Shots:
- Q3’25 was marked by major pharma and biotech M&A, led by BD’s $17.5B Reverse Morris Trust deal merging its Biosciences & Diagnostic Solutions unit with Waters, and Merck’s ~$10B acquisition of Verona Pharma
- The quarter spotlighted collaborations, notably GSK’s ~$12.5B agreement with Hengrui Pharma to co-develop up to 12 novel therapies across multiple disease areas.
- PharmaShots brings the Quarterly digest compiling insights from Jul’25 to Sep’25
Torrent Pharma to Acquire a Controlling Stake in JB Chemicals & Pharmaceuticals from KKR for ~$3B
Date: Jul 1, 2025
Product: NA
Shots:
- Torrent Pharma acquired a controlling stake in JB Pharma from KKR in a strategic move to build a diversified healthcare platform
- As per the deal, KKR will receive INR 25,689 crore (~$3B) Equity Valuation on a fully diluted basis. Torrent will acquire a 46.39% stake in JB Pharma for ₹11,917 crore (~$1.39B) at INR 1,600 (approx. $18.70) per share, followed by a mandatory open offer for up to 26% at ₹1,639.18/share (~$19.70), and may buy up to 2.8% from JB Pharma employees at the same price as KKR
- Torrent and JB Pharma will merge via a scheme of arrangement, with JB Pharma shareholders receiving 51 Torrent shares for every 100 JB Pharma shares held
AbbVie to Acquire Capstan Therapeutics for ~$2.1B
Date: Jul 1, 2025
Product: NA
Shots:
- AbbVie has entered into a definitive agreement to acquire Capstan Therapeutics, including its P-I CPTX2309 and proprietary tLNP platform for in vivo RNA delivery to treat B-cell-mediated autoimmune diseases
- As per the deal, Capstan will receive up to $2.1B in cash, pending customary closing conditions and regulatory approvals
- CPTX2309 is a tLNP delivering mRNA for anti-CD19 CAR to CD8+ T cells in vivo, aiming to treat B cell-mediated autoimmune diseases
CB Biotechnology to Acquire Theratechnologies for ~$254M
Date: Jul 3, 2025
Product: NA
Shots:
- CB Biotechnology has entered into a definitive agreement to acquire Theratechnologies, delisting it from public markets
- As per the deal, Theratechnologies’ shareholders will receive $3.01/share in cash & a non-tradeable CVR of $1.19/share tied to company milestones, with total CVR payments limited to $65M, making it an aggregate of $254M, assuming full CVR payout; closing expected in company’s Q4 ending Nov 30, 25
- CVR holders will receive 50% of Egrifta (tesamorelin) gross profit exceeding $40M, if profit surpasses such figure for each 12mos. period ending 12, 24, & 36mos. post-closing. Also, CVR holders will receive $10M if cumulative Egrifta profit exceeds $150M & $15M if combined Egrifta & Trogarzo (ibalizumab) profit exceeds $250M over 36mos.
Merck to Acquire Verona Pharma for ~$10B
Date: Jul 10, 2025
Product: NA
Shots:
- Merck has entered into a definitive agreement to acquire Verona Pharma incl. its asset Ohtuvayre (ensifentrine), expanding its cardio-pulmonary pipeline & portfolio
- As per the deal, Merck will acquire Verona Pharma for $107 per American Depository Share (ADS), each representing 8 ordinary Verona shares, for an aggregate of ~$10B; closing expected in Q4’25
- Ohtuvayre (PDE3 & PDE4 dual inhibitor) was approved by the US FDA as the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adults & is being evaluated to treat non-cystic fibrosis bronchiectasis
Date: Jul 15, 2025
Product: NA
Shots:
- BD to combine its Biosciences & Diagnostic Solutions business with Waters in a Reverse Morris Trust transaction
- As per the deal, BD shareholders will receive $4B in cash & a 39.2% stake in the combined company, while Waters will assume $4B in debt & retain 60.8%, with the total deal value of $17.5B reflecting cash, assumed debt, & BD’s equity stake; Combined entity will be listed on NYSE under ticker ‘WAT’ following closing in Q1’26
- Merger will combine Waters’ strengths in chemistry, informatics, & QA/QC with BD’s capabilities in biologics, flow cytometry, & molecular diagnostics to drive innovation in bio separations, large molecule analytics, & multiplex diagnostics as well as expand market access
