M&A Watch
BUYER INTELLIGENCE Data updated: May 20, 2026
Buyer-side biopharma M&A intelligence: top acquirers, therapeutic-area preferences, premium estimates, and recent deal flow. Built on 1,717 announced deals from 2005-2026.
1,717
Total deals tracked
2005-2026
46
Recent deals
Last 24 months
882
Distinct acquirers
Across all years
7
Hot TAs
≥3 deals in 24mo
What's on this page
This dashboard surfaces buyer-side intelligence — who's acquiring, in which therapeutic areas, at what premium. Built from two corpora: HBM Biopharma M&A Database (1,671 deals 2005-2022) and our 2024-2026 curated deal index.
We don't predict specific acquisition targets — that requires data we don't have (cash runway, banker engagement, board signals). What we DO have is a rich record of buyer behavior: 18 years of who buys what.
Top 15 acquirers (2005-2026)
Most active biopharma M&A buyers across the 21-year corpus. Pfizer leads with 36 announced deals.
Pfizer 36
Sanofi 29
Novartis 29
Merck & Co. 27
Roche 25
GlaxoSmithKline 24
Valeant 24
Eli Lilly 23
Gilead Sciences 22
Amgen 20
AstraZeneca 20
Johnson & Johnson 19
Takeda 18
Bristol-Myers Squibb 18
Shire 18
Recent deals — last 24 months
46 announced deals 2024-2026. Sorted newest first. Premium % shown for public-target deals where available.
| Date | Acquirer | Target | Therapeutic Areas | Upfront | Total | Premium |
|---|---|---|---|---|---|---|
| 2026-04-30 | Merck | Terns Pharmaceuticals | Oncology | $6.7B | $6.7B | 31% |
| 2026-04-30 | Chiesi | KalVista Pharmaceuticals | Rare Disease | $1.9B | $1.9B | 36% |
| 2026-04-30 | UCB | Neurona Therapeutics | CNS | $650M | $1.1B | — |
| 2026-04-29 | Gilead Sciences | Tubulis | Oncology | $3.1B | $5.0B | — |
| 2026-04-29 | Teva Pharmaceutical | Emalex Biosciences | CNS | $700M | $900M | — |
| 2026-04-29 | Biogen | Apellis Pharmaceuticals | Rare DiseaseOphthalmologyNephrology | $5.6B | $5.6B | — |
| 2026-04-28 | Gilead Sciences | Ouro Medicines | ImmunologyRare Disease | $1.7B | $2.2B | — |
| 2026-04-27 | Ligand Pharmaceuticals | XOMA Royalty Corporation | Various | $739M | $739M | 14% |
| 2026-04-27 | Eli Lilly | Ajax Therapeutics | Oncology | — | $2.3B | — |
| 2026-04-27 | Sun Pharmaceutical Industries | Organon | Women's HealthDermatologyBiosimilars | $11.8B | $11.8B | — |
Showing 10 of 46. Full list in Pro section below.
Therapeutic-area heat
M&A deal count per TA. Compares last 5 years of HBM history (2018-2022) with our recent corpus (2024-2026). "Hot now" = high recent rate.
| Therapeutic Area | 2018-2022 (HBM) | 2024-2026 (recent) | Total | Status |
|---|---|---|---|---|
| Oncology | 115 | 12 | 127 | 🔥 Hot now |
| CNS | 71 | 11 | 82 | 🔥 Hot now |
| Auto-immune | 47 | 0 | 47 | — |
| Anti-infectives | 34 | 0 | 34 | — |
| Metabolic | 25 | 4 | 29 | 🔥 Hot now |
| Cardiovascular | 23 | 3 | 26 | 🔥 Hot now |
| Inflammation | 18 | 0 | 18 | — |
| Respiratory | 11 | 2 | 13 | — |
| Rare Disease | 0 | 8 | 8 | 🔥 Hot now |
| Immunology | 0 | 7 | 7 | 🔥 Hot now |
Premium paid (public targets)
Premium over pre-announcement share price for HBM 2009-2022 public deals (n=319). Median premium: 49%. IQR: 27%–75%.
Use this as a rule-of-thumb: a public biotech at $X market cap typically gets acquired at ~$X × 1.5. Premium varies widely by TA, stage, and competitive context.
Full M&A Watch — Pro Deep Dive
Buyer × therapeutic-area preference matrix, complete recent deal list, and pipeline-activity signals across 2,466 flagged companies.
