How 2025 Changed Pharma: The Mergers & Acquisitions That Truly Mattered

At the start of 2025, the pharmaceutical industry felt less like a marketplace and more like a chessboard mid-game, where positions mattered more than momentum. Blockbusters were ageing, pipelines were promising yet fragile, and global demand for differentiated therapies challenged leaders to rethink their playbooks. The old rhythm of incremental growth had lost its reliability, and waiting carried more risk than acting.

Years of scientific acceleration led to opportunity and imbalance at the same time; innovative modalities pushed beyond legacy infrastructure, while manufacturing constraints and capital discipline narrowed the space for error. In this environment, leadership teams quietly came to a shared conclusion: growth could no longer rely on internal timelines alone. Ownership would now equate to strategic advantage.

So 2025 became the year of consolidation of intent. Deals were executed not for volume but for control, clarity, and capability. Through mergers and pharmaceutical acquisitions, companies aimed to secure their position in an evolving landscape where execution counted as much as innovation. The deals that follow show how the industry rewrote its future.

Novartis and Avidity Biosciences

Novartis’s acquisition of Avidity Biosciences for about $12 billion to strengthen its RNA-targeted neuromuscular portfolio was one of the most consequential biotech consolidations of the year. The deal brought Novartis access to Avidity’s Antibody Oligonucleotide Conjugate platform, a precision RNA delivery technology aimed at serious genetic muscle disorders.

By bolstering its late-stage neuroscience pipeline, Novartis signalled a strategic pivot toward genetically defined diseases that have historically lacked disease-modifying treatments. This acquisition underscored the value of novel mechanisms in addressing unmet medical needs and framed RNA therapeutics as central to long-term portfolio competitiveness.

Merck and Verona Pharma

In a move that reshaped its cardio-pulmonary portfolio, Merck completed its roughly $10 billion acquisition of Verona Pharma, adding Ohtuvayre, the first new chronic obstructive pulmonary disease therapy in decades.

This transaction expanded Merck’s presence in respiratory care with a novel inhaled mechanism and demonstrated how targeted acquisitions can rejuvenate therapeutic areas long dominated by legacy treatments. In a year when pharmaceutical acquisitions emphasized execution certainty, the Verona deal balanced near-term commercial value with long-term strategic growth.

Novo Nordisk and Akero Therapeutics

Novo Nordisk’s acquisition of Akero Therapeutics for about $4.7 billion marked a decisive expansion into liver and cardiometabolic diseases. Through the deal, Novo Nordisk gained control of Akero’s lead EFX asset, focused on metabolic dysfunction-associated steatohepatitis, while offering contingent payments tied to future regulatory success.

This transaction reinforced Novo Nordisk’s broader strategy of building depth in chronic disease domains beyond its core diabetes and obesity franchises. By integrating Akero’s assets and expertise, the company strengthened its pipeline with high-impact therapeutic potential.

Sanofi and Dynavax Technologies

In a strategic expansion of its adult immunisation portfolio, Sanofi agreed to acquire Dynavax Technologies for approximately $2.2 billion, bringing marketed and pipeline vaccines into its ecosystem. The deal included HEPLISAV-B, a two-dose hepatitis B vaccine with rapid seroprotection, and a shingles vaccine candidate in early clinical development.

For Sanofi, this acquisition addressed both unmet needs in adult vaccination and long-term portfolio diversification. Adding Dynavax’s products mirrored the broader industry shift toward securing capabilities that intersect science, access, and global public health demand.

Johnson & Johnson and Halda Therapeutics

Johnson & Johnson (J&J)’s acquisition of Halda Therapeutics for about $3.05 billion gave it access to a novel RIPTAC small molecule program targeting metastatic prostate cancer. The move reflected J&J’s commitment to precision oncology, particularly modalities showing early clinical promise, supported by encouraging Phase 1/2 data. Pharma Now

The bet on Halda’s HLD-0915 and proximity-based small molecule platform showed how pharmaceutical acquisitions in 2025 were about aligning scientific potential with clinical urgency, an approach that may catalyze future value as these assets mature.