Concentra Biosciences Enters a Merger Agreement to Acquire iTeos Therapeutics
Date: Jul 22, 2025
Product: NA
Shots:
- Concentra Biosciences has entered into a definitive merger agreement to acquire iTeos Therapeutics
- As per the deal, iTeos Therapeutics’ shareholders will receive $10.047 per share in cash, along with a non-transferable CVR, which entitles them to 100% of iTeos’ net cash exceeding $475M at closing & 80% of net proceeds from the sale of specified product candidates occurring within 6mos. post-closing
- The transaction is anticipated to be completed in Q3’25, subject to the satisfaction or waiver of customary closing conditions
Sanofi to Acquire Vicebio for ~$1.6B
Date: Jul 22, 2025
Product: NA
Shots:
- Sanofi has entered into an agreement to acquire Vicebio, expanding its respiratory vaccines pipeline & capabilities with Vicebio’s vaccine candidates (VXB-241 & VXB-251) & Molecular Clamp tech
- As per the deal, Vicebio will receive $1.15B upfront & ~$450M in development & regulatory milestones; closing is expected in Q4’25
- Molecular Clamp tech stabilizes viral proteins in their native form to enhance immune recognition, allowing rapid development of fully liquid combination vaccines that require only standard refrigeration, whereas VXB-241 is a P-I bivalent vaccine targeting RSV as well as hMPV & VXB-251 is a preclinical trivalent vaccine targeting RSV, hMPV & parainfluenza virus Type 3
Eli Lilly Signs a ~$856M Deal with Gate Bioscience to Develop Molecular Gate Therapeutics
Date: Jul 22, 2025
Product: Molecular Gate Drugs
Shots:
- Eli Lilly has entered into a collaboration & license agreement with Gate Bioscience to identify, develop, & commercialize molecular gate drugs, leveraging Gate’s molecular gate drug discovery engine
- As per the deal, Gate will receive ~$856M in total, incl. an upfront payment, equity investment, & development, regulatory, & commercial milestones, along with tiered royalties on global sales
- Also, Gate can access preclinical R&D support from Lilly ExploR&D, part of Lilly Catalyze360, for its internal programs
Date: Jul 28, 2025
Product: HRS-9821
Shots:
- GSK will obtain an exclusive global license to HRS-9821, an add-on maintenance therapy for COPD, along with exclusive option rights to develop & commercialize ~11 more programs in oncology, respiratory, immunology, & inflammation globally (excl. mainland China, Hong Kong, Macau, & Taiwan for both)
- Each of the ~11 additional programs will have its own financial structure, with Hengrui leading P-I development incl. ex-China pts, & GSK holding opt-in & certain program substitution rights at or before P-I completion
- As per the deal, Hengrui will get $500M upfront across the agreements & ~$12B in development, regulatory & commercial milestones if all programmes are optioned, with tiered royalties on sales in GSK’s licensed areas
Madrigal Pharmaceuticals Signs a ~$2.1B Licensing Deal with CSPC Pharmaceutical for SYH2086
Date: Jul 30, 2025
Product: SYH2086
Shots:
- Madrigal has secured an exclusive global license from CSPC to develop, manufacture, & commercialize SYH2086 for advancing innovative combination therapies targeting MASH
- As per the deal, CSPC will receive $120M upfront & ~$2B in development, regulatory & commercial milestones, with net sales-based royalties; CSPC may also develop other oral GLP-1s in China under certain conditions, with deal closing expected in Q4’25
- SYH2086 is a novel oral GLP-1 receptor agonist & orforglipron derivative that is in preclinical development, with Madrigal planning to begin trials in H1’26
Alcon to Acquire STAAR Surgical Company for ~$1.5B
Date: Aug 5, 2025
Product: NA
Shots:
- Alcon has entered into a definitive merger agreement to acquire STAAR Surgical Company incl. its asset EVO family of lenses (EVO ICL)
- As per the deal, Alcon will acquire STAAR for a total equity value of ~$1.5B, with its shareholders receiving $28/share in cash; the deal is expected to close within 6-12mos.
