Tracked deals
347
347 tracked deals across 2014-2026.
Top Pharmaceuticals Acquirers (2014-2026)
Buyer mix
Mixed buyer set
270 strategic · 169 pe
Top trend
Volume peaked in 2022
61 tracked deals announced in 2022.
Primary Insight
What Stands Out
- GSK is expanding lung cancer precision oncology with the planned acquisition of Nuvalent, Inc.
- Eli Lilly and Company has multiple moves focused on oncology and immunology-adjacent pipelines, including LimmaTech Biologics AG and Ajax Therapeutics, Inc.
- Vertical integration themes appear, such as Cosmos Health Inc. pursuing additional GMP-licensed manufacturing capacity via Doc Pharma S.A.
- Rare disease and niche immunology/oncology development continues with deals like Neurocrine Biosciences, Inc. acquiring Soleno Therapeutics, Inc. and Gilead Sciences acquiring Ouro Medicines
- Geographic reach is international, with deal locations including Greece, Switzerland, and multiple U.S. states (e.g., California, New Jersey, Tennessee, Florida)
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| GHO Capital Partners LLP | 5 | Specialist healthcare private equity investor focused on ... | PE |
| Aceto | 4 | Global provider and distributor of specialty ingredients ... | Strategic (PE-backed) |
| Ampersand Capital Partners | 4 | Middle-market private equity firm focused on growth-orien... | PE |
| Eli Lilly and Company | 4 | Global biopharmaceutical company focused on expanding its... | Strategic |
| Essential Pharma | 4 | International specialty pharmaceutical group focused on a... | Strategic (PE-backed) |
| H.I.G. Capital | 4 | Global alternative investment firm providing equity and d... | PE |
| ANI Pharmaceuticals, Inc. | 3 | Diversified biopharmaceutical company that develops, manu... | Strategic |
| ARCHIMED | 3 | Healthcare‑focused private equity firm investing in and s... | PE |
| B-FLEXION Life Sciences | 3 | Investment manager within the B-FLEXION group, focused on... | PE |
| Bourne Partners Strategic Capital | 3 | Pharma services and consumer healthcare-focused investmen... | PE |
Acquisition Volume in Pharmaceuticals by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
June 17, 2026
- Buyer
- Laprophan Group, Europhan
- Target
- Rivopharm
- Industry
- Pharmaceuticals
- Location
- Ticino, Switzerland
- Type
- Buyout
Laprophan Group completed the acquisition of a controlling stake in Rivopharm, a Switzerland-based specialty pharmaceutical company focused on specialty medicines, dossier development, and complex formulations. The deal strengthens Laprophan’s European footprint and supports its ambition to build an international pharmaceutical platform across Europe, Africa, the Middle East, and selected global markets.
-
June 16, 2026
- Buyer
- Eli Lilly and Company
- Target
- 4E Therapeutics, Inc.
- Industry
- Pharmaceuticals
- Location
- Texas, United States
- Type
- Buyout
Eli Lilly and Company has acquired Austin-based neuroscience company 4E Therapeutics to advance its non-opioid chronic pain pipeline based on orally available MNK inhibitors. 4E’s lead candidate, 4ET1103, has entered human clinical trials after demonstrating a favorable Phase 1 safety profile.
-
June 11, 2026
- Buyer
- Cosmos Health Inc.
- Target
- Doc Pharma S.A.
- Industry
- Pharmaceuticals
- Location
- Greece
- Type
- Buyout
Cosmos Health Inc. has entered into a non-binding letter of intent (LOI) to acquire 100% of Doc Pharma S.A., a GMP-licensed European pharmaceutical manufacturer. The proposed deal is intended to deepen Cosmos Health’s vertical integration by expanding manufacturing capacity, product portfolio, and related R&D capabilities, and is expected to be accretive to assets, profitability, and cash flow over time.
-
- Buyer
- GSK
- Target
- Nuvalent, Inc.
