Merck Acquires Caraway Therapeutics

Merck & Co. (Merck Sharp & Dohme) Acquires Cidara Therapeutics

January 8, 2026

Biotechnology

Merck Sharp & Dohme LLC (Merck & Co., Inc.) completed its cash tender offer and follow-on merger to acquire Cidara Therapeutics, Inc. for $221.50 per share, valuing the deal at about $9.2 billion. The acquisition adds Cidara’s late-stage, long-acting, strain-agnostic influenza antiviral candidate CD388 to Merck’s respiratory pipeline.

Merck KGaA Acquires SpringWorks Therapeutics

July 1, 2025

Pharmaceuticals

Merck KGaA, Darmstadt, Germany closed its acquisition of SpringWorks Therapeutics, Inc. in a deal with an enterprise value of $3.4 billion (about €3.0 billion). The acquisition adds SpringWorks’ rare tumor portfolio—including OGSIVEO (nirogacestat) and GOMEKLI (mirdametinib)—to Merck’s Healthcare business and is expected to accelerate growth in rare tumors and expand reach beyond the U.S.

Roche Acquires Carmot Therapeutics for $2.7 Billion Upfront

December 4, 2023

Biotechnology

Carmot Therapeutics entered into a definitive merger agreement to be acquired by Roche for $2.7 billion upfront, with up to $400 million in potential milestone payments. Carmot’s shareholders will receive $2.7 billion in cash at closing, and Carmot and its employees will join the Roche Group’s Pharmaceuticals Division.

Merck to Acquire Acceleron Pharma Inc for $11.5B

September 30, 2021

Biotechnology

Merck (through a subsidiary) entered into a definitive agreement to acquire Acceleron Pharma Inc for $180 per share in cash, for an approximate total equity value of $11.5 billion. The transaction will be completed via a tender offer followed by a merger, and is expected to close in the fourth quarter of 2021, subject to conditions including regulatory approvals and tender of at least a majority of outstanding shares.

Eli Lilly and Company Acquires Disarm Therapeutics

October 15, 2020

Biotechnology

Eli Lilly and Company agreed to acquire Cambridge-based Disarm Therapeutics for an upfront $135.0 million, with potential development, regulatory and commercial milestone payments of up to $1.225 billion. The acquisition adds Disarm's preclinical SARM1 inhibitor programs to Lilly's R&D efforts in pain and neurodegeneration to accelerate development of disease‑modifying therapies for axonal degeneration.

Bayer Acquires UK Biotech KaNDy Therapeutics Ltd.

August 11, 2020

Biotechnology

Bayer has agreed to acquire UK-based clinical-stage biotech KaNDy Therapeutics Ltd. for an upfront $425 million with up to $450 million in additional milestone payments, expanding Bayer's women's healthcare drug development pipeline—specifically the investigational non-hormonal compound NT-814 for menopausal vasomotor symptoms. The acquisition, subject to customary conditions, was announced in August 2020 and is expected to close in September 2020.