By Q3 2025, biopharma M&A activity accelerated sharply, driven by strategic acquisitions of high-value, late-stage, and platform-based assets across key therapeutic areas. The quarter recorded 22 deals worth $36 billion, nearly double the number in the previous quarter. Notable deals included Merck’s $10 billion acquisition of Verona Pharma (July 2025) to expand its respiratory and inflammation portfolio with Ohtuvayre for COPD; Genmab’s $8 billion purchase of Merus (September 2025) to strengthen its oncology and immunotherapy pipeline; and Pfizer’s $4.9 billion acquisition of Metsera (September 2025, plus up to $2.4 billion in CVRs) to deepen its obesity and cardiometabolic presence. In neuroscience, AbbVie’s acquisition of Gilgamesh Pharmaceuticals (August 2025, valued at up to $1.2 billion) expanded its depression portfolio, while Kite (Gilead) enhanced its cell and gene therapy platform through the $350 million acquisition of Interius BioTherapeutics (August 2025). Cumulatively, the first three quarters of 2025 saw 47 transactions totaling $55.3 billion, signaling a trend toward fewer but larger, innovation-driven deals.
In Q3 2025, M&A activity in biopharma therapeutics and platforms surged to 22 transactions totaling $36 billion, nearly doubling the $19.3 billion recorded in Q2.
Upfront cash and equity payments rose to $30.3 billion from $17.1 billion in the previous quarter, signaling stronger greater readiness to deploy substantial capital at earlier deal stages.
The average upfront value per deal jumped to $2.2 billion in Q3 from $1.4 billion in Q2, underscoring a shift toward high-value strategic acquisitions over smaller bolt-on deals. Cumulatively, the first three quarters of 2025 saw 47 M&A transactions worth $55.3 billion ($47.5 billion in cash).
Top Biopharma Therapeutics and Platforms M&A in Q3 2025
Merck acquiring Verona Pharma – July 2025
Merck announced the $10 billion acquisition of Verona Pharma, strengthening its respiratory and inflammation portfolio. Verona’s lead therapy, Ohtuvayre (ensifentrine), a dual PDE3/PDE4 inhibitor, was approved in June 2024 for COPD maintenance treatment in adults. The drug combines bronchodilator and anti-inflammatory properties and is also in Phase II trials for cystic fibrosis, asthma, and non-cystic fibrosis bronchiectasis, with a fixed-dose combination for COPD in early development. Verona shareholders received $107 per ADS ($13.375 per ordinary share). Following court approval in early October, Merck completed the acquisition on October 7, 2025, marking a strategic expansion into the respiratory therapeutics market.
Genmab acquiring Merus for $8B – September 2025
Genmab announced the $8 billion acquisition of Merus, reinforcing its oncology and immunotherapy pipeline. Merus’ portfolio includes Bizengri, a HER2/HER3-targeting antibody approved for adenocarcinoma and non-small cell lung cancer, and petosemtamab (MCLA-158), a Phase III EGFR/LGR5-targeting antibody for head and neck cancer and in Phase II for colorectal cancer. Additional assets include MCLA-129 (solid tumors, Phase II), ONO-4685 (T cell lymphoma, psoriasis, Phase I), INCA-33890 (solid tumors, Phase I), and the company’s Multiclonics® antibody platform. Under the agreement, Merus shareholders will receive $97 per share in cash, representing a 41% premium over the prior day’s close and a 44% premium over the 30-day VWAP.
Pfizer acquiring Metsera – September 2025
Pfizer announced the $4.9 billion acquisition of Metsera, strengthening its position in the fast-growing obesity and cardiometabolic disease market. Metsera’s pipeline includes MET-097i, a weekly and monthly injectable GLP-1 receptor agonist in Phase II, and MET-233i, a monthly amylin analog in Phase I, being tested both alone and in combination with MET-097i. The company also has two oral GLP-1 candidates (MET-224o and MET-002o) nearing clinical entry, along with several next-generation combination therapies. Under the agreement, Metsera shareholders will receive $47.50 per share in cash a 43% premium plus potential contingent value rights (CVRs) of up to $22.50 per share (totaling $2.4 billion) tied to key milestones: initiating a Phase III combo trial by 2027, FDA approval of monthly MET-097i by 2029, and FDA approval of the combo by 2031.
AbbVie acquiring Gilgamesh Pharmaceuticals for Bretisilocin – August 2025
AbbVie announced the acquisition of Gilgamesh Pharmaceuticals to expand its neuroscience portfolio. The deal centers on Bretisilocin, Gilgamesh’s Phase II small-molecule 5-HT2A receptor agonist and 5-HT releaser being developed for major depressive disorder (MDD). Under the terms, Gilgamesh will receive up to $1.2 billion in upfront and milestone payments (breakdown undisclosed). The company’s other programsincluding blixeprodil (GM-1020) and a cardio-safe ibogaine analog (M1/M4 agonist), will be spun off into a new entity, Gilgamesh Pharma, Inc., which will continue an existing collaboration with AbbVie.
Kite (Gilead) acquiring Interius BioTherapeutics – August 2025
Kite announced the acquisition of Interius BioTherapeutics to strengthen its cell and gene therapy capabilities. Interius’ pipeline includes INT-2104, a Phase I in vivo cell therapy for B-cell malignancies, along with INT-2106 for severe autoimmune diseases and INT-2108 targeting an undisclosed indication. The acquisition also brings Interius’ proprietary in vivo delivery platform under Kite’s portfolio. Under the terms, Interius will receive $350 million upfront.
Also check out Biopharma Therapeutics and Platforms M&A – Q2 2025 Review