- EVO ICLs are implantable lenses placed between the iris & natural lens in a minimally invasive, reversible procedure that does not remove corneal tissue & corrects a broad range of vision issues, incl. myopia with or without astigmatism
Date: Aug 8, 2025
Product: NA
Shots:
- XtalPi has entered into a strategic collaboration with DoveTree Medicines to identify novel therapeutics across oncology, immunology, inflammation, neurology, & metabolic diseases, leveraging XtalPi’s de novo drug discovery platform
- As per the deal, DoveTree will gain exclusive global rights to develop & commercialize multiple therapeutics from the collaboration, in exchange for a $51M upfront, $49M in near-term payments, & ~$5.89B in development & commercial milestones as well as tiered royalties
- XtalPi’s de novo drug discovery platform combines quantum physics, AI-driven design, & robotic lab-in-the-loop to accelerate development of small molecules, biologics, ADCs, and molecular glues with greater accuracy & efficiency
Date: Aug 13, 2025
Product: KRAS G12D inhibitor
Shots:
- Bayer has entered into an exclusive global license agreement & collaboration with Kumquat Biosciences to develop and commercialize its KRAS G12D inhibitor
- Kumquat will initiate & complete the P-Ia study following FDA’s IND clearance in Jul 2025, while Bayer handles further development & commercialization, with Kumquat holding an exclusive option to negotiate US profit-loss sharing
- As per the deal, Kumquat will receive ~$1.3B in total, incl. upfront, clinical, & commercial milestone payments, along with net sales-based tiered royalties
Date: Aug 18, 2025
Product: NA
Shots:
- Superluminal Medicines & Eli Lilly have partnered to develop small molecule therapeutics for undisclosed GPCR targets in cardiometabolic diseases & obesity, leveraging Superluminal’s drug discovery platform
- As per the deal, Superluminal will use its platform to discover & optimize small molecules, while Lilly will obtain exclusive rights to develop & commercialize the candidates in exchange for ~$1.3B, which incl. upfront, near-term payments, equity investment, development & commercial milestones as well as tiered royalties
- Superluminal’s platform combines structural biology, ML, & proprietary PK/toxicology prediction tools in a predict-design-test framework to model protein shapes & design selective small molecules for precise therapeutic effects
Date: Aug 19, 2025
Product: NA
Shots:
- Skyhawk Therapeutics has entered into a strategic research collaboration with Merck KGaA to discover novel RNA-targeting small molecules for neurological diseases with limited treatment options
- Skyhawk will receive ~$2B incl. upfront, milestones, & potential tiered royalties, leading discovery & preclinical development, while Merck KGaA gains exclusive global rights & handles further development & commercialization upon option exercise
- Skyhawk will use its SkySTAR platform to identify small molecules against RNA targets designated by Merck KGaA, aiming to advance RNA modulation in hard-to-treat diseases
Jazz Pharmaceuticals Enters a ~$1.03B Licensing Deal with Saniona for SAN2355
Date: Aug 21, 2025
Product: SAN2355
Shots:
- Jazz Pharmaceuticals has entered into a global license agreement with Saniona to develop SAN2355 for epilepsy & other potential indications
- As per the deal, Jazz will lead & fund development, regulatory filings, & global commercialization in exchange for $42.5M upfront, ~$192.5M in development & regulatory milestones (incl. $7.5M at P-I initiation), ~$800M in commercial milestones, & tiered royalties from mid-single to low-double digits on net sales
- SAN2355, a preclinical small molecule, selectively activates Kv7.2/Kv7.3 potassium channels for seizure suppression, while avoiding activation of other Kv7-subtypes
SERB Pharmaceuticals to Acquire Y-mAbs Therapeutics for ~$412M
Date: Aug 25, 2025
Product: NA
Shots:
- SERB Pharmaceuticals has entered into a definitive merger agreement to acquire Y-mAbs, incl. its asset Danyelza (naxitamab-gqgk), strengthening its rare oncology portfolio
- As per the deal, SERB will acquire Y-mAbs for a total equity value of ~$412M, with its shareholders receiving $8.6/share in cash, delisting Y-mAbs from Nasdaq; closing expected in Q4’25
- Additionally, Y-mAbs’ pipeline incl. an investigational P-I therapy from its SADA PRIT platform, targeting GD2 in solid tumors & CD38 in circulating tumors using pre-targeted radioimmunotherapy
Terumo to Acquire OrganOx for ~$1.5B
Date: Aug 25, 2025
Product: NA
Shots:
- Terumo has entered into a definitive agreement to acquire OrganOx, expanding to organ transplantation-related sector
- As per the deal, Terumo will acquire all outstanding shares of OrganOx for ~$1.5B, making it a wholly owned subsidiary upon deal completion
