Shots:
- Novartis led biopharma dealmaking in 2025, executing 23 transactions worth $37.92B with a disciplined, high-impact strategy that balanced scale, science, and strategic fit
- Dealmaking was spread across high-conviction areas; neuroscience, cardiovascular disease, immunology, and RNA platforms, combining transformational acquisitions with flexible licensing partnerships to build a future-ready pipeline
- Standout transactions (Avidity, Monte Rosa, Argo, Anthos, Arrowhead) reinforced Novartis’ leadership in next-generation modalities, earning it clear recognition as Dealmaker of the Year 2025 and setting a strong benchmark for 2026
In 2025, Novartis firmly established itself as the Dealmaker of the Year based on total deal value, strategic coherence, and portfolio-shaping impact. Over the course of the year, Novartis executed 23 transactions with an aggregate value of $37.92B, supported by $15.9B in upfront cash and equity, highlighting a bold yet methodical approach to external innovation.
Rather than relying on a single transformational acquisition, Novartis deployed capital across multiple high-conviction opportunities, spanning neuroscience, cardiovascular disease, immunology, and RNA-based platforms. The result is a diversified, future-ready pipeline designed to deliver both near-term value and long-term growth.
Why Novartis Stood Out in 2025
Novartis’ 2025 dealmaking strategy reflects a clear set of priorities:
- Strengthening the late-stage and near-commercial pipeline to mitigate medium-term LOE exposure
- Gaining access to next-generation platforms such as AOCs, targeted protein degradation, and siRNA
- Focusing on high-unmet-need indications with durable commercial potential
This balanced approach positions Novartis not just as an active dealmaker, but as a disciplined architect of long-term portfolio value.
Key Transactions Driving Dealmaker of the Year Recognition
Acquisition of Avidity Biosciences ($12B)
The acquisition of Avidity Biosciences marks Novartis’ most impactful transaction of 2025, significantly advancing its neuroscience ambitions.
- Novartis gains access to Avidity’s Antibody Oligonucleotide Conjugates (AOCs) platform and three late-stage neuromuscular programs
- Transaction terms include $72 per share, valuing Avidity at approximately $12B (enterprise value ~$11B)
- Deal closing is expected in H1’26
Structural Highlights
- Early-stage precision cardiology assets will be transferred to SpinCo, a wholly owned subsidiary of Avidity
- Shareholders will receive 1 SpinCo share per 10 Avidity shares and/or a potential cash distribution
- Novartis retains a right of first negotiation for select SpinCo assets
Takeaway: This acquisition underscores Novartis’ conviction in advanced RNA delivery technologies and its intent to build durable leadership in neuroscience.
Licensing Collaboration with Monte Rosa Therapeutics ($5.7B)
Novartis partnered with Monte Rosa Therapeutics to develop novel targeted protein degraders for immune-mediated diseases.
- Exclusive license to an undisclosed discovery target
- Options to license two additional preclinical immunology programs
- Powered by Monte Rosa’s QuEEN discovery engine
Deal Economics
- $120M upfront payment
- Option maintenance fees and preclinical milestones
- Development, regulatory, and sales milestones across programs
- Tiered net-sales royalties ranging from high single to low double digits
Takeaway: The collaboration reflects Novartis’ preference for platform-driven innovation with built-in flexibility and capital efficiency.
Strategic Licensing Deal with Argo Biopharma ($5.3B)
Novartis expanded its cardiovascular footprint through a multi-asset partnership with Argo Biopharma.
- Options to license ex-China rights to two discovery-stage assets for severe hypertriglyceridemia and mixed dyslipidemia
- First negotiation rights for BW-00112 (ANGPTL3), a Phase II asset
- Reciprocal P&L-sharing structure for a hepatic siRNA program expected to enter Phase I in 2026
Financial Structure
- $160M upfront
- Approximately $5.2B in milestones and option payments
- Tiered royalties
- Novartis signaled non-binding intent to participate in Argo’s next equity financing round
Takeaway: This deal highlights Novartis’ increasingly nuanced approach to regional rights, risk-sharing, and RNA-based cardiovascular innovation.
Acquisition of Anthos Therapeutics ($3.08B)
Novartis’ acquisition of Anthos Therapeutics strengthens its cardiovascular portfolio with a differentiated late-stage asset.
- Anthos was originally launched by Blackstone Life Sciences and Novartis in 2019
- Total consideration of approximately $3.1B, including $925M upfront and up to $2.15B in milestones
- Transaction closed/expected to close in H1’25
Lead Asset: Abelacimab
- Demonstrated reduced bleeding risk versus standard oral anticoagulants in the Phase II AZALEA trial
- Currently being evaluated in three Phase III trials: LILAC-TIMI 76, ASTER, and MAGNOLIA
Takeaway: Abelacimab positions Novartis as a potential leader in next-generation anticoagulation therapies with improved safety profiles.
Development & Commercialization Agreement with Arrowhead Pharmaceuticals ($2.2B)
Novartis secured exclusive global rights to ARO-SNCA, an RNAi therapy targeting synucleinopathies, including Parkinson’s disease.
- Asset leverages Arrowhead’s TRiM platform for targeted subcutaneous delivery
- $200M upfront payment
- Up to $2.0B in development, regulatory, and sales milestones
- Tiered royalties reaching low double digits
- Closing anticipated in H2’25
Under the collaboration, Arrowhead will conduct preclinical activities through CTA filings, after which Novartis will assume responsibility for development, manufacturing, medical affairs, and commercialization.
Takeaway: The agreement reinforces Novartis’ long-term commitment to RNA therapeutics and neurodegenerative disease leadership.
Key Takeaways
- Novartis didn’t just stay active in 2025, it executed with clear intent and long-term vision
- The deal strategy was firmly rooted in strong science, differentiated platforms, and clinically mature assets
- A smart blend of transformational acquisitions and selective licensing partnerships helped build depth without overconcentration
- The outcome is a robust, future-ready pipeline positioned to fuel sustained innovation and growth
- With leadership in total deal value, high-quality assets, and tight strategic alignment, Novartis stood apart from peers
- All factors considered, Novartis rightfully earns the title of Dealmaker of the Year 2025, setting a compelling benchmark for biopharma dealmaking as the industry heads into 2026
About DealForma:
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About Octavus Consulting:
Octavus is a boutique consulting company, engaged in comprehensive business research, market intelligence, market research and data analytics by providing support and outsourcing solutions to bio-pharma, medtech, diagnostics, digital health companies and healthcare start-ups.
Related Post: J.P. Morgan Special: Dealmaker of the Year 2024 (Part 02)
