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Deal Tracker
Significant pharma deals - M&A, licensing, formulary contracts, biosimilar arrangements, and value-based agreements. Updated continuously.
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156 deals
Licensing
Undisclosed
HBM9027 · IgG degrader
The deal reflects rising interest in FcRn/IgG-degradation approaches for autoimmune and immunology diseases. It also shows large Japanese pharma companies continuing to source novel modalities externally through licensing rather than full acquisition.
announced
M&A
$2.1B
This was one of the largest Japan pharma transactions highlighted for the period, underscoring continued strategic consolidation in the sector despite a broader slowdown in monthly deal value. The size of the acquisition also makes it notable in regional pharma M&A tracking.
announced
M&A
Undisclosed
Bliss Pharma
The deal appears aimed at strengthening Anupam Rasayan's pharma platform and supporting geographic expansion into the U.S. and Europe. It underscores continued consolidation among Indian pharma and specialty chemical players seeking international growth.
Oct 7, 2026
closed
M&A
Undisclosed
Kyowa Pharma
The closing expands Dai Nippon Printing into pharmaceutical operations and reflects ongoing diversification by industrial companies into healthcare assets. It also signals strategic interest in adding drug-related capabilities through acquisition rather than internal buildout.
Oct 7, 2026
closed
Licensing
Undisclosed
The licensing deal gives Nuvectis access to externally sourced pipeline assets, a common strategy for small biotechs seeking to diversify clinical risk. It also underscores the growing role of China-originated assets in global biotech partnering.
Oct 2, 2026
announced
M&A
Undisclosed
SK Pharma
This transaction expands Arcus' footprint in the pharmaceutical supply and services market through the acquisition of a specialty pharma platform. It also reflects continuing private equity-backed consolidation in pharma-adjacent distribution and commercialization assets.
Oct 1, 2026
announced
M&A
$3.8B
midafotel (BPL-003) · psychedelic therapy / intranasal mebufotenin for treatment-resistant psychiatric disorders
The transaction represents a major big-pharma move into psychedelic medicine, signaling increasing strategic interest in next-generation neuropsychiatric treatments. It could accelerate late-stage development and broaden industry validation of the space.
Jul 20, 2026
announced
Other
$10.3M
Miacalcic
Although not a new transaction, the arbitration dispute is tied to a prior commercial deal and highlights the execution and legal risks in cross-border pharma licensing and commercialization arrangements in China. Such disputes can affect asset value realization and partner appetite in the region.
pending
Other
Undisclosed
Ryjunea royalty interests · ophthalmology
This deal expands Ligand's royalty portfolio in ophthalmology, reinforcing its strategy of building revenue through economic interests in partnered products rather than direct commercialization. Royalty acquisitions remain an important financing and portfolio-management tool across biopharma.
announced
Licensing
Undisclosed
NXP900 · SRC/YES1 kinase inhibitor
This licensing deal gives Nuvectis access to a targeted oncology asset that could help rebuild its pipeline and investor narrative. It also reflects continued cross-border biotech licensing activity between U.S. development-stage companies and Chinese pharma partners.
announced
Value-Based
Undisclosed
A U.S. drug pricing agreement is notable because manufacturers are increasingly experimenting with contracting structures tied to market access and reimbursement pressure. Such arrangements can affect net pricing strategy and competitive positioning in the U.S. market.
announced
Licensing
Undisclosed
HS-CRP program
The licensing deal gives Nuvectis access to an externally sourced development asset, a common strategy for small biotechs seeking to refresh pipelines without full M&A. It also highlights ongoing cross-border licensing activity between U.S. biotech companies and Chinese drug developers.
announced
M&A
$1.65B
ITM radiopharmaceutical pipeline and isotope manufacturing platform · radiopharmaceuticals
This deal expands Telix's scale in radiopharma by adding ITM's isotope supply and therapeutic pipeline, strengthening vertical integration in a strategically important oncology segment. It also signals continued consolidation in nuclear medicine as companies race to secure manufacturing capacity and clinical assets.
