Top 20 M&A of 2025 by Total Deal Value  

Shots: 

• 2025 pharma M&A was defined by fewer but more transformational deals, with companies prioritizing commercial-stage assets, late-stage pipelines, and platform technologies capable of reshaping long-term growth and strengthening core therapeutic franchises 
• The year’s momentum was led by three standout transactions, J&J’s $14.6B acquisition of Intra-Cellular Therapies, Novartis’ $12B deal for Avidity Biosciences, and Merck’s $10B buyout of Verona Pharma, highlighting strong industry focus on CNS innovation, RNA-enabled precision medicine, and revenue-generating specialty assets 
• Dealmaking showed greater financial and regulatory discipline, with widespread use of CVRs, milestone-linked payouts, carve-outs, and risk-adjusted bidding strategies, reflecting a shift toward structured transactions that balance innovation upside with downside protection 

20. Novartis and Regulus Therapeutics 

Deal Announced Date: Apr 29, 2025 

Deal Completion Date: Jun 25, 2025 

Deal Status: Completed 

Deal Value: $1.7B 

• Novartis completed its acquisition of Regulus Therapeutics in H2’25, bringing Regulus into the group as an indirect wholly owned subsidiary via a merger with a Novartis-owned entity and strengthening Novartis’ RNA-targeted kidney disease portfolio 
• Under the terms of the deal, Regulus shareholders received ~$0.8B upfront, paid as $7 per share in cash, plus eligibility for an additional ~$0.9B upon achievement of a regulatory milestone, payable via a CVR of ~$7 per share in cash, taking the total potential consideration to ~$1.7B 
• The acquisition centered on farabursen, a miR-17 inhibitor evaluated in a completed P-Ib multiple-ascending dose trial for autosomal dominant polycystic kidney disease (ADPKD). The study demonstrated a favorable safety profile and encouraging biological and clinical signals, including effects on urinary polycystin and height-adjusted total kidney volume, supporting further development in this high-unmet-need renal indication 

Key Takepoints 

• The deal deepened Novartis’ commitment to RNA-based therapeutics beyond traditional modalities 
• Farabursen added a novel, disease-modifying approach in ADPKD 
• The acquisition stood out as one of the most targeted RNA-kidney disease M&A transactions of 2025, highlighting continued big-pharma interest in microRNA biology 

19. AbbVie and Capstan 

Deal Announced Date: Jun 30, 2025 

Deal Completion Date: Aug 19, 2025 

Deal Status: Completed 

Deal Value: $2.1B 

• AbbVie acquired Capstan Therapeutics, adding a first-in-class in vivo RNA delivery platform to its immunology pipeline and reinforcing its push into next-generation therapies for autoimmune diseases 
• Under the definitive agreement, AbbVie agreed to pay up to ~$2.1B in cash, subject to customary closing conditions and regulatory approvals. The transaction marked a strategic bet on platform innovation rather than a single late-stage asset 
• The acquisition brought in CPTX2309, a P-I candidate that uses Capstan’s proprietary targeted lipid nanoparticle (tLNP) platform to deliver mRNA encoding an anti-CD19 CAR directly to CD8+ T cells in vivo, aiming to reset immune function in B-cell-mediated autoimmune diseases without the need for ex vivo cell therapy 

Key Takepoints 

• The deal expanded AbbVie’s immunology strategy beyond biologics into in vivo CAR-T-like approaches 
• Capstan’s tLNP platform offered scalable, off-the-shelf RNA delivery, addressing key limitations of traditional cell therapies 
• The acquisition stood out as one of the most forward-leaning platform bets in autoimmune M&A, highlighting growing pharma interest in programmable, in vivo immune re-engineering 

