As we head into what is anticipated to be a strong year for biopharma dealmaking, we look back at some of the biggest deals in 2025 that focus on biologics and biosimilars.
Antibody Therapy Deals
Novartis acquires Avidity Biosciences
On October 26, 2025, Novartis AG and Avidity Biosciences, Inc. announced that they had entered into a definitive merger agreement where Novartis would acquire Avidity in an all-cash transaction. The transaction is valued at approximately $11.3 billion.
As part of this deal, Novartis will acquire Avidity’s neuroscience pipeline and access to Avidity’s proprietary RNA-targeting delivery platform. The agreement includes late-stage programs for Duchenne muscular dystrophy, myotonic dystrophy type 1, and facioscapulohumeral muscular dystrophy.
The deal also requires Avidity to spin out its early-stage precision cardiology programs into a new publicly traded company that will include programs targeting rare genetic cardiomyopathies, including phospholamban (“PLN”) and Protein Kinase AMP-activated non-catalytic subunit Gamma 2 (“PRKAG2”) Syndrome. SpinCo will also hold rights to continue developing Avidity’s Antibody Oligonucleotide Conjugates (AOCsTM) platform.
Takeda and Innovent enter into collaboration agreement on cancer drugs
As we previously reported, Takeda announced in October that it had entered into a worldwide license and collaboration agreement (excluding Greater China) with Innovent Biologics to develop, manufacture, and commercialize two late-stage oncology assets, IBI363 and IBI343. Under the agreement, Innovent will receive $1.2 billion upfront, including a $100 million equity investment, along with eligibility for future milestone and royalty payments totaling up to approximately $10.2 billion, for a total deal value of up to $11.4 billion. Takeda will co-commercialize IBI363 in the U.S., hold exclusive commercialization rights for IBI363 outside the U.S. and Greater China, and lead global manufacturing outside Greater China, with co-exclusive U.S. supply rights. Takeda will also develop, manufacture, and commercialize IBI343 worldwide outside of Greater China.
IBI343 is a recombinant human anti-CLDN18.2 monoclonal antibody-drug conjugate that is being explored as a treatment option for certain tumor types, such as in gastric and pancreatic cancer. IBI363 is a PD-1/IL-2α-bias bispecific antibody fusion protein that is being explored for the treatment of immunotherapy-resistant and “cold” tumors.
Genmab acquires Merus
On September 29, 2025, Genmab announced a definitive agreement to acquire Merus in an all-cash transaction valued at approximately $8 billion. The transaction, which had been unanimously approved by both companies’ boards, was effected through a tender offer.
The products included in the transaction include petosemtamab, an EGFRxLGR5 bispecific antibody in Phase 3 development for head and neck cancer that has received two Breakthrough Therapy Designations from the FDA. Genmab has said that it anticipates a potential first launch in 2027, subject to regulatory approval, and expects petosemtamab to be accretive to EBITDA by the end of 2029, with at least $1 billion in annual sales potential by 2029 and multi-billion-dollar revenue potential thereafter. Genmab completed the acquisition in December 2025.
Sanofi acquires Dren Bio affiliate
On March 20, 2025, Sanofi and Dren Bio, Inc. announced an agreement where Sanofi would acquire DR-0201, a targeted bispecific myeloid cell engager (“MCE”). DR-0201 is considered a potential first-in-class CD20-directed bispecific antibody with early clinical data suggesting that it may have the potential to reset the adaptive immune system, which could lead to sustained treatment-free remission in patients with refractory B-cell mediated autoimmune diseases such as lupus. As part of the deal, Sanofi acquired Dren Bio affiliate Dren-0201 for an upfront payment of $600 million and potential future payments totaling $1.3 billion upon achievement of certain development and launch milestones. Sanofi announced completion of the acquisition in May 2025.
Ipsen acquires ImCheck Therapeutics
On October 22, 2025, EQT Life Sciences announced the sale of its portfolio company ImCheck Therapeutics to Ipsen. ImCheck’s product portfolio includes a new generation of immunotherapeutic antibodies targeting butyrophilins, which ImCheck believes have the potential to transform treatments across oncology, autoimmune, and infectious disease. The total transaction valuation is estimated to be up to €1 billion. Ipsen announced completion of the acquisition on December 15, 2025.
BioNTech acquires Biotheus
As we previously reported, BioNTech SE acquired Biotheus for an upfront payment of $800 million and up to $150 million in potential milestone payments. As part of the agreement, BioNTech obtained full global rights to several drugs, including an investigational bispecific antibody that targets PD-L1 and VEGF-A. BioNTech explained at the time that the acquisition is part of its oncology strategy, where it is working to develop a pan-tumor technology platform for combination therapies. Also as part of the deal, the parties agreed that Biotheus would operate as an indirect Chinese subsidiary of BioNTech. This deal follows an initial collaboration agreement between BioNTech and Biotheus, which closed in November 2023.