Sep 18, 2026
announced
Specialty Pharma
$115M
manufacturing and operating properties
The property acquisitions expand Robinson Pharma's production footprint in Southern California and support capacity growth for contract manufacturing and supplement/pharma services. Facility-scale transactions like this can materially affect specialty manufacturing supply availability.
Aug 19, 2026
announced
M&A
Undisclosed
dersimelagon · MC1R agonist / dermatology
The transaction strengthens LEO Pharma's late-stage dermatology pipeline with a targeted asset that could support growth in specialty skin diseases. It also reflects continuing deal activity around de-risked dermatology programs.
Aug 17, 2026
announced
M&A
$10B
Crinetics Pharmaceuticals · endocrine and metabolic disease therapeutics
This is a major biotech M&A transaction that expands Vertex beyond its core franchises and underscores continued appetite for late-stage endocrine assets. The size of the deal also made it a standout transaction highlighted across August 2026 deal coverage.
Aug 17, 2026
announced
M&A
$1.0B
Sofie Biosciences · radiopharmaceuticals/imaging
A GE HealthCare acquisition of Sofie would deepen exposure to the fast-growing radiopharma and molecular imaging ecosystem. The reported talks underscore strategic convergence between diagnostics infrastructure and nuclear medicine assets.
Sep 8, 2026
pending
M&A
$2.88B
Merida Biosciences autoimmune pipeline · autoimmune
The deal strengthens Lilly’s push into autoimmune disease and reflects continued appetite for bolt-on biotech acquisitions. It also shows large pharma willingness to pay significant upfront and milestone value for immunology innovation.
Sep 8, 2026
announced
M&A
$11.75B
Organon
This is a major cross-border pharma acquisition that materially expands Sun Pharma’s scale and portfolio. The financing syndication indicates the transaction is advanced and meaningful for consolidation in generics and branded off-patent medicines.
Sep 4, 2026
pending
M&A
$2.88B
Merida Biosciences autoimmune pipeline · autoimmune
The deal strengthens Lilly's push into autoimmune disease, one of biopharma's most competitive and commercially attractive therapeutic areas. It also reflects continued appetite by large pharma for bolt-on biotech acquisitions with pipeline upside.
announced
M&A
$11.75B
Organon
This is a large-scale pharma M&A transaction that would materially expand Sun Pharma's global portfolio and scale. The financing syndication and ratings actions indicate the deal is advanced and strategically significant for generics and branded pharma markets.
pending
M&A
Undisclosed
If consummated, this would be one of the largest pharmaceutical mergers in years and could materially reshape competitive positioning across oncology, cardiovascular, and immunology. The headline indicates discussions rather than a completed transaction, making it strategically important but still uncertain.
Aug 6, 2026
pending
M&A
$125M
The transaction pairs an M&A agreement with a sizable financing package, underscoring how biotech dealmaking often requires concurrent capital raises to support integration and pipeline advancement. It also reflects ongoing cross-border consolidation in small-cap biotech.
announced
M&A
Undisclosed
The merger combines two biotech platforms and is part of the continuing wave of strategic consolidations among development-stage companies seeking scale and financing efficiency. Such mergers can preserve pipeline optionality in a difficult biotech capital environment.
announced
Other
Undisclosed
This appears to be a cross-border pricing/commercial agreement tied to Sun Pharma's U.S. market access and tariff mitigation strategy. It is notable because it links pharmaceutical pricing commitments with broader trade and market access dynamics.
announced
Other
Undisclosed
This appears to be a U.S. drug pricing agreement tied to government price-setting or market access, which is strategically important as Indian pharma companies face increasing pricing and reimbursement pressure in the U.S. It may also signal broader cross-border implications for branded pharma commercialization.
announced
M&A
$16.2M
58% equity stake in Fluence Pharma
Although later called off, the headline refers to a real proposed acquisition into the pharma space by a consumer health company. It illustrates cross-sector interest in pharma adjacency and the fragility of smaller-cap strategic transactions.
Aug 13, 2026
pending
Specialty Pharma
Undisclosed
25 Degree Nursing specialty nursing platform
This deal expands Pharma Fusion into national specialty nursing services, strengthening patient support and care delivery infrastructure tied to specialty pharmaceuticals. It reflects continued consolidation around hub, infusion, and high-touch specialty services.
