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In the dynamic world of pharmaceuticals, strategic mergers and acquisitions (M&As) have played a pivotal role in shaping the industry landscape over the past two years. This article highlights some of the significant transactions that have left a lasting impact on company financial performance.
One of the most notable deals was AbbVie’s acquisition of ImmunoGen for $10.1 billion, closed in February 2024. This move enhanced AbbVie’s oncology portfolio with antibody-drug conjugates, positioning the company for potential growth in the cancer treatment sector.
Another transformative deal was Johnson & Johnson’s $35 billion purchase of Intra-Cellular Therapies, announced in February 2025. This acquisition bolstered Johnson & Johnson’s mental health pipeline with both approved and pipeline assets, signalling a strong commitment to addressing mental health issues.
Novo Holdings’ $16.5 billion acquisition of Catalent in February 2024 expanded manufacturing scale capabilities, particularly for GLP-1 drug production. This move underlines the importance of scaling up production capabilities in the pharmaceutical industry.
Pfizer’s acquisition of Seagen for $43 billion, a deal finalised in March 2023, was a foundational oncology deal aimed at replenishing Pfizer’s pipeline with antibody-drug conjugates.
Sanofi’s $1.9 billion acquisition of Dren Bio’s DR-0201 in May 2025 added a first-in-class myeloid cell engager asset to Sanofi’s immune-reset therapy pipeline.
Lastly, Roche’s $1.5 billion acquisition of Poseida Therapeutics in December 2024 expanded cell therapy and CAR-T capabilities, further cementing Roche’s position in the rapidly evolving field of cell-based therapies.
While spin-offs and strategic divestitures were less highlighted, they appear to be part of companies’ efforts to focus on core therapeutic areas amid rising R&D costs and patent cliffs. The financial impact of these deals is reflected in the increased R&D spending levels, which surpassed 25% of sales in some companies, underscoring M&A as a key growth strategy alongside internal innovation.
Interestingly, the market trend shifted towards fewer but larger deals aiming for transformative growth in 2025, contrasting with a prior surge in opportunistic immune-related acquisitions in 2024. Biotech acquisitions remained significant though reduced in number and more targeted, focusing on high-potential assets rather than volume. Companies like Bayer pursued deals totalling over $1 billion to gain exclusive rights to promising cancer therapies.
These strategic M&A transactions have been critical for life sciences companies to replenish and strengthen pipelines, scale production capabilities, and adapt to a more challenging investment environment, all significantly influencing their financial results within the 2024-2025 period.
This article is accompanied by a slideshow featuring top pharmaceutical companies listed in the 2025 edition of our website's 500. However, it's important to note that Johnson & Johnson, a pharmaceuticals company, is the only company from this list explicitly mentioned in the article.
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- The financial sector has been impacted by the strategic moves in the pharmaceutical industry, as evidenced by the billions invested in business transactions such as AbbVie's acquisition of ImmunoGen, Johnson & Johnson's purchase of Intra-Cellular Therapies, Novo Holdings' acquisition of Catalent, Pfizer’s acquisition of Seagen, Sanofi’s acquisition of Dren Bio’s DR-0201, and Roche’s acquisition of Poseida Therapeutics.
- The landscape of the pharmaceutical business has been reshaped with significant transactions like these, as companies focus on strategic growth through M&As, making financial portfolio management crucial in this dynamic industry landscape.
