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PharmaShots’ Key Highlights of Second Quarter 2025 

Shots:   

  • Q2’2025 highlights major acquisitions in the pharma and biotech industry along with collaboartion. The talk of the town remained Blueprint Medicines’ acquisition by Sanofi for ~$9.5B   
  • The quarter highlighted Collaboartion, including Eli Lilly Enters a ~$1.4B Licensing Agreement with Sangamo Therapeutics for its STAC-BBB Capsid   
  • PharmaShots brings the Quarterly digest compiling insights from Apr’25 to Jun’25 

Siemens to Acquire Dotmatics for $5.1B, Strengthening its Position in Life Science Market 

Date: Apr 03, 2025  

Product: NA  

Shots: 

  • Siemens has entered into an agreement to acquire Dotmatics for $5.1B from Insight Partners, strengthening its position in the life science market 
  • Acquisition will integrate Siemens’ manufacturing, industrial simulation, & AI expertise with Dotmatics’ complementary offerings, creating an AI-powered product lifecycle management (PLM) portfolio as part of Siemens Xcelerator for seamless R&D-to-manufacturing connectivity  
  • Siemens will finance the acquisition primarily through sale of shares in listed companies, including Siemens Healthineers 

Eli Lilly Enters a ~$1.4B Licensing Agreement with Sangamo Therapeutics for its STAC-BBB Capsid 

Date: Apr 04, 2025  

Product: NA  

Shots: 

  • Sangamo has granted Eli Lilly global exclusive license of STAC-BBB for one initial CNS target, with an option to add up to 4 more targets upon payment of additional license fees, allowing IV delivery of Lilly’s genomic medicines for CNS diseases 
  • As per the deal, Lilly will handle R&D, regulatory activities, manufacturing, & global marketing of products from the alliance in exchange for $18M upfront license fee & ~$1.4B in additional target fees & milestones across 5 potential neurology targets, plus net sales-based tiered royalties, while Sangamo will handle STAC-BBB tech transfer 
  • STAC-BBB is a neurotropic AAV capsid that has depicted strong BBB penetration & effective neuronal transduction in nonhuman primates 

ABL Bio Licenses Grabody-B Brain Delivery Platform to GSK for ~$2.76B (£2.15B) 

Date: Apr 07, 2025  

Product: NA  

Shots: 

  • ABL Bio has entered into a global licensing agreement with GSK for its Grabody-B BBB shuttle platform to develop therapies targeting various novel pathways using antibodies, siRNA, & ASOs for neurodegenerative diseases 
  • As per the deal, GSK will handle preclinical & clinical activities, manufacturing, & marketing of the potential programs in exchange for ~$99.4M, incl. $49.6M upfront, research milestones & potential expansion fee, with ~$2.67B in R&D, regulatory & marketing milestones, plus net sales-based tiered royalties, while ABL Bio will handle tech transfer    
  • Grabody-B targets IGF1R to overcome the BBB, improving drug penetration & allowing efficient drug delivery in the brain 

Intas Pharmaceuticals Acquires Coherus BioSciences’ Udenyca Business (Biosimilar, Neulasta) 

Date: Apr 15, 2025  

Product: Udenyca 

Shots: 

  • Intas has acquired Coherus’ Udenyca business (incl. prefilled syringe, autoinjector & on-body injector), a biosimilar version of Amgen’s Neulasta (pegfilgrastim) via 2024 asset purchase agreement; Accord BioPharma (Intas’ US specialty division) will handle Udenyca’s US business 
  • As per the deal, Coherus received $483.4M upfront in cash, incl. $118.4M for Udenyca inventory, with an additional ~$75M contingent on Intas achieving 2 predefined sales-based milestones 
  • Coherus will get $250M post-close cash balance, extending its cash runway into 2027 to support pipeline development, incl. loqtorzi (PD-1 inhibitor), casdozokitug (IL-27 antagonist), & CHS-114 (selective CCR8 antibody) 

RadNet to Acquire iCAD for ~$103M 

Date: Apr 16, 2025  

Product: N/A 

Shots: 