- Seller
- Nuvalent shareholders (tender offer for all outstanding shares)
- Industry
- Pharmaceuticals
- Location
- United States
- Type
- Buyout
GSK announced an agreement to acquire Nuvalent, a clinical-stage precision oncology company, for $10.6 billion. The deal adds a pipeline of targeted lung cancer therapies, including late-stage ROS1 and ALK inhibitors (zidesamtinib and neladalkib) and an additional early-stage HER2 inhibitor.
-
- Buyer
- Servier
- Target
- Edgewise Therapeutics' muscular dystrophy business, Sevasemten (EDG-? program; muscular dystrophy asset within Edgewise Therapeutics)
- Seller
- Edgewise Therapeutics Inc.
- Industry
- Pharmaceuticals
- Location
- Colorado, United States
- Type
- Buyout
Servier has agreed to acquire Edgewise Therapeutics’ muscular dystrophy business for up to $2.65 billion, including a $1.55 billion upfront payment and up to $1.1 billion in regulatory and commercial milestones. The transaction includes sevasemten, an investigational fast skeletal myosin inhibitor in late-stage development for Becker and Duchenne muscular dystrophies, and is expected to close in Q3 2026 subject to regulatory clearance.
-
- Buyer
- Eli Lilly and Company
- Target
- Curevo Vaccine (Curevo), LimmaTech Biologics AG (LimmaTech Biologics)
- Industry
- Pharmaceuticals
- Location
- Switzerland
- Type
- Buyout
Eli Lilly entered definitive agreements to acquire Curevo Vaccine and LimmaTech Biologics as part of a broader expansion of its infectious disease R&D platform. Lilly will acquire Curevo for up to $1.5 billion and LimmaTech Biologics for up to $780 million, with upfront and additional milestone-based payments.
-
- Buyer
- Angelini Pharma S.p.A., Blackstone funds, select international partners, CDP Equity (expected minority stake via capital raise, per Reuters), BNP Paribas (financing support/underwriter)
- Target
- Catalyst Pharmaceuticals, Inc.
- Industry
- Pharmaceuticals
- Location
- Florida, United States
- Type
- Buyout
Angelini Pharma S.p.A. has entered into a definitive agreement to acquire all outstanding shares of Catalyst Pharmaceuticals, Inc. for $31.50 per share in cash, valuing the deal at approximately $4.1 billion. The transaction marks Angelini Pharma’s entry into the United States and is expected to close in the third quarter of 2026, subject to regulatory approvals and Catalyst stockholder approval.
-
- Buyer
- TopGum Industries Ltd.
- Target
- P26L Developments LLC, P L Developments LLC, PL Developments LLC (PLD)
- Industry
- Pharmaceuticals
- Location
- New York, United States
- Type
- Buyout
TopGum Industries Ltd. completed the acquisition of the U.S. gummy manufacturing operations of P26L/PL Developments LLC (PLD). TopGum also entered a long-term commercial partnership with PLD under which PLD will commercialize and distribute TopGum-manufactured gummy products to leading U.S. retailers under store-brand labels.
-
May 5, 2026
- Buyer
- ACEA Therapeutics, Inc., ACEA Pharma, Inc.
- Target
- ACEA Pharma, Inc.
- Seller
- Phoenix Asia Holdings Limited
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Scilex Holding Company’s indirect subsidiaries ACEA Therapeutics, Inc. and ACEA Pharma, Inc. entered into a stock acquisition agreement with Phoenix Asia Holdings Limited to acquire 100% of ACEA Pharma. The transaction is valued at $1 billion and will issue Phoenix shares to ACEA Therapeutics, with Phoenix expected to be renamed the “Go-Forward Company” ACEA Pharma and listed on Nasdaq after closing.
-
April 27, 2026
- Buyer
- Eli Lilly and Company
- Target
- Ajax Therapeutics, Inc.
- Industry
- Pharmaceuticals
- Location
- New York, United States
- Type
- Buyout
Eli Lilly and Company announced a definitive agreement to acquire Ajax Therapeutics, Inc. in a deal valued at up to $2.3 billion, including upfront and milestone-based payments. The acquisition is intended to expand Lilly’s oncology pipeline with Ajax’s lead candidate, AJ1-11095, a Type II JAK2 inhibitor in Phase 1 development for myelofibrosis, including patients previously treated with Type I JAK2 inhibitors.
