Factbox: Major deals involving U.S. drugmakers and biotechs over the past decade
09/07/2025 18:28
July 9 (Reuters) - Merck MRK.N is acquiring UK-based Verona Pharma VRNA.O for about $10 billion, as part of the U.S. drugmaker's strategy to diversify beyond its blockbuster cancer treatment Keytruda. The move adds to a growing list of high-profile transactions over the past decade by U.S. pharmaceutical companies to acquire promising therapies in fields ranging from oncology, neurology to rare diseases and obesity. Globally, $105.3 billion worth of pharmaceuticals and biotech M&A deals have been inked so far in 2025, according to data compiled by LSEG, up 7% from year-ago levels and the highest year-to-date total since 2023. Below are some of the major deals involving U.S.-based pharma and biotech firms from the past decade
| Year | Acquirer | Target | Deal Value | Description |
| 2025 | Merck & Co MRK.N | Verona Pharma I9SAy.F | About $10 billion | Strengthens Merck's respiratory portfolio amid looming Keytruda patent cliff |
| 2025 | Johnson & Johnson JNJ.N | Intra-Cellular Therapies | $14.6 billion | Expands J&J's footprint in brain disease treatments |
| 2024 | Novo Holdings | Catalent | $16.5 billion (including debt), $11.5 billion (excluding debt) | Boosts manufacturing capacity for Novo Nordisk's popular obesity drug Wegovy |
| 2023 | Merck & Co | Prometheus Biosciences | $10.8 billion | Adds experimental treatment for ulcerative colitis and Crohn's disease and builds up presence in immunology |
| 2023 | Bristol Myers Squibb BMY.N | Karuna Therapeutics | $14 billion | BMY gains a promising antipsychotic medicine as patents on its older therapies near their expiry |
| 2023 | Pfizer PFE.N | Seagen | $43 billion | Builds Pfizer's cancer portfolio amid decline in sales for COVID-related products and generic competition |
| 2022 | Amgen AMGN.O | Horizon Therapeutics | $27.8 billion | Buyout, biggest in the sector in 2022, fortifies rare diseases portfolio |
| 2022 | Pfizer | Biohaven Pharmaceutical Holding | $11.6 billion | Pfizer bets big on a new class of migraine drugs |
| 2021 | Merck & Co | Acceleron Pharma | About $11.5 billion | Diversifies Merck's portfolio beyond cancer |
| 2021 | Ginkgo Bioworks DNA.N | Soaring Eagle Acquisition | $17.5 million | Ginkgo said it plans to go public through a merger with a blank-check vehicle backed by former Hollywood executives Harry Sloan and Jeff Sagansky |
| 2020 | AstraZeneca AZN.L | Alexion Pharmaceuticals | $39 billion | AstraZeneca's largest ever deal to diversify away from its cancer business, betting on rare-disease and immunology drugs |
| 2020 | Bristol Myers Squibb | MyoKardia | About $13 billion | Bolster Bristol's portfolio of heart disease treatments |
| 2020 | Gilead GILD.O | Immunomedics | $21 billion | Strengthens Gilead's cancer portfolio |
| 2019 | Mylan | Pfizer's Upjohn business | About $12 billion | Mylan's acquisition of Pfizer's Upjohn business was structured as a stock-based merger, resulting in the formation of Viatris VTRS.O. Upjohn was essentially spun off to Pfizer shareholders and then merged with Mylan |
| 2019 | AbbVie ABBV.N | Allergan | $63 billion, $83 billion (including debt) | AbbVie gains control of Botox and diversifies its portfolio beyond its then-blockbuster drug, Humira |
| 2019 | Pfizer | Array Biopharma | $11.4 billion | Pfizer gains oncology asset |
| 2019 | Bristol Myers Squibb | Celgene Corp | $74 billion | One of the largest pharmaceutical mergers in history |
| 2017 | Johnson & Johnson's JNJ.N | Actelion | $30 billion | Johnson & Johnson's subsidiary, Janssen Holding, acquires Actelion; Actelion's R&D unit spun off into Idorsia |
| 2017 | Gilead Sciences | Kite Pharma | $11.9 billion | Strengthens Gilead's position in the field of cell therapy, particularly in CAR-T treatments for cancer |
| 2016 | Pfizer | Medivation | $14 billion | Pfizer acquires blockbuster prostate cancer drug Xtandi |
| 2015 | Shire | Baxalta | $32 billion | Catapults Shire to leading position in treating rare diseases |
| 2015 | AbbVie | Pharmacyclics | $21 billion | AbbVie gets access to what is expected to be one of the world's top-selling cancer drugs and expanding its reach in the profitable oncology field |
| 2015 | Valeant Pharmaceuticals (now Bausch Health) | Salix Pharmaceuticals | $14.5 billion | Makes Valeant a leader in gastro-intestinal drugs |
| 2015 | Pfizer | Hospira | $15 billion | Deal creates leading global established pharmaceutical business for Pfizer |
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