- Acquisition aims to leverage Terumo’s medical device expertise with OrganOx’s Normothermic Machine Perfusion (NMP) technology to advance global organ preservation solutions. OrganOx is also developing a kidney NMP device, with commercialization expected by 2030
Mannkind Acquires Scpharmaceuticals to Strengthen Its Cardiometabolic and Lung Diseases Portfolio
Date: Aug 26, 2025
Product: NA
Shots:
- MannKind has signed definitive merger agreement to acquire ScPharmaceuticals
- Under the merger agreement, MannKind will launch a tender offer to acquire all outstanding scPharmaceuticals shares for $5.35 per share in cash, plus a non-tradable CVR worth up to $1.00 per share based on regulatory and sales milestones, for total consideration of up to $6.35 per share. The deal values scPharmaceuticals at up to $360M and is expected to close in Q4’25, pending regulatory approvals and customary conditions
- Upon closing, to secure Blackstone financing, MannKind will repay scPharmaceuticals’ $81M debt and buy out Perceptive’s revenue rights at closing. MannKind and Blackstone also amended their financing deal to add $175M to support the acquisition
AbbVie Acquires Gilgamesh Pharmaceuticals’ Bretisilocin to Expand Psychiatry Pipeline for ~$1.2B
Date: Aug 26, 2025
Product: Bretisilocin
Shots:
- AbbVie has signed a definitive agreement to acquire Gilgamesh Pharmaceuticals’ Bretisilocin for moderate-to-severe major depressive disorder (MDD), currently in clinical development
- As per the deal, AbbVie will acquire Gilgamesh’s bretisilocin program for ~$1.2B, including upfront and milestone payments. Gilgamesh will spin off Gilgamesh Pharma Inc. to retain its team and other programs, including blixeprodil and its collaboration with AbbVie. The deal is subject to customary closing conditions
- Bretisilocin (GM-2505) is a short-acting serotonin 5-HT2A agonist and releaser, psychedelic compound in P-II development for major depressive disorder
Date: Sep 3, 2025
Product: ARO-SNCA
Shots:
- Arrowhead has granted Novartis exclusive global rights to develop, manufacture, & commercialize ARO-SNCA, which leverages the TRiM platform for SC dosing & targeted gene delivery to treat synucleinopathies, incl. Parkinson’s disease
- As per the deal, Arrowhead will receive $200M upfront & ~$2B in development, regulatory, and sales milestones, with tiered royalties on sales up to the low double digits; closing expected in H2’25
- Under the collaboration, Novartis may select additional TRiM-based targets, while Arrowhead handles preclinical work for CTA filings across all licensed programs before Novartis assumes full responsibility for development, manufacturing, medical affairs, & commercialization
Date: Sep 4, 2025
Product: NA
Shots:
- Argo has entered into an additional strategic collaboration with Novartis for multiple CV assets
- Novartis has obtained an option to license ex-China rights to two discovery-stage molecules for sHTG & mixed dyslipidemia, plus first negotiation rights to BW-00112 (ANGPTL3), a P-II asset. Deal also incl. a reciprocal P&L-sharing license for a hepatic siRNA asset expected to start P-I in 2026, with Novartis receiving ex-China rights & a China P&L option & while Argo retains the US P&L option
- As per the deal, Argo will receive $160M upfront, ~$5.2B in milestones & option payments, with tiered royalties, plus Novartis has also indicated a non-binding intention to join Argo’s next equity financing round
Novartis to Acquire Tourmaline Bio for ~$1.4B, Complementing its Cardiovascular Portfolio
Date: Sep 9, 2025
Product: NA
Shots:
- Novartis has entered into an agreement to acquire Tourmaline Bio, incl. its asset pacibekitug, expanding its cardiovascular portfolio
- As per the deal, Novartis, through its subsidiary, will acquire Tourmaline for $48/share, representing an aggregate of ~$1.4B, & will merge the subsidiary into Tourmaline upon completion, making it an indirect wholly owned unit of Novartis; closing expected in Q4’25
- Pacibekitug, a P-III ready anti-IL-6 mAb, reduced median hs-CRP levels by 85% with 15mg dosing (QM) & 86% with 50mg (Q4M) in the P-II (TRANQUILITY) study for atherosclerotic cardiovascular disease
Date: Sep 16, 2025
Product: VMX-C001
Shots:
- VarmX has collaborated with CSL to advance its lead asset, VMX-C001 (commercial launch expected in 2029), & granted CSL an exclusive option agreement with its shareholders to acquire all issued & outstanding shares of the company
- As per the collaboration, CSL will fully fund the global P-III (EquilibriX-S) trial of VMX-C001 in FXa DOAC pts requiring urgent surgery, & support late-stage development, manufacturing, & pre-launch commercial & medical activities
- As per the deal, VarmX shareholders will receive $117M upfront for an exclusive option to acquire the company, exercisable upon P-III trial data, with ~$388M tied to acquisition & additional payments up to the commercial launch, plus ~1.7B in sales-based milestones
