Published by Global Banking & Finance Review®
Posted on July 9, 2025
4 min readLast updated: January 23, 2026
Add as preferred source on GoogleThe article reviews significant US pharma and biotech mergers over the last decade, including Merck's $10 billion acquisition of Verona Pharma.
(Reuters) -Merck is acquiring UK-based Verona Pharma for about $10 billion, as part of the U.S. drugmaker's strategy to diversify beyond its blockbuster cancer treatment Keytruda.
The move adds to a growing list of high-profile transactions over the past decade by U.S. pharmaceutical companies to acquire promising therapies in fields ranging from oncology, neurology to rare diseases and obesity.
Globally, $105.3 billion worth of pharmaceuticals and biotech M&A deals have been inked so far in 2025, according to data compiled by LSEG, up 7% from year-ago levels and the highest year-to-date total since 2023.
Below are some of the major deals involving U.S.-based pharma and biotech firms from the past decade
Year Acquirer Target Deal Value Description
2025 Merck & Co Verona About $10 Strengthens
Pharma billion Merck's
respiratory
portfolio amid
looming
Keytruda
patent cliff
2025 Johnson & Intra-Cell $14.6 Expands J&J's
Johnson ular billion footprint in
Therapies brain disease
treatments
2024 Novo Catalent $16.5 Boosts
Holdings billion manufacturing
(including capacity for
debt), Novo Nordisk's
$11.5 popular
billion obesity drug
(excluding Wegovy
debt)
2023 Merck & Co Prometheus $10.8 Adds
Bioscience billion experimental
s treatment for
ulcerative
colitis and
Crohn's
disease and
builds up
presence in
immunology
2023 Bristol Karuna BMY gains a
Myers Therapeuti $14 promising
Squibb cs billion antipsychotic
medicine as
patents on its
older
therapies near
their expiry
2023 Pfizer Seagen $43 Builds
billion Pfizer's
cancer
portfolio amid
decline in
sales for
COVID-related
products and
generic
competition
2022 Amgen Horizon $27.8 Buyout,
Therapeuti billion biggest in the
cs sector in
2022,
fortifies rare
diseases
portfolio
2022 Pfizer Biohaven $11.6 Pfizer bets
Pharmaceut billion big on a new
ical class of
Holding migraine drugs
2021 Merck & Co Acceleron About Diversifies
Pharma $11.5 Merck's
billion portfolio
beyond cancer
2021 Ginkgo Soaring $17.5 Ginkgo said it
Bioworks Eagle million plans to go
Acquisitio public through
n a merger with
a blank-check
vehicle backed
by former
Hollywood
executives
Harry Sloan
and Jeff
Sagansky
2020 AstraZeneca Alexion $39 AstraZeneca's
Pharmaceut billion largest ever
icals deal to
diversify away
from its
cancer
business,
betting on
rare-disease
and immunology
drugs
2020 Bristol MyoKardia About $13 Bolster
Myers billion Bristol's
Squibb portfolio of
heart disease
treatments
2020 Gilead Immunomedi $21 Strengthens
cs billion Gilead's
cancer
portfolio
2019 Mylan Pfizer's About $12 Mylan's
Upjohn billion acquisition of
business Pfizer's
Upjohn
business was
structured as
a stock-based
merger,
resulting in
the formation
of Viatris .
Upjohn was
essentially
spun off to
Pfizer
shareholders
and then
merged with
Mylan
2019 AbbVie Allergan $63 AbbVie gains
billion, control of
$83 Botox and
billion diversifies
(including its portfolio
debt) beyond its
then-blockbust
er drug,
Humira
2019 Pfizer Array $11.4 Pfizer gains
Biopharma billion oncology asset
2019 Bristol Celgene $74 One of the
Myers Corp billion largest
Squibb pharmaceutical
mergers in
history
2017 Johnson & Actelion $30 Johnson &
Johnson's billion Johnson's
subsidiary,
Janssen
Holding,
acquires
Actelion;
Actelion's R&D
unit spun off
into Idorsia
2017 Gilead Kite $11.9 Strengthens
Sciences Pharma billion Gilead's
position in
the field of
cell therapy,
particularly
in CAR-T
treatments for
cancer
2016 Pfizer Medivation $14 Pfizer
billion acquires
blockbuster
prostate
cancer drug
Xtandi
2015 Shire Baxalta $32 Catapults
billion Shire to
leading
position in
treating rare
diseases
2015 AbbVie Pharmacycl $21 AbbVie gets
ics billion access to what
is expected to
be one of the
world's
top-selling
cancer drugs
and expanding
its reach in
the profitable
oncology field
2015 Valeant Salix $14.5 Makes Valeant
Pharmaceuti Pharmaceut billion a leader in
cals (now icals gastro-intesti
Bausch nal drugs
Health)
2015 Pfizer Hospira $15 Deal creates
billion leading global
established
pharmaceutical
business for
Pfizer
(Reporting by Puyaan Singh and Siddhi Mahatole in Bengaluru; Editing by Shailesh Kuber)
Merck is acquiring UK-based Verona Pharma for about $10 billion.
Johnson & Johnson's acquisition of Intra-Cellular Therapies was valued at $14.6 billion.
AbbVie gained control of Botox and diversified its portfolio beyond its then-blockbuster drug, Humira, through its $63 billion acquisition of Allergan.
Pfizer acquired Seagen for $43 billion, strengthening its cancer portfolio amid declining sales for COVID-related products.
In 2025, $105.3 billion worth of pharmaceuticals and biotech M&A deals have been completed, marking a 7% increase from the previous year.
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