Aug 14, 2026
closed
Licensing
$490M
INZ-701 oral rare bone disease program · rare disease / bone disorder therapy
This deal expands BioMarin's rare disease pipeline beyond its existing enzyme and genetic disease franchises. It also highlights continued appetite for externally sourced, late-preclinical or clinical rare disease assets despite a selective biotech funding environment.
Aug 18, 2026
announced
M&A
Undisclosed
Alesta Therapeutics
BioMarin's Alesta transaction appears aimed at bolstering long-term growth beyond its current rare disease base, a key strategic priority for specialty orphan drug companies. The deal signals continued appetite for pipeline-building M&A in rare disease biotech.
announced
M&A
Undisclosed
controlling stake in Yapan Bio Private Limited
This acquisition strengthens Piramal Pharma Solutions' biologics and vaccine-focused CDMO capabilities, especially in process development and manufacturing. It reflects ongoing consolidation in outsourced pharma manufacturing and specialty services.
Aug 18, 2026
closed
Licensing
$435M
dersimelagon · oral MC1R agonist
The deal expands LEO Pharma's dermatology pipeline with a late-stage vitiligo candidate and underscores continued interest in specialty dermatology licensing. It also highlights cross-border asset sourcing from Japan-origin innovation.
Aug 18, 2026
announced
M&A
Undisclosed
The planned sale points to continued consolidation in African pharmaceutical manufacturing and distribution. Founder-led exits in regional pharma can create rare platform acquisition opportunities for strategic buyers and PE investors.
Aug 14, 2026
pending
Licensing
$15B
HRS-9821 · oncology
This is a major China-origin licensing deal that underscores big pharma's appetite for external innovation in oncology. It also highlights the continued globalization of Chinese biotech assets into multinational pipelines.
Aug 14, 2026
announced
Licensing
$15B
The headline points to a very large cross-border China-to-big-pharma licensing transaction, highlighting the strategic importance of Chinese biotech innovation in global oncology dealmaking. It also reflects sustained willingness by large pharma to commit substantial milestone economics for pipeline replenishment.
announced
M&A
$820M
Actio's KCNT1-related epilepsy program · epilepsy / neuroscience
This expands Jazz's neuroscience and epilepsy pipeline through the addition of a targeted program for KCNT1-related epilepsies, a rare and high-need segment. The deal underscores continued appetite for bolt-on rare disease acquisitions despite a selective biotech financing environment.
Aug 1, 2026
announced
Licensing
Undisclosed
puquitinib · PI3K inhibitor
This licensing deal strengthens Bayer's oncology pipeline through access to a targeted therapy asset developed in China. It also reflects the ongoing strategic trend of multinational pharma companies sourcing innovation via licensing rather than outright acquisitions.
Aug 6, 2026
announced
M&A
Undisclosed
Kairos' acquisition of Atreca adds oncology and platform capabilities, illustrating continued consolidation among development-stage companies. The transaction is notable as another example of public biotech assets being reassembled through strategic acquisitions.
Aug 5, 2026
announced
M&A
Undisclosed
The deal is part of Kairos Pharma's stated acquisition strategy to build scale and diversify its pipeline. It reflects how smaller public biotechs are using M&A to add programs and reposition themselves in a difficult funding environment.
Aug 5, 2026
announced
Other
Undisclosed
zuranolone royalties · neuroactive steroid antidepressant
Royalty monetization deals remain an important financing channel for biopharma, and Royalty Pharma's continued portfolio expansion underscores investor appetite for commercial-stage cash-flowing assets. The transaction also highlights how non-dilutive capital structures are shaping pharma dealmaking beyond traditional M&A.
Aug 6, 2026
announced
M&A
Undisclosed
The shareholder letter indicates Kairos completed acquisitions important enough to recap publicly, signaling ongoing consolidation activity among smaller oncology-focused companies. However, the headline does not identify the acquired assets, limiting specificity.
closed
M&A
Undisclosed
InnocsAI oncology cell therapy pipeline · oncology cell therapy
The closing gives Liminatus access to additional cell therapy assets and expands its oncology pipeline. It reflects how smaller public biopharma companies are using mergers to broaden platforms rather than relying solely on internal R&D.