Hormone Therapy Deals
Pfizer acquires Metsera
On September 22, 2025, Pfizer Inc. announced that it had entered into a definitive agreement to acquire Metsera, Inc., a clinical-stage biopharmaceutical company focused on next-generation obesity and cardiometabolic therapies. The transaction has an enterprise value of approximately $7 billion (as reported at the completion of Pfizer’s acquisition of Metsera’s common stock), with the potential for a higher value tied to future clinical and regulatory milestones.
The acquisition adds four differentiated clinical-stage incretin and amylin programs to Pfizer’s pipeline, including MET-097i, a weekly and monthly injectable GLP-1 receptor agonist in Phase 2 development, and MET-233i, a monthly amylin analog in Phase 1, being evaluated alone and in combination with MET-097i. Metsera is developing both drugs via the FDA biologic pathway. Metsera also has two oral GLP-1 candidates expected to enter the clinic shortly, along with additional preclinical programs. The transaction closed in the fourth quarter of 2025.
Vaccine Deals
Sanofi acquires ViceBio
On July 22, 2025, Sanofi and ViceBio Ltd. announced a deal for Sanofi to acquire ViceBio and its portfolio of next-generation vaccines for respiratory viruses utilizing a proprietary technology known as Molecular Clamp technology. In the announcement, ViceBio noted that its lead asset, VXB-241, had entered Phase I clinical trials and that early results showed a favorable safety and tolerability profile in adults aged 60 and older. The deal is valued at up to $1.6 billion with Sanofi providing an upfront payment of $1.15 billion and the potential of up to $450 million in development and regulatory milestones. Sanofi announced completion of the acquisition on December 4, 2025.
BioNTech acquires CureVac N.V.
BioNTech announced its acquisition of CureVac N.V. on June 12, 2025. As part of the deal, BioNTech acquired a portfolio of clinical-stage mRNA vaccines, including for cancer immunotherapy. At the time of the acquisition, the implied aggregate equity value for CureVac was approximately $1.25 billion. On December 18, 2025, BioNTech announced the close of the acquisition.
Biosimilar Deals
Accord and Bio-Thera enter into licensing agreement for golimumab biosimilar
As we previously reported, on February 10, 2025, Accord BioPharma, Inc. and Bio-Thera Solutions, Ltd. announced that they entered into an exclusive licensing agreement to commercialize BAT2506 (golimumab), Bio-Thera’s proposed biosimilar of SIMPONI, in the United States. According to the agreement, Bio-Thera will maintain responsibility for the development, manufacturing, and supply of BAT2506 while Accord BioPharma, the U.S. specialty division of Intas, will handle commercialization of the product.
On July 16, 2025, Bio-Thera Solutions announced that the FDA had accepted its Biologics License Application (“BLA”) for its golimumab biosimilar, BAT2506, referencing Johnson & Johnson’s (“J&J”) SIMPONI. Golimumab is a human IgG1 monoclonal antibody that targets tumor necrosis factor alpha (“TNF-α”), a pro-inflammatory molecule. The reference drug, SIMPONI is approved in the United States and Europe for several indications, including rheumatoid arthritis, active psoriatic arthritis, active ankylosing spondylitis, and ulcerative colitis. According to Accord BioPharma, the 2023 worldwide sales of SIMPONI and SIMPONI ARIA totaled approximately $3.2 billion.
Teva and Samsung Bioepis enter into licensing agreement to commercialize eculizumab biosimilar
As we previously reported, on January 10, 2025, Teva Pharmaceutical Industries Ltd. and Samsung Bioepis Co., Ltd. announced that they entered into a licensing agreement to commercialize EPYSQLI (eculizumab-aagh), Samsung’s biosimilar of SOLIRIS, in the United States. According to the agreement, Samsung Bioepis will handle the development, regulatory registration, manufacturing, and supply of the product, while Teva will handle commercialization of the product. Eculizumab is a monoclonal antibody that has become a key therapeutic agent for conditions such as paroxysmal nocturnal hemoglobinuria (“PNH”) and atypical hemolytic uremic syndrome (“aHUS”).
Sandoz acquires Just-Evotec Biologics EU
On November 4, 2025, Sandoz and Evotec SE announced that they had signed an agreement for Sandoz to acquire Just-Evotec Biologics EU and an indefinite technology license to Evotec’s continuous manufacturing platform technology. As part of the agreement, Sandoz agreed to pay approximately $350 million in cash with the potential for additional license fees and development revenues, including success-based milestones, adding up to more than $300 million in the coming years. The parties also agreed to Evotec receiving royalties on a portfolio of up to ten biosimilars currently in technical and early development, with an estimated net originator sales market of more than $90 billion. Sandoz announced completion of the acquisition on December 8, 2025.
Samsung Biologics spins off and launches Samsung Epis Holdings
On November 3, 2025, Samsung Biologics announced the completion of the spin-off of its investment and subsidiary management business unit, and the establishment of Samsung Epis Holdings. As part of the spin-off, Samsung Epis Holdings will oversee Samsung Bioepis and other future biotechnology subsidiaries. To date, Samsung Bioepis has launched 11 biosimilars, achieving $1.07 billion in sales in 2024. The company aims to increase its R&D portfolio with more than 20 products in the coming years.
Stay tuned as we continue to cover big deals and major developments in the biologics space.
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