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BioBucks | M&A tracker (>$500M) 2025
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www.biobucks.co
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Copyright BioBucks - not to be redistributed without permission
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Ann DateTargetAcquirerSubsectorUpfront ($m)Total Deal Value ($m)Therapeutic AreaStage of Lead Asset / Company
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13-Jan-25IDRxGSKBiotech1,0001,150Oncology — GIST (GI cancer / soft-tissue sarcoma)Phase I/Ib (StrateGIST 1 ongoing trial of IDRX-42)
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13-Jan-25Scorpion Therapeutics (STX-478 program)Eli LillyBiotechUndisclosed2,500
Oncology — hormone-positive breast cancer + other advanced solid tumors (PI3Kα-mutant)
Phase I/II (STX-478 in a Phase 1/2 clinical trial)
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13-Jan-25Intracellular TherapiesJohnson & JohnsonBiotech14,60014,600CNS / psychiatry (schizophrenia + bipolar depression; pursuing MDD)Commercial (CAPLYTA / lumateperone; launched 2020; approved schizophrenia + bipolar depression)
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13-Jan-25Life Molecular ImagingLantheus Medical ImagingDiagnostics350750Neurology — Alzheimer’s disease radiodiagnostic (β-amyloid PET)
Commercial / approved: Neuraceq is described as a “globally approved” F-18 PET imaging agent (indicated for amyloid PET imaging in adults evaluated for AD)  
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10-Feb-25Anthos TherapeuticsNovartisBiotech9253,100
Cardiovascular / thrombosis (stroke & systemic embolism prevention in atrial fibrillation; also cancer-associated thrombosis)
Phase 3 (lead asset abelacimab, FXI-inhibiting mAb)
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25-Feb-25Solventum (Purification & Filtration business)Thermo Fisher ScientificLS Tools4,1004,100NA (tools/bioprocessing; not a therapeutic developer)Commercial products / operating business (Purification & Filtration business; not a clinical-stage asset)
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13-Mar-25Endo InternationalMallinckrodt Pharmaceuticals
Pharma (Spec Pharma)
6,7006,700Diversified Spec PharmaCommercial
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17-Mar-25EsoBiotecAstraZenecaBiotech4251,000Oncology (cancers) + immune-mediated diseases (platform applicability)Phase 1 (lead in vivo BCMA CAR-T candidate ESO-T01 had begun a clinical trial; first-in-human IIT underway)
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17-Mar-25Araris
Taiho Pharmaceutical Company
Biotech4001,140Oncology (hematological + solid tumors)Preclinical
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20-Mar-25Dren Bio (Asset acq.: Dren-0201)SanofiBiotech6001,900Immunology / autoimmune (deep B-cell depletion)Phase 1 (evaluated in two ongoing phase 1 studies)
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21-Apr-25ChimerixJazz PharmaceuticalsBiotech935935
Oncology (CNS) — H3 K27M-mutant diffuse glioma (rare high-grade brain tumor)
Regulatory / NDA under FDA review 
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28-Apr-25SpringWorks TherapeuticsMerckBiotech3,9003,900Oncology (rare tumors) + rare genetic disease (NF1-PN)Commercial / FDA-approved: OGSIVEO (desmoid tumors) + GOMEKLI (NF1-PN) are described as FDA-approved/marketed
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29-Apr-25Regulus TherapeuticsNovartisBiotech8001,700Nephrology — ADPKD (autosomal dominant polycystic kidney disease)Phase 1b; pivotal Phase 3 planned (initiation planned Q3 2025)
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7-May-25Torii PharmaceuticalShionogi & Co.