Aug 1, 2026
closed
M&A
Undisclosed
FTC clearance is a major regulatory step toward completion and suggests limited antitrust resistance. The deal would expand Catalyst’s rare disease and specialty pharma footprint.
Aug 1, 2026
pending
M&A
Undisclosed
NCLT approval marks a key closing milestone in Indian pharma consolidation, creating greater scale in branded generics and domestic formulations. The transaction is notable for strengthening Torrent’s market position in India.
Aug 3, 2026
closed
Licensing
$15.0B
This is one of the largest recent China-origin pharma partnering deals and highlights big pharma’s continued appetite for externally sourced innovation from Asia. It also reinforces the strategic importance of licensing over outright M&A for pipeline expansion.
announced
Licensing
$15B
portfolio of oncology assets · oncology
This is a major cross-border China-to-big-pharma licensing deal that underscores multinational demand for late-stage innovative oncology assets from Chinese biopharma. The scale makes it one of the standout pharma partnering transactions referenced in the coverage.
announced
M&A
Undisclosed
The acquisition consolidates leading psychedelic innovators Atai and Beckley Psytech, strengthening Atai’s late-stage pipeline and IP position in novel mental health therapies.
Jul 20, 2026
closed
M&A
$3.8B
Eli Lilly’s $3.8B acquisition marks a major move by Big Pharma into the psychedelic medicine field, signaling growing mainstream validation of this therapeutic class.
Jul 20, 2026
announced
M&A
Undisclosed
This acquisition underscores growing pharmaceutical sector interest in psychedelics as emerging therapies for mental health conditions.
closed
M&A
Undisclosed
Aurobindo finalized its purchase of Lannett Company, expanding its presence in the U.S. generics market and integrating key cardiovascular and central nervous system product lines.
Jun 13, 2026
closed
M&A
various
The Pharma Letter’s June 2026 M&A recap identified several major transactions across Europe, North America, and Asia, reflecting continued cross-border deal momentum.
Jun 27, 2026
announced
M&A
various
Labiotech's June 2026 roundup detailed several notable biotech acquisitions and strategic licensing transactions, underscoring a robust European M&A environment.
Jun 28, 2026
announced
M&A
$10B
A blockbuster $10 billion merger was reported in conjunction with ADA 2026 coverage, signaling ongoing consolidation within the diabetes and metabolic disease sector.
Jun 16, 2026
announced
Licensing
Undisclosed
AstraZeneca continues deepening its China market presence through multiple local licensing and co-development partnerships, reinforcing its growth across metabolic and oncology segments.
Jun 18, 2026
announced
Other
Undisclosed
Sun Pharma’s financing agreement involving Organon and a consortium of international banks, including SBI, underpins its ongoing global expansion and capital structuring activities.
Jul 5, 2026
announced
M&A
Undisclosed
Marksans Pharma’s acquisition of Germany-based ABCnow GmbH strengthens its footprint in Europe and enhances its OTC and generics distribution capabilities.
Jul 8, 2026
announced
M&A
$10B
This $10 billion acquisition marks Vertex’s largest deal ever and signals renewed biotech M&A momentum in 2026, expanding Vertex’s hormone disorder and endocrine pipeline.
Jul 6, 2026
announced
M&A
Undisclosed
CTT Pharmaceutical Holdings disclosed a new pharma acquisition in 2026, signaling expansion of its sublingual drug delivery technology and strengthening its pharmaceutical asset base.
Jun 10, 2026
announced
M&A
Undisclosed
FTC clearance completes Aurobindo’s acquisition of Lannett, expanding its U.S. generics portfolio footprint.
