Pharmaceuticals Acquisitions in 2025

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.

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.

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.

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.

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.

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.

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.

Accord Plasma, a subsidiary of Intas Pharmaceuticals, has completed the acquisition of Prothya Biosolutions Belgium BV and its subsidiaries. The deal adds Prothya’s European plasma fractionation facilities and collection network — including operations in Amsterdam, Brussels and Hungary — to Accord’s global plasma manufacturing footprint to expand production and access to plasma-derived medicines.

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.

High Tide Inc. has completed the acquisition of a 51% interest in German medical cannabis importer and wholesaler Remexian Pharma GmbH for an estimated purchase price of €26.4 million, implying an enterprise value of €53.4 million. The deal was satisfied with cash, a seller loan and High Tide shares; High Tide holds a five-year option to acquire the remaining 49% (with call/put mechanics and pricing formulas tied to EBITDA).

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.

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.

Norgine has completed the acquisition of Theravia, an international pharmaceutical company focused on therapies for rare and debilitating conditions. Theravia is now a wholly owned subsidiary of Norgine as the buyer begins integration to expand its rare-disease portfolio and extend product reach across Europe and Australia/New Zealand.

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.

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.

Mallinckrodt plc and Endo, Inc. have completed a business combination to create a global, scaled therapeutics company, with Endo shareholders receiving cash and a 49.9% pro forma equity stake. The combined company will operate branded therapeutics and a generics/sterile injectables business (to be named Par Health), with Par Health intended to be spun off as an independent company targeted for Q4 2025 to unlock focused growth and realize synergies.

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.

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.

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.

Particle Dynamics has acquired EUROAPI UK Ltd., the operator of a commercial spray drying facility in Haverhill, United Kingdom, from EUROAPI as part of the latter’s portfolio restructuring. The deal adds spray-drying expertise and commercial-scale capacity to Particle Dynamics’ global CDMO platform and will see investment to expand capabilities and serve clinical and commercial projects.

USpharma Ltd., a Miami Lakes-based pharmaceutical development and manufacturing company, received a growth equity investment from Philadelphia-based 1315 Capital. The capital will be used to accelerate development and commercialization of USpharma’s pipeline, expand commercial reach, and scale operations at its 150,000 sq. ft. US-based GMP facility.

Torrent Pharmaceuticals has agreed to acquire a controlling stake in J. B. Chemicals & Pharmaceuticals from KKR at an equity valuation of INR 25,689 crore, purchasing a 46.39% stake (with potential to aggregate to 49.19%) followed by a mandatory open offer and a planned merger. The deal strengthens Torrent's presence in the Indian pharmaceutical market and adds JB Pharma's CDMO and international capabilities to Torrent's platform.

Milwaukee Capital Partners LLC acquired MPP Group LLC in an all-cash transaction effective May 1, 2025, with a minority investment from Concordia University Ventures. MPP Group will remain headquartered in Mequon, Wisconsin and continue to be led by Benjamin Nelson, Ph.D.; the deal provides capital to expand the company's contract analytical and injectable formulation development services.

Knight Therapeutics has completed the acquisition of Endo's International Pharmaceuticals business, primarily operated through Canada-based Paladin Pharma Inc. The divestiture closed for up to approximately $105 million in cash (about $79 million at closing, ~$11 million in permitted holdbacks and up to $15 million contingent on milestones).

XtalPi has acquired Liverpool ChiroChem (LCC), a specialist in automated chiral chemistry and high‑throughput chiral molecule synthesis, to integrate LCC’s PACE technology and chiral building‑block library into XtalPi’s AI- and robotics‑driven drug and materials R&D platform. The deal expands XtalPi’s end‑to‑end predictive and automated chemistry capabilities, accelerating discovery and synthesis of novel chiral compounds for pharmaceutical, materials, agricultural, and specialty chemical customers.

Buscar Company (OTC: CGLD) has acquired a 70% equity stake in Armorgenix Company via a strategic stock swap, making Armorgenix a key subsidiary. The deal expands Buscar's portfolio into pharmaceuticals—particularly antiviral and detoxification products such as DetoxShield—and includes plans for a Texas manufacturing facility and a Wyoming entity to manage IP and U.S. commercialization.