  • RadNet has entered into a definitive merger agreement to acquire iCAD in an all-stock transaction, through which iCAD will become a wholly owned subsidiary of RadNet 
  • As per the deal, iCAD stockholders will receive 0.0677 RadNet shares/ iCAD share, representing transaction value of ~$103M, or ~$3.61/share (~98% premium) on a fully diluted basis; closing expected in Q2 or Q3’25 
  • Acquisition will integrate iCAD’s AI-driven ProFound Breast Health Suite with RadNet’s DeepHealth platform, expanding RadNet’s global reach through iCAD’s presence in over 1,500 provider sites across 50+ countries 

Sanofi Enters a ~$1.84B Global License Agreement with Earendil Labs for HXN-1002 & HXN-1003 

Date: Apr 17, 2025  

Product: HXN-1002 & HXN-1003 

Shots: 

  • Earendil Labs has granted Sanofi exclusive global rights to develop HXN-1002 & HXN-1003 bispecific antibodies for autoimmune & inflammatory bowel diseases 
  • As per the deal, Earendil Labs will receive $125M upfront, ~$1.72B in development & commercial milestones, incl. a near-term $50M payment, & tiered royalties ranging from high-single to low-double digits 
  • Developed using Earendil Labs’ AI discovery & research platform, HXN-1002 targets α4β7 & TL1A to treat mod. to sev. UC & Crohn’s disease, while HXN-1003 inhibits TL1A & IL-23 pathways, showing synergistic efficacy in preclinical colitis & skin inflammation models    

Alumis and ACELYRIN Revise Merger Agreement, Boosting ACELYRIN Stake 

Date: Apr 22, 2025  

Product: N/A 

Shots: 

  • Alumis and ACELYRIN have amended their 2025 merger agreement, which originally granted ACELYRIN stockholders 0.4274 Alumis shares/share, giving them a 45% stake in the combined company 
  • As per the amendment, ACELYRIN stockholders will receive 0.4814 Alumis shares/share, allowing them to own 48% of the combined entity on a fully diluted basis; closing expected in Q2’25 
  • As of Dec 31, 2024, Alumis & ACELYRIN had a pro forma total of ~$737M to fund data readouts across clinical trials incl. lonigutamab & operations into 2027 

VERAXA Biotech Enters a Business Combination Agreement with Voyager Acquisition Corp to Develop Cancer Therapies 

Date: Apr 23, 2025  

Product: N/A 

Shots: 

  • VERAXA to reverse merge with Voyager, where the combined entity- “VERAXA Biotech” will be listed on Nasdaq under VERX ticker; closing expected in Q4’25 
  • As per the deal, VERAXA will have access to ~$253M cash from Voyager’s trust at closing & contribute ~$1.3B in equity for ~130M shares, with all shareholders rolling over 100% equity, valuing the combined entity at ~$1.64B (at $10/share). VERAXA is also raising a crossover round to fund operations for 2yrs., excl. partnerships, which is expected to close before merger 
  • VERAXA’s pipeline contains 9 programs incl. VX-A901 in P-I for leukemia & aims to advance 3 clinical programs & expand licensed assets by 2029 

Regeneron Enters a ~$3B Multi-Year Manufacturing Agreement with FUJIFILM Diosynth Biotechnologies 

Date: Apr 23, 2025  

Product: N/A 

Shots: 

  • FUJIFILM Diosynth Biotechnologies & Regeneron have entered into a 10-year manufacturing supply agreement, under which FUJIFILM will provide US-based manufacturing services for Regeneron 
  • As per the deal, FUJIFILM will receive ~$3B to manufacture biopharmaceuticals for Regeneron at its Holly Springs, North Carolina facility, which will begin operations in late 2025 
  • Holly Springs site is part of FUJIFILM’s global kojoX interconnected manufacturing network which offers standardized equipment, processes, & procedures across all sites to allow supply chain security & seamless tech transfers, with FUJIFILM bringing additional capacity online in 2025 & beyond 

Merck KGaA to Acquire SpringWorks Therapeutics for ~$3.9B 

Date: Apr 28, 2025  

Product: N/A 

Shots: 

  • Merck KGaA has entered into a definitive agreement to acquire SpringWorks Therapeutics to strengthen its rare disease portfolio & expand SpringWorks’ reach to markets beyond the US 
  • As per the agreement, Merck KGaA will acquire SpringWorks for $47/share (~26% premium), with an equity value of ~$3.9B or an enterprise value of ~$3.4B, funded by available cash & new debt, with closing expected in H2’25 
  • Additionally, SpringWorks’ Gomekli (mirdametinib) MAA for NF1-PN pts (≥2yrs.) is under EMA review, with potential approval in 2025, while the MAA for Ogsiveo (nirogacestat) in progressing desmoid tumors is also under EMA review, with a CHMP opinion expected in Q2’25 