Merck KGaA and SpringWorks Therapeutics

In a transaction valued at approximately $3.9 billion, Merck KGaA expanded its rare tumor and oncology footprint by acquiring SpringWorks Therapeutics, gaining immediate commercial assets and development programs for desmoid tumors and NF1-associated conditions.

This deal reflected strategic portfolio expansion where rare diseases and tumor-focused therapies offered both near-term commercial traction and longer-term scientific promise. It also illustrated how established players broadened their global presence while supporting innovation at later stages of therapeutic development.

GSK and IDRx

GSK’s roughly $1 billion acquisition of IDRx, including its lead precision therapeutic for gastrointestinal stromal tumors, showed how focused pharmaceutical acquisitions could sharpen oncology portfolios without sprawling diversification. The upfront payment, with contingent regulatory milestones, aligned incentives around potential clinical success.

By adding a selective KIT inhibitor to its pipeline, GSK reinforced precision medicine’s role in targeted cancer care, a trend likely to accelerate as genetic insights drive therapeutic specificity.

AstraZeneca and EsoBiotec

AstraZeneca made a strategic move into next-generation cell therapy by acquiring EsoBiotec, whose in vivo platform reprograms immune cells directly within patients. This acquisition positioned AstraZeneca at the frontier of immunotherapy innovation, especially for complex cancer indications where simplified delivery could transform treatment accessibility.

Beyond oncology impact, the deal highlighted how innovative modalities, particularly those that streamline manufacturing and delivery, are increasingly central to strategic growth priorities in pharma mergers and acquisitions.

Conclusion

By the close of 2025, the pharma industry’s chessboard looked remarkably realigned. Leaders had not merely pursued scale; they had targeted capability, clarity, and clinical confidence. Manufacturing strategy, precision oncology, rare disease potential, and advanced modalities defined the year’s deal-making.

These transactions revealed a shared industry understanding that owning execution and scientific differentiation matters as much as owning innovation. In choosing deals that balanced strategic fit with therapeutic promise, companies signalled their vision for sustainable leadership.

When future innovators look back at pharmaceutical mergers of 2025, the focus will not only be on valuations, but on how these moves reshaped pipelines, accelerated access, and set new benchmarks for purposeful growth. This was not a year of consolidation for consolidation’s sake; it was the moment pharma began moving with intent.

FAQs

Which were the biggest pharmaceutical mergers and acquisitions in 2025?

Some of the biggest pharmaceutical mergers and acquisitions in 2025 included Novartis acquiring Avidity Biosciences, Merck’s acquisition of Verona Pharma and SpringWorks Therapeutics, Novo Nordisk’s purchase of Akero Therapeutics, and Sanofi’s acquisition of Dynavax. These deals stood out due to their strategic impact on pipelines and long-term growth.

Why did so many pharma companies focus on acquisitions in 2025?

Many pharma companies turned to acquisitions in 2025 to accelerate growth, reduce development risk, and strengthen control over key capabilities. With rising R&D costs and competitive pressure, acquiring proven or late-stage assets became a faster path to strategic stability.

What types of companies were most commonly acquired in 2025?

Biotech companies with late-stage pipelines, precision therapies, and platform technologies were the most attractive acquisition targets. Firms working in oncology, rare diseases, RNA-based therapeutics, and advanced biologics saw strong acquisition interest.

How did these mergers impact pharma pipelines and portfolios?

The mergers helped companies fill critical pipeline gaps, expand into new therapeutic areas, and strengthen their long-term innovation strategies. In many cases, the acquired assets offered clearer regulatory pathways and faster routes to market.

Did manufacturing and supply chain challenges influence pharma M&A decisions in 2025?

Yes, manufacturing reliability and supply chain control played a significant role in several acquisitions. Companies increasingly viewed production capacity and execution certainty as strategic advantages rather than operational support functions.

What do pharma mergers in 2025 mean for the future of the industry?

Pharma mergers in 2025 indicate a shift toward focused and intentional consolidation. Instead of expanding broadly, companies are aligning acquisitions with clear scientific and operational goals, shaping a more disciplined and competitive industry landscape.