生物技术并购加速：实时追踪交易动态 | BioPharma Dive

Biotech M&A Accelerates: Tracking Deals in Real Time

In drug development, deals are as critical as scientific breakthroughs. Many of today's best-selling drugs, from the life-saving cancer therapy Keytruda to the anti-inflammatory drug Enbrel, might not have achieved their current success without M&A integration.

At the end of the last decade, pharmaceutical M&A deal values hit record highs, with large pharma companies frequently seeking innovation from younger biotech firms. These deals often focused on cancer, rare diseases, and immune system disorders—areas that have seen major clinical trial victories and highly profitable marketed therapies.

In 2021 and 2022, due tonew regulatory challengesandrising interest rates, deal activity noticeably cooled. But recent signs of recovery have emerged: pharmaceutical companies are actively expanding into hot areas like obesity, while also stockpilingantibody-drug conjugatesand other new technologies. Even theneurosciencefield, once abandoned by large pharma, is attracting investment again.

BioPharma Dive is tracking M&A activity below. This database includes pharma acquisitions with upfront payments of $50 million or more since 2018 and will be updated regularly.

Click on an acquirer for more information; scroll to the bottom of the page for details on data collection and methodology. If you notice an omission or wish to provide additional information, pleasecontact us。

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Database Notes

This database only includes companies developing human therapeutics. Inclusion criteria: must be an outright acquisition (excluding product licenses, option acquisitions, or partial equity deals) with an upfront payment of at least $50 million. Total consideration includes the initial cash and equity paid by the acquirer in exchange for the target's shares. Deals with upfront payments below $50 million or undisclosed amounts (such as Lilly's acquisitions of Versanis, Ajax Therapeutics, Crossbridge Bio, 4E Therapeutics, and Orna Therapeutics, as well as Novartis's acquisitions of Kate Therapeutics and Excellergy) are not included.

Premium is calculated based on the target company's closing price on the last trading day. Each acquired company is counted under only one therapeutic category; if it has multiple businesses, it is classified based on the primary asset or clearly dominant area, otherwise it falls under "Other." For private biotech companies, some data may not be applicable or available.

BioPharma Dive updates the tracker when deals are announced. If a deal falls through, we remove it from the database; if a higher bidder emerges, we update the relevant information.