Deal Tracker

M&A $850M

Johnson & Johnson Acquires Proteologix

PRX-004/PRX-005 · Ophthalmology/Bispecific

Bispecific antibodies for retinal diseases. Adds two clinical candidates targeting VEGF-A and ANG-2 simultaneously.

2025-11-15 announced

Formulary Undisclosed

Cigna Formulary Excludes High-Cost GLP-1s

Multiple GLP-1s · Obesity/Diabetes

Express Scripts excludes 3 branded GLP-1 products from 2026 national preferred formulary. Steers 2.4M members to preferred alternatives.

2025-10-01 announced

Formulary Undisclosed

OptumRx Specialty Tier Restructuring

Multi-product · Specialty Pharma

OptumRx collapses 3 specialty tiers into 2 for 2026 formulary year. Moves 47 products to preferred specialty tier with lower copays.

2025-09-15 announced

Licensing $8.4B

BMS/SystImmune ADC License

BL-B01D1 · Oncology/ADC

Bristol Myers licenses bispecific EGFR x HER3 ADC from Chinese biotech. Largest outbound China biotech licensing deal. Phase 3 in NSCLC underway.

2025-08-12 announced

GPO $580M

HealthTrust Specialty Generic Sourcing

Specialty Generics Portfolio · Specialty/Generics

HealthTrust launches direct-from-manufacturer specialty generic program. Bypasses traditional wholesale channel for 23 high-cost specialty molecules.

2025-08-01 announced

Biosimilar Undisclosed

Samsung Bioepis Stelara Biosimilar Filed

SB17 (ustekinumab) · Immunology/Biosimilar

First ustekinumab biosimilar filed with FDA. $10B Stelara market opens to competition. Could launch in 2026 following J&J patent settlement.

2025-07-20 pending

Other Undisclosed

Mark Cuban Cost Plus Drugs Hospital Expansion

Generic Portfolio · Multi-category

Cost Plus Drugs launches hospital formulary program offering at-cost generics plus 15% margin. Partners with 3 health systems for pilot.

2025-07-01 announced

Value-Based Undisclosed

Lilly/Aetna Mounjaro Outcomes Pricing

Mounjaro (tirzepatide) · Obesity/Diabetes

First GLP-1 value-based contract tied to A1C targets AND weight loss milestones. Sets precedent for outcomes-based obesity drug pricing.

2025-06-01 announced

Specialty Pharma $400M

Optinose Commercial Rights Sale

Xhance (fluticasone) · ENT/Specialty

Optinose sells US commercial rights to Xhance to reduce cash burn. Buyer gets established specialty product with $180M peak sales and growing share.

2025-04-15 announced

Licensing $1.2B

Lilly/CTTQ Tirzepatide China License

Tirzepatide (Mounjaro) · Obesity/Diabetes

CTTQ Pharma gets exclusive China rights to tirzepatide. Largest China licensing deal for a GLP-1 compound. Includes T2D and obesity indications.

2025-03-20 closed

Licensing $5.5B upfront + milestones

Pfizer Licenses ADC Platform from Daiichi Sankyo

ADC technology platform · Oncology / ADC

Pfizer secures rights to next-gen ADC linker-payload technology. Third major ADC deal in 18 months as class dominates oncology pipeline.

2025-03-10 announced

Value-Based Outcomes-linked pricing

Cigna/Express Scripts Value-Based Agreement with Lilly

Mounjaro/Zepbound (tirzepatide) · Obesity / GLP-1

First major PBM outcomes-based contract for GLP-1 class. Rebates tied to A1C reduction and weight loss thresholds.

2025-03-01 announced

Biosimilar $30/vial

Civica Rx Insulin Biosimilar at $30/Vial

Insulin Glargine/Lispro/Aspart · Diabetes/Biosimilar

Mark Cuban-backed Civica launches 3 insulin biosimilars at $30/vial. Undercuts branded insulins by 90%. Available through hospital GPOs and direct.

