Four Pharma M&A Deals Exceeding $10 Billion Closed in 2025 Amid Surge in Strategic Acquisitions

　　【Pharmaceutical Network Industry Dynamics】In 2025, global pharmaceutical companies frequently engaged in acquisition activities. Among them, several multinational giants have carried out multiple acquisitions worth over 10 billion RMB each, aiming to compensate for the growth shortcomings of core products and strengthen pipelines in specific sectors.
 

　　Merck Acquires Cidara Therapeutics for $9.2 Billion
 

News on November 17: Merck announced a $9.2 billion (approximately RMB 65.4 billion) cash acquisition of Cidara Therapeutics, bringing its leading asset, the influenza prevention drug CD388, which is in Phase 3 clinical trials, under its wing.
 

According to public information, against the backdrop of traditional flu vaccines having an average efficacy of only around 40%, CD388 demonstrated a preventive efficacy of 76% at its highest dose in phase 2b clinical trials, with a single dose providing protection for up to 4-5 months. Currently, Cidara Therapeutics is in the critical phase of data validation for its core product CD388. If successfully approved and launched, it is expected to tap into a market worth tens of billions of dollars.
 

　　Merck & Co. Acquires Verona Pharma for $10 Billion
 

On July 9, Merck announced an all-cash acquisition of Verona Pharma at $107 per share, with a total transaction value of up to $10 billion. This acquisition of Verona Pharma aims to expand its pipeline and product portfolio in the treatment of cardiovascular and pulmonary respiratory diseases.
 

Public information shows that Verona Pharma is a biopharmaceutical company focusing on the development of drugs for respiratory diseases. Its core product, Ensifentrine, is a dual inhibitor of phosphodiesterase 3/4 (PDE3/4), with bronchodilator and non-steroidal anti-inflammatory effects. The drug is delivered directly to the lungs via a standard jet nebulizer without the need for complex inspiratory flow coordination. In June 2024, the drug was approved for marketing by the U.S. FDA as a maintenance therapy for adult patients with COPD.
 

　　Johnson & Johnson Acquires Halda Therapeutics for $3.05 Billion
 

On November 17, Johnson & Johnson announced that it would acquire Halda Therapeutics, a tumor therapy research and development company, for $3.05 billion in cash (approximately RMB 21.7 billion). The acquisition aims to further expand Johnson & Johnson's business footprint in the fields of solid tumors and prostate cancer treatment.
 

Halda Therapeutics' core candidate drug, HLD-0915, is currently in the early to mid-stage of development, primarily targeting prostate cancer treatment. In addition to its lead pipeline, the company has also established multiple early experimental therapies for breast cancer, lung cancer, and other types of tumors. Following the completion of the deal, Halda's R&D resources and technology will be integrated into the Johnson & Johnson system, enhancing its innovative breakthroughs and market expansion in the field of oncology treatment.
 

　　Johnson & Johnson Acquires Halda Therapeutics for $14.6 Billion
 

On January 13, Johnson & Johnson announced the acquisition of Intra-Cellular Therapies, a neurology drug development company, for $14.6 billion (approximately 106.87 billion RMB), further advancing its deepened strategic layout in key therapeutic areas.
 

According to reports, Intra-Cellular Therapies is committed to developing innovative drugs for central nervous system (CNS) diseases, with a core focus on psychiatric medications. Its key product is CAPLYTA® (lumateperone), a multi-target antipsychotic drug. It is the first therapy approved by the U.S. FDA for both adjunctive and monotherapy treatment of bipolar I and II depression and is also approved for the treatment of adult schizophrenia. Through this acquisition, Johnson & Johnson will leverage the innovative drug to expand in this niche market, further enhancing its presence in chronic and specialty disease areas.
 

　　Disclaimer: In no event shall the information or opinions expressed in this article constitute investment advice to any person.