Jun 20, 2026
closed
M&A
Undisclosed
Theravance’s SEC document signals corporate restructuring through a merger or asset divestiture aligning with its strategic focus on respiratory medicines.
announced
M&A
Undisclosed
Organon’s filing indicates an acquisition aimed at bolstering its women’s health franchise and specialty pharma footprint.
announced
M&A
Undisclosed
Catalyst’s SEC filing of an executed acquisition agreement signals expansion in rare neurological disorders, consistent with its strategy of portfolio growth through targeted M&A.
announced
M&A
Undisclosed
This amendment finalizes the merger structure between Liminatus Pharma and InnocsAI, strengthening Liminatus’ oncology cell therapy pipeline ahead of a planned July 2026 closing.
Jun 21, 2026
pending
M&A
$450M
bexmetastat (KRT-232) · blood cancer therapy / MDM2 inhibitor
Ipsen’s $450 million acquisition of Kartos expands its oncology pipeline with a late-stage MDM2 inhibitor for hematologic malignancies, marking a strategic push into blood cancer treatment.
Jun 20, 2026
announced
M&A
Undisclosed
Best Praise patent portfolio
Expands Universe Pharmaceuticals’ intellectual property portfolio through an all-stock acquisition, signaling a strategic push to strengthen its pipeline and patent base.
Jun 22, 2026
announced
M&A
$43B
Sigvotatug vedotin · oncology antibody-drug conjugate
The Seagen acquisition deepens Pfizer’s presence in oncology and adds multiple antibody-drug conjugates, including Sigvotatug vedotin, a key lung cancer therapy candidate.
Dec 14, 2023
closed
M&A
Undisclosed
Honasa, parent of consumer brands like Mamaearth, is expanding into nutraceuticals through the acquisition of Fluence Pharma, signaling growing convergence between wellness and pharma sectors.
Jun 24, 2026
announced
M&A
$123B
Major pharmaceutical firms collectively spent $123 billion in 2026 acquiring multiple biotech companies, signaling aggressive investment in innovative pipelines.
Jun 22, 2026
announced
M&A
Rs 271 crore
The acquisition enhances Sun Pharma’s consumer healthcare and wellness portfolio in India, broadening its offerings beyond prescription drugs.
Jun 22, 2026
announced
M&A
$250M
The acquisition expands Aurobindo's U.S. generic manufacturing capacity and strengthens its position in the North American market.
Jun 22, 2026
pending
M&A
Undisclosed
oncology cell therapy platform · oncology
Liminatus Pharma’s proposed merger with InnocsAI aims to integrate artificial intelligence with cell therapy development, enhancing innovation in oncology drug discovery.
Jun 11, 2026
announced
M&A
Undisclosed
The InMed–Mentari merger consolidates cannabinoid R&D capabilities and strengthens the companies’ positions in rare disease and neurological therapeutic development.
Jun 13, 2026
announced
M&A
Undisclosed
non-opioid pain program · pain management
Eli Lilly’s acquisition of 4E Therapeutics broadens its pain therapy pipeline with a non-opioid approach, supporting diversification beyond diabetes and obesity drugs.
Jun 14, 2026
announced
M&A
Undisclosed
J&J’s acquisition of Firefly Bio enhances its oncology research capabilities, adding next-generation cell therapy technologies to its Janssen pipeline.
Jun 12, 2026
closed
M&A
Undisclosed
The acquisition allows Galmed to diversify into medical devices for colorectal surgery, complementing its existing gastrointestinal therapeutic focus.
Jun 12, 2026
announced
M&A
Undisclosed
Incyte’s acquisition of Vega Therapeutics broadens its hematology and rare disease pipeline, deepening its capabilities in recombinant and antibody therapies.
Jun 12, 2026
announced
M&A
$1B
Phoenix Asia’s $1 billion all-stock acquisition of ACEA Pharma marks its pivot into the pharmaceutical sector, expanding its footprint into oncology and biotherapeutics.
Jun 11, 2026
announced
M&A
Undisclosed
This merger creates a vertically integrated pharma company combining manufacturing and specialty distribution capabilities.
Jun 9, 2026
announced
M&A
$16.3M
The acquisition enhances Hyphens’ regional presence in Southeast Asia and diversifies its specialty pharma and consumer health portfolio.