-
- Buyer
- Apotex, Apotex Health Corp.
- Target
- Cumberland Pharmaceuticals Inc. (branded U.S. commercial portfolio), Cumberland Pharmaceuticals Inc. (line of branded pharmaceuticals)
- Industry
- Pharmaceuticals
- Location
- Tennessee, United States
- Type
- Divestiture
Apotex has entered into an agreement to acquire Cumberland Pharmaceuticals’ line of branded pharmaceuticals for $100 million in cash, integrating Cumberland’s U.S. branded businesses into Apotex’s operations. The transaction is intended to expand Apotex’s U.S. specialty and hospital-focused footprint across acute care, oncology, infectious disease, and gastroenterology; Cumberland will retain its development pipeline (including ifetroban) and majority ownership in Cumberland Emerging Technologies Inc.
-
April 14, 2026
- Buyer
- Everstone Capital
- Target
- Apothecon Pharmaceuticals Private Limited, Navinta III Inc., Apothecon Group
- Seller
- Apothecon founding promoters (Dr. Mahendra Patel and Joe Renner) (retaining a meaningful stake)
- Industry
- Pharmaceuticals
- Location
- Gujarat, India
- Type
- Growth capital
Singapore-headquartered private equity firm Everstone Capital has invested close to $270 million for a substantial stake in Apothecon Group, formed by India-based Apothecon Pharmaceuticals and US-based Navinta. Everstone said it will accelerate the group’s product pipeline, expand commercial reach into new geographies, and pursue complementary acquisitions, while the founding promoters will retain meaningful ownership.
-
March 27, 2026
- Buyer
- Gilead Sciences, Lakefront Biotherapeutics
- Target
- Ouro Medicines
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Gilead Sciences entered into a definitive agreement to acquire Ouro Medicines for $1.675 billion upfront, with up to $500 million in additional milestone payments. The deal adds gamgertamig (OM336), a BCMAxCD3 T cell engager in Phase 1/2, to Gilead’s inflammation and immunology pipeline and completes the expansion of Ouro’s capabilities within T cell engager therapies for autoimmune diseases.
-
March 26, 2026
- Buyer
- Merck
- Target
- Terns Pharmaceuticals
- Industry
- Pharmaceuticals
- Location
- United States
- Type
- Buyout
Merck has agreed to acquire clinical-stage oncology company Terns Pharmaceuticals for approximately $6.7 billion (53.00 per share in cash). The deal is intended to add Terns’ lead asset TERN-701, an investigational oral allosteric BCR::ABL1 inhibitor for chronic myeloid leukemia, to Merck’s hematology/oncology pipeline.
-
- Buyer
- Paratek Pharmaceuticals, Inc., B-FLEXION Life Sciences, Blackstone Credit & Insurance, Sixth Street, Oaktree Capital Management, L.P., Silver Point Capital, Pharmakon Advisors, LP
- Target
- Radius Health, Inc.
- Industry
- Pharmaceuticals
- Location
- Pennsylvania, United States
- Type
- Buyout
Paratek Pharmaceuticals completed its combination with Radius Health, adding Radius’s osteoporosis therapy TYMLOS (abaloparatide) to Paratek’s specialty pharmaceutical portfolio. The combined company is expected to generate nearly $1 billion in revenue in 2026 and expands the platform across multiple high-need therapeutic areas.
-
- Buyer
- Servier
- Target
- Day One Biopharmaceuticals, Inc.
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Servier and Day One Biopharmaceuticals entered into a definitive agreement for Servier to acquire Day One for $21.50 per share in cash, valuing the deal at approximately $2.5 billion. The acquisition is expected to close in the second quarter of 2026 and is intended to strengthen Servier’s rare oncology and pediatric low-grade glioma positioning while expanding its clinical-stage pipeline.
-
March 6, 2026
- Buyer
- Kuva Labs, Inc.
- Target
- Lisata Therapeutics, Inc.