Buyer × therapeutic-area preferences
Top 8 buyers and where their historical deal flow concentrated.
| Buyer | Oncology | Auto-immune | Inflammation | CNS | Metabolic | Anti-infectives | Cardiovascular | Respiratory | Immunology | Rare Disease | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pfizer | 7 | 4 | 1 | 8 | 2 | 7 | 1 | 1 | — | — | 31 |
| Sanofi | 7 | 3 | 2 | 2 | 1 | 6 | — | 1 | 1 | 1 | 24 |
| Novartis | 6 | — | 1 | 3 | 3 | 3 | 3 | 1 | 1 | 1 | 22 |
| Merck & Co. | 13 | 2 | — | 2 | 1 | 5 | 2 | 1 | — | — | 26 |
| Roche | 11 | 4 | 3 | 1 | 2 | 1 | 1 | 1 | — | — | 24 |
| GlaxoSmithKline | 5 | 1 | — | — | 1 | 6 | 3 | 2 | 1 | — | 19 |
| Valeant | 1 | — | — | 1 | 1 | 1 | — | 1 | — | — | 5 |
| Eli Lilly | 8 | 1 | — | 6 | 3 | — | 2 | — | 2 | — | 22 |
All recent deals
Complete list of 46 2024-2026 deals with full attributes.
| Date | Acquirer | Target | Therapeutic Areas | Stage | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026-04-30 | Merck | Terns Pharmaceuticals | Oncology | Phase 1 (pivotal planned late 2026 / early 2027) | $6.7B | $6.7B |
| 2026-04-30 | Chiesi | KalVista Pharmaceuticals | Rare Disease | Approved | $1.9B | $1.9B |
| 2026-04-30 | UCB | Neurona Therapeutics | CNS | Phase 1/2 (Phase 3 FDA-agreed) | $650M | $1.1B |
| 2026-04-29 | Gilead Sciences | Tubulis | Oncology | Phase 1b/2 | $3.1B | $5.0B |
| 2026-04-29 | Teva Pharmaceutical | Emalex Biosciences | CNS | NDA-ready (Phase 3 completed) | $700M | $900M |
| 2026-04-29 | Biogen | Apellis Pharmaceuticals | Rare DiseaseOphthalmologyNephrology | Approved | $5.6B | $5.6B |
| 2026-04-28 | Gilead Sciences | Ouro Medicines | ImmunologyRare Disease | Phase 1/2 | $1.7B | $2.2B |
| 2026-04-27 | Ligand Pharmaceuticals | XOMA Royalty Corporation | Various | Various (7 marketed, 14 late-stage) | $739M | $739M |
| 2026-04-27 | Eli Lilly | Ajax Therapeutics | Oncology | Phase 1 | — | $2.3B |
| 2026-04-27 | Sun Pharmaceutical Industries | Organon | Women's HealthDermatologyBiosimilars | Approved | $11.8B | $11.8B |
| 2026-04-25 | Otsuka Pharmaceutical | Transcend Therapeutics | CNS | Phase 2 (Phase 3 recruiting) | $700M | $1.2B |
| 2026-04-25 | Novartis | Excellergy | Immunology | Phase 1 (recruiting since Mar 2026) | — | $2.0B |
| 2026-04-25 | BioMarin Pharmaceutical | Amicus Therapeutics | Rare Disease | Approved | $4.8B | $4.8B |
| 2026-04-24 | Collegium Pharmaceutical | Corium | CNS | Approved | $650M | $785M |
| 2026-04-20 | Eli Lilly | Kelonia Therapeutics | Oncology | Phase 1 | $3.3B | $7.0B |
| 2026-04-18 | Novartis | Pikavation Therapeutics (via Synnovation Therapeutics) | Oncology | Phase 1/2 | $2.0B | $3.0B |
| 2026-04-16 | GlaxoSmithKline | 35Pharma | CardiovascularRespiratory | Phase 1 completed (Phase 2 starting) | $950M | $950M |
| 2026-04-07 | Neurocrine Biosciences | Soleno Therapeutics | Rare DiseaseMetabolic | Approved | $2.9B | $2.9B |
| 2026-03-31 | Eli Lilly | Centessa Pharmaceuticals | CNS | Phase 2 | $6.3B | $7.8B |
| 2026-03-14 | Servier | Day One Biopharmaceuticals | Oncology | Approved | $2.5B | $2.5B |
| 2026-03-10 | Gilead Sciences | Arcellx | Oncology | BLA filed (PDUFA Dec 23, 2026) | $7.8B | — |
| 2026-02-09 | Eli Lilly | Orna Therapeutics | Immunology | Clinical trial-ready | — | $2.4B |
| 2026-01-20 | GlaxoSmithKline | RAPT Therapeutics | Immunology | Phase 2b | $2.2B | $2.2B |
| 2026-01-07 | Eli Lilly | Ventyx Biosciences | CardiovascularCNSImmunology | Phase 2 | $1.2B | $1.2B |
| 2026-01-06 | Amgen | Dark Blue Therapeutics | Oncology | IND-enabling | — | $840M |
| 2025-12-18 | Sanofi | Dynavax Technologies | Infectious Disease | Approved | $2.2B | $2.2B |
| 2025-11-14 | Merck | Cidara Therapeutics | Infectious Disease | Phase 3 | $9.2B | $9.2B |
| 2025-10-26 | Novartis | Avidity Biosciences | Rare DiseaseCNS | Late-stage | $12.0B | $12.0B |
| 2025-10-24 | Eli Lilly | Adverum Biotechnologies | Ophthalmology | Phase 3 | $92M | $322M |
| 2025-10-09 | Novo Nordisk | Akero Therapeutics | Metabolic | Phase 3 | $4.7B | $5.2B |
| 2025-09-29 | Genmab | Merus | Oncology | Phase 3 | $8.0B | $8.0B |