Jun 7, 2026
closed
M&A
$11B
ALK/ROS1 kinase inhibitor pipeline · oncology
GSK’s $11B buyout of Nuvalent strengthens its precision oncology pipeline with promising ALK and ROS1 inhibitors targeting resistant cancers.
Jun 10, 2026
announced
M&A
Undisclosed
The merger combines two major Indian pharma firms, enhancing Torrent’s domestic portfolio across chronic and acute segments.
Jun 9, 2026
pending
M&A
Undisclosed
The merger consolidates Sun Pharma’s control over dermatology-focused Taro, simplifying corporate structure and potentially enhancing operational efficiency.
Jun 10, 2026
pending
M&A
Undisclosed
CTT Pharmaceutical disclosed a planned acquisition in the pharmaceutical sector, highlighting its continued strategic activity in expanding its portfolio of drug delivery assets.
Mar 15, 2026
announced
M&A
Undisclosed
Desferal · hematology; iron chelation
This acquisition gives Mitem Pharma worldwide rights to Desferal, an established therapy in hematology used for iron overload, marking a notable expansion of its specialty pharma portfolio.
May 21, 2025
closed
M&A
Undisclosed
The two transactions are part of LSL Pharma’s expansion strategy, expected to double its revenue by 2026 and strengthen its manufacturing capabilities in specialty and OTC segments.
Jan 6, 2026
closed
M&A
$5.5B
This acquisition would significantly expand Aurobindo Pharma’s footprint in the European generics market by adding Zentiva’s established product portfolio and distribution network.
Jan 24, 2025
pending
M&A
Undisclosed
The acquisition strengthens Marksans Pharma’s footprint in the European market, enhancing its contract manufacturing and OTC operations in the EU region.
May 3, 2026
announced
Specialty Pharma
Undisclosed
Metformin Hydrochloride · Antidiabetic (Biguanide)
Yichang Humanwell’s approval for generic metformin tablets marks another global player’s entry into the high-demand diabetes treatment segment.
Jun 3, 2024
closed
Specialty Pharma
Undisclosed
Darifenacin Hydrobromide · Urinary antispasmodic
This approval reinforces Aurobindo’s expansion into urology-focused generics, addressing overactive bladder therapies at lower cost.
Jun 1, 2024
closed
Specialty Pharma
Undisclosed
Levetiracetam · Antiepileptic
XGen’s entry into the generic epilepsy medication space strengthens competition and patient access to affordable antiepileptic options.
Jun 1, 2024
closed
Specialty Pharma
Undisclosed
Buprenorphine Hydrochloride · Opioid dependence treatment
Actavis’s approval for generic buprenorphine boosts access to key opioid addiction therapies, supporting broader treatment availability.
May 31, 2024
closed
Specialty Pharma
Undisclosed
Emtricitabine · Antiretroviral (HIV)
Aurobindo Pharma expands its HIV portfolio in the U.S. generics market, increasing competition and lowering treatment costs.
May 31, 2024
closed
M&A
Undisclosed
This acquisition expands Biogen’s presence in ophthalmology and complement biology, adding Apellis’s marketed and pipeline assets including treatments for geographic atrophy.
May 1, 2026
closed
M&A
Undisclosed
The acquisition expands IMG Pharma’s footprint in the Japanese market and strengthens its product development capabilities across key therapy areas.
May 9, 2026
announced
M&A
Undisclosed
Chiesi Group’s acquisition of KalVista expands its portfolio in rare diseases, particularly in hereditary angioedema, strengthening its specialty medicine presence.
Apr 29, 2026
announced
M&A
$4.1B
The acquisition gives Angelini Pharma a strong foothold in the U.S. rare neurological disease market and expands its global presence.
May 13, 2026
announced
M&A
Undisclosed
Replay gene therapy platform · gene therapy / dermatology
This deal strengthens LEO Pharma’s focus on rare skin diseases by integrating Replay’s gene therapy platform, potentially enabling new treatment modalities for genetic dermatological conditions.
Apr 30, 2026
announced
M&A
Undisclosed
The merger of Suven Pharma and Cohance aims to consolidate India’s contract development and manufacturing capabilities (CDMO), creating a scaled player in the specialty pharma and CDMO sectors.