Paratek Pharmaceuticals has completed its acquisition of Optinose, acquiring all outstanding shares for approximately $330 million including debt and contingent value rights. The deal, financed with capital from Paratek, B-FLEXION Life Sciences and Novo Holdings and debt financing from Oaktree, adds Optinose’s XHANCE product to Paratek’s specialty therapeutics portfolio.

CVC Strategic Opportunities II has sold its entire stake in Genetic S.p.A., an Italian CDMO headquartered in Fisciano, to a consortium led by Renaissance Partners and Aurora Growth Capital, with the founding Pavese family increasing its ownership. The deal marks a successful exit for CVC after a five-year partnership during which Genetic expanded internationally, grew revenues and advanced its R&D and production capabilities; the transaction remains subject to customary regulatory approvals.

Barcelona-based ESTEVE completed the acquisition of HRA Pharma Rare Diseases (the rare-diseases business previously held by Perrigo) in July 2024, in a divestiture transaction announced by Perrigo for up to €275 million. The deal expands ESTEVE's rare-disease portfolio and strengthens its presence in Europe and the United States while supporting the company’s strategic focus on highly specialized therapies.

MidEuropa-backed portfolio company FAMAR signed an agreement to acquire a sterile manufacturing production site in Homburg (Saar), Germany from MiP Pharma. The addition expands FAMAR’s aseptic and lyophilised fill & finish capabilities and increases its European sterile manufacturing footprint to seven facilities, providing immediate capacity to serve international clients.

PharmaLogic Holdings Corp. has agreed to acquire a majority stake in Norway-based Agilera Pharma AS from the Institute for Energy Technology (IFE), creating an expanded, integrated global CDMO focused on radiopharmaceutical therapeutics. The deal strengthens PharmaLogic's manufacturing, development, and distribution capabilities for radiopharmaceuticals and is expected to close in June 2025, pending customary approvals.

Johnson & Johnson has completed its acquisition of Intra-Cellular Therapies, adding the approved drug CAPLYTA (lumateperone) and a clinical-stage neuroscience pipeline to J&J's Innovative Medicine business. The deal is expected to accelerate J&J's 2025 sales growth and strengthen its leadership in neuroscience and mental health therapeutics.

Lupin Healthcare (UK) Limited, a wholly owned subsidiary of Lupin Limited, has acquired UK-based Renascience Pharma Limited, the sole supplier of four specialty branded products in the UK. The acquisition (reported at approximately £12.3 million) expands Lupin's branded specialty portfolio in the UK and strengthens its supply offerings to the NHS across infectious disease, ENT and cardiology/renal indications.

Organon has acquired regulatory and commercial rights in the United States for TOFIDENCE (tocilizumab-bavi), a biosimilar to Actemra, from Biogen. The deal includes an upfront payment to Biogen and Organon will assume tiered royalty and milestone obligations while Bio‑Thera Solutions will retain manufacturing rights for the U.S. market.

Whitehawk Therapeutics has completed the divestiture of Aadi Subsidiary, Inc. to KAKEN Pharmaceutical Co., Ltd. for $100 million in cash plus customary adjustments. KAKEN assumes ownership of the Aadi Bioscience name, trademarks and the FYARRO business; Whitehawk expects to use proceeds (together with a recent $100M PIPE) to fund its ADC pipeline and extend its cash runway into 2028.

Azurity Pharmaceuticals has completed its acquisition of Covis Group S.à r.l. (Covis Pharma) from existing investors, making Covis a wholly owned subsidiary of Azurity. The deal expands Azurity's therapeutic portfolio across multiple complex dosage forms and broadens its global footprint, with the combined company serving 50+ countries and employing more than 800 colleagues.

Olympus Partners has acquired PAI Pharma, a leading U.S. developer, manufacturer and distributor of generic oral liquid medicines. The platform was previously owned by Enhanced Healthcare Partners and Bourne Partners Strategic Capital; terms were not disclosed and Monroe Capital provided senior financing for the deal.

