Merck Acquires Caraway Therapeutics

Merck KGaA Acquires SpringWorks Therapeutics for $3.4B

July 1, 2025

Pharmaceuticals

Merck KGaA, Darmstadt, Germany completed the acquisition of SpringWorks Therapeutics, Inc. for an enterprise value of $3.4 billion (US$47 per share in cash), following regulatory clearances and customary closing conditions. The deal adds SpringWorks' rare tumor portfolio — including OGSIVEO (nirogacestat) and GOMEKLI (mirdametinib) — to Merck's Healthcare business and is expected to be accretive to earnings by 2027 while strengthening Merck's rare tumor capabilities.

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.

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.

Bristol Myers Squibb Acquires Karuna Therapeutics

December 22, 2023

Biotechnology

Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in an all-cash transaction valued at approximately $14.0 billion (about $12.7 billion net of cash). The acquisition adds Karuna's lead neuroscience asset KarXT and its early-stage pipeline to BMS's neuroscience portfolio, accelerating capability and late-stage product expansion in psychiatric and neurodegenerative disorders.

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.