Overview and Highlights
October 2025 marked a period of intense deal-making across the life sciences, driven by robust financing and aggressive capital plays, primarily focusing on metabolic disease and advanced oncology. The M&A landscape was dominated by major pharmaceutical companies securing next-generation pipelines: Novo Nordisk continued its dominance with the $5.2 billion acquisition of Akero Therapeutics for its MASH drug, while the high-stakes bidding war between Pfizer and Novo Nordisk for Metsera underscored the extreme competition in the metabolic space. Further strategic plays included Novartis's $12 billion bid for Avidity Biosciences (RNA/AOC therapies) and Genmab's $8.0 billion purchase of Merus (bispecific ADCs), confirming a clear corporate focus on securing late-stage, high-value modalities.
The influence of private capital was equally robust and highly selective. The Private Equity sector executed one of the largest take-privates of the year, with Blackstone and TPG's $18.3 billion agreement to acquire diagnostics firm Hologic. Simultaneously, the Venture Capital market saw significant funding concentrated in later-stage mega-rounds, led by Kailera Therapeutics' $600 million Series B for its obesity program. Strong financing was also directed toward platform technologies, including Tubulis's $361 million raise for ADCs and Soufflé Therapeutics' $200 million raise for cell-specific siRNA technology, demonstrating that investors are funneling capital into differentiated assets positioned to solve major disease burdens in precision medicine and oncology.
Mergers & Acquisitions
Legal Battle Between Pfizer and Novo Nordisk for Obesity Biotech Metsera is Ongoing | Pharma
Pfizer and Novo Nordisk are in a high-stakes bidding war and legal battle centered on Metsera, a biotech firm with a promising pipeline of next-generation obesity and diabetes drugs. Pfizer initially agreed to acquire Metsera in May 2025 for a total value of up to $7.3 billion, but Novo Nordisk launched an unsolicited, superior bid now valued at up to $10 billion. In response, Pfizer has filed multiple lawsuits against both Metsera and Novo Nordisk, alleging breach of contract and anti-competition. The situation is evolving as regulatory agencies weigh in.
Novartis announced an agreement to acquire Avidity Biosciences, a biopharmaceutical company focused on a new class of antibody oligonucleotide conjugates, for approximately $12 billion. This major deal provides Novartis with Avidity's late-stage RNA therapies pipeline, significantly strengthening its focus on neuromuscular and rare diseases, such as myotonic dystrophy type 1.
Novo Nordisk announced it would acquire Akero Therapeutics for an upfront value of $4.7 billion in cash, with a potential total value of up to $5.2 billion. This transaction secures Akero’s lead asset, Efruxifermin, a Phase 3-ready treatment for MASH, bolstering Novo Nordisk’s established position in metabolic disease treatment.
Boston Scientific, a leading medical device manufacturer, reached a definitive agreement to acquire Nalu Medical for an estimated $533 million. Nalu is a developer of a novel miniature neurostimulation implant designed to provide long-term relief for patients suffering from intractable chronic nerve pain, thereby expanding Boston Scientific's existing chronic pain management portfolio.
Merck Completes Acquisition of Verona Pharma, Adding $10 Billion COPD Drug | Pharma
Merck completed its $10 billion acquisition of Verona Pharma, a UK-based biopharma company who they entered into agreement with in August 2025. The acquisition immediately added Ohtuvayre, an FDA-approved drug for COPD, to Merck's cardiometabolic and pulmonary pipeline, providing a significant commercial asset to help offset future patent expirations.
Lilly to Acquire Adverum Biotechnologies to Expand Gene Therapy Pipeline into Ocular Disease | Pharma
Eli Lilly reached a definitive agreement to acquire Adverum Biotechnologies , a clinical-stage gene therapy company focused on ocular diseases, for a total potential value of up to $261 million (including a CVR). The acquisition strengthens Lilly's pipeline in eye disease with a gene therapy platform, specifically adding a Phase 2-ready candidate for wet age-related macular degeneration (AMD).
Alps Group, a platform specializing in predictive, preventive, and precision medicine, completed its business combination with Globalink Investment (a SPAC). The merger resulted in Alps Group becoming a publicly traded Nasdaq entity, accelerating its path to deliver personalized vaccines and next-generation mRNA technology.
Private Equity
Blackstone and TPG to Take Hologic Private for up to $18.3 Billion | Diagnostics
Funds managed by Private Equity giants Blackstone and TPG announced their intent to acquire and privatize the major medical technology and diagnostics company Hologic for an enterprise value of up to $18.3 billion. This massive leveraged buyout (LBO) in the diagnostics and women's health space is intended to fuel long-term investment in R&D and product development outside the pressure of quarterly public reporting.
Europe-based private equity firms Nordic Capital and Astorg have entered a definitive agreement to sell Clario Holdings, a global provider of clinical trial endpoint data solutions, for $8.875 billion in cash. This acquisition integrates Clario's digitally driven platform into Thermo Fisher's clinical research offerings, aiming to provide pharma and biotech customers with deeper data insights and accelerated drug development.