- Industry
- Pharmaceuticals
- Location
- New Jersey, United States
- Type
- Buyout
Kuva Labs, Inc. has entered into a definitive agreement to acquire Lisata Therapeutics, Inc. for $5.00 per share in cash, plus a contingent value right (CVR) that could pay an additional $1.00 per share upon an FDA-related regulatory milestone tied to certepetide. The transaction is expected to close in the second quarter of 2026, subject to customary tender offer conditions, including tender of a majority of Lisata’s outstanding shares.
-
- Buyer
- Grünenthal
- Target
- Grünenthal Meds
- Seller
- Kyowa Kirin International
- Industry
- Pharmaceuticals
- Location
- United Kingdom
- Type
- Buyout
Grünenthal acquired Kyowa Kirin International’s 49% stake in Grünenthal Meds, taking full ownership of the joint venture created in 2023 to market Grünenthal’s established medicines portfolio. The JV manages a portfolio of 12 established brands across six therapeutic areas and more than 60 markets, with key products including Abstral, PecFent, Moventig, and Adcal-D3.
-
February 26, 2026
- Buyer
- Asahi Kasei
- Target
- Aicuris Anti-infective Cures AG
- Industry
- Pharmaceuticals
- Location
- Germany
- Type
- Buyout
Asahi Kasei entered into a definitive agreement to acquire Aicuris Anti-infective Cures AG, a German biopharmaceutical company, for approximately €780 million. The acquisition is designed to expand Asahi Kasei’s specialty pharmaceutical platform into severe infectious diseases and to complement its existing transplant and nephrology franchises. A second article reports Asahi Kasei completed the acquisition.
-
February 12, 2026
- Buyer
- Alkermes plc
- Target
- Avadel Pharmaceuticals plc
- Seller
- Avadel Pharmaceuticals plc shareholders
- Industry
- Pharmaceuticals
- Location
- Ireland
- Type
- Buyout
Alkermes plc completed its all-cash acquisition of Avadel Pharmaceuticals plc under an Irish High Court‑sanctioned scheme of arrangement, adding Avadel's FDA‑approved product LUMRYZ to Alkermes' commercial portfolio. The deal accelerates Alkermes' entry into the sleep medicine market, is expected to be accretive in 2026, and includes Avadel's clinical candidate valiloxybate.
-
- Buyer
- Swedish Orphan Biovitrum AB (publ) (Sobi)
- Target
- Arthrosi Therapeutics, Inc.
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Swedish Orphan Biovitrum AB (Sobi) has completed its acquisition of Arthrosi Therapeutics, purchasing all outstanding shares of Arthrosi’s common stock and common stock equivalents. The deal adds pozdeutinurad (AR882), a once-daily oral URAT1 inhibitor in two fully enrolled Phase 3 studies for progressive and tophaceous gout.
-
February 4, 2026
- Buyer
- BioSelective Capital Investments, Shayan Enterprises, LLC
- Target
- BioDuro's Irvine drug product development and manufacturing operations (now Forma Life Sciences, Inc.)
- Seller
- BioDuro, Advent International
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Divestiture
BioSelective Capital Investments, together with Shayan Enterprises, LLC, acquired BioDuro’s drug product development and manufacturing operations in Irvine, California and formed Forma Life Sciences, Inc. The transaction transfers two U.S.-based oral solid dosage development and manufacturing facilities (≈65,000 sq ft and ≈40,000 sq ft) to the new Delaware-held company; BioDuro (an Advent portfolio company) sold the assets.
-
January 30, 2026
- Buyer
- BC Partners, Bpifrance (Bpifrance Investissement)
- Target
- Biogaran
- Seller
- Servier
- Industry
- Pharmaceuticals
- Location
- France
- Type
- Buyout
BC Partners and Bpifrance have completed the acquisition of Biogaran from Servier. The deal is supported by regulatory approvals (including EU clearances and French foreign investment screening), after a favourable opinion from Biogaran’s Social and Economic Committee.
-
January 26, 2026
- Buyer
- Mirum Pharmaceuticals
- Target
- Bluejay Therapeutics
- Industry
- Pharmaceuticals
- Location
- United States
- Type
- Buyout
Mirum Pharmaceuticals has completed the acquisition of Bluejay Therapeutics, adding brelovitug — a late‑stage monoclonal antibody for chronic hepatitis delta virus (HDV) — to its rare liver disease pipeline. The deal gives Mirum worldwide rights to the AZURE Phase 3 program and includes a combination of cash and Mirum common stock with potential sales‑based milestone payments; Mirum also raised approximately $268.5M in concurrent financing to support development and commercialization.
