Pharma and Biopharma M&A and Strategic Deals Signal Strong Year-End Momentum in December 2025

December 2025 witnessed robust pharma and biopharma dealmaking, with acquisitions, licensing agreements and strategic collaborations spanning vaccines, biologics, rare diseases, radiopharmaceuticals, CDMO services and advanced manufacturing platforms.

December 2025 closed the year on a high note for the global pharmaceutical and biopharmaceutical sector, marked by a wave of mergers, acquisitions, licensing agreements and strategic collaborations. From multi-billion-dollar acquisitions in rare diseases and vaccines to platform-driven technology partnerships and manufacturing expansions, companies used year-end dealmaking to strengthen pipelines, expand geographic reach and secure next-generation capabilities.

Major acquisitions reshape vaccines, rare diseases and wound care

Sanofi emerged as one of the most active acquirers, announcing the acquisition of Dynavax Technologies, adding the marketed hepatitis B vaccine HEPLISAV-B and a differentiated shingles vaccine candidate to its adult immunization portfolio. Sanofi also closed its acquisition of Vicebio, strengthening its respiratory vaccine pipeline with an early-stage RSV and HMPV combination vaccine supported by Molecular Clamp technology.

In another significant transaction, BioMarin Pharmaceutical entered into a definitive agreement to acquire Amicus Therapeutics in an all-cash deal valued at approximately $4.8 billion, enhancing BioMarin’s rare disease portfolio in Fabry and Pompe diseases. The transaction is expected to close in Q2 2026, subject to regulatory and shareholder approvals.

Medical technology and wound care also saw consolidation, with Solventum completing its $725 million acquisition of Acera Surgical, adding synthetic tissue matrix technology to its advanced wound care portfolio.

In the biosimilars space, Sandoz completed the acquisition of Just-Evotec Biologics EU SAS (JEB SAS) from Evotec, securing continuous manufacturing capabilities and a Toulouse-based development and manufacturing site to support long-term biosimilar growth.

Metabolic, oncology and immunology pipelines attract strategic capital

Novo Nordisk completed its $4.7 billion acquisition of Akero Therapeutics, with additional contingent value rights linked to regulatory approval of Akero’s lead MASH candidate, EFX. The deal strengthens Novo Nordisk’s metabolic disease pipeline as it expands beyond diabetes and obesity.

Oncology and immunology partnerships also featured prominently. Harbour BioMed announced multiple strategic collaborations, including a long-term deal with Yantai Lannacheng Biotechnology to advance next-generation radionuclide drug conjugates, and a multi-year global collaboration with Bristol Myers Squibb focused on multi-specific antibodies, with potential payments exceeding $1.1 billion.

ABL Bio expanded its Grabody platform collaboration with Eli Lilly and Company, securing $55 million through upfront payments and equity investment to accelerate bispecific antibody and ADC development.

Licensing, platform access and manufacturing partnerships accelerate innovation

Technology and platform licensing continued to be a key theme. Transcenta Holding entered into a strategic collaboration and non-exclusive licensing agreement with EirGenix, enabling access to its Highly Intensified Continuous Bioprocessing (HiCB) platform to scale next-generation biologics manufacturing.

AstraZeneca expanded its long-term partnership with Niowave, committing to a 10-year supply agreement for Actinium-225 to support its growing radioconjugate pipeline.

In China-to-global innovation, Fosun Pharma, through its subsidiary Yao Pharma, partnered with Pfizer to license and globally develop oral small-molecule GLP-1 receptor agonists, including YP05002.

India and Asia-Pacific remain strategic growth hubs

India featured strongly in December’s deal activity. Pfizer India and Cipla strengthened their long-standing relationship, with Cipla gaining exclusive rights to market and distribute four Pfizer brands, including Corex and Dolonex, across the Indian market.

In the life sciences tools space, Pixelgen Technologies expanded its Asia-Pacific footprint through a distribution agreement with MDxK, part of DKSH, to commercialize its Proxiome Kit in South Korea.

Manufacturing and services partnerships also gained traction. Microsize announced the acquisition of MicroMacinazione from Lonza, reinforcing its European CDMO presence, while SCTbio partnered with Fortrea to streamline cell and gene therapy development through integrated CDMO-CRO collaboration.

CDMO, formulation and analytical collaborations strengthen ecosystems

Several deals highlighted the increasing importance of integrated development ecosystems. Coriolis Pharma and Rentschler Biopharma formed a strategic collaboration to offer end-to-end bioformulation and manufacturing solutions. Cytiva, part of Danaher, partnered with Veeda Lifesciences to establish a Host Cell Protein testing hub in Bengaluru, supporting biologics and biosimilars developers.

Beyond pharma manufacturing, digital health partnerships also emerged, with InsiteOne entering strategic collaborations, including an integration partnership with ASCEND Cardiovascular, to enhance enterprise imaging and cardiology workflows.

December 2025 underscored the resilience and strategic ambition of the global pharma and biopharma industry. Large-scale acquisitions by companies such as Sanofi, BioMarin, Novo Nordisk and Solventum were complemented by a dense network of licensing agreements, platform collaborations and manufacturing partnerships involving players including Harbour BioMed, Pfizer, AstraZeneca, Sandoz and Cipla. Together, these deals highlight a clear industry focus on innovation platforms, advanced biologics, vaccines, rare diseases and manufacturing efficiency—setting a strong foundation for continued dealmaking momentum in 2026.