From late 2024 through mid-2025, biopharma M&A was defined by strategic acquisitions spanning oncology, immunology, neurology, and cardiometabolic disease, with oncology and immunology driving most of the activity and reflecting big pharma’s focus on late-stage assets and differentiated platforms. From early 2024 through mid-2025, large-cap pharma executed 14 strategic acquisitions exceeding $50 billion, concentrated in oncology, immunology, CNS, and cardiometabolic disease. Johnson & Johnson closed its $14.6 billion purchase of Intra-Cellular Therapies in April 2025 (Caplyta, CNS), while Sanofi completed a $9.5 billion buyout of Blueprint Medicines in July 2025 (Ayvakit, systemic mastocytosis). Vertex acquired Alpine Immune Sciences for $4.9 billion in April 2024 (lupus), and Gilead added CymaBay for $4.3 billion in March 2024 (seladelpar, PBC).
Merck KGaA bought SpringWorks for $3.5 billion in July 2025 (Ogsiveo, desmoid tumors), and Eli Lilly acquired Morphic for $3.2 billion in August 2024 (MORF-057, IBD). Novartis reacquired Anthos for $925 million upfront plus $2.2 billion milestones in April 2025 (abelacimab, AFib), while Merck added EyeBio for up to $3 billion in July 2024 (Restoret, retinal disease). AstraZeneca entered radiopharma with its $2.4 billion Fusion deal in June 2024 (FPI-2265, prostate cancer), AbbVie bought Capstan for $2.1 billion in August 2025 (in vivo CAR-T, autoimmune), and Roche acquired Poseida for $1.5 billion in January 2025 (allo CAR-Ts, oncology/autoimmune). GSK closed Aiolos for $1.4 billion in February 2024 (AIO-001, asthma), Novo Nordisk added Cardior for €1 billion ($1.1 billion in March 2024 (CDR-132L, heart failure), and BMS took full control of Abecma via its $286 million acquisition of 2seventy bio in May 2025 (multiple myeloma).
Between 2024 and Q2 2025, large-cap pharma M&A was driven by a few dominant buyers. Johnson & Johnson led with 7 acquisitions worth $33.5 billion, nearly all ($32.4 billion) of which were paid upfront. Sanofi followed with 3 deals totaling $12.3 billion, including an upfront payment of $11.3 billion. Novartis matched J&J in deal count with 7 transactions, but at a lower $11 billion value, with $5.9 billion upfront, reflecting greater reliance on milestone-based payments.
Eli Lilly completed 4 deals worth $8 billion, with $7.7 billion paid upfront, signaling high conviction. Merck & Co. matched the volume but with a smaller value $5.2 billion across 4 transactions, only $2 billion upfront, highlighting milestone-heavy structures. Notable single, all-upfront “conviction” acquisitions included Vertex ($4.9 billion), Gilead ($4.3 billion), and Merck KGaA/EMD Serono ($3.5 billion).
Mid-tier activity was led by AstraZeneca (four deals, $4.5 billion; $3.2 billion upfront), AbbVie (five, $4.2 billion; $4.1 billion upfront), and GSK (three, $2.6 billion; $2.1 billion upfront). Roche/Genentech/Chugai made a single $1.5 billion deal ($1 billion upfront), Novo Nordisk/Novo Holdings completed a $1.1 billion transaction with no upfront component, and BMS closed a $286 million all-cash deal. Across these 14 acquirers, 43 transactions totaled $96.9 billion, with $82.6 billion (85%) paid upfront.
Top Large-Cap M&A 2024 – Q2 2025
Johnson & Johnson acquiring Intra-Cellular Therapies – January 2025
Johnson & Johnson announced the $14.6 billion acquisition of Intra-Cellular Therapies, paying $132 per share in cash, a 40% one-day premium. The deal closed on April 2, 2025, with Intra-Cellular operating as a standalone unit. The company’s portfolio includes the approved drug Caplyta for schizophrenia, bipolar disorder, depression, sleep disorders, and autism, alongside a pipeline spanning phase II lenrispodun (Parkinson’s, heart failure), lumateperone deuterated (anxiety, psychosis), phase I ITI-1020 (cancer), ITI-333 (pain), and multiple preclinical CNS candidates.
Sanofi acquiring Blueprint Medicines – June 2025
Sanofi announced the $9.5 billion acquisition of Blueprint Medicines, paying $129 per share in cash, a 27% one-day premium with $9.1 billion upfront and up to $400 million in milestones tied to BLU-808. The deal closed on July 18, 2025, with Blueprint delisted from NASDAQ. Blueprint’s portfolio includes the approved therapy Ayvakit for GIST and systemic mastocytosis, late-stage elenestinib (Phase III, systemic mastocytosis), BLU-808 (Phase II, chronic urticaria, rhinoconjunctivitis), and proof-of-concept studies in asthma and mast cell activation syndrome. Additional pipeline programs target solid tumors, breast cancer, and novel protein degraders (CDK2, CDK4).
Vertex Pharmaceuticals acquiring Alpine Immune Sciences – April 2024
Vertex announced a $4.9 billion acquisition of Alpine Immune Sciences, paying $65 per share in cash, a 38% one-day premium. Alpine’s pipeline is led by acazicolcept (Phase II, systemic lupus erythematosus) and povetacicept (Phase I/IIb lupus nephritis; Phase Ib immune thrombocytopenia, autoimmune hemolytic anemia, and other indications), supported by additional early-stage programs and its directed evolution platform.