-
- Buyer
- Agno Pharma
- Target
- Actylis Eugene (legacy Cascade Chemistry business)
- Seller
- Actylis
- Industry
- Pharmaceuticals
- Location
- Oregon, United States
- Type
- Buyout
Agno Pharma has acquired Actylis Eugene, the legacy Cascade Chemistry manufacturing asset in Eugene, Oregon, expanding Agno's U.S. cGMP API development and manufacturing footprint. The site includes a 16,000 sq. ft. R&D lab and a newly constructed 30,000 sq. ft. GMP manufacturing facility, enhancing Agno's capabilities to support biotech and pharmaceutical clients from early-phase through commercial API production.
-
January 12, 2026
- Buyer
- B-FLEXION Life Sciences
- Target
- Radius Health
- Seller
- Affiliates of Patient Square Capital, Webster Equity Partners
- Industry
- Pharmaceuticals
- Location
- Massachusetts, United States
- Type
- Buyout
B-FLEXION Life Sciences has agreed to purchase the remaining 57% interest in Radius Health held by affiliates of Patient Square Capital and Webster Equity Partners. Radius, a specialty biopharmaceutical focused on bone health, had been taken private by B-FLEXION and Patient Square in August 2022. The transaction is expected to close by the end of Q1 2026.
-
January 8, 2026
- Buyer
- Eli Lilly and Company
- Target
- Ventyx Biosciences
- Seller
- Entities affiliated with New Science Ventures, Ventyx directors and officers (including through voting/support agreements)
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Eli Lilly and Company has entered into a definitive agreement to acquire Ventyx Biosciences for approximately $1.2 billion. The deal values Ventyx at $14.00 per share in cash and is expected to close in the first half of 2026, subject to shareholder and regulatory approvals.
-
December 18, 2025
- Buyer
- Inke, Keensight Capital
- Target
- Pharmanoid
- Seller
- Gentec Pharmaceutical Group
- Industry
- Pharmaceuticals
- Location
- Catalonia, Spain
- Type
- Addon
Inke, supported by Keensight Capital, has acquired Pharmanoid, a specialized HPAPI manufacturing site focused on ophthalmic active pharmaceutical ingredients, from Gentec Pharmaceutical Group. The acquisition expands Inke's HPAPI capabilities beyond respiratory APIs and strengthens its position in ophthalmology and other therapeutic areas.
-
November 20, 2025
- Buyer
- Walgreens, Sycamore Partners
- Target
- Fruth Pharmacy
- Seller
- Lynne Fruth, Fruth family
- Industry
- Pharmaceuticals
- Location
- West Virginia, United States
- Type
- Buyout
Walgreens has acquired Fruth Pharmacy, a small West Virginia-based chain operating roughly a dozen community pharmacy locations, after the independent retailer cited pressure from reduced PBM reimbursement rates. The transaction transfers ownership from Lynne Fruth/the Fruth family to Walgreens (now controlled by Sycamore Partners) and aims to maintain pharmacy services for local communities in West Virginia and nearby areas.
-
November 17, 2025
- Buyer
- CarePartners Pharmacy
- Target
- National Drug Wholesale (NDW)
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
CarePartners Pharmacy, a national specialty infusion pharmacy based in Libertyville, Illinois, has acquired National Drug Wholesale (NDW), a Santa Clara, California–based pharmaceutical wholesaler and distributor. The deal expands CarePartners’ specialty distribution capabilities, strengthens its biosimilar supply chain and licensing footprint, and supports its payer- and manufacturer-focused cost-containment programs.
-
November 17, 2025
- Buyer
- Azurity Pharmaceuticals
- Target
- Sebela Pharmaceuticals' Bowel Prep Franchise
- Seller
- Sebela Pharmaceuticals
- Industry
- Pharmaceuticals
- Location
- Massachusetts, United States
- Type
- Divestiture
Azurity Pharmaceuticals has acquired Sebela Pharmaceuticals' bowel preparation franchise, including two leading bowel prep therapies used for colonoscopies. The deal transfers Sebela's commercial team (more than 50 colleagues) and is intended to strengthen Azurity's gastroenterology product portfolio and U.S. market presence.