Pharma (Spec Pharma)
1,0561,056Dermatology / renal / allergyCommercial
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14-May-25
Boston Pharmaceuticals (asset acq.: efimosfermin alfa)
GSKBiotech1,2002,000
Hepatology / metabolic liver disease: steatotic liver disease (SLD) incl. MASH (incl. cirrhosis)
Phase III-ready (Phase II data disclosed; described as “phase III-ready”)
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27-May-25SiteOne TherapeuticsEli LillyBiotechUndisclosed1,000CNS / pain (non-opioid pain management; chronic pain focus)Phase 2-ready
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2-Jun-25Blueprint MedicinesSanofiBiotech9,1009,500Immunology / rare disease (systemic mastocytosis; KIT-driven diseases)Commercial
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12-Jun-25CureVacBioNTechBiotech1,2501,250Oncology + infectious diseasesPhase 1 (Part B) for CVGBM (glioblastoma) 
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16-Jun-25SAGE TherapeuticsSupernus PharmaceuticalsBiotech561795CNS / Psychiatry — postpartum depressionCommercial
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17-Jun-25Verve TherapeuticsEli LillyBiotech1,0001,300
Cardiovascular — ASCVD / hypercholesterolemia (PCSK9 targeting; HeFH + premature CAD mentioned)
Phase 1b
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30-Jun-25Capstan TherapeuticsAbbVieBiotech2,1002,100Immunology / autoimmune (B-cell mediated autoimmune diseases)Phase 1
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9-Jul-25Verona PharmaMerck & Co.Biotech10,00010,000Respiratory — COPDCommercial
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15-Jul-25LaNova MedicinesSino BiopharmaceuticalBiotech951951Oncology (lung + GI cancers; immuno-oncology)Phase 1
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18-Jul-25iTeos TherapeuticsConcentra BiosciencesBiotech385Not a fixed $ amountOncology / immuno-oncologyPhase 1
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22-Jul-25ViceBioSanofiBiotech1,1501,600Infectious disease (respiratory vaccines)Phase 1
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25-Aug-25Gilgamesh PharmaceuticalsAbbVieBiotechUndisclosed1,200CNS / Psychiatry — Major Depressive Disorder (MDD)Phase 2
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9-Sep-25Tourmaline BioNovartisBiotech1,4001,400
Cardiovascular — ASCVD (anti-IL-6 mAb to reduce systemic inflammation)
Phase 2
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16-Sep-25VarmXCSLBiotech1172,205Hematology / bleeding & coagulation Phase 3
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17-Sep-2589bioRocheBiotech2,4003,500Liver + cardiometabolic — MASH Phase 3
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23-Sep-25Alvogen GroupLotus PharmaceuticalBiotech6582,000Diversified Spec PharmaCommercial
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29-Sep-25MerusGenmabBiotech8,0008,000Oncology — head & neck cancer Phase 3
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30-Sep-25ElektrofiHalozyme TherapeuticsLS Tools750900NA (tools; not a therapeutic developer)Pre-commercial
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9-Oct-25Akero TherapeuticsNovo NordiskBiotech4,7005,200Metabolic / Hepatology — MASHPhase 3
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10-Oct-25Orbital TherapeuticsBristol-Myers SquibbBiotech1,5001,500
Immunology / autoimmune diseases (lead program targets autoimmune disease via CD19+ B-cell depletion / immune reset)
Preclinical (IND-enabling)
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22-Oct-25ImmcheckIpsenBiotech4061,160Oncology — AML (first-line “unfit” AML focus)Phase I/II
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22-Oct-25Avadel PharmaceuticalsAlkermesPharma2,2102,370CNS / sleep disorders (narcolepsy; pursuing idiopathic hypersomnia)Commercial
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26-Oct-25Avidity BiosciencesNovartisBiotech12,00012,000Neuroscience / rare neuromuscular diseases (DMD, DM1, FSHD)Phase 3
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7-Nov-25MetseraPfizerBiotech7,00010,000Obesity / cardiometabolicPhase 2
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14-Nov-25Cidara TherapeuticsMerck & Co.Biotech9,2009,200
Infectious disease / respiratory — influenza prevention (long-acting, strain-agnostic antiviral CD388)
Phase 3
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17-Nov-25Halda TherapeuticsJohnson & JohnsonBiotech3,0503,050Oncology — prostate cancer (mCRPC)Phase 1/2
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20-Nov-25Exact SciencesAbbottDiagnostics23,00023,000Oncology diagnosticsCommercial
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Mean3,6814,043
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Median1,2252,000
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High23,00023,000
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Low117750
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