Top 10 biopharma M&A deals of 2025

With #JPM26 coming up, I pulled together the **Top 10 biopharma M&A deals of 2025** — basically the “top-end tape” for where strategics actually wrote checks. **Quick stats:** * **Top 10 total value:** $85.9B * **Median:** $9.4B * **Smallest:** $3.5B **Top 10 (value | stage | TA | date):** 1. Johnson & Johnson ($JNJ) → Intracellular Therapies ($ICTI): **$14.6B** | Commercial | CNS/Psych | 2025-01-13 2. Novartis ($NVS) → Avidity Biosciences ($RNA): **$12.0B** | Phase 3 | Neurology/Neuromuscular | 2025-10-26 3. Pfizer ($PFE) → Metsera: **Up to $10.0B** | Phase 2 | Metabolic/Obesity | 2025-11-07 4. Merck & Co. ($MRK) → Verona Pharma ($VRNA): **$10.0B** | Commercial | Respiratory | 2025-07-09 5. Sanofi ($SNY) → Blueprint Medicines ($BPMC): **$9.5B** | Commercial | Immunology/Rare | 2025-06-02 6. Merck & Co. ($MRK) → Cidara Therapeutics ($CDTX): **$9.2B** | Phase 3 | Infectious Disease | 2025-11-14 7. Genmab ($GMAB) → Merus ($MRUS): **$8.0B** | Phase 3 | Oncology | 2025-09-29 8. Novo Nordisk ($NVO) → Akero Therapeutics ($AKRO): **Up to $5.2B** | Phase 3 | Metabolic/Liver | 2025-10-09 9. Merck KGaA → SpringWorks Therapeutics ($SWTX): **$3.9B** | Commercial | Oncology/Rare | 2025-04-28 10. Roche → 89bio ($ETNB): **Up to $3.5B** | Phase 3 | Metabolic/Liver | 2025-09-17 If you want the **full comp set**, I maintain a downloadable **2025 $500M+ biopharma/biotech M&A tracker (40+ deals)** with classifications + more. I’m letting the **next 200 new subscribers (free)** unlock it here: [https://www.biobucks.co/p/biopharma-biotech-ma-2025-500m-tracker](https://www.biobucks.co/p/biopharma-biotech-ma-2025-500m-tracker) What M&A activity do you think we'll see in JPM 2026? Already rumours for Merck x Revolution