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FACTBOX-Major deals involving U.S. drugmakers and biotechs over the past decade

ReutersJul 9, 2025 5:28 PM

- 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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