18. Sanofi and Dynavax 

Deal Announced Date: Dec 24, 2025 

Deal Completion Date: Dec 29, 2025 

Deal Status: Completed 

Deal Value: $2.2B 

• Sanofi moved to strengthen its vaccines portfolio by entering into an agreement to acquire Dynavax Technologies, bringing in a differentiated commercial vaccine and early-stage pipeline assets aligned with Sanofi’s immunization strategy 
• Under the terms of the transaction, Sanofi agreed to acquire Dynavax for $15.50 per share in cash, valuing the company at ~$2.2B in equity value. The deal was structured as a tender offer, followed by a merger of a Sanofi subsidiary into Dynavax. As of early 2026, the transaction remained on track to close in Q1’26, subject to customary regulatory approvals and tender conditions 
• The acquisition added Heplisav-B, a US-marketed adult hepatitis B vaccine differentiated by its two-dose, one-month regimen and faster, higher seroprotection compared with traditional three-dose vaccines. Sanofi also gained Z-1018, a next-generation shingles vaccine candidate in P-I/II development, along with additional vaccine pipeline programs supporting longer-term growth 

Key Takepoints 

• Heplisav-B provided Sanofi with an immediate commercial foothold in the US adult hepatitis B market 
• Z-1018 and earlier-stage assets expanded Sanofi’s next-wave vaccine innovation pipeline
• The transaction underscored Sanofi’s continued focus on vaccines as a core growth pillar, blending near-term revenue with pipeline optionality 

17. Alkermes and Avadel Pharmaceuticals 

Deal Announced Date: Oct 22, 2025 

Deal Completion Date: Dec 29, 2025 

Deal Status: Completed 

Deal Value: $2.3B 

• Alkermes moved decisively into sleep medicine by entering into a definitive agreement to acquire Avadel Pharmaceuticals, anchored by Avadel’s once-nightly oxybate franchise, Lumryz 
• Under the terms of the transaction, Alkermes agreed to acquire Avadel for $18.50 per share in cash, plus a non-tradeable CVR of $1.50 per share tied to US FDA approval of Lumryz for idiopathic hypersomnia in adults by the end of 2028, implying a total equity value of ~$2.1B. As of early 2026, the deal remained on track to close in Q1’26, subject to customary approvals 
• The acquisition centered on Lumryz, a high-sodium oxybate approved for the treatment of cataplexy or excessive daytime sleepiness in narcolepsy patients (≥7 years). Lumryz was also advancing through a P-III study in idiopathic hypersomnia, positioning it as a potential lifecycle expansion driver and a foundation asset for Alkermes’ new therapeutic vertical 

Key Takepoints 

• The deal marked Alkermes’ strategic entry into the sleep disorders market with a commercial, revenue-generating asset 
• The CVR structure aligned upside with label expansion into idiopathic hypersomnia, a high-unmet-need indication 
• The transaction stood out as one of the more transformative mid-cap biotech acquisitions heading into 2026, reflecting renewed M&A interest in de-risked CNS and sleep-medicine assets 

16. Johnson & Johnson and Halda 

Deal Announced Date: Nov 17, 2025 

Deal Completion Date: Dec 29, 2025 

Deal Status: Completed 

Deal Value: $3.05B 

• Johnson & Johnson acquired Halda Therapeutics, accelerating its push in oncology innovation by adding a differentiated proximity-based drug discovery platform to its pipeline 
• Under the definitive agreement, J&J acquired Halda for $3.05B in cash, with the transaction treated as a business combination and closing following customary regulatory approvals. The deal marked another sizable, platform-driven oncology bet for J&J 
• The acquisition brought in Halda’s Regulated Induced Proximity Targeting Chimera (RIPTAC) platform, designed to enable oral targeted therapies for solid tumors and other cancers. The portfolio included multiple oncology programs across breast, lung, and additional tumor types, led by HLD-0915, a P-I/II candidate for prostate cancer. 

Key Takepoints 

• RIPTAC added a novel modality to J&J’s oncology toolkit, complementing existing targeted and cell therapy approaches 
• The deal emphasized J&J’s appetite for early-to-mid stage platforms with broad expansion potential 
• The acquisition stood out as one of the most notable platform-led oncology transactions of the mid-2020s, underscoring sustained big-pharma interest in proximity-based therapeutics