Blackstone Life Sciences Funds $700 Million R&D Agreement with Merck | Pharma
Merck entered a $700 million Research and Development Funding Agreement with Blackstone Life Sciences. This non-dilutive financing from the private equity arm will fund a portion of the development costs for Merck's TROP2-targeting ADC, sac-TMT. The agreement entitles Blackstone to royalties of net sales in all approved indications, starting with the current regulatory application for triple-negative breast cancer.
Kailera Therapeutics, a clinical-stage biopharmaceutical company focused on next-generation therapies for obesity, announced a major $600 million Series B financing led by new investor Bain Capital Private Equity. This raise dedicated to accelerating the advancement of its lead candidate, KAI-9531 (an injectable dual GLP-1/GIP agonist), into a global Phase 3 clinical program, as well as advancing its broader pipeline of oral and injectable obesity treatments.
Venture Capital & Financing
Tubulis Secures €308 Million Series C for ADC Platform Development | Biotech
Tubulis, a German biotech developing next-generation Antibody-Drug Conjugates (ADCs), secured a large €308 million Series C financing. The capital injection, backed by investors like Venrock Healthcare Capital Partners, will be used to further develop the company's proprietary ADC technology platform, expand its pipeline of targeted cancer therapeutics, and accelerate multiple programs toward clinical trials for solid tumors.
Kardigan Therapeutics Raises $254 Million Series B to Advance Regenerative Medicine | Biotech
Kardigan Therapeutics, a company focused on regenerative therapies for chronic diseases, closed a substantial $254 million Series B funding round. The funding, supported by investors including Fidelity and ARCH Venture Partners, is earmarked to advance its proprietary platform and move its lead therapeutic candidates into clinical trials, with an initial focus on addressing high unmet needs in chronic heart failure.
Tango Therapeutics Announces $225 Million Financing to Accelerate Precision Cancer Pipeline | Biotech
Tango Therapeutics, a clinical-stage biotechnology company focused on discovering precision cancer medicines based on synthetic lethality, announced a $225 million financing round. The funding, consisting of a public offering and a concurrent PIPE, will be leveraged to accelerate the development and clinical progress of its targeted oncology pipeline.
Electra Therapeutics Nabs $183 Million Series C for Rare Disease Drug Ambitions | Biotech
Electra Therapeutics, a clinical-stage biotech developing therapeutics for immune-mediated diseases and cancer, closed a $183 million Series C venture funding round. The investment, led by Nextech Invest and EQT Life Sciences, will be used to advance its lead drug candidates targeting novel immune pathways for both immunological disorders and certain types of cancer.
Hemab Therapeutics, a clinical-stage company specializing in prophylactic antibody therapeutics for rare and underserved bleeding and thrombotic disorders, announced an oversubscribed $157 million Series C financing. The funds will support the final stages of its lead asset, sutacimig, toward a registration study in Glanzmann Thrombasthenia and expand its pipeline for other rare hematologic conditions.
Stealth biotech Soufflé Therapeutics announced it has raised nearly $200 million in seed and Series A financing, with lead investment from Bessemer Venture Partners and partnerships with major drugmakers like AbbVie and Novo Nordisk. The company is focused on developing highly targeted and cell-specific siRNA medicines using novel technology that attaches therapeutics to antibodies, with lead programs targeting metabolism, muscular dystrophy, and cardiomyopathies.
Expedition Therapeutics Lands $165 Million Series A to Advance China-Derived COPD Therapy | Biotech
Expedition Therapeutics, a biotech developing therapies for inflammatory and respiratory diseases, closed an oversubscribed and upsized $165 million Series A financing. The round, co-led by Sofinnova Investments and Novo Holdings, will be used to advance its lead candidate, EXPD-101 (an oral DPP1 inhibitor in-licensed from Fosun Pharma for ex-China rights), through a global Phase 2 study for COPD and explore its potential in other neutrophil-driven inflammatory conditions.
Arthrosi Therapeutics Secures $153 Million Series E Financing for Pivotal Gout Drug Development | Biotech
Arthrosi Therapeutics, a late-stage biotechnology company focused on treating gout, secured $153 million in Series E financing led by Prime Eight Capital. The funds are dedicated to completing the clinical development of its lead program, pozdeutinurad, a potentially best-in-class, highly potent and selective URAT1 inhibitor. The capital will specifically finance the completion of its replicate Phase 3 studies (REDUCE 1 and REDUCE 2) for the treatment of gout and tophaceous gout.
Lila Sciences, a scientific research AI company operating between AI and genomics, completed a $115 million Series A extension, bringing their total Series A to $350 million. Notably, the round saw participation from NVentures (NVIDIA's venture capital arm), which is expected to help the company further integrate artificial intelligence and high-performance computing into its platform for enhanced drug discovery and research.
.png)
