ayala Pharmaceuticals, Inc. — 2025
• Daiichi Sankyo Company, Limited / Nosis Biosciences, Inc. — 2025
• Sanofi SA / EVOQ Therapeutics, Inc. — 2025 · $500M
• Boehringer Ingelheim International GmbH / Cue Biopharma, Inc. — 2025 · $357M
• Celltrion, Inc. / Kaigene, Inc. — 2025 · $744M
• Regeneron Pharmaceuticals, Inc. / 23andMe, Inc. — 2025 · $256M
• Swedish Orphan Biovitrum AB / Arthrosi Therapeutics, Inc. — 2025 · $1.5B
• 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
• SpringWorks Therapeutics / Rappta Therapeutics Oy — 2025
• INmune Bio Inc. / Great Ormond Street Hospital NHS Foundation Trust — 2025
• Biogen Inc. / Vanqua Bio, Inc. — 2025 · $1.1B
• HBM Holdings Limited (Harbour BioMed) / Yantai Lannacheng Biotechnology Co., Ltd. — 2025
• Hansoh Pharmaceutical Group Co. Ltd. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025
• F. Hoffmann-La Roche AG / Qyuns Therapeutics Co., Ltd. — 2025 · $1.1B
• Takeda Pharmaceutical Company Ltd. / Innovent Biologics, Inc. — 2025 · $11.4B
• Relmada Therapeutics, Inc. / Trigone Pharma Ltd. — 2025
• Taiho Pharmaceutical Co., Ltd. / Araris Biotech AG — 2025 · $1.1B
• Debiopharm / Repare Therapeutics Inc. — 2025 · $267M
• Nippon Shinyaku Co., Ltd. / REGENXBIO Inc. — 2025 · $810M
• Oruka Therapeutics, Inc. / Paragon Therapeutics, Inc. — 2025 · $22M
• Takeda Pharmaceutical Company Ltd. / Novavax Inc. — 2025
• Boehringer Ingelheim International GmbH / Synaffix B.V. — 2025 · $1.3B
• Crescent Biopharma, Inc. / Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. — 2025 · $1.3B
• DoveTree Medicines / XtalPi Holdings Ltd. — 2025 · $6.0B
• ImmunoPrecise Antibodies Ltd. / RiboPro — 2025
• 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
• MannKind Corporation / scPharmaceuticals Inc. — 2025 · $303M
• Windward Bio AG / Harbour BioMed (Nottingham) Ltd. — 2025 · $970M
• Takeda Pharmaceutical Company Ltd. / Nabla Bio, Inc. — 2025 · $1.0B
• Novo Nordisk A/S / Deep Apple Therapeutics, Inc. — 2025 · $812M
• Novartis AG / Argo Biopharmaceutical Co., Ltd. — 2025 · $5.3B
• Expedition Therapeutics, Inc. / Shanghai Fosun Pharmaceutical (Group) Co., Ltd. — 2025 · $645M
• Eli Lilly and Company / Juvena Therapeutics, Inc. — 2025 · $650M
• CB Biotechnology, LLC (Future Pak) / Theratechnologies Inc. — 2025
• Chugai Pharmaceutical Co. Ltd. / Araris Biotech AG — 2025 · $780M
• GSK plc / CAMP4 Therapeutics Corporation — 2025
• Takeda Pharmaceutical Company Ltd. / BridGene Biosciences, Inc. — 2025 · $770M
• Biogen Inc. / Alcyone Therapeutics, Inc. — 2025 · $85M
• XOMA Royalty Corporation / Mural Oncology plc — 2025 · $36M
• Glenmark Specialty S.A. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. — 2025 · $1.1B
• Pfizer Inc. / Chongqing Yaopharma Co., Ltd. — 2025 · $2.1B
• 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
• Barinthus Biotherapeutics plc / Clywedog Therapeutics, Inc. — 2025
• Shanghai Fosun Pharmaceutical (Group) Co., Ltd. / Green Valley Pharmaceutical Co., Ltd. — 2025 · $199M
• Novo Nordisk A/S / Omeros Corporation — 2025 · $2.1B
• Hologen Limited / MeiraGTx Holdings plc — 2025 · $200M
• 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
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.9B
• Biogen Inc. / Stoke Therapeutics, Inc. — 2025 · $550M
• Royalty Pharma / BeOne Medicines Ltd. — 2025 · $950M