15. Novartis and Anthos Therapeutics 

Deal Announced Date: Feb 11, 2025 

Deal Completion Date: Apr 03, 2025 

Deal Status: Completed 

Deal Value: $3.07B 

• Novartis acquired Anthos Therapeutics, reinforcing its cardiovascular portfolio with full ownership of abelacimab, a next-generation anticoagulant originally licensed from Novartis and developed within the Anthos platform launched with Blackstone Life Sciences in 2019 
• Under the terms of the transaction, Anthos received $925M upfront, with eligibility for up to ~$2.15B in regulatory and commercial milestone payments, bringing the total potential deal value to ~$3.1B. The acquisition consolidated Novartis’ economic and strategic control over a high-potential cardiovascular asset 
• The deal centered on abelacimab, a Factor XI inhibitor that demonstrated significantly reduced bleeding events versus standard-of-care oral anticoagulants in the P-II AZALEA trial. At closing, abelacimab was advancing through three P-III programs: LILAC-TIMI 76 (atrial fibrillation) and ASTER and MAGNOLIA (cancer-associated thrombosis), targeting prevention of stroke and systemic embolism 

Key Takepoints 

• The acquisition strengthened Novartis’ position in safer, next-generation anticoagulation 
• Full ownership simplified development and commercialization of abelacimab across multiple indications 
• The deal stood out as one of the most strategically focused cardiovascular M&A transactions of 2025, highlighting pharma’s push toward differentiated risk-benefit profiles in thrombosis therapy 

14. Bain Capital and Mitsubishi Tanabe Pharma 

Deal Announced Date: Feb 07, 2025 

Deal Completion Date: Jul 01, 2025 

Deal Status: Completed 

Deal Value: $3.3B 

• Bain Capital reported the transfer of all shares of MTPC from Mitsubishi Chemical Group Corporation to BCJ-94, a special purpose company indirectly owned by investment funds advised by Bain Capital. The transaction valued Mitsubishi Tanabe Pharma at approximately ¥510B (~$3.3B) and was led by Bain Capital’s Asia, North America, and Life Sciences private equity teams 
• The deal marked a strategic separation of Mitsubishi Tanabe Pharma as a standalone, globally focused biopharmaceutical company, allowing Bain Capital to pursue operational transformation, pipeline prioritization, and selective M&A outside the constraints of a diversified industrial parent. Closing followed receipt of regulatory clearances, shareholder approvals, and customary conditions 
• Mitsubishi Tanabe Pharma joined Bain Capital’s expanding global healthcare portfolio, alongside current and prior investments such as Avistone Pharma, Cardurion Pharma, Kailera Therapeutics, and Stada, as well as notable exits including Aiolos Bio (acquired by GSK) and Cerevel Therapeutics (acquired by AbbVie), reinforcing Bain’s track record of building and scaling life sciences platforms 

Key Takepoints 

• The transaction represented a landmark Japan pharma carve-out, highlighting rising private equity appetite for large-cap healthcare assets 
• Bain Capital gained a commercial-stage pharma platform with global footprint and restructuring optionality 
• The deal underscored Bain’s position as one of the most active and credible financial sponsors in life sciences M&A 

13. Merck KGaA and SpringWorks 

Deal Announced Date: Feb 10, 2025 

Deal Completion Date: Jul 01, 2025 

Deal Status: Completed 

Deal Value: $3.4B 

• Merck KGaA entered into an agreement to acquire SpringWorks Therapeutics, strengthening its rare disease portfolio while providing SpringWorks with the global scale needed to expand beyond the US market 
• Under the terms of the deal, Merck KGaA acquired SpringWorks for $47 per share, representing a ~26% premium and valuing the company at ~$3.9B in equity value (or ~$3.4B enterprise value). The transaction was financed through available cash and new debt, aligning with Merck KGaA’s disciplined capital deployment strategy 
• At the time of closing, SpringWorks’ pipeline included two late-stage assets under European regulatory review: Gomekli (mirdametinib), with an EMA Marketing Authorization Application (MAA) for NF1-associated plexiform neurofibromas (patients ≥2 years), and Ogsiveo (nirogacestat), with an MAA under review for progressing desmoid tumors. Both programs were positioned as near-term European growth drivers pending regulatory outcomes 

Key Takepoints 

• The acquisition significantly expanded Merck KGaA’s rare tumor and genetic disease footprint 
• SpringWorks gained a pathway to broader international commercialization, particularly in Europe 
• The deal ranked among the most strategically targeted rare-disease acquisitions of 2025, underscoring sustained pharma interest in de-risked, late-stage orphan assets 

