Day One Biopharmaceuticals Acquires Mersana Therapeutics

Merck & Co. Acquires Cidara Therapeutics

January 8, 2026

Biotechnology

Merck & Co., through subsidiary Merck Sharp & Dohme LLC, completed a cash tender offer to acquire Cidara Therapeutics, Inc. for $221.50 per share, making Cidara a wholly owned subsidiary. The acquisition adds Cidara's long-acting antiviral candidate CD388 to Merck's respiratory portfolio and is being accounted for as an asset acquisition.

Novo Nordisk Acquires Dicerna Pharmaceuticals

November 18, 2021

Biotechnology

Novo Nordisk agreed to acquire Dicerna Pharmaceuticals for $38.25 per share, representing an enterprise equity value of approximately $3.3 billion, to expand its RNAi capabilities. The acquisition builds on a 2019 research collaboration and brings Dicerna's GalXC RNAi platform and pipeline into Novo Nordisk to accelerate development of RNAi therapeutics across cardiometabolic, liver and rare disease indications. The tender offer completed in December 2021 and Dicerna is now a wholly owned subsidiary of Novo Nordisk.

Pfizer Acquires Metsera

November 13, 2025

Biotechnology

Pfizer Inc. completed the acquisition of clinical-stage biopharmaceutical company Metsera, Inc. for $65.60 per share (approximately $7.0 billion enterprise value) plus contingent value rights of up to $20.65 per share. The deal brings Metsera's obesity and cardiometabolic therapeutic candidates into Pfizer's pipeline and makes Metsera a wholly owned subsidiary headquartered in New York.

Genmab A/S Acquires Merus N.V. via Tender Offer

December 12, 2025

Biotechnology

Genmab A/S, through its wholly owned purchaser Genmab Holding II B.V., completed a tender offer to acquire outstanding common shares of Merus N.V. for $97.00 per share and commenced a subsequent offering period. The acquisition adds Merus' lead late‑stage oncology asset petosemtamab to Genmab's portfolio, expanding its antibody therapeutics pipeline and expected to be accretive to EBITDA by 2029.

Sanofi to Acquire DR-0201 Program from Dren Bio

March 20, 2025

Biotechnology

Sanofi has agreed to acquire DR-0201, a CD20-directed bispecific myeloid cell engager, through purchase of Dren Bio’s affiliate Dren-0201 for an upfront $600 million and up to $1.3 billion in milestone payments. The deal, aimed at broadening Sanofi’s immunology pipeline and advancing deep B-cell depletion approaches, is expected to close in Q2 2025 subject to regulatory approvals; Dren Bio will continue to operate independently to advance its broader pipeline.

Merck Acquires Pandion Therapeutics

February 25, 2021

Biotechnology

Merck will acquire Pandion Therapeutics for $60 per share in cash, representing an approximate total equity value of $1.85 billion, via a tender offer and subsequent merger. Pandion is a clinical-stage biotechnology company focused on precision immune modulators (TALON platform) with lead candidate PT101 targeting regulatory T cells for autoimmune diseases; the transaction is expected to close in the first half of 2021 subject to customary conditions.