• Gilead Sciences Inc. / Assembly Biosciences, Inc. — 2025 · $365M
• Genentech, Inc. (Roche Group) / OMass Therapeutics Ltd. — 2025 · $420M
• Boehringer Ingelheim International GmbH / AimedBio Inc. — 2025 · $991M
• Laboratory Corporation of America Holdings / OPKO Health, Inc. — 2025 · $225M
• BioMarin Pharmaceutical Inc. / Amicus Therapeutics, Inc. — 2025 · $4.8B
• 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
• Eli Lilly and Company / Camurus AB — 2025 · $870M
• Otsuka Pharmaceutical Co., Ltd. / 4D Molecular Therapeutics, Inc. — 2025 · $421M
• Stryker Corporation / Inari Medical, Inc. — 2025 · $4.9B
• 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
• Mirum Pharmaceuticals, Inc. / Bluejay Therapeutics, Inc. — 2025 · $820M
• Halda Therapeutics, Inc. / VantAI — 2025 · $1.0B
• 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
• 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
• Regeneron Pharmaceuticals, Inc. / Tessera Therapeutics, Inc. — 2025 · $275M
• Genmab A/S / Merus N.V. — 2025 · $8.0B
• 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
• 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
• Windward Bio AG / Qyuns Therapeutics Co., Ltd. — 2025 · $700M
• Novartis AG / Avidity Biosciences, Inc. — 2025 · $12.0B
• F. Hoffmann-La Roche AG / Hansoh Pharmaceutical Group Co. Ltd. — 2025 · $1.5B
• Merus N.V. / Halozyme Therapeutics, Inc. — 2025
• Vanda Pharmaceuticals / AnaptysBio, Inc. — 2025 · $15M
• AbbVie Inc. / Simcere Zaiming Pharmaceutical Co., Ltd. — 2025 · $1.1B
• Novo Nordisk A/S / The United Laboratories International Holdings Limited — 2025 · $2.0B
• Day One Biopharmaceuticals Inc. / Mersana Therapeutics, Inc. — 2025 · $285M
• Novo Nordisk A/S / Septerna, Inc. — 2025 · $2.2B
• 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
• 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
• Spruce Biosciences, Inc. / Allievex Corporation — 2025
• Verastem, Inc. / GenFleet Therapeutics (Shanghai), Inc. — 2025
• Sanofi SA / ADEL, Inc. — 2025 · $1.0B
• AbbVie Inc. / Xilio Therapeutics, Inc. — 2025 · $2.2B
• Sun Pharmaceutical Industries Ltd. / Checkpoint Therapeutics, Inc. — 2025 · $355M
• Kissei Pharmaceutical Co., Ltd. / Viridian Therapeutics, Inc. — 2025 · $385M
• 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
• Quanterix Corporation / Akoya Biosciences, Inc. — 2025
• AstraZeneca PLC / Harbour BioMed (Nottingham) Ltd. — 2025 · $4.6B
• 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
• Formation Bio, Inc. / Lynk Pharmaceuticals Co., Ltd. — 2025 · $605M
• Merck & Co. Inc. / Cidara Therapeutics, Inc. — 2025 · $9.2B
• Lantheus Holdings, Inc. / Life Molecular Imaging Ltd. — 2025 · $750M
• Ipsen S.A. / Simcere Zaiming Pharmaceutical Co., Ltd. — 2025 · $1.1B
• Globus Medical, Inc. / Nevro Corp. — 2025 · $250M
• 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
• Jazz Pharmaceuticals PLC / Chimerix, Inc. — 2025 · $935M
• 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
• 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
• Sanofi SA / Earendil Labs, Inc. — 2025 · $1.8B
• Merck KGaA / Rapid Micro Biosystems, Inc. — 2025
• Cassava Sciences, Inc. / Yale University — 2025 · $4M
• Vor Biopharma / RemeGen Co., Ltd. — 2025

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