12. Roche and 89bio 

Deal Announced Date: Sep 18, 2025 

Deal Completion Date: Oct 30, 2025 

Deal Status: Completed 

Deal Value: $3.5B 

• Roche signed a definitive merger agreement to acquire 89bio, strengthening its cardiovascular, renal, and metabolic (CVRM) portfolio with full ownership of pegozafermin, a differentiated FGF21 analog for metabolic dysfunction–associated steatohepatitis (MASH) 
• Under the all-cash deal, Roche paid $14.50 per share (≈$2.4B upfront) plus a non-tradeable CVR of up to $6 per share, bringing the total potential consideration to ~$3.5B. Following closing, Roche completed a second-step merger to acquire all remaining outstanding shares 
• The CVR structure tied upside to pegozafermin’s long-term success: $2/share upon first commercial sale in F4 MASH cirrhosis (by Mar 31, 2030), $1.5/share if global sales reach ≥$3B (by Dec 31, 2033), and $2.5/share if sales reach ≥$4B (by Dec 31, 2035), aligning shareholder value with clinical and commercial milestones 

Key Takepoints 

• The deal advanced Roche’s CVRM strategy with a late-stage MASH asset spanning severe disease 
• CVRs balanced Roche’s risk while preserving meaningful upside tied to cirrhosis and blockbuster-scale sales 
• The acquisition ranked among the most structured, milestone-driven MASH transactions of 2025, highlighting big pharma’s disciplined approach to liver disease bets 

11. BioMarin and Amicus Therapeutics 

Deal Announced Date: Dec 19, 2025 

Deal Completion Date: N/A 

Deal Status: Active 

Deal Value: $4.8B 

• BioMarin Pharmaceutical entered into a definitive agreement to acquire Amicus Therapeutics, marking a major step to scale its commercial rare-disease portfolio through the addition of established Fabry and Pompe disease franchises 
• Under the all-cash transaction, BioMarin agreed to acquire Amicus for $14.50 per share, valuing the deal at ~$4.8B in equity value. As of early 2026, the transaction remained on track to close in Q2 2026, subject to customary regulatory approvals and closing conditions 
• The acquisition added Galafold (migalastat) for Fabry disease and the Pompe disease combination of Pombiliti (cipaglucosidase alfa-atga) plus Opfolda (miglustat), significantly expanding BioMarin’s marketed portfolio. Amicus also contributed pipeline optionality via DMX-200, a P-III small-molecule therapy for focal segmental glomerulosclerosis (FSGS) in the US 

Key Takepoints 

• The deal immediately expanded BioMarin’s commercial revenue base beyond its enzyme replacement heritage 
• Fabry and Pompe assets strengthened BioMarin’s position as a leader in rare genetic diseases 
• The acquisition stood out as one of the largest rare-disease M&A transactions expected to close in 2026, reflecting continued consolidation around de-risked, commercial-stage assets  

10. Novo Nordisk and Akero Therapeutics 

Deal Announced Date: Oct 09, 2025 

Deal Completion Date: Dec 09, 2025 

Deal Status: Completed 

Deal Value: $5.2B 

• Novo Nordisk acquired Akero Therapeutics, significantly expanding its metabolic dysfunction-associated steatohepatitis (MASH) strategy through full ownership of Akero’s lead asset, efruxifermin (EFX)
• Under the all-cash transaction, Novo Nordisk paid $54 per share, representing ~$4.7B in upfront equity value, plus a non-tradeable CVR of $6 per share (worth ~$0.5B) tied to US FDA approval of EFX for compensated cirrhosis due to MASH, bringing the total potential deal value to ~$5.2B. The acquisition closed following regulatory and shareholder approvals
• The deal centered on EFX, a once-weekly subcutaneous FGF21 analog, advancing through the P-III SYNCHRONY program, comprising three pivotal studies designed to support regulatory filings across both pre-cirrhotic MASH (F2–F3) and compensated cirrhosis (F4). The program positioned EFX as a potential best-in-class, disease-modifying therapy across the MASH severity spectrum

Key Takepoints 

• The acquisition deepened Novo Nordisk’s presence in late-stage MASH, complementing its broader cardiometabolic franchise 
• The CVR structure aligned upside with label expansion into compensated cirrhosis, a high-unmet-need segment 
• The deal ranked among the most strategically important MASH transactions of the mid-2020s, underscoring big pharma’s continued push into advanced liver disease therapeutics 