Novartis to Acquire Regulus Therapeutics for ~$1.7B 

Date: May 01, 2025  

Product: N/A 

Shots: 

  • Novartis to acquire Regulus Therapeutics incl. its lead asset, farabursen via its wholly owned subsidiary, which will merge with Regulus upon closing, resulting in Regulus becoming an indirect wholly owned subsidiary of Novartis 
  • As per the deal, Regulus will get ~$0.8B upfront, with shareholders receiving $7/share in cash, & ~$0.9B upon achievement of a regulatory milestone, payable via CVR of ~$7/share in cash; closing expected in H2’25    
  • Farabursen (miR-17 inhibitor) was evaluated in a completed P-Ib multiple-ascending dose trial for autosomal dominant polycystic kidney disease, showing favorable efficacy & safety with impact on urinary polycystin & height-adjusted total kidney volume 

Amicus Therapeutics Enters a ~$590M Exclusive License Agreement with Dimerix for DMX-200 

Date: May 01, 2025  

Product: DMX-200 

Shots: 

  • Dimerix has granted Amicus exclusive US rights to develop & market DMX-200 for all indications, incl. focal segmental glomerulosclerosis (FSGS), with Amicus handling regulatory filings, dossier maintenance, & marketing in the US 
  • Dimerix will get $30M cash upfront, ~$75M on FDA approval, $35M on 1st sale, ~$40M for future indications & ~$410M in sales milestones, plus tiered royalties on net sales (low teens to low twenties %); they will also form a joint steering committee to align US development & marketing of DMX-200 for FSGS 
  • Dimerix will fund & execute the P-III (ACTION3) trial, with full enrollment expected by end-2025. A blinded interim analysis is planned after finalization of revised EPs in the protocol & FDA agreement 

Eli Lilly Enters a ~$415M Licensing Agreement with Alchemab Therapeutics for ATLX-1282 to Treat Amyotrophic Lateral Sclerosis (ALS) 

Date: May 06, 2025  

Product: ATLX-1282 

Shots: 

  • Eli Lilly has entered into a licensing agreement with Alchemab for ATLX-1282 to treat ALS & other neurodegenerative conditions 
  • As per the deal, Alchemab will receive ~$415M, incl. an upfront payment, potential discovery, development, & commercial payments, as well as royalties, plus will handle early P-I trial activities, with Lilly leading further development & commercialization 
  • Deal builds on a Jan 2025 agreement in which Alchemab & Lilly partnered to discover, develop, & market up to 5 ALS therapies, with Alchemab receiving an undisclosed upfront payment & being eligible for discovery, development & commercial milestone payments, plus royalties 

Elanco Inks a $295M Deal with Blackstone for Xdemvy’s Royalties and Milestones, Accelerating Debt Repayment 

Date: May 07, 2025  

Product: Xdemvy 

Shots: 

  • Elanco has sold certain future royalties & milestones linked to Xdemvy (0.25% lotilaner ophthalmic solution) for human use, to Blackstone Life Sciences & Blackstone Credit & Insurance to reduce its debt & strengthen its financial position 
  • As per the deal, Elanco will receive $295M in cash to repay portions of its loans on a pro-rata basis, reduce annual interest expense by ~$10M, & lower its net leverage ratio to 3.9x–4.3x adjusted EBITDA by end-2025, while losing ~$10M of 2025 royalties 
  • Deal incl. certain tiered royalties from the US sales of Xdemvy (Apr 2025 to Aug 2033) & select milestones, while Elanco retains rights to all non-US royalties & future non-ophthalmic indications of lotilaner 

GSK to Acquire Efimosfermin Alfa from Boston Pharmaceuticals for ~$2B, Strengthening its Hepatology Pipeline 

Date: May 07, 2025  

Product: Efimosfermin alfa 

Shots: 