-
- Buyer
- Axsome Therapeutics
- Target
- Baergic Bio
- Seller
- Avenue Therapeutics, Baergic Bio shareholders
- Industry
- Pharmaceuticals
- Location
- New York, United States
- Type
- Buyout
Axsome Therapeutics acquired a 100% equity interest in Baergic Bio (a subsidiary of Avenue Therapeutics) and amended Baergic Bio's license with AstraZeneca to obtain exclusive global rights to AZD7325, an early‑stage selective GABAA α2,3 receptor modulator for epilepsy. The deal includes a $0.3 million upfront payment to Baergic Bio shareholders and potential development, regulatory, sales‑based milestones and tiered royalties to Avenue Therapeutics and AstraZeneca as described in the purchase and amended license agreements.
-
October 31, 2025
- Buyer
- CNX Therapeutics
- Target
- Sativex (nabiximols) global business, SVX Therapeutics Limited
- Seller
- Jazz Pharmaceuticals plc
- Industry
- Pharmaceuticals
- Location
- England, United Kingdom
- Type
- Divestiture
CNX Therapeutics has acquired the global Sativex (nabiximols) business from Jazz Pharmaceuticals, with the deal closing on 31 October 2025. The transaction includes marketing authorisations and commercial rights worldwide and the UK entity SVX Therapeutics Limited; Jazz will support a transition period under a Transition Service Agreement.
-
- Buyer
- Accord Plasma B.V., Intas Pharmaceuticals Ltd.
- Target
- Prothya Biosolutions Belgium BV, Prothya Biosolutions Belgium BV and its subsidiaries
- Industry
- Pharmaceuticals
- Location
- Belgium
- Type
- Buyout
Accord Plasma B.V., a subsidiary of Intas Pharmaceuticals, announced it has agreed to acquire 100% of Prothya Biosolutions Belgium BV and all of its subsidiaries, following customary closing conditions including regulatory approvals. The deal, expected to close shortly and later described as completed, expands Accord/Intas’s plasma-derived medicinal product (PDMP) capabilities and global plasma manufacturing footprint.
-
October 21, 2025
- Buyer
- Curewell Capital
- Target
- Wilmington PharmaTech
- Industry
- Pharmaceuticals
- Location
- Delaware, United States
- Type
- Buyout
Los Angeles-based private equity firm Curewell Capital has made a majority investment in Wilmington PharmaTech (WPT), a U.S.-based specialty CRDMO focused on small-molecule API development and manufacturing. Founder and CEO Hui-Yin "Harry" Li will retain a significant ownership stake and remain as CEO; the capital will be used to expand WPT's U.S. manufacturing capacity, including HPAPI suites, and scale end-to-end API development and manufacturing capabilities.
-
- Buyer
- Viatris Inc.
- Target
- Aculys Pharma, Inc.
- Seller
- Aculys Pharma shareholders
- Industry
- Pharmaceuticals
- Location
- Japan
- Type
- Buyout
Viatris Inc. has acquired clinical-stage Aculys Pharma, Inc., obtaining exclusive development and commercialization rights in Japan for pitolisant and rights in Japan and select Asia‑Pacific markets for Spydia (diazepam) nasal spray. The deal includes an upfront payment to Aculys shareholders with additional milestone and royalty payments, and is intended to strengthen Viatris' presence and CNS capabilities in Japan.
-
October 10, 2025
- Buyer
- Novo Nordisk A/S
- Target
- Akero Therapeutics
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
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.
-
October 9, 2025
- Buyer
- XenoTherapeutics Inc.
- Target
- ESSA Pharma Inc.
- Industry
- Pharmaceuticals
- Location
- British Columbia, Canada
- Type
- Buyout
ESSA Pharma Inc.’s securityholders approved the acquisition of all issued and outstanding common shares of ESSA by XenoTherapeutics Inc. via a statutory plan of arrangement. The transaction is subject to Supreme Court of British Columbia approval and other customary closing conditions, with an expected court hearing on October 7, 2025 and completion around October 9, 2025.