Gilead acquiring CymaBay for $4.3B – February 2024
Gilead announced the $4.3 billion acquisition of CymaBay, paying $32.50 per share in cash, a 27% one-day premium. The lead asset is seladelpar, an oral PPARδ agonist in Phase III for primary biliary cholangitis (PBC) with priority review (PDUFA August 14, 2024), PRIME status from the EMA, and FDA Orphan Drug Designation.
Merck KGaA acquiring SpringWorks – February 2025
Merck KGaA announced the acquisition of SpringWorks Therapeutics for $3.5 billion, paying $47 per share in cash. The portfolio includes approved Ogsiveo (nirogacestat) for adult desmoid tumors, with ongoing trials in pediatric desmoid tumors, ovarian granulosa cell tumors, and multiple myeloma. Other key assets are mirdametinib (pre-registration, plexiform neurofibroma), brimarafenib (Phase I/II, solid tumors), SW-682 (Phase I/II, hippo mutant tumors), and preclinical SW-3431 (rare uterine cancers).
Eli Lilly acquiring Morphic – July 2024
Eli Lilly announced the $3.2 billion acquisition of Morphic, paying $57 per share in cash, a 79% one-day premium. Morphic’s lead asset is MORF-057, a Phase II A4B7 integrin inhibitor for inflammatory bowel disease, alongside a pipeline of preclinical programs targeting myelofibrosis, solid tumors, pulmonary hypertension, and additional autoimmune indications.
Novartis acquiring Anthos Therapeutics – February 2025
Novartis announced the acquisition of Anthos Therapeutics for $925 million upfront, with up to $2.2 billion in potential milestones. Anthos’ lead asset, abelacimab, is a monoclonal antibody targeting FXI inhibition, in Phase III for atrial fibrillation and venous thromboembolism, and Phase II for stroke and thrombosis. Originally licensed from Novartis in 2019, abelacimab now returns to strengthen the company’s cardiovascular pipeline.
Merck acquiring EyeBio – May 2024
Merck announced the acquisition of EyeBio for up to $3 billion, including $1.3 billion upfront and up to $1.7 billion in development, regulatory, and sales milestones. EyeBio’s portfolio includes Restoret, a Phase Ib/IIa antibody candidate for diabetic macular edema and age-related macular degeneration, along with preclinical retinal disease programs.
AstraZeneca acquiring Fusion Pharmaceuticals – March 2024
AstraZeneca announced the $2.4 billion acquisition of Fusion Pharmaceuticals, including $2 billion upfront ($21 per share, a 97% one-day premium) and up to $400 million in contingent regulatory milestones. Fusion’s pipeline is led by FPI-2265 (Phase II, prostate cancer) and includes multiple early-stage radiopharmaceuticals for solid tumors.
AbbVie acquiring Capstan – June 2025
AbbVie announced the acquisition of Capstan for up to $2.1 billion in upfront cash. Capstan’s pipeline is anchored by CPTX-2309, a Phase I in vivo tLNP anti-CD19 CAR-T therapy for B–cell–mediated autoimmune diseases, alongside discovery-stage CPTX-2506 targeting BCMA-expressing plasma cells for cancer and autoimmune disorders. The company’s tLNP platform enables in vivo delivery of RNA payloads, including mRNA, to engineer specific cell types.
Roche acquiring Poseida Therapeutics for $1.5B – January 2025
Roche completed its $1 billion acquisition of Poseida Therapeutics, paying $9 per share in cash, a 215% one-day premium. Poseida shareholders are also eligible for up to $500 million in milestone-based contingent value rights tied to pivotal trials and commercialization milestones for its lead CAR-T candidates. Poseida’s pipeline includes three Phase I allogeneic CAR-T programs (P-BCMA-ALLO1, P-CD19CD20-ALLO1, P-MUC1C-ALLO1), two IND-stage candidates, and multiple preclinical programs targeting hematologic and solid tumors. The company also brings proprietary non-viral gene delivery platforms (piggyBac, Cas-CLOVER, Booster Molecule, nanoparticle delivery) and in-house GMP cell therapy manufacturing capabilities. The acquisition builds on Roche and Poseida’s existing $6 billion collaboration signed in 2022 and strengthens Roche’s position in next-generation cell therapies for oncology and autoimmune disease.
GSK acquiring Aiolos Bio – January 2024
GSK announced the acquisition of Aiolos Bio for up to $1.4 billion, including $1 billion upfront and up to $400 million in regulatory milestones. Aiolos’ lead program, AIO-001, is in Phase II trials for asthma and chronic rhinosinusitis.
Novo Nordisk acquiring Cardior Pharmaceuticals – March 2024
Novo Nordisk announced the acquisition of Cardior Pharmaceuticals for up to €1 billion ($1.1 billion) in upfront, development, and commercial milestone payments. Cardior’s pipeline includes lead candidate CDR-132L (Phase II, heart failure) and preclinical programs CDR-348T and CDR-641L for hypertrophic cardiomyopathy.
BMS acquiring 2seventy bio – March 2025
Bristol Myers Squibb announced the $286 million acquisition of 2seventy bio, paying $5 per share in cash and an 88% one-day premium. The deal gives BMS full ownership of Abecma (idecabtagene vicleucel), an approved CAR-T therapy for relapsed or refractory multiple myeloma, previously co-developed with 2seventy.
Also check out Large Market Cap Biopharma M&A 2023 & 2024