Apr 29, 2026
pending
M&A
$2.2B
bispecific T-cell engager platform · autoimmune biologics
UCB’s acquisition of Candid strengthens its pipeline in autoimmune diseases through access to Candid’s bispecific T-cell engager technology, marking a strategic expansion into next-generation immunotherapies.
May 1, 2026
announced
M&A
Undisclosed
Italy’s Angelini Group is reportedly exploring a potential acquisition of Catalyst Pharmaceuticals, signaling growing European interest in U.S. rare disease assets.
Apr 26, 2026
pending
M&A
Undisclosed
Telomir closed an all-stock deal for TELI Pharmaceuticals, issuing 34.4 million shares to expand its portfolio in longevity-related therapeutics.
Apr 22, 2026
closed
M&A
$7B
in vivo CAR-T platform · cell therapy / oncology
The acquisition strengthens Lilly’s push into gene and cell therapy, expanding its in vivo CAR-T development capabilities in oncology and other therapeutic areas.
Apr 20, 2026
announced
M&A
$300M
This acquisition allows Lilly to strengthen its pipeline in the promising field of antibody-drug conjugates, which are gaining traction in targeted cancer therapies.
Mar 1, 2023
announced
M&A
Undisclosed
This acquisition enhances BioMarin's rare disease portfolio, potentially increasing its market share in this niche therapeutic area.
Mar 1, 2023
announced
M&A
Undisclosed
LSL Pharma's acquisitions are aimed at doubling their revenue, indicating a strategic expansion to strengthen their market position.
announced
M&A
Undisclosed
This acquisition by Royalty Pharma is significant as it could enhance their portfolio and increase their market influence in the pharmaceutical industry.
closed
M&A
$430M
The termination of this acquisition highlights potential challenges in the merger process, which could impact future consolidation strategies in the industry.
announced
Licensing
Undisclosed
Madrigal drug
The deal targets a promising drug from Madrigal, potentially accelerating its development and commercialization through Teva's extensive network.
announced
Licensing
$15M
Hypercon™ Technology
This deal leverages Halozyme's drug delivery technology to potentially enhance Vertex's product offerings, showcasing the importance of advanced delivery systems in pharma.
announced
M&A
$6.5B
Metsera · obesity
Novo's counteroffer indicates strong interest in the obesity treatment sector, highlighting the competitive landscape for innovative weight management therapies.
pending
M&A
$6B
This acquisition will enhance Merck's oncology portfolio, potentially strengthening its position in the cancer treatment market.
pending
M&A
$5.6B
Biogen's acquisition of Apellis could strengthen its position in the immunology sector, expanding its therapeutic offerings and potentially boosting its R&D capabilities.
announced
Licensing
Undisclosed
Glycan-Targeting ADC · Antibody-drug conjugate
This global license agreement could enhance OBI Pharma's oncology pipeline by adding an innovative ADC targeting glycans, a promising area in cancer treatment.
announced
Licensing
Undisclosed
Clobetasol Propionate Ophthalmic Suspension · Ophthalmic anti-inflammatory
This agreement allows Formosa Pharmaceuticals to commercialize a specialized ophthalmic treatment, potentially filling a niche in the market for eye inflammation therapies.
announced
Licensing
Undisclosed
Innovative drug
The exclusive license agreement aims to advance the global commercialization of a new drug, potentially enhancing Gan & Lee's product offerings and market reach.
announced
M&A
Undisclosed
This acquisition could expand Pharma Fusion's retail pharmacy presence and enhance its distribution capabilities.
announced
M&A
$12B
This acquisition represents one of the largest cross-border deals by an Indian pharmaceutical company, potentially enhancing Sun Pharma's global footprint and product portfolio.
pending
Other
Undisclosed
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.
announced
Specialty Pharma
$3.2B
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.
pending
Specialty Pharma
$400M
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.
announced
GPO
$580M
Specialty Generics Portfolio · Specialty/Generics
HealthTrust launches direct-from-manufacturer specialty generic program. Bypasses traditional wholesale channel for 23 high-cost specialty molecules.
