Tracked deals
27
27 tracked deals across 2026.
Pharmaceuticals Acquisitions in 2026
Buyer mix
Strategic-led
25 strategic · 6 pe
Top trend
Volume peaked in 2022
61 tracked deals announced in 2022.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Eli Lilly and Company | 4 | Global biopharmaceutical company focused on expanding its... | Strategic |
| B-FLEXION Life Sciences | 2 | Investment manager within the B-FLEXION group, focused on... | PE |
| Servier | 2 | Independent international pharmaceutical group focused on... | Strategic |
| ACEA Pharma, Inc. | 1 | Exempted Cayman-incorporated pharmaceutical entity within... | Strategic |
| ACEA Therapeutics, Inc. | 1 | Clinical-stage pharmaceutical company focused on developi... | Strategic |
| Agno Pharma | 1 | End-to-end CDMO specializing in small-molecule APIs, GMP ... | Strategic |
| Alkermes plc | 1 | Global biopharmaceutical company focused on developing an... | Strategic |
| Angelini Pharma S.p.A. | 1 | International pharmaceutical company focused on brain hea... | Strategic |
| Apotex | 1 | Canadian global health/pharmaceutical company focused on ... | Strategic |
| Apotex Health Corp. | 1 | Apotex operating entity; integrates branded medicines int... | Strategic |
Acquisition Volume in Pharmaceuticals in 2026 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.
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