9. SL Bio and Horizon Space Acquisition II Corp.  

Deal Announced Date: May 09, 2025 

Deal Completion Date: Jul 31, 2025 

Deal Status: Completed  

Deal Value: $5.5B 

• SL Bio advanced its path to the public markets by entering into a reverse merger with Horizon Space Acquisition II Corp. (HSPT), positioning the combined company to be renamed SL Science Holding for a NASDAQ listing. SL Bio is focused on cellular and gene therapies across oncology and regenerative medicine 
• The transaction implied an equity value of ~$5.56B, based on a $10 per share valuation. Upon completion, William Wang was slated to serve as Chairman and CEO, Johnson Lau as CFO, and Ethan Shen as CTO. The merger remained subject to customary conditions, including regulatory clearances, shareholder approvals from both parties, effectiveness of the proxy/registration statement, Nasdaq listing approval, and required third-party consents 
• On January 13, 2026, HSPT shareholders announced that an extraordinary general meeting (EGM) would be held on February 3, 2026, marking a key procedural milestone toward closing. The transaction had already received unanimous approval from the boards of directors of both SL Bio and HSPT, with closing targeted following shareholder votes 

Key Takepoints 

• The reverse merger provided SL Bio with a capital-efficient route to public markets amid a selective IPO environment 
• The deal positioned SL Science Holding as a publicly traded platform company in cell and gene therapy 
• The scheduled February 2026 EGM represented a critical near-term catalyst for transaction completion and Nasdaq listing 

8. Mallinckrodt and Endo 

Deal Announced Date: Mar 13, 2025 

Deal Completion Date: Jul 31, 2025 

Deal Status: Completed  

Deal Value: $6.7B 

• Mallinckrodt’s generics business and Endo’s sterile injectables operations into a new combined entity headquartered in Dublin, Ireland, with Endo operating as a subsidiary of Mallinckrodt 
• Under the agreed structure, Endo shareholders received $80M in cash and a 49.9% ownership stake in the combined company, while Mallinckrodt shareholders retained 50.1% ownership, implying a pro forma enterprise value of ~$6.7B. Following the closing, the combined company began trading on the New York Stock Exchange, marking a key milestone in both companies’ post-restructuring strategies 
• The merged portfolio brought together a broad base of branded generics and specialty products, including Xiaflex, Acthar Gel, Terlivaz, Supprelin LA, and Aveed. At closing, the combined entity operated 17 manufacturing sites, 30 distribution centers, and employed approximately 5,700 people, creating meaningful scale across manufacturing and supply chain operations 

Key Takepoints 

• The transaction created a scaled, diversified generics and specialty pharma player with improved operational leverage 
• The Dublin headquarters reinforced a global operating footprint while maintaining US market access 
• The deal stood out as one of the most significant pharma consolidation moves of 2025, reflecting continued restructuring-driven M&A in the generics space 

7. Genmab and Merus  

Deal Announced Date: Sep 29, 2025 

Deal Completion Date: Dec 12, 2025 

Deal Status: Completed  

Deal Value: $8B 

• Genmab entered into a transaction agreement to acquire Merus, accelerating its transition toward a fully owned, late-stage oncology model and significantly strengthening its clinical pipeline with Merus’ lead asset, petosemtamab
• Under the all-cash transaction, Genmab acquired Merus for $97 per share, valuing the deal at ~$8B. The acquisition marked one of Genmab’s largest strategic moves to date, consolidating full economic and development control over a potential cornerstone oncology asset
• The deal centered on petosemtamab, an EGFR×LGR5 bispecific antibody in two P-III study for first-line and second-/third-line head and neck cancer. Following encouraging P-II data presented at ASCO 2025, which showed improvements in overall response rate (ORR) and median progression-free survival (mPFS), interim P-III readouts were expected in 2026, with Genmab targeting a 2027 launch, pending results and regulatory approvals. Plans were also in place to expand petosemtamab into earlier lines of therapy