2025-03-01 closed

Biosimilar Undisclosed

Sandoz Adalimumab Interchangeable Launch

Hyrimoz (adalimumab-adaz) · Immunology/Biosimilar

First adalimumab biosimilar granted interchangeable status by FDA. Allows automatic pharmacy substitution in all 50 states without prescriber approval.

2025-02-28 closed

GPO $4.2B annual volume

Vizient GPO Specialty Pharmacy Contract

Specialty pharmacy services · Multi-class specialty

Vizient awards three-year specialty pharmacy contract covering 500+ health systems. White bagging provisions included.

2025-02-20 closed

Biosimilar Undisclosed

Amgen Biosimilar Entry: Stelara

ABP 654 (ustekinumab biosimilar) · Immunology / IL-12/23

Amgen files BLA for Stelara biosimilar. $10B reference product. Market entry expected Q3 2025 pending litigation settlement.

2025-02-10 pending

Formulary Undisclosed

Express Scripts Expands Wegovy Coverage

Wegovy (semaglutide) · Obesity/GLP-1

ESI adds Wegovy to standard commercial formularies after negotiating undisclosed rebate. First major PBM to broadly cover GLP-1 for obesity.

2025-01-22 closed

Licensing $2.7B total deal value

Novo Nordisk Licenses Oral GLP-1 from Roche

CT-388 (oral GLP-1/GIP) · Obesity / Metabolic

Roche grants Novo rights to oral dual agonist. Signals desperation to defend obesity franchise against oral competitors.

2025-01-15 announced

M&A $14.6B

Johnson & Johnson Acquires Intra-Cellular Therapies

Caplyta (lumateperone) · CNS / Bipolar Depression

J&J pays 54x trailing revenue for Caplyta franchise. Expands CNS portfolio after Spravato success. EV/revenue premium signals bidding war.

2025-01-14 closed

GPO $1.2B

Premier Inc Biosimilar Purchase Commitment

Multi-biosimilar Portfolio · Biosimilar

Premier commits member hospitals to 65% biosimilar utilization targets across 12 therapeutic categories. Largest GPO biosimilar commitment to date.

2025-01-08 closed

Formulary Undisclosed rebate terms

CVS Caremark Formulary Exclusion Update

Multiple branded drugs · Multi-class

96 drugs excluded from standard formulary. Largest PBM exclusion list to date, affecting specialty and branded generics.

2025-01-02 closed

M&A $8.7B

AbbVie Acquires Cerevel Therapeutics

Emraclidine (M4 agonist) · CNS / Schizophrenia

AbbVie expands CNS pipeline with novel muscarinic receptor agonist for schizophrenia. Premium of 73% to unaffected share price.

2024-12-19 closed

Value-Based Undisclosed

Amgen/BCBS Repatha Value-Based Agreement

Repatha (evolocumab) · Cardiovascular/PCSK9

Outcomes contract links Repatha net price to LDL-C reduction targets and CV event rates. Covers 1.8M BCBS members across 12 state plans.

2024-11-10 closed

Licensing $284M

Takeda/Ovid Therapeutics Neuro License

OV329 (soticlestat) · Neuroscience/Epilepsy

Takeda licenses first-in-class cholesterol 24-hydroxylase inhibitor for rare epilepsies. Fills gap in Takeda neuro pipeline after Alzheimer exits.

2024-09-08 closed

Value-Based Undisclosed

Novartis/Harvard Pilgrim Entresto Outcomes Contract

Entresto (sacubitril/valsartan) · Cardiovascular/Heart Failure

Pay-for-performance contract ties Entresto rebates to 30-day heart failure readmission rates. First major outcomes-based deal for an ARNI.

2024-08-01 closed

Biosimilar Undisclosed

Fresenius Kabi Bevacizumab Biosimilar Gains Share

Mvasi (bevacizumab-awwb) · Oncology/Biosimilar

Fresenius Kabi biosimilar reaches 38% market share in oncology infusion centers. Driven by 340B spread opportunity and GPO contracting.