  • GSK to acquire Boston’s lead asset, efimosfermin alfa, a P-III candidate for steatotic liver disease (SLD) 
  • As per the deal, GSK will acquire BP Asset IX (Boston’s subsidiary) for ~$2B to access efimosfermin, incl. $1.2B upfront & $800M in milestones, plus GSK will also be responsible for royalties & milestone payments owed to Novartis 
  • Efimosfermin alfa along with GSK’s human genetics insights, shows potential in advanced SLD & in combination with GSK’990, expanding GSK’s hepatology pipeline with possible 1st launch in 2029. Also, P-II data in biopsy-confirmed F2/F3 MASH pts showed rapid, significant liver fibrosis reversal & progression prevention; full data was shared at AASLD 2024 

Novo Nordisk Enters a ~$2.2B Deal with Septerna to Develop Oral Small Molecules for Cardiometabolic Diseases 

Date: May 15, 2025  

Product: N/A 

Shots: 

  • Septerna & Novo Nordisk to identify, develop & market oral small molecules for obesity, T2D & other cardiometabolic diseases under an exclusive global collaboration & license agreement 
  • As per the deal, Septerna will receive ~$2.2B, incl. over $200M in upfront & near-term milestones, plus research, development, & commercial milestones, along with net sales-based tiered royalties, while Novo will cover R&D expenses; closing expected in Q2’25 
  • Companies will launch 4 GPCR-targeted programs, incl. GLP-1, GIP, & glucagon receptors with joint research from discovery to candidate selection. After IND-enabling efforts, Novo will lead global development & marketing, while Septerna may opt for profit share in 1 program instead of milestones & royalties 

Pfizer Enters a ~$6.05B Exclusive Licensing Agreement with 3SBio for SSGJ-707 

Date: May 20, 2025  

Product: SSGJ-707 

Shots: 

  • 3SBio & its subsidiaries will grant Pfizer exclusive license to develop, manufacture & market SSGJ-707 worldwide, excl. China, with an option to obtain marketing rights in China 
  • As per the deal, 3SBio will receive $1.25B upfront & ~$4.8B in development, regulatory & commercial milestones, plus double-digit tiered royalties on SSGJ-707 sales; closing is expected in Q3’25 followed by a $100M equity investment from Pfizer subject to a securities subscription agreement 
  • SSGJ-707 (anti-PD-1 & anti-VEGF BsAb) to enter a 3SBio-led P-III trial in China in 2025, with Pfizer planning to manufacture the drug substance in Sanford, North Carolina, & the drug product in McPherson, Kansas 

Sanofi to Acquire Vigil Neuroscience for ~$470M 

Date: May 22, 2025  

Product: VG-3927 

Shots: 

  • Sanofi has entered into an agreement to acquire Vigil Neuroscience incl. its asset VG-3927 (TREM2 agonist), strengthening its neurology pipeline; Vigil’s VGL101 program is not a part of the acquisition 
  • As per the deal, Sanofi will acquire Vigil for ~$470M, with shareholders receiving $8/share in cash & a non-transferable CVR of $2/share payable upon the first commercial sale of VG-3927; closing expected in Q3’25 
  • In Jun 2024, Sanofi invested $40M in Vigil, securing exclusive first negotiation rights for exclusive license, grant, or transfer of rights to research, develop, manufacture, & commercialize VG-3927, which is to advance in P-II trial for Alzheimer’s disease 

Eli Lilly to Acquire SiteOne Therapeutics for ~$1B, Strengthening its Pain Pipeline 

Date: May 28, 2025  

Product: STC-004 

Shots: 

  • Eli Lilly has entered into a definitive agreement to acquire SiteOne Therapeutics incl. its asset, STC-004, expanding its pain pipeline  
  • As per the deal, SiteOne shareholders will receive an upfront payment as well as regulatory & commercial milestones for a total consideration of ~$1B in cash     
  • STC-004 is a non-opioid Nav1.8 inhibitor, which will advance into a P-II trial for the treatment of chronic pain 

Astellas Enters a ~$1.54B Licensing Agreement with Evopoint Biosciences to Develop & Commercialize XNW27011 

Date: May 30, 2025  

Product: XNW27011 

Shots: 

  • Evopoint Biosciences has granted Astellas exclusive license to develop & commercialize XNW27011 globally, excl. Mainland China, Hong Kong, Macao & Taiwan 
  • As per the deal, Evopoint will receive $130M upfront as well as ~$70M as near-term payments in addition to ~$1.34B in development, regulatory & commercial milestones, with net sales-based royalties 
  • XNW27011, an CLDN18.2-specific ADC with TOP1 inhibitor payload & linker tech, is being evaluated in P-I/II trials in China for CLDN18.2-positive solid tumors incl. gastric, gastroesophageal, & pancreatic cancers 