| 2025-09-18 | Roche | 89bio | Metabolic | Phase 3 | $2.4B | $3.5B |
| 2025-09-15 | Pfizer | Metsera | Metabolic | Phase 2 (entering Phase 3) | $4.9B | $9.8B |
| 2025-08-25 | AbbVie | Gilgamesh Pharmaceuticals | CNS | Phase 2 | — | $1.2B |
| 2025-07-22 | Sanofi | Vicebio | Infectious Disease | Phase 1 | $1.1B | $1.6B |
| 2025-07-09 | Merck | Verona Pharma | Respiratory | Approved | $10.0B | $10.0B |
| 2025-06-17 | Eli Lilly | Verve Therapeutics | Cardiovascular | Phase 1b | $1.0B | $1.3B |
| 2025-06-16 | Supernus Pharmaceuticals | Sage Therapeutics | CNS | Approved | $561M | $795M |
| 2025-06-12 | BioNTech | CureVac | OncologyInfectious Disease | Clinical | $1.3B | $1.3B |
| 2025-06-02 | Sanofi | Blueprint Medicines | Rare DiseaseImmunology | Approved | $9.1B | $9.5B |
| 2025-05-22 | Sanofi | Vigil Neuroscience | CNS | Phase 2 planned | $470M | $590M |
| 2025-05-16 | BioMarin Pharmaceutical | Inozyme Pharma | Rare Disease | Phase 3 | $270M | $270M |
| 2025-04-15 | Bristol-Myers Squibb | Orbital Therapeutics | Immunology | IND-enabling | $1.5B | $1.5B |
| 2025-01-13 | Eli Lilly | Scorpion Therapeutics | Oncology | Phase 1/2 | — | $2.5B |
| 2025-01-13 | Johnson & Johnson | Intra-Cellular Therapies | CNS | Approved | $14.6B | $14.6B |
| 2024-11-20 | GlaxoSmithKline | IDRx | Oncology | Phase 1/1b | $1.0B | $1.1B |
Pipeline activity signals
Companies with notable trial-activity patterns: late-stage portfolios with declining new-trial cadence, completing-without-restarting, and long dormancy. These are observable patterns, not predictions of acquisition. Already-acquired companies (Shire, Allergan, Actelion, Seagen, etc.) are excluded.
Strong signals — multi-flag (947)
| Company | Indicators | P3 | Last Start | Score |
|---|---|---|---|---|
| PTC Duchenne Muscular Dystrophy | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 21 | 2024-03 | 70 |
| Endo Cellulite | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 24 | 2024-01 | 70 |
| Hutchison Medipharma Limited Healthy | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 13 | 2022-09 | 70 |
| Seqirus Influenza, Human | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 19 | 2023-11 | 70 |
| Nobelpharma Dysmenorrhea | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 21 | 2022-08 | 70 |
| Orion Corporation, Orion Pharma Asthma | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 5 | 2023-10 | 70 |
| SK Chemicals Influenza, Human | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 18 | 2022-12 | 70 |
| Braintree Laboratories Colonoscopy | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 16 | 2023-04 | 70 |
| Spectrum Breast Cancer | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 11 | 2022-05 | 70 |
| Karyopharm Multiple Myeloma | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2024-04 | 70 |
| Nektar Colorectal Cancer | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 8 | 2024-04 | 70 |
| Santen Ocular Hypertension | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2022-12 | 70 |
| Revance Lateral Canthal Lines | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 8 | 2024-04 | 70 |
| PharmaMar Advanced Solid Tumors | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2023-09 | 70 |
| Maruho Rosacea | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 8 | 2022-04 | 70 |
| Esperion Hypercholesterolemia | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 7 | 2023-08 | 70 |
| International Partnership for Microbicides HIV Infections | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 5 | 2022-08 | 70 |
| Ethicon Hemorrhage | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 11 | 2018-04 | 70 |
| Omeros Corporation Thrombotic Microangiopathies | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 7 | 2024-03 | 70 |
| Cumberland Pain | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2024-01 | 70 |
| Marinus Status Epilepticus | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 7 | 2024-03 | 70 |
| Helixmith Diabetic Neuropathy, Painful | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2021-11 | 70 |