Granules India Limited has agreed to acquire Senn Chemicals AG, a Swiss peptide-focused CDMO, for ₹192 crore, with closing subject to conditions expected in the first half of 2025. The deal gives Granules peptide R&D and cGMP manufacturing capabilities and access to regulated-market customers as it expands into peptide therapeutics and related end-markets.

Hims & Hers Health, Inc. has acquired a US-based peptide manufacturing facility in California to further verticalize its supply chain and expand domestic capabilities for personalized medications. The acquisition, which closed in early February, strengthens Hims & Hers’ ability to meet growing consumer demand for personalized healthcare and peptide-based treatments.

Bain Capital has signed a definitive agreement to acquire Mitsubishi Tanabe Pharma Corporation (MTPC) in a carve-out from Mitsubishi Chemical Group Corporation for approximately 510 billion JPY (about $3.3 billion). The deal, led by Bain’s Private Equity teams in Asia and North America together with its Life Sciences group, will create an independent, standalone Japanese pharma platform focused on drug discovery and development across immunology, CNS, vaccines, diabetes and other priority areas; the transaction is expected to close in Q3 2025.

Adragos Pharma, a Munich-headquartered CDMO, has acquired Baccinex, a Swiss sterile fill-finish specialist based in Courroux, Jura. The acquisition adds a US FDA- and EU-GMP-certified 6,200 m² facility and over 110 sterile fill-finish experts to Adragos' global manufacturing network, enhancing its clinical and commercial sterile manufacturing capabilities.

Jabil has acquired Pharmaceutics International (Pii), a Hunt Valley, Maryland-based contract development and manufacturing organization (CDMO) that provides aseptic filling, lyophilization and oral solid dose manufacturing. The all-cash transaction represents an exit for a consortium led by Signet Healthcare Partners, Athyrium Capital Management, Hildred Capital and Pharmascience Inc., and brings Pii’s ~300+ employees and four-site campus into Jabil’s Pharmaceutical Solutions offering to expand its drug development and manufacturing capabilities.

DOC Pharma (DOC Generici S.r.l.) announced a rebrand and the expansion of its product offering with the acquisition of Geopharma's nutraceutical portfolio and the closing of its previously announced acquisition of the Muscoril product/brand. The transactions broaden DOC Pharma's branded and nutraceutical lines as the company strengthens its presence across pharmacies and Italian healthcare channels.

KKR and Nordic healthcare investor Impilo have completed a joint acquisition of Stockholm-based Immedica Pharma, with Immedica management reinvesting alongside the new owners. Immedica is a commercial-stage pharmaceutical company focused on rare and specialty diseases (notably hematology, oncology and genetic/metabolic disorders) with ~€100m revenue and more than 120 employees; CVC Credit provided debt financing and Impilo used a single-asset continuation fund supported by secondary investors.

BioCina and NovaCina announced a strategic merger that will combine BioCina's process development and manufacturing capabilities in Adelaide with NovaCina's sterile fill-finish facility in Perth. The combined company will retain the BioCina name and provide an end-to-end CDMO offering for small molecules and biopharmaceuticals, backed by parent Bridgewest Group.

High Tide Inc. agreed to acquire a 51% stake in Frankfurt-based Purecan GmbH for approximately €4.8 million, gaining an import license for medical cannabis, warehousing and logistics infrastructure, and an in-development telemedicine portal. The majority-stake purchase positions High Tide to enter the German medical cannabis market and pursue broader European expansion, with an option to acquire the remaining interest over time.

An affiliate of Bausch + Lomb Corporation has acquired clinical-stage Whitecap Biosciences, LLC, which is developing two ophthalmic therapies (WB007 and WB006) for glaucoma and geographic atrophy. The deal strengthens Bausch + Lomb's clinical-stage pipeline — Whitecap completed a Phase 2 study for WB007 and plans additional trials for both indications.

HUTCHMED agreed to sell a 45% equity interest in Shanghai Hutchison Pharmaceuticals Limited (SHPL) for about US$608 million in cash to GP Health Service Capital Co. and Shanghai Pharmaceuticals Holding. The divestment allows HUTCHMED to reallocate capital to its core oncology and ATTC (antibody-targeted therapy conjugate) pipeline and accelerate its path to profitability.