2025年第四季度并购交易统计

Q4 2025 Executive Summary During Q4, biopharma merger and acquisition deal value reached $94.8bn and drew in $74.7bn in potential dealvalue from alliances. Device company M&A values reached $3.5bn, while in vitro diagnostics and research tools About the author Biomedtracker is an independent research service that offers proprietary clinical assessments and patient-basedrevenue forecasts of developmental drugs within a comprehensive and intuitive drug information database. Clientsfrom the pharmaceutical, biotech, and investment industries rely on Biomedtracker for its insight on the likelihood ofapproval, commercial potential, and future data and regulatory catalysts for drugs within the competitive landscape Disclaimer Copyright © 2026 Evaluate, a Norstella company This report is published by Evaluate (the Publisher). This report contains information from reputable sources andalthough reasonable efforts have been made to publish accurate information, you assume sole responsibility for theselection, suitability and use of this report and acknowledge that the Publisher makes no warranties (either expressor implied) as to, nor accepts liability for, the accuracy or fitness for a particular purpose of the information or Biopharma Acquisitions Biopharma merger and acquisition value for the fourth quarter of 2025 reached $95.2bn from 35 transactions, 19 ofwhich had disclosed values. Making up over half that total was Kimberly Clark’sproposed $48.7bnof publicconsumer health company Kenvue (a 2023 start-up), the largest M&A of the quarter. Along with that deal, ten other transactions hit or exceeded the billion-dollar mark during Q4 (see Exhibit 1). Exhibit 1 Through itsproposed $12bn acquisitionof Avidity Biosciences, expected to close in the first half of 2026, Novartisgains Avidity's programs and pipeline in neuroscience as well as access to its differentiated RNA-targeting deliveryplatform. The agreement includes three late-stage clinical development programs: delpacibart zotadirsen (del-zota)for the treatment of Duchenne muscular dystrophy, delpacibart etedesiran (del-desiran) for myotonic dystrophy Makes Its Biggest Bet In A Decade With $12bn Avidity Deal" - Scrip, 27 Oct, 2025.) Prior to the closing of the merger,Avidity will transfer to SpinCo, currently a wholly owned subsidiary of Avidity, its early-stage precision cardiologyprograms and collaborations, including previous collaborations withBristol Myers SquibbandEli Lilly. SpinCo isexpected to begin trading as a new public company following the spin-off, capitalized with $270m in cash. SpinCo In the third-largest Q4 M&A, Merckacquired public biotech Cidara Therapeuticsfor $9.2bn. Founded in 2012, thecompany uses its proprietary Cloudbreak platform to develop novel drug-FC conjugates (DFCs) inhibiting specificdisease targets. Cidara’s lead candidate, CD388, consists of a small molecule neuraminidase inhibitor stablyconjugated to a proprietary Fc fragment of a human antibody designed to prevent influenza A and B. CD388 iscurrently being evaluated in the Phase III ANCHOR study among adult and adolescent participants who are at higherrisk of developing complications from influenza. Supported by results from the Phase IIb NAVIGATE study, the USFDA granted CD388 Breakthrough Therapy Designation. The NAVIGATE study met all primary and secondary In another top transaction, Novo Nordiskbought publicly traded Akero Therapeuticsfor up to $5.2bn. Akero’sfibroblast growth factor 21 analog efruxifermin (EFX) is currently being evaluated as a once-weekly subcutaneousinjection in the Phase III SYNCHRONY program for the treatment of patients with moderate to advanced liver fibrosisand patients with cirrhosis due to metabolic dysfunction-associated steatohepatitis (MASH). The program willcomplement Novo Nordisk’s leadership in GLP-1 based metabolic treatments. Novo Nordisk’s world leading Rounding out the top five M&As was BioMarin’sdefinitive agreement to acquire Amicus Therapeuticsfor $4.8bn ina transaction expected to close in the second quarter of 2026. Founded in 2002, Amicus currently has two approvedenzyme replacement therapies: Galafold, an oral treatment for Fabry disease, and Pombiliti + Opfolda, a two-component therapy for Pompe disease. Based on a 2024litigation settlement with Teva, US exclusivity for Galafoldis expected through January 2037. Both Galafold and Pombiliti + Opfolda are believed to have high-growth potentialand generated combined net product revenues over the past four quarters totaling $599m. Through a2025licensing dealwith Dinerix, Amicus also has US rights to DMX-200, a Phase III investigational small molecule for the Biopharma Start-Up M&A During the fourth quarter of 2025, seven biopharma start-up acquisitions were signed, four of which had disclosed deal values (see Exhibit 2). In the M&A with the largest potential deal value, Kimberly-Clark entered into anagreement to acquire all of the outstanding shares of Kenvue in a