Johnson & Johnson, Merck, and Sun Pharma Lead 2025’s Most Strategic Mergers and Acquisitions in Healthcare

The healthcare and pharmaceutical industries experienced a transformative 2025 marked by strategic mergers and acquisitions, reflecting innovation, portfolio expansion, and global growth ambitions. Organizations actively pursued deals to enhance R&D capabilities, strengthen rare disease and oncology pipelines, and improve operational efficiencies. From specialty pharmaceuticals and regenerative medicine to diagnostics and precision oncology, these transactions demonstrate the sector’s continued shift toward patient-centric solutions and integrated healthcare models.

Here, we review the most significant M&A activities that defined 2025 and set the foundation for future growth.

Decoy Therapeutics Enters Strategic Merger with Salarius Pharmaceuticals

Salarius Pharmaceuticals, Inc. merged with Decoy Therapeutics, Inc. in January 2025, forming a combined organization operating under the Decoy Therapeutics name. Under the transaction terms, Decoy shareholders held approximately 86% ownership, while Salarius shareholders retained 14%. The merger integrated Decoy’s proprietary IMP3ACT™ peptide conjugate platform with USD 7 million in non-dilutive funding to advance programs in oncology and respiratory viral diseases. This consolidation aligned complementary scientific capabilities and capital resources, strengthening R&D efficiency and positioning the company for expansion within the emerging peptide-based therapeutics market.

Argon Medical Acquires Accurate Medical Therapeutics Microcatheter Assets to Expand Oncology Portfolio

In January 2025, Argon Medical acquired certain assets of Accurate Medical Therapeutics, Ltd., including the SeQure® and DraKon™ microcatheter product lines from Guerbet SA, expanding its presence in interventional oncology. These FDA-cleared microcatheters were widely used in embolization and targeted tumor procedures, complementing Argon’s existing biopsy and access device portfolio. Following the acquisition, Argon plans to transition manufacturing to its Athens, Texas, facility to support global distribution. The transaction enhanced Argon’s minimally invasive oncology offerings and strengthened its competitive position in the growing interventional radiology and oncology sector.

Sigma Healthcare and Chemist Warehouse Completed Transformational Merger in Australia

Sigma Healthcare completed its merger with Chemist Warehouse Group in February 2025, establishing a vertically integrated pharmaceutical distribution and retail pharmacy organization. The transaction unified Sigma’s wholesale and logistics capabilities with Chemist Warehouse’s extensive retail pharmacy network, establishing a scaled, end-to-end operating model. After completion, shares of the combined entity commenced trading on the Australian Securities Exchange. The integration is expected to enhance operational efficiency, strengthen governance frameworks, and deliver scale-driven advantages, supporting sustained growth across Australia’s pharmaceutical distribution and community pharmacy landscape.

Altaris Completes Acquisition of Advanced Therapies to Form Minaris Advanced Therapies

In March 2025, Altaris, a New York-based healthcare investment firm, completed the acquisition of Advanced Therapies, including the United States and Oxford, United Kingdom operations spun out of WuXi AppTec. This strategic transaction follows Altaris’ January 2025 acquisition of Minaris Regenerative Medicine from Resonac Holdings Corporation. The combined entity, Minaris Advanced Therapies, will integrate cell therapy CDMO capabilities across the United States, Germany, and Japan. Altaris aims to leverage the expanded global footprint to accelerate development timelines, reduce manufacturing costs, and enhance patient access to life-saving cell therapies, with full operational integration expected in the first half of 2025.

Johnson & Johnson Strengthens Its Neuroscience Portfolio with the Completion of the Intra-Cellular Therapies Inc. Acquisition

Johnson & Johnson finalized the acquisition of Intra-Cellular Therapies, Inc. for USD 14.6 billion in April 2025, integrating the company into Johnson & Johnson Innovative Medicine. The acquisition adds CAPLYTA® (lumateperone), the first FDA-approved treatment for bipolar I and II depression and schizophrenia, with peak sales potential exceeding USD 5 billion. The transaction, expected to contribute approximately USD 0.7 billion in incremental 2025 sales, also secures a clinical-stage pipeline including ITI-1284 for generalized anxiety disorder and Alzheimer-related psychosis. The acquisition strengthened Johnson & Johnson’s leadership in neuropsychiatric treatments and supported long-term growth in neuroscience market.

Sun Pharma Acquires Checkpoint Therapeutics for Targeted Oncology Expansion

In May 2025, Sun Pharmaceutical Industries Limited completed its acquisition of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company, for USD 4.10 per share, with additional contingent value rights of up to USD 0.70 per share. The acquisition includes Unloxcyttm, the first FDA-approved anti-PD-L1 therapy for advanced cutaneous squamous cell carcinoma. This acquisition strengthened Sun Pharma’s specialty oncology and dermatology portfolio, expanded its immunotherapy pipeline, and enhanced its global presence in targeted cancer therapies and rare dermatologic oncology sector.

Merck Expands Its Rare Cancer Pipeline with Strategic Acquisition of SpringWorks Therapeutics

Merck finalized its acquisition of SpringWorks Therapeutics, Inc. in July 2025, for an enterprise value of USD 3.4 billion (approximately EUR 3 billion), following regulatory approvals and customary closing conditions. The transaction, announced in April 2025, strengthens Merck’s Healthcare business by establishing a rare tumor portfolio, including FDA-approved Ogsiveo® (nirogacestat) for desmoid tumors and Gomekli™ (mirdametinib) for NF1-PN. The deal is expected to contribute immediately to revenues and be accretive to earnings per share by 2027. SpringWorks shareholders received USD 47 per share in cash, and its Nasdaq listing was retired. By integrating SpringWorks’ targeted therapies, Merck reinforced its strategic focus on high-value specialty medicines within rare oncology treatment domain.

Waters Completes Strategic Acquisition from BD to Strengthen Life Science and Diagnostics Portfolio

Waters Corporation and BD (Becton, Dickinson and Company) announced a definitive USD 17.5 billion agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters in July 2025. The combined entity is projected to achieve 2025 pro forma sales of approximately USD 6.5 billion and adjusted EBITDA of USD 2.0 billion, with over 70% of revenue recurring. The merger is expected to generate USD 345 million in incremental revenue by 2030. The transaction doubled Waters’ addressable market to USD 40 billion, strengthening its leadership in life sciences and diagnostics.

Mallinckrodt and Endo Complete Strategic Merger to Form Diversified Therapeutics Company

Mallinckrodt plc and Endo, Inc. completed their merger in August 2025, forming a global, scaled, and diversified therapeutics company. Under the terms, Endo shareholders received USD 100 million in cash and 49.9% ownership of Mallinckrodt, while pre-transaction Mallinckrodt shareholders retained 50.1%. The combined entity aims to achieve annual pre-tax run-rate synergies of approximately USD 150 million by the third-year post-merger. As part of its strategic restructuring, the generics and sterile injectables segment, operating under the Par Health brand, is scheduled to be spun off as an independent company in the fourth quarter of 2025, while the branded business is expected to pursue a listing on the New York Stock Exchange. The transaction enhances operational scale, diversifies revenue streams, and strengthens the company’s long-term growth and value-creation strategy.

PurpