The year 2025 marked a strong revival in pharmaceutical mergers and acquisitions, as global drug makers moved firmly to strengthen pipelines, manage upcoming patent expiries, and secure sustainable growth. Several high-value and strategically important deals defined the year, reflecting renewed confidence in the sector. Major pharmaceutical companies pursued acquisitions not just for scale, but for access to late-stage assets, innovative technologies, and high-growth therapeutic areas.
Notable transactions included Merck’s acquisition of Verona Pharma to expand its respiratory portfolio, Novartis’s purchase of Anthos Therapeutics to strengthen cardiovascular therapies, and Sanofi’s multiple acquisitions aimed at vaccines, rare diseases, and oncology. In India, consolidation also accelerated, highlighted by Torrent Pharmaceuticals acquiring a controlling stake in JB Chemicals, one of the largest domestic pharma deals of the year. These transactions underscored a clear industry shift toward specialty drugs, biologics, and chronic disease management.
Overall, rising R&D costs, increased regulatory complexity, and the urgency to shorten development timelines pushed companies to prefer acquisitions over in-house discovery. At the same time, biotech firms with strong clinical data benefited from renewed buyer interest. With deals spanning global majors, mid-sized biotechs, and regional leaders, 2025 emerged as a defining year for pharmaceutical consolidation, reshaping competitive dynamics and setting the direction for future drug innovation.
This article is focusing on top Pharmaceutical M&As of the year 2025.
1. Johnson & Johnson’s acquisition of Intra-Cellular Therapies for about 14.6 billion USD
In early 2025, Johnson & Johnson (J&J) made a major strategic move in the neuroscience and mental health space by acquiring Intra-Cellular Therapies for approximately $14.6 billion in cash. The deal added CAPLYTA (lumateperone) to J&J’s portfolio, an FDA-approved oral therapy for schizophrenia and bipolar depression that is also under regulatory review for major depressive disorder, giving J&J a stronger foothold in the rapidly expanding central nervous system (CNS) market. Beyond CAPLYTA acquisition also includes a promising clinical-stage pipeline with best-in-class potential in generalized anxiety disorder and Alzheimer’s disease-related psychosis and agitation.
2. Merck acquired Verona Pharma in 10 billion USD
Acquisition strengthens Merck’s cardio-pulmonary portfolio with addition of Ohtuvayre® (ensifentrine), a first-in-class COPD maintenance treatment, that is expected to grow into the next decade. Overall, the Verona Pharma acquisition highlighted Merck’s focus on high-value specialty medicines and underscored the broader 2025 M&A trend of acquiring differentiated therapies with clear clinical and commercial impact.
3. Sanofi acquired Blueprint Medicines in 9.5 billion USD
Sanofi’s acquisition of Blueprint Medicines in 2025 marked a significant step in strengthening its position in rare diseases and precision oncology. The acquisition includes a rare immunology disease medicine, Ayvakit/Ayvakyt (avapritinib), approved in the US and EU. Ayvakit/Ayvakyt is the only approved medicine for advanced and indolent systemic mastocytosis (ASM & ISM), which is characterized by the accumulation and activation of aberrant mast cells in bone marrow, skin, the gastrointestinal tract, and other organs. The acquisition also includes elenestinib, a next-generation medicine for SM that is a potent and highly selective KIT D816V inhibitor with limited central nervous system penetration. Sanofi also acquired BLU-808, an investigational oral, highly potent and selective wild-type KIT inhibitor. Wild-type KIT plays a central role in mast cell activation, which is implicated in a broad range of inflammatory diseases.
4. Novartis has Completed the Acquisition of Anthos Therapeutics in a Deal Valued at up to 3.1 billion USD
Novartis’s acquisition of Anthos Therapeutics in 2025 highlighted the company’s continued focus on strengthening its cardiovascular and thrombosis pipeline through innovative science. The deal brought Novartis full rights to abelacimab, a late-stage monoclonal antibody designed to prevent blood clots by targeting factor XI, with the potential to reduce bleeding risk compared to existing anticoagulants.