2024-06-15 closed

Specialty Pharma $3.2B

Endo International Specialty Portfolio Restructuring

Xiaflex/Supprelin LA · Multi-specialty

Post-bankruptcy Endo emerges with slimmed specialty portfolio. Retains Xiaflex franchise and divests 4 non-core brands to reduce debt.

2024-05-01 pending

GPO $340M

Vizient Generic Oncology Committed Volume

Carboplatin/Cisplatin Supply · Oncology/Generics

Vizient signs 3-year committed volume contract with 4 generic manufacturers to stabilize oncology drug supply. Response to 2023 shortage crisis.

2024-04-15 closed

Licensing $3.5B

Gilead/Arcus Biosciences Oncology Alliance

Domvanalimab/Zimberelimab · Oncology/Immuno-Oncology

Gilead acquires remaining rights to anti-TIGIT and anti-PD-1 programs. Bet on next-generation checkpoint combinations beyond current PD-1 standard.

2024-03-15 closed

M&A $14B

Bristol Myers Squibb Acquires Karuna Therapeutics

KarXT (xanomeline-trospium) · CNS/Schizophrenia

First novel mechanism for schizophrenia in decades. KarXT targets muscarinic receptors, avoiding dopamine pathway side effects.

2024-03-01 closed

M&A $10.1B

AbbVie Acquires ImmunoGen

Elahere (mirvetuximab) · Oncology/ADC

Adds first-in-class ADC for FRa-positive platinum-resistant ovarian cancer. Strengthens AbbVie oncology pipeline post-Humira LOE.

2024-02-10 closed

M&A $16.5B

Novo Nordisk Acquires Catalent

Fill-Finish Capacity · CDMO/Manufacturing

Secures critical manufacturing capacity for GLP-1 supply chain. Addresses global semaglutide shortage by adding 3 fill-finish sites.

2024-02-05 closed

Formulary Undisclosed

CVS Health Preferred Biosimilar Formulary

Hadlima (adalimumab-bwwd) · Biosimilar/Immunology

CVS Caremark names Hadlima as sole preferred Humira biosimilar across commercial formularies. Blocks 7 competing biosimilars from preferred tier.

2024-01-15 closed

M&A $2.7B

Roche Acquires Carmot Therapeutics

CT-388/CT-996 · Obesity/GLP-1

Roche enters GLP-1 obesity race with oral and injectable candidates. CT-388 is a dual GLP-1/GIP agonist competing with tirzepatide.

2024-01-08 closed

M&A $1.2B

AstraZeneca Acquires Gracell Biotechnologies

FasTCAR Platform · Cell Therapy/CAR-T

Adds next-gen CAR-T platform with same-day manufacturing. Positions AZ in cell therapy with 3 clinical-stage programs in hematology.

2024-01-02 closed

M&A $43B

Pfizer Completes Seagen Acquisition

Seagen Portfolio · Oncology/ADC

Largest pharma deal of 2023. Gives Pfizer a dominant position in antibody-drug conjugates with Adcetris, Padcev, and Tukysa.

2023-12-14 closed

Licensing $22B

Merck/Daiichi Sankyo ADC Collaboration

DXd ADC Platform · Oncology/ADC

Largest licensing deal in pharma history. Merck gets co-development and co-commercialization rights to 3 DXd-based ADC candidates.

2023-10-19 closed

M&A $27.8B

Amgen Closes Horizon Therapeutics Deal

Tepezza/Krystexxa · Rare Disease

Adds two blockbuster rare disease assets. FTC settlement required Amgen to maintain Horizon rebate practices for 15 years.

2023-10-06 closed

M&A $10.8B

Merck Acquires Prometheus Biosciences

PRA023 · Immunology/IBD

Adds TL1A-targeting antibody for ulcerative colitis and Crohns. Validates TL1A as next major immunology target after IL-23.

2023-06-16 closed