-
September 22, 2025
- Buyer
- Roche
- Target
- 89bio, Inc.
- Industry
- Pharmaceuticals
- Location
- United States
- Type
- Buyout
Roche has reached an agreement to acquire 89bio, a biopharmaceutical company focused on treatments for liver diseases and cardiometabolic conditions. The deal is expected to close in the fourth quarter of 2025, with an offered price of $14.50 per share in cash plus potential contingent value rights tied to performance milestones for pegozafermin.
-
September 11, 2025
- Buyer
- GTCR, GTCR (as acquiring entity)
- Target
- Zentiva
- Seller
- Advent International
- Industry
- Pharmaceuticals
- Location
- Czech Republic
- Type
- Buyout
GTCR has completed its previously announced acquisition of Zentiva, a leading European generics pharmaceutical company, from Advent. The deal expands GTCR’s European generics healthcare platform and is intended to drive growth through continued investment in product development, portfolio breadth, and geographic reach.
-
September 11, 2025
- Buyer
- Bausch Health Companies Inc., Bausch Health Americas, Inc., BHC Lyon Merger Sub, Inc.
- Target
- DURECT Corporation
- Industry
- Pharmaceuticals
- Location
- California, United States
- Type
- Buyout
Bausch Health Companies Inc. completed its previously announced tender offer to acquire DURECT Corporation for $1.75 per share in cash, totaling about $63 million upfront. The deal also includes potential net sales milestone payments of up to $350 million in the aggregate related to larsucosterol, which expands Bausch Health’s hepatology pipeline for alcohol-associated hepatitis.
-
September 2, 2025
- Buyer
- PharmaCyte Biotech, Inc.
- Target
- TNF Pharmaceuticals, Inc.
- Industry
- Pharmaceuticals
- Location
- New York, United States
- Type
- Growth capital
PharmaCyte Biotech, Inc. increased its equity stake in TNF Pharmaceuticals, Inc. by $3.0 million to support TNF's recent license agreement with LightSolver for a light-based compute accelerator intended for cryptocurrency and blockchain applications. The investment is positioned to help TNF execute a strategic pivot tied to the new license; PharmaCyte said it remains well-capitalized and may pursue further portfolio opportunities.
-
- Buyer
- KRTL Biotech, Inc., KRTL Holding Group, Inc.
- Target
- Industria Químico Farmacéutica Sigma Corp. S.R.L.
- Seller
- Wilstermann Family
- Industry
- Pharmaceuticals
- Location
- Cochabamba, Bolivia
- Type
- Buyout
KRTL Biotech, a wholly owned subsidiary of KRTL Holding Group, Inc., completed a merger-by-exchange to acquire 99% of Industria Químico Farmacéutica Sigma Corp. S.R.L. (SIGMA), a Bolivian pharmaceutical manufacturer. The Wilstermann Family received 490,000,000 KRTL Biotech common shares (49% of KRTL Biotech) and Patricia Wilstermann received a preferred share and a permanent board seat; SIGMA will be consolidated into KRTL Biotech's financials under U.S. GAAP.
-
August 14, 2025
- Buyer
- Norgine
- Target
- Theravia
- Seller
- Mérieux Equity Partners
- Industry
- Pharmaceuticals
- Location
- France
- Type
- Buyout
Norgine completed its acquisition of Theravia, an international pharmaceutical company focused on therapies for patients with rare and debilitating conditions. Following closing, Theravia became a wholly owned subsidiary of Norgine, which will begin a structured integration process.
-
August 6, 2025
- Buyer
- Intas Pharmaceuticals, Accord BioPharma, Inc.
- Target
- UDENYCA (pegfilgrastim-cbqv)
- Seller
- Coherus BioSciences, Inc.