Sanofi to Acquire Blueprint Medicines for ~$9.5B 

Date: Jun 02, 2025  

Product: N/A 

Shots: 

  • Sanofi to acquire Blueprint Medicines, expanding its rare immunological disease portfolio 
  • As per the deal, Blueprint shareholders will receive $129/share in cash (~$9.1B equity value) & one non-tradeable CVR of $2 & $4 per share upon achievement of development & regulatory milestones, respectively, for BLU-808, totaling the deal value up to $9.5B on a fully diluted basis; closing expected in Q3’25 
  • Acquisition incl. FDA & EC-approved Ayvakit/Ayvakyt (avapritinib) for ASM & ISM as well as elenestinib, a KIT D816V inhibitor in P-II/III (HARBOR) trial for ISM & smoldering SM, with BLU-808, an oral wild-type KIT inhibitor 

BMS Enters a ~$11.1B Deal with BioNTech to Jointly Develop and Commercialize BNT327 

Date: Jun 03, 2025  

Product: BNT327 

Shots: 

  • BMS & BioNTech will co-develop & co-commercialize BioNTech’s BNT327 alone & in combination to treat solid tumors; BMS to hold MA globally excl. the US, UK, China, Turkey, & EU, where BioNTech will be the holder 
  • As per the deal, BioNTech will receive $1.5B upfront, $2B in non-contingent annual payments through 2028 & ~$7.6B in additional development, regulatory & commercial milestones. Both companies will equally share joint development & manufacturing costs, with certain exceptions along with global profits/losses, while retaining rights to independently develop BNT327 for further indications 
  • BNT327 is being assessed in ongoing P-III trials for 1L ES-SCLC & NSCLC; a P-III trial for TNBC is planned to start by 2025 end 

Regeneron Enters a ~$2B In-Licensing Deal with Hansoh Pharma for HS-20094, Expanding its Obesity Portfolio 

Date: Jun 03, 2025  

Product: HS-20094 

Shots: 

  • Regeneron has entered into an in-licensing agreement with Hansoh for exclusive global clinical development & commercialization rights of HS-20094, excl. Mainland China, Hong Kong & Macau 
  • As per the deal, Hansoh will receive $80M upfront & ~$1.93B in development, regulatory & sales milestones, with low double digits royalties on sales in Regeneron-licensed areas 
  • HS-20094 (SC, QW), a dual GLP-1/GIP receptor agonist, is being evaluated in an ongoing P-III trial for obesity in China & a P-IIb study for diabetes 

Cullinan Therapeutics Enters a ~$712M Licensing Deal with Genrix Bio for Velinotamig 

Date: Jun 05, 2025  

Product: Velinotamig 

Shots: 

  • Genrix Bio has granted Cullinan exclusive global license to velinotamig, excl. Greater China for all indications, with Cullinan planning to develop it in autoimmune diseases 
  • As per the deal, Genrix will receive $20M upfront, ~$292M in development & regulatory milestones & ~$400M in sales-based milestones, with net sales-based tiered royalties from mid-single digits up to the mid- teens in Cullinan-licensed areas 
  • Genrix will initiate a P-I trial in Chinese pts with autoimmune disease by 2025 end, with Cullinan leveraging the data to lead global development of velinotamig post-study completion 

Philochem and RayzeBio Enter Into a Development and Commercialization Deal of ~$1.35B 

Date: Jun 11, 2025  

Product: N/A 

Shots: 

  • Philochem and RayzeBio (BMS) entered into a development and commercialization agreement under which Philochem granted RayzeBio exclusive worldwide rights to develop, manufacture, and commercialize its radiopharmaceutical agent OncoACP3 for prostate cancer  
  • Under the agreement, Philochem will receive $350M up front and is eligible for up to $1B in development, regulatory, and commercial milestones, plus mid-single to low double-digit royalties for both therapeutic and diagnostic agents of OncoACP3 
  • The transaction is subject to regulatory approvals and customary closing conditions, with expected completion in the 3Q’25. Ongoing IND-enabling activities aim to support the application for a P-I therapeutic study using 225Ac-OncoACP3 

