Pharmaceutical M&A Surge in 2025: Deal Count and Value Soar
Industry Rebounds with Increased Acquisition Activity
The pharmaceutical industry has witnessed a significant uptick in merger and acquisition (M&A) activity in 2025, marking a robust recovery from the previous year's conservative approach. According to a recent analysis by Leerink Partners, both the number and value of deals have surpassed historical averages, signaling renewed confidence in the sector.
As of October 9, 2025, the industry had already recorded 21 deals, exceeding the 15-year historical annual mean of 19. This increased activity has been accompanied by a substantial rise in deal value, with $65 billion in transactions recorded by early October—nearly doubling 2024's entire annual total of $37 billion.
Key Therapeutic Areas Driving Acquisitions
Cardiovascular and Metabolic Deals Lead the Charge
The cardiovascular and metabolic space has emerged as a hotbed for M&A activity, with both transaction value and deal count rising sharply. Notable transactions include Pfizer's $4.9 billion cash acquisition of next-gen obesity biotech Metsera and Novo Nordisk's deal to purchase liver-focused Akero Therapeutics for up to $5.2 billion.
Shifts in Oncology and Cell Therapy Focus
While cancer M&A activity has seen a decline, particularly in targeted oncology and IO non-cell indications, cell therapy deals have maintained momentum. However, there has been a noticeable shift towards autoimmune diseases, with a particular emphasis on in-vivo CAR-T therapies. This trend reflects the industry's evolving priorities and the pursuit of innovative treatment modalities.
Major Players and Recent Transactions
The pharmaceutical landscape has been reshaped by several high-profile acquisitions in recent weeks. Novartis made headlines with a $12 billion buyout of muscle dystrophy biotech Avidity, while Bristol Myers Squibb acquired in vivo cell therapy-focused Orbital Therapeutics for $1.5 billion. These transactions, along with Johnson & Johnson's $14.6 billion purchase of CNS specialist Intra-Cellular, underscore the industry's appetite for pipeline expansion and portfolio strengthening.
As the year progresses, the pharmaceutical sector continues to demonstrate its resilience and adaptability. The surge in M&A activity not only reflects a recovery from previous conservatism but also highlights the industry's commitment to innovation and strategic growth in key therapeutic areas.
References
- 2025 M&A up in value and deal count after year of ‘conservatism and recovery’: Leerink Partners
The number of biopharma M&A deals announced so far this year is higher than the yearly average for the last 15 years, while deal value has already eclipsed last year’s total, according to a recent report from Leerink Partners.
Explore Further
What are the competitive advantages of Pfizer's next-gen obesity biotech Metsera following its $4.9 billion acquisition?
What clinical data or pipeline strengths contributed to Novo Nordisk's decision to acquire Akero Therapeutics for up to $5.2 billion?
How does Novartis justify the valuation of its $12 billion acquisition of muscle dystrophy biotech Avidity compared to existing competitors in the field?
What are the unique features and market potential of Orbital Therapeutics’ in vivo cell therapy pipeline acquired by Bristol Myers Squibb for $1.5 billion?
How does the increasing M&A activity in cardiovascular, metabolic, and CNS therapeutic areas impact the broader competitive landscape of the pharmaceutical industry in 2025?