- Industry
- Pharmaceuticals
- Location
- North Carolina, United States
- Type
- Divestiture
Intas Pharmaceuticals, via its U.S. specialty division Accord BioPharma, completed the acquisition of the UDENYCA (pegfilgrastim-cbqv) franchise from Coherus BioSciences. The asset sale expands Accord/Intas' FDA-approved biosimilar portfolio—particularly in oncology supportive care—and brings key Coherus commercial and manufacturing personnel into Accord to support continuity and growth in the U.S. and international markets.
-
August 5, 2025
- Buyer
- Bora Pharmaceuticals Co., Ltd.
- Target
- Upsher-Smith Laboratories
- Industry
- Pharmaceuticals
- Location
- Minnesota, United States
- Type
- Buyout
Bora Pharmaceuticals completed a 2024 acquisition of Upsher-Smith Laboratories for $210 million and is expanding the Maple Grove, Minnesota manufacturing site with a multi-year buildout. The investment includes installation of a Gerteis Macro-Pactor (operational Q3 2025) and development of 100,000 square feet of shell space to boost oral solid dose (OSD) contract development and manufacturing capabilities.
-
- Buyer
- Mallinckrodt plc
- Target
- Endo, Inc.
- Industry
- Pharmaceuticals
- Location
- Ireland
- Type
- Buyout
Mallinckrodt plc and Endo, Inc. completed their merger to create a global, scaled, diversified therapeutics leader. The transaction combines Mallinckrodt’s branded portfolio with Endo’s generics and sterile injectables business (Par Health), which is intended to be spun off as a standalone independent company targeted for the fourth quarter of 2025.
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July 31, 2025
- Buyer
- ESTEVE (Esteve CDMO / Esteve Química)
- Target
- Regis Technologies, Inc.
- Industry
- Pharmaceuticals
- Location
- Illinois, United States
- Type
- Buyout
ESTEVE (Esteve Química / ESTEVE CDMO) has acquired Regis Technologies, a Chicago-based contract development and manufacturing organization (CDMO) specializing in small-molecule APIs and separation products. The acquisition gives ESTEVE a physical U.S. presence, expands its early-stage development and cGMP API manufacturing capabilities, and adds ~70 employees to its US team.
-
July 15, 2025
- Buyer
- Aptar Pharma (AptarGroup, Inc.)
- Target
- Mod3 Pharma (formerly Enteris Biopharma) - clinical trial materials manufacturing capabilities
- Seller
- SWK Holdings
- Industry
- Pharmaceuticals
- Location
- New Jersey, United States
- Type
- Divestiture
Aptar Pharma has acquired the Phase 1 and 2 clinical trial materials manufacturing capabilities of Mod3 Pharma (formerly Enteris Biopharma) from SWK Holdings. The deal adds cGMP fill-and-finish, high-potency API suites and biologics capabilities at a Boonton, New Jersey facility to Aptar's drug delivery and early-stage development services to accelerate adoption of its delivery technologies.
-
- Buyer
- Merck
- Target
- Verona Pharma plc
- Industry
- Pharmaceuticals
- Location
- United Kingdom
- Type
- Buyout
Merck, through a subsidiary, entered into a definitive agreement to acquire Verona Pharma in a transaction valued at approximately $10 billion (at $107 per ADS). The acquisition is intended to add Ohtuvayre (ensifentrine) to Merck’s cardio-pulmonary pipeline, following FDA approval for COPD in June 2024.
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Frequently Asked Questions
Which types of pharmaceutical assets are being acquired most often?
Across the listed deals, buyers pursue a range of assets including clinical-stage therapies (precision oncology, rare disease, and investigational candidates), GMP-licensed manufacturing capacity, and branded U.S. pharmaceutical portfolios.
Are the deals concentrated in the United States?
Many transactions are announced in the United States (including states such as Florida, California, New York, New Jersey, and Tennessee), alongside deals in countries like Greece, Switzerland, and India.
What are common buyer motivations in these acquisitions?
The summaries emphasize pipeline expansion (e.g., oncology, targeted lung cancer, rare disease), capability strengthening (such as manufacturing capacity), and adding platforms or programs that support future R&D and commercialization.
Do these acquisitions include both cash and milestone-based consideration?
Yes. Several agreements describe upfront cash payments with additional milestone-based payments and, in some cases, royalties tied to future commercial outcomes.
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