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.
For 2025, a mean of 21 deals have been made compared to the historical annual mean of 19, according to a recent analysis from Leerink Partners. The analysis covers M&A data for both private and public companies, but excludes acquisitions of single products unless via an acquisition of a company or subsidiary.
The firm included data from 2009 to Oct. 9 of this year. Since then, several high-profile deals have been made, including today's $12 billion Novartis buyout of muscle dystrophy biotech Avidity or Bristol Myers Squibb's $1.5 billion acquisition of in vivo cell therapy-focused Orbital Therapeutics. The pace of deals since the data cutoff underscores the industry's eagerness to pursue buyouts that expand pipelines and strengthen commercial portfolios.
As of Oct. 9, $65 billion was recorded in deal flow so far this year—a figure that nearly doubles 2024’s entire annual total of $37 billion as M&A deals grow larger following a period of “conservatism and recovery,” the analysts found.
Since the data cutoff, the industry has tacked on at least another $14 billion in transaction value thanks to the Avidity, Orbital and Astria buyouts.
Large transactions and megamergers can significantly impact annual totals, Leerink Partners noted, citing more big deals inked so far this year than last, such as Johnson & Johnson’s $14.6 billion buy of CNS specialist Intra-Cellular. In comparison, M&A deals last year were typically smaller and earlier-stage, according to the report.
Zooming in, the cardiovascular and metabolic space has fueled numerous deals, with both transaction value and deal count rising sharply compared to prior years. Take Pfizer’s $4.9 billion cash payment for next-gen obesity biotech Metsera as proof, or Novo Nordisk’s deal to buy liver-focused Akero Therapeutics for up to $5.2 billion, both of which were struck up just this fall.
Meanwhile, cancer M&A activity has dropped compared to past years, especially in targeted oncology and IO non-cell indications. Deal count and value remain “subdued” in vaccines, according to Leerink Partners, likely due to the U.S. government’s criticism surrounding several approved and investigational vaccines.
Activity for CNS and rare disease companies has remained largely the same, while no major antibody-drug conjugate (ADC) buyouts have occurred so far this year, according to the report. The industry has maintained its strong interest in ADCs, but in that field, deals have largely been structured around single- or multi-drug licensing arrangements.
Potentially surprising is the maintained flow of cell therapy deals, though many transactions have shifted toward autoimmune diseases instead of cancer, with a particular focus on in-vivo CAR-T.