Key Takepoints 

• The acquisition gave Genmab full ownership and control of a late-stage bispecific with blockbuster potential 
• Petosemtamab emerged as a flagship asset supporting Genmab’s evolution beyond partnered antibody programs 
• The deal stood out as one of the most strategically transformative European biotech M&A transactions entering 2026, underscoring continued confidence in differentiated bispecific oncology platforms 

6. Merck and Cidara Therapeutics 

Deal Announced Date: Nov 14, 2025 

Deal Completion Date: Jan 07, 2026 

Deal Status: Completed  

Deal Value: $9.2B 

• Merck signed a definitive agreement to acquire Cidara Therapeutics, adding CD388, a late-stage long-acting antiviral, to its infectious disease pipeline and reinforcing its focus on differentiated prevention strategies 
• Under the definitive agreement, Merck acquired Cidara for $221.50 per share in cash, valuing the transaction at ~$9.2B. The deal closed in Q1’26, following customary regulatory clearances, bringing Cidara fully under Merck’s global R&D umbrella 
• The acquisition centered on CD388, a P-III antiviral designed to deliver long-acting protection against both influenza A and B. CD388 combines a small-molecule neuraminidase inhibitor with a proprietary human antibody Fc fragment, enabling extended durability from a single administration – a potential paradigm shift for seasonal and pandemic flu prevention 

Key Takepoints 

• CD388 positioned Merck at the forefront of long-acting antiviral prophylaxis, beyond traditional vaccines 
• The deal expanded Merck’s infectious disease strategy with a late-stage, de-risked asset 
• The acquisition ranked among the most strategically significant antiviral M&A transactions entering 2026, highlighting pharma’s growing interest in durable, prevention-focused therapies 

5. Sanofi and Blueprint Medicines 

Deal Announced Date: Jun 02, 2025 

Deal Completion Date: Jul 18, 2025 

Deal Status: Completed  

Deal Value: $9.5B 

• Sanofi and Blueprint Medicines entered into an agreement under which Sanofi acquired Blueprint, expanding its rare immunological and mast cell disease franchise and deepening its focus on precision medicines in immunology 
• Under the agreed terms, Blueprint shareholders received $129 per share in cash (representing ~$9.1B in equity value) plus one non-tradeable CVR offering up to $6 per share ($2 tied to development and $4 tied to regulatory milestones) linked to BLU-808, bringing the total potential deal value to ~$9.5B on a fully diluted basis. The transaction closed in Q3 2025 
• The acquisition brought Sanofi a commercial and clinical-stage portfolio, including Ayvakit/Ayvakyt (avapritinib) – approved by both the US FDA and the European Commission for advanced systemic mastocytosis (ASM) and indolent systemic mastocytosis (ISM) – alongside elenestinib, a next-generation KIT D816V inhibitor in the P-II/III HARBOR trial, and BLU-808, an oral wild-type KIT inhibitor positioned as a potential pipeline catalyst 

Key Takepoints 

• Sanofi gained an established rare-disease revenue base alongside late-stage pipeline optionality 
• The CVR structure aligned shareholder upside with next-wave KIT innovation, particularly BLU-808 
• The deal ranked among the most strategically important rare-immunology M&A transactions of 2025, reinforcing Sanofi’s leadership ambitions in mast cell-driven diseases 

4. Pfizer and Metsera 

Deal Announced Date: Sep 21, 2025 

Deal Completion Date: Nov 17, 2025 

Deal Status: Completed  

Deal Value: $10B 

• Pfizer ultimately prevailed in its bid for Metsera, entering into and completing  an amended merger agreement to acquire the company for up to $86.25 per share, comprising $65.60 in cash plus a contingent value right (CVR) of up to $20.65 
• The transaction followed heightened regulatory scrutiny after the US Federal Trade Commission raised potential antitrust concerns around Novo Nordisk’s competing proposal and its deal structure. Metsera’s Board flagged material legal and execution risks, including uncertainty around the proposed upfront dividend and the possibility of future regulatory challenges 
• After review, Metsera’s Board concluded that Pfizer’s offer provided greater deal certainty, cleaner regulatory optics, and superior risk-adjusted value for shareholders -positioning Pfizer as the preferred partner and clearing the path for the acquisition to move forward 

