Astellas Acquires IVERIC bio for Approximately $5.9 Billion

Eli Lilly Acquires Adverum Biotechnologies

December 9, 2025

Biotechnology

Eli Lilly and Company agreed to acquire Adverum Biotechnologies in a cash-and-contingent-value-rights tender offer for all outstanding shares. The total consideration is $3.56 per share in cash at closing plus a CVR that could pay up to $8.91 per share upon achievement of specified milestones, with the transaction expected to close in the fourth quarter of 2025.

Novo Nordisk to Acquire Akero Therapeutics for Up to $5.2 Billion

October 10, 2025

Pharmaceuticals

Akero Therapeutics announced it has entered into a definitive agreement to be acquired by Novo Nordisk A/S in a transaction valued at up to $5.2 billion in cash. Under the terms of the deal, Akero shareholders will receive $54.00 per share at closing plus a non-transferable Contingent Value Right (CVR) that could pay an additional $6.00 per share contingent on full U.S. regulatory approval of efruxifermin (EFX) for compensated cirrhosis associated with MASH.

Merck to Acquire EyeBio for up to $3 Billion

May 29, 2024

Biotechnology

Merck (through a subsidiary) will acquire Eyebiotech Limited (EyeBio) for up to $3.0 billion — $1.3 billion upfront in cash plus up to $1.7 billion in development, regulatory and commercial milestones. The acquisition—expected to close in Q3 2024 and to be accounted for as an asset acquisition—adds EyeBio's ophthalmology-focused pipeline, including lead candidate Restoret (EYE103), to Merck's growing ophthalmology presence.

AstraZeneca Acquires Icosavax

December 12, 2023

Biotechnology

AstraZeneca has entered into a definitive agreement to acquire Icosavax, a Seattle-based clinical-stage biopharmaceutical company, in a cash tender offer valuing the deal at approximately $0.8bn upfront and up to $1.1bn including contingent payments. The acquisition brings Icosavax's virus‑like particle (VLP) platform and Phase III‑ready combination RSV/hMPV vaccine candidate IVX‑A12 into AstraZeneca's Vaccines & Immune Therapies late‑stage pipeline to strengthen respiratory vaccine capabilities for older adults and vulnerable populations.

Merck & Co., Inc. Acquires VelosBio Inc.

November 5, 2020

Biotechnology

Merck & Co., Inc. will acquire all outstanding shares of clinical-stage biopharmaceutical company VelosBio for $2.75 billion in cash. The acquisition adds VelosBio's lead investigational antibody-drug conjugate VLS-101 and ROR1-directed pipeline assets to Merck's oncology portfolio and is expected to close by the end of 2020, subject to customary conditions.

Novartis Acquires Vedere Bio

September 30, 2020

Biotechnology

Novartis has acquired Vedere Bio, a Cambridge-based optogenetics AAV gene therapy company, for $150 million upfront plus up to $130 million in potential regulatory and clinical milestones (total consideration of $280 million). The deal includes Vedere Bio's lead preclinical intravitreal AAV programs focused on pan-genotypic vision restoration; earlier-stage assets were spun out into a newly formed independent company, Vedere Bio II.