announced
GPO
$1.2B
Multi-biosimilar Portfolio · Biosimilar
Premier commits member hospitals to 65% biosimilar utilization targets across 12 therapeutic categories. Largest GPO biosimilar commitment to date.
closed
GPO
$340M
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.
closed
Value-Based
Undisclosed
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.
announced
Value-Based
Undisclosed
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.
closed
Value-Based
Undisclosed
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.
closed
Biosimilar
Undisclosed
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.
pending
Biosimilar
Undisclosed
Mvasi (bevacizumab-awwb) · Oncology/Biosimilar
Fresenius Kabi biosimilar reaches 38% market share in oncology infusion centers. Driven by 340B spread opportunity and GPO contracting.
closed
Biosimilar
$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.
closed
Biosimilar
Undisclosed
Hyrimoz (adalimumab-adaz) · Immunology/Biosimilar
First adalimumab biosimilar granted interchangeable status by FDA. Allows automatic pharmacy substitution in all 50 states without prescriber approval.
closed
Formulary
Undisclosed
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.
announced
Formulary
Undisclosed
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.
announced
Formulary
Undisclosed
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.
closed
Formulary
Undisclosed
Hadlima (adalimumab-bwwd) · Biosimilar/Immunology
CVS Caremark names Hadlima as sole preferred Humira biosimilar across commercial formularies. Blocks 7 competing biosimilars from preferred tier.
closed
Licensing
$284M
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.
closed
Licensing
$8.4B
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.
announced
Licensing
$3.5B
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.
closed
Licensing
$1.2B
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.
closed
Licensing
$22B
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.
closed
M&A
$850M
PRX-004/PRX-005 · Ophthalmology/Bispecific
Bispecific antibodies for retinal diseases. Adds two clinical candidates targeting VEGF-A and ANG-2 simultaneously.
announced
M&A
$1.2B
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.
closed
M&A
$2.7B
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.
closed
M&A
$10.8B
PRA023 · Immunology/IBD
Adds TL1A-targeting antibody for ulcerative colitis and Crohns. Validates TL1A as next major immunology target after IL-23.
closed
M&A
$14B
KarXT (xanomeline-trospium) · CNS/Schizophrenia
First novel mechanism for schizophrenia in decades. KarXT targets muscarinic receptors, avoiding dopamine pathway side effects.
closed
M&A
$16.5B
Fill-Finish Capacity · CDMO/Manufacturing
Secures critical manufacturing capacity for GLP-1 supply chain. Addresses global semaglutide shortage by adding 3 fill-finish sites.
closed
M&A
$27.8B
Tepezza/Krystexxa · Rare Disease
Adds two blockbuster rare disease assets. FTC settlement required Amgen to maintain Horizon rebate practices for 15 years.
closed
M&A
$10.1B
Elahere (mirvetuximab) · Oncology/ADC
Adds first-in-class ADC for FRa-positive platinum-resistant ovarian cancer. Strengthens AbbVie oncology pipeline post-Humira LOE.
closed
M&A
$43B
Seagen Portfolio · Oncology/ADC
Largest pharma deal of 2023. Gives Pfizer a dominant position in antibody-drug conjugates with Adcetris, Padcev, and Tukysa.
closed
Licensing
$5.5B upfront + milestones
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.
announced
M&A
$14.6B
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.
closed
GPO
$4.2B annual volume
Specialty pharmacy services · Multi-class specialty
Vizient awards three-year specialty pharmacy contract covering 500+ health systems. White bagging provisions included.
closed
Value-Based
Outcomes-linked pricing
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.
announced
Biosimilar
Undisclosed
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.
pending
Formulary
Undisclosed rebate terms
Multiple branded drugs · Multi-class
96 drugs excluded from standard formulary. Largest PBM exclusion list to date, affecting specialty and branded generics.
closed
Licensing
$2.7B total deal value
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.
announced
M&A
$8.7B
Emraclidine (M4 agonist) · CNS / Schizophrenia
AbbVie expands CNS pipeline with novel muscarinic receptor agonist for schizophrenia. Premium of 73% to unaffected share price.
closed
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