5. Torrent Pharmaceuticals completes acquired JB Chemicals (₹25,689 crore)
The acquisition of JB Chemicals by Torrent Pharmaceuticals in 2025 stood out as one of the most important consolidation moves in the Indian pharmaceutical industry. By taking a controlling stake in JB Chemicals at a valuation of around ₹25,689 crore, Torrent significantly strengthened its presence in the domestic formulations market, particularly in chronic therapy segments such as cardiology, gastroenterology, and pain management. JB Chemicals brings with it a strong portfolio of trusted brands, a wide doctor reach, and a well-established hospital and export business, making it a natural fit with Torrent’s existing operations.
6. Roche enters into a definitive merger agreement to acquire 89bio in 2.4 billion USD
This acquisition underscores Roche’s dedication to advancing innovative therapies in cardiovascular, renal, and metabolic diseases (CVRM), especially for patients affected by overweight, obesity, and related health challenges such as MASH. 89bio’s Pegozafermin offers a distinct mechanism of action that not only holds the potential for enhanced efficacy and tolerability but also unlocks opportunities for future combination development with incretins, creating synergies with Roche’s CVRM portfolio. Acquiring 89bio, therefore, fosters Roche’s activities to build a robust and differentiated pipeline that targets additional causes of metabolic disease.
7. Sanofi acquired Dynavax Technologies in 2.2 billion USD
Sanofi’s acquisition of Dynavax Technologies in 2025 was a clear signal of the company’s renewed focus on vaccines and adult immunization, an area that has gained long-term importance after the pandemic years. Dynavax is best known for HEPLISAV-B, its differentiated hepatitis-B vaccine that offers faster and stronger immune protection compared to traditional options. By bringing Dynavax into its fold, Sanofi not only added an established commercial vaccine but also gained access to a proven vaccine adjuvant platform, which can be used to enhance future vaccine development. The deal was widely seen as a strategic, low-risk move—strengthening Sanofi’s vaccine portfolio with near-term revenues while also supporting innovation for next-generation vaccines. Overall, the acquisition reflected Sanofi’s intent to build steady, science-backed growth in vaccines rather than chase short-term blockbuster opportunities.
8. Novartis acquired Tourmaline Bio in 1.4 billion USD
Novartis’s acquisition of Tourmaline Bio in 2025 was a quiet but very deliberate move that reflected its growing interest in targeted therapies for cardiovascular and inflammatory diseases. Tourmaline’s lead asset focuses on conditions linked to chronic inflammation, particularly atherosclerotic cardiovascular disease, where inflammation plays a critical but often under-addressed role. Rather than chasing a broad blockbuster, Novartis appeared to be betting on strong biology and clear clinical rationale, choosing an asset that could meaningfully improve outcomes in high-risk patient populations. The deal fits neatly with Novartis’s strategy of building a science-led, specialty-focused pipeline, especially in areas where existing treatments fall short. Industry observers saw the acquisition as a thoughtful long-term investment, less about immediate scale and more about securing a differentiated therapy that could mature into a valuable franchise over time.
9. BioNTech acquired CureVac in 1.25 billion USD
BioNTech’s acquisition of CureVac in 2025 felt less like a takeover and more like a coming together of two companies shaped by the same mRNA journey. Both firms rose to global attention during the COVID-19 pandemic, and this deal allowed BioNTech to consolidate scientific talent, intellectual property, and manufacturing know-how in the mRNA space. While CureVac faced setbacks with its COVID vaccine, it still held valuable platform technologies and early-stage programs that fit well with BioNTech’s long-term vision beyond infectious diseases. For BioNTech, the acquisition was about strengthening the foundation for future mRNA-based cancer and immunotherapy programs, rather than chasing immediate commercial gains. The move was widely seen as a strategic clean-up of the competitive landscape, giving BioNTech greater control over innovation in a field it helped bring into the mainstream.
10. Lilly expanded its pain pipeline with acquisition of SiteOne Therapeutics in 1 billion USD
Eli Lilly’s acquisition of SiteOne Therapeutics in 2025 was a clear sign of its intent to deepen its presence in pain management and neuroscience, especially at a time when the industry is searching for safer alternatives to opioid-based treatments. SiteOne is known for its work on highly selective sodium channel inhibitors aimed at treating chronic and neuropathic pain without the addictive risks associated with traditional painkillers. For Lilly, the deal was less about an immediate commercial win and more about backing strong science with long-term potential. By bringing SiteOne into its pipeline, Lilly positioned itself to address a major unmet medical need while reinforcing its broader strategy of investing in innovative, mechanism-driven therapies that can change standard care over time