| Ironwood Healthy Volunteers | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 7 | 2023-03 | 70 |
| pharmaand Fallopian Tube Cancer | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 5 | 2021-03 | 70 |
| Ascletis Pharmaceuticals Healthy | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 5 | 2024-04 | 70 |
| Biotest Community-acquired Pneumonia | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 8 | 2023-09 | 70 |
| Zambon Bronchiolitis Obliterans | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 8 | 2021-06 | 70 |
| Scynexis Candidiasis, Invasive | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 7 | 2023-07 | 70 |
| Navidea Biopharmaceuticals Rheumatoid Arthritis | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2022-03 | 70 |
| medac Steroid-refractory Acute Graft-versus-host Disease | Late-stage pipeline + declining activityTrials completing, no new startsStale for 2+ years | 6 | 2024-02 | 70 |
+ 917 more strong signals (limited to 30 here)
Moderate signals (1167)
| Company | Indicators | P3 | Score |
|---|---|---|---|
| Spero Healthy Volunteers | Late-stage pipeline + declining activity | 2 | 30 |
| HAL Allergy Allergic Rhinitis | Late-stage pipeline + declining activity | 2 | 30 |
| GC Cell Corporation Hepatocellular Carcinoma | Late-stage pipeline + declining activity | 3 | 30 |
| CG Bladder Cancer | Late-stage pipeline + declining activity | 3 | 30 |
| Alumis Plaque Psoriasis | Late-stage pipeline + declining activity | 3 | 30 |
| Replimune Cancer | Late-stage pipeline + declining activity | 2 | 30 |
| Palatin Technologies Hypoactive Sexual Desire Disorder | Late-stage pipeline + declining activity | 3 | 30 |
| Shanghai Haiyan Pharmaceutical Technology Insomnia | Late-stage pipeline + declining activity | 3 | 30 |
| Shandong Luoxin Pharmaceutical Group Stock Healthy | Late-stage pipeline + declining activity | 5 | 30 |
| Quince Ataxia Telangiectasia | Late-stage pipeline + declining activity | 5 | 30 |
| Kartos Advanced Malignancy | Late-stage pipeline + declining activity | 2 | 30 |
| Biolab Sanus Farmaceutica Pharmacokinetics | Late-stage pipeline + declining activity | 4 | 30 |
| Bellus Health Inc. - a GSK company Cough | Late-stage pipeline + declining activity | 2 | 30 |
| X4 Neutropenia | Late-stage pipeline + declining activity | 2 | 30 |
| Tonghua Dongbao Pharmaceutical Healthy | Late-stage pipeline + declining activity | 4 | 30 |
| Allodynic Migraine With or Without Aura | Late-stage pipeline + declining activity | 2 | 30 |
| Intellia Hereditary Angioedema | Late-stage pipeline + declining activity | 3 | 30 |
| Zhuhai Trinomab Pharmaceutical Respiratory Syncytial Virus Infections | Late-stage pipeline + declining activity | 3 | 30 |
| Neumora Major Depressive Disorder | Late-stage pipeline + declining activity | 4 | 30 |
| Advicenne Pharma Cystinuria | Late-stage pipeline + declining activity | 4 | 30 |
| Nutricia Growth | Late-stage pipeline + declining activity | 4 | 30 |
| Santen SAS Ocular Surface Disease | Late-stage pipeline + declining activity | 4 | 30 |
| Cassava Sciences Alzheimer Disease | Late-stage pipeline + declining activity | 3 | 30 |
| Jina Metastatic Castration-resistant Prostate Cancer, MCRPC | Late-stage pipeline + declining activity | 4 | 30 |
| Beijing Minhai Biotechnology Poliomyelitis | Late-stage pipeline + declining activity | 5 | 30 |
| Jiangxi Qingfeng Pharmaceutical Influenza | Late-stage pipeline + declining activity | 3 | 30 |
| Cutia Therapeutics（Wuxi） AGA | Late-stage pipeline + declining activity | 3 | 30 |
| NoNO Stroke, Acute | Late-stage pipeline + declining activity | 3 | 30 |
| Calliditas Primary IgA Nephropathy | Late-stage pipeline + declining activity | 2 | 30 |
| Rakuten Medical Head and Neck Cancer | Late-stage pipeline + declining activity | 2 | 30 |
+ 1137 more moderate signals (limited to 30 here)
Sources: HBM Biopharma M&A Database 2005-2022 (1,671 deals) + curated 2024-2026 deal index (46 deals).
Disclaimer: This is observational data, not investment advice. Past M&A patterns don't predict specific future deals.