Date: Sep 18, 2025
Product: NA
Shots:
- Monte Rosa has collaborated with Novartis to develop novel degraders for immune-mediated diseases, leveraging Monte Rosa’s QuEEN discovery engine
- As per the deal, Novartis will gain an exclusive license to an undisclosed discovery target & options to license 2 programs from Monte Rosa’s preclinical immunology portfolio
- The deal is valued at ~$5.7B, with Monte Rosa receiving $120M upfront, option maintenance fees, preclinical milestone, option exercise & development, regulatory & sales milestone payments across programs, with tiered net-sales royalties ranging from high single to low double digits
Roche to Acquire 89bio for ~$3.5B, Strengthening its CVRM Portfolio
Date: Sep 18, 2025
Product: NA
Shots:
- Roche has entered into a definitive merger agreement to acquire 89bio, incl. its lead asset pegozafermin (FGF21 analog) for metabolic dysfunction-associated steatohepatitis, expanding cardiovascular, renal, & metabolic disease portfolio
- As per the deal, Roche will acquire 89bio for $14.5/share in an all-cash transaction totaling ~$2.4B, along with one non-tradeable CVR up to an aggregate of $6/share, representing the total deal value of ~$3.5B
- CVR holders will receive $2/share on first pegozafermin sale in F4 MASH cirrhosis (by 31 Mar 2030), $1.5/share if global sales reach ≥ $3B (by 31 Dec 2033), & $2.5/share if sales reach ≥ $4B (by 31 Dec 2035); upon completion in Q4’25, Roche will acquire remaining shares via second-step merger
Date: Sep 18, 2025
Product: NA
Shots:
- VectorY has entered into an option & license deal with Shape to assess Shape’s SHP-DB1 (AAV capsid) for vectorized Abs payloads against 3 targets & may secure an exclusive license for their delivery if evaluation succeeds
- As per the deal, VectorY will handle development & commercialization of resulting therapies in exchange for an upfront payment, plus ~$1.2B in fees & milestones, incl. ~$338M for rare disease & $503.5M for non-rare disease programs, along with tiered royalties on future sales
- Collaboration will enable IV delivery across VectorY’s pipeline, incl. VTx-003 for Huntington’s disease (IND & CTA submissions planned for 2025, with trial starting in early 2026) & VTx-005 for Alzheimer’s Disease
Biogen to Acquire Alcyone Therapeutics to expand its drug delivery solutions Portfolio
Date: Sep 19, 2025
Product: NA
Shots:
- Biogen has entered into a definitive agreement to acquire Alcyone Therapeutics, building on its partnership to advance ThecaFlex DRx
- As per the deal, Biogen will acquire Alcyone Therapeutics for $85M upfront + potential milestone payments tied to the development & approval of ThecaFlex DRx with nusinersen & other products. The deal gives Biogen full rights to ThecaFlex DRx, which it plans to develop, manufacture, & commercialize. The transaction, expected to close in Q4’25, will be accounted for as an asset acquisition
- Alcyone’s remaining assets will spin off into a new company, Neela Therapeutics, backed by convertible debt financing from existing investors, including Biogen. Biogen plans to introduce Spinraza in early 2028
Pfizer Expands into Obesity Treatments with ~$7.3B Metsera Acquisition
Date: Sep 23, 2025
Product: NA
Shots:
- Pfizer has entered into a definitive agreement to acquire Metsera, expanding to obesity & cardiometabolic market
- As per the deal, Metsera will receive $47.5/share, representing an enterprise value of ~$4.9B, plus a non-transferable CVR of ~$22.50/share tied to milestones: $5 on P-III start of MET-097i + MET-233i, $7 on FDA approval for MET-097i monotx., & $10.5 on FDA approval for MET-097i + MET-233i (QM); closing expected in Q4’25
- Metsera’s pipeline incl. 4 clinical programs & various preclinical assets, incl. MET-097i (QW/QM, GLP-1 receptor agonist) in P-II, MET-233i (QM, amylin analog) ± MET-097i in P-I, 2 GLP-1 receptor agonist (PO) & preclinical hormone therapies
Genmab to Acquire Merus for ~$8B
Date: Sep 29, 2025
Product: NA
Shots:
- Genmab has entered into a transaction agreement to acquire Merus, incl. its lead asset petosemtamab, expanding its late-stage pipeline & accelerating Genmab’s shift to a wholly owned model
- As per the deal, Genmab will acquire Merus for $97 per share in an all-cash transaction, representing the deal value of ~$8B, with closing expected in the early Q1’26
- Petosemtamab, an EGFRxLGR5 BsAb, is in 2 P-III trials for 1 & 2/3L head & neck cancer, with interim data expected in 2026; Genmab anticipates a 2027 launch, pending results & approvals, plus plans to expand petosemtamab into earlier lines of therapy. P-II data presented at ASCO’25 showed improved ORR & mPFS
Related Post: PharmaShots’ Key Highlights of Second Quarter 2025