BioNTech to Acquire CureVac for ~$1.25B 

Date: Jun 13, 2025  

Product: N/A 

Shots: 

  • BioNTech has entered into a definitive purchase agreement to acquire CureVac in an all-stock transaction, strengthening its mRNA tech & capabilities 
  • As per the deal, each CureVac share will be exchanged for ~$5.46 in BioNTech ADSs, implying a total equity value of ~$1.25B, with a collar-adjusted exchange ratio (0.04318 if BioNTech’s 10-day VWAP >$126.55; 0.06476 if <$84.37), resulting in CureVac shareholders owning 4–6% of BioNTech; closing expected in 2025 
  • CureVac will become a wholly owned subsidiary of BioNTech, which will also integrate CureVac’s advanced research & manufacturing facility in Tübingen as part of the reorganization plan 

Eli Lilly to Acquire Verve Therapeutics for ~$1.3B 

Date: Jun 17, 2025  

Product: VERVE-102 

Shots: 

  • Eli Lilly has entered into a definitive agreement to acquire Verve Therapeutics to advance cardiovascular therapies 
  • As per the deal, Lilly will acquire Verve for $10.50/share in an all-cash transaction totaling ~$1B, along with one non-tradeable CVR of $3/share tied to first pts dosing with VERVE-102 for ASCVD in P-III trial by year 10 post-closing; closing expected in Q3’25, with a second-step merger for untendered shares 
  • VERVE-102, an in vivo gene editing therapy targeting PCSK9, is being evaluated in a P-Ib trial for ASCVD & has received FTD from the US FDA 

Supernus Pharmaceuticals to Acquire Sage Therapeutics for ~$795M 

Date: Jun 17, 2025  

Product: Zurzuvae   

Shots: 

  • Supernus to acquire Sage Therapeutics, strengthening its neuropsychiatry product portfolio with Zurzuvae (zuranolone), & a novel CNS discovery platform 
  • As per the deal, Sage’s shareholders will receive $8.5/share in an all-cash transaction totaling ~$561M, along with one non-tradeable CVR of $3.50/share (~$234M) tied to Zurzuvae milestones: $1 each for US sales allocable to Supernus reaching $250M (by 2027), $300M (by 2028), $375M (by 2030), & $0.50 for first commercial sale in Japan for MDD by Jun 30, 2026; closing expected in Q3’25 
  • Additionally, Supernus will report collaboration revenue equal to 50% of Biogen’s total net US revenue from Zurzuvae, as per their collaboration agreement 

Royalty Pharma Purchases Revolution Medicines’ Royalty Rights of Daraxonrasib for ~2B 

Date: Jun 25, 2025  

Product: Daraxonrasib 

Shots: 

  • Royalty Pharma acquiring Revolution Medicines’ royalties for daraxonrasib (P-III RASolute 302), providing up to $1.25B across five $250M milestone tranches, plus an additional $750M debt facility in three tranches 
  • Revolution received the $250M upfront, with future payments tied to P-III data (2026), FDA approval (by Jan 2028), and sales milestones, allowing access to further synthetic royalty and debt financing 
  • In return, Royalty Pharma will obtain 15-year capped royalties (on $8B annual sales), ranging from 2.26% if only two tranches are drawn, up to 4.29% if all five are received, aligning incentives between both parties 

Vor Bio Enters a ~$4.12B Exclusive Global License Agreement with RemeGen to Develop and Commercialize Telitacicept 

Date: Jun 25, 2025  

Product: Telitacicept 

Shots: 

  • Vor Bio and RemeGen have entered an exclusive licensing agreement, giving Vor Bio rights outside China, Hong Kong, Macau, and Taiwan to develop & commercialize telitacicept 
  • As per the Deal, RemeGen will receive $125M ($45M upfront and $80M in stock warrants). RemeGen is eligible for more than $4B in regulatory & commercial milestones + tiered royalties 
  • Telitacicept is a fusion protein that inhibits BlyS (BAFF) and APRIL, reducing autoreactive B cells and autoantibody production in autoimmune diseases. Approved in China for gMG, SLE, and RA, it is currently in a global P-III trial enrolling in the US, EU, and South America, with initial results expected in the 1H’27 

Related Post: PharmaShots’ Key Highlights of First Quarter 2025  

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