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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…

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Madrigal Pharmaceuticals Broadens MASH Pipeline with Pfizer’s Ervogastat Deal

Shots: Madrigal has entered into an exclusive global license agreement with Pfizer for ervogastat (PF-06865571; PO) to treat metabolic dysfunction-associated steatohepatitis (MASH) As per the deal, Madrigal will receive an exclusive global license to develop, manufacture & commercialize ervogastat & 2 additional early-stage MASH assets, paying Pfizer $50M upfront with further milestone payments & net…

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Pfizer New

Pfizer Reports P-III (BREAKWATER) Trial Results on Braftovi (Encorafenib) Regimen for Certain Metastatic Colorectal Cancer (mCRC)

Shots: Pfizer has reported data from Cohort 3 of P-III (BREAKWATER) trial, assessing Braftovi (300mg, PO, QD) + cetuximab & FOLFIRI (n=73) vs FOLFIRI ± Avastin (n=74) in pts with previously untreated BRAF V600E-mutated mCRC In Cohort 3, the combination improved ORR (64.4% vs 39.2%), with 57.4% vs 34.5% achieving ≥6mos. responses; mDoR was not…

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Cartography Biosciences and Pfizer Forge ~$865M Deal for Discovery of Tumor-Selective Antigens

Shots: Cartography has entered into a strategic collaboration with Pfizer to discover tumor-selective antigens, leveraging Cartography’s ATLAS & SUMMIT platforms Under a multi-year deal, Cartography will discover & validate tumor-selective antigens in an undisclosed cancer, with Pfizer holding opt-in rights for research, development & commercialization; Cartography retains full ownership of its lead asset CBI-1214 Cartography…

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Merck new

Merck Reports P-III (KEYNOTE-B15) Trial Finding on Keytruda + Padcev to Treat Muscle-Invasive Bladder Cancer (MIBC)

Shots: The P-III (KEYNOTE-B15/EV-304) trial assessed 4 cycles of Keytruda (IV) + Padcev (IV), followed by surgery & then Keytruda (IV, 13 cycles) plus Padcev (IV, 5 cycles) vs neoadj. SoC + surgery in cisplatin-eligible MIBC pts (n=808) Trial showed that perioperative combination of Keytruda + Padcev significantly improved EFS, OS & pCR rates vs…

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Adaptive Biotechnologies and Pfizer Sign Rheumatoid Arthritis TCR Target Discovery and Immune Data Licensing Deals

Shots: Adaptive has entered into 2 non-exclusive agreements with Pfizer, combining its T-cell receptor (TCR) discovery & immune receptor antigen-mapping platform to support Pfizer’s research across autoimmune & other disease areas As per the target discovery deal, Adaptive will identify disease-specific TCR targets in rheumatoid arthritis from Pfizer clinical samples, while Pfizer will lead development…

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