Germany’s Merck KGaA recently agreed to acquire Bio-Techne Corp for about $11.3 billion, expanding its footprint in the life sciences market by gaining access to the U.S. firm’s research reagents and bioprocessing technologies. That deal joins a long list of sizable transactions over the last decade in which U.S.-based pharmaceutical and biotechnology companies have pursued external innovation and capacity across a wide range of therapeutic and platform areas.
The list below sets out the major announced deals by year, naming the acquirer, the target, the reported transaction value and the short description provided for each transaction.
- 2026 - Merck KGaA - Bio-Techne - $11.3 billion: To expand its presence in the life sciences market with access to research and bioprocessing tools.
- 2026 - AbbVie - Apogee - $10.9 billion: To expand immunology pipeline.
- 2026 - GSK - Nuvalent - $10.6 billion: To expand late-stage cancer drug pipeline.
- 2026 - Boston Scientific - Penumbra - $14.5 billion: To expand vascular pipeline.
- 2025 - Abbott - Exact Sciences - up to $23 billion: To gain access to Exact Sciences’ cancer tests, including flagship colorectal cancer test Cologuard.
- 2025 - Merck - Cidara - $9.2 billion: To gain access to Cidara’s experimental drug for flu prevention.
- 2025 - Pfizer - Metsera - $10 billion: To gain a foothold in the fast-growing obesity treatment market.
- 2025 - Merck & Co - Verona Pharma - about $10 billion: Strengthens Merck’s respiratory portfolio amid a looming Keytruda patent cliff.
- 2025 - Johnson & Johnson - Intra-Cel - $14.6 billion: Expands J&J’s footprint in brain disease treatments.
- 2024 - Novo Holdings - Catalent - $16.5 billion: Boosts manufacturing capacity.
- 2024 - Novo - $11.5 billion: The presentation of this entry in the source material is fragmented; it references Nordisk’s popular product Wegovy but the original text is not fully clear on target and transaction phrasing. The description as provided is incomplete.
- 2023 - Merck & Co - Prometheus Biosciences - $10.8 billion: Adds an experimental treatment for ulcerative colitis and Crohn’s disease and builds up presence in immunology.
- 2023 - Bristol Myers Squibb - Karuna Therapeutics - $14 billion: BMY gains a promising antipsychotic medicine as patents on older therapies near expiry.
- 2023 - Pfizer - Seagen - $43 billion: Builds Pfizer’s cancer portfolio amid declines in sales for COVID-related products and rising generic competition.
- 2022 - Amgen - Horizon Therapeutics - $27.8 billion: A buyout that was among the largest deals in the sector in 2022, fortifying Amgen’s rare diseases portfolio.
- 2022 - Pfizer - Biohaven Pharmaceutical Holding - $11.6 billion: Pfizer bets on a new class of migraine drugs.
- 2021 - Merck & Co - Acceleron Pharma - about $11.5 billion: Diversifies Merck’s portfolio beyond cancer.
- 2021 - Ginkgo Bioworks - Soaring Eagle Acquisition (blank-check merger) - $17.5 billion: Ginkgo went public through a merger with a blank-check vehicle backed by former Hollywood executives Harry Sloan and Jeff Sagansky, as presented in the source material.
- 2020 - AstraZeneca - Alexion Pharmaceuticals - $39 billion: AstraZeneca’s largest-ever deal as presented, intended to diversify away from its cancer business toward rare diseases and immunology drugs.
- 2020 - Bristol Myers Squibb - MyoKardia - about $13 billion: Bolsters Bristol Myers’ portfolio of heart disease treatments.
- 2020 - Gilead Sciences - Immunomedics - $21 billion: Strengthens Gilead’s cancer portfolio.
- 2019 - Mylan - Pfizer’s Upjohn business - about $12 billion: The Upjohn acquisition was structured as a stock-based merger, resulting in the formation of Viatris; Upjohn was essentially spun off to Pfizer shareholders and then merged with Mylan, as described in the source text.
- 2019 - AbbVie - Allergan - $63 billion: AbbVie gains control of Botox and diversifies its portfolio beyond its then-blockbuster drug Humira, according to the source presentation.
- 2019 - Pfizer - Array BioPharma - $11.4 billion: Pfizer gains an oncology asset.
- 2019 - Bristol Myers Squibb - Celgene - $74 billion: One of the largest pharmaceutical mergers documented in the list.
- 2017 - Johnson & Johnson - Actelion - $30 billion: Johnson’s subsidiary Janssen Holding acquired Actelion; Actelion’s R&D unit was spun off into Idorsia as presented.
- 2017 - Gilead Sciences - Kite Pharma - $11.9 billion: Strengthens Gilead’s position in cell therapy, particularly CAR-T treatments for cancer.
- 2016 - Pfizer - Medivation - $14 billion: Acquired the company and its blockbuster prostate cancer drug Xtandi.
- 2015 - Shire - Baxalta - $32 billion: Elevated Shire’s position in treatments for rare diseases.
- 2015 - AbbVie - Pharmacyclics - $21 billion: AbbVie obtained access to what was expected to be one of the world’s top-selling cancer drugs and expanded in oncology.
- 2015 - Valeant (now Bausch Health) - Salix - $14.5 billion: Strengthened the acquiring company’s presence in gastrointestinal pharmaceuticals.
- 2015 - Pfizer - Hospira - $15 billion: Created a leading global established pharmaceuticals business for Pfizer.
The transactions span a broad set of targets and strategic objectives: from diagnostics and testing platforms to biologics manufacturing and late-stage oncology assets, as well as investments in obesity therapies, cell and gene modalities, rare disease franchises and diagnostics. The list captures both strategic tuck-ins and very large transformative mergers.
Readers should note that some entries in the source material were presented with fragmented phrasing; where language was unclear, the listing above preserves the year, parties and reported headline values while flagging the limited clarity of the original phrasing where applicable.
Below the catalogue are concise takeaways and risks drawn from the set of transactions as presented.