Key Takepoints 

• Regulatory risk – not headline price – proved decisive in determining the winning bid 
• Pfizer’s structure was viewed as more executable and legally durable than the competing proposal 
• The deal underscored how antitrust scrutiny is increasingly shaping outcomes in competitive pharma M&A processes 

3. Merck and Verona Pharma 

Deal Announced Date: Jul 09, 2025 

Deal Completion Date: Oct 07, 2025 

Deal Status: Completed  

Deal Value: $10B 

• Merck entered into and subsequently completed the acquisition of Verona Pharma, marking a decisive expansion of its cardio-pulmonary portfolio through the addition of Verona’s lead asset, Ohtuvayre (ensifentrine) 
• Under the terms of the agreement, Merck acquired Verona for $107 per American Depository Share (ADS) (each ADS representing eight ordinary shares), valuing the transaction at ~$10B. The deal closed in Q4’25, bringing Verona fully into Merck’s global R&D and commercial footprint 
• The acquisition centered on Ohtuvayre, a dual PDE3/PDE4 inhibitor that had already received US FDA approval as a maintenance treatment for COPD in adults, with ongoing clinical evaluation in non-cystic fibrosis bronchiectasis, offering Merck both near-term revenue and lifecycle expansion potential 

Key Takepoints 

• Ohtuvayre gave Merck a first-in-class, FDA-approved respiratory asset with differentiated dual-mechanism biology 
• The deal significantly strengthened Merck’s cardio-pulmonary franchise, complementing its existing pipeline beyond oncology 
• The acquisition ranked among the most notable mid-cycle commercial-stage pharma M&A deals of 2025, reflecting continued appetite for de-risked, revenue-ready assets 

2. Novartis and Avidity Biosciences  

Deal Announced Date: Oct 26, 2025 

Deal Completion Date: N/A 

Deal Status: Active  

Deal Value: $12B 

• Novartis agreed to acquire Avidity Biosciences in a major neuroscience-focused transaction, reinforcing its CNS ambitions by adding Avidity’s Antibody Oligonucleotide Conjugates (AOCs) platform and three late-stage neuromuscular programs 
• Under the terms of the deal, Novartis offered $72 per share, valuing Avidity at ~$12B in equity value and ~$11B in enterprise value, with the transaction expected to close in H1’26, subject to customary regulatory approvals 
• Ahead of closing, Avidity carved out its early-stage precision cardiology programs and collaborations into SpinCo, a wholly owned subsidiary. Shareholders were set to receive 1 SpinCo share for every 10 Avidity shares, with the potential for additional cash distributions if SpinCo assets or the subsidiary itself were monetized 

Key Takepoints 

• The deal gave Novartis access to a differentiated RNA-targeting delivery platform with late-stage clinical validation 
• The SpinCo structure allowed Novartis to stay tightly focused on neuroscience, while preserving optionality around cardiology assets 
• The transaction emerged as one of the largest platform-driven neuroscience M&A deals pending in early 2026, signaling sustained big-pharma appetite for RNA-enabled CNS innovation 

1. Johnson & Johnson and Intra-Cellular Therapies 

Deal Announced Date: Jan 10, 2025 

Deal Completion Date: Apr 2, 2025 

Deal Status: Completed  

Deal Value: $14.6B 

• Johnson & Johnson made a big-ticket bet on neuroscience, acquiring Intra-Cellular Therapies for ~$14.6B (cash + debt), paying $132 per share in cash and taking the CNS-focused biotech private – sharpening its strategic focus on CNS innovation
• The acquisition delivered immediate value through Caplyta, a marketed CNS drug with expanding potential, including an sNDA for adjunctive major depressive disorder (filed Dec 2024) supported by strong P-III data, with additional studies underway in bipolar I mania
• The deal also added pipeline depth beyond Caplyta, with J&J gaining ITI-1284 (P-II) for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, broadening its neuroscience portfolio

Key Takepoints 

• The US FDA approved Caplyta for major depressive disorder post-acquisition, marking its fourth FDA-approved indication 
• The transaction strengthens J&J’s ambition to build a scaled, multi-indication neuroscience franchise 
• The acquisition stands out as one of 2025’s most strategically significant CNS M&A deals 

Sources:         

• Press releases       
• Company websites       

Related Post: Top 20 Biopharma M&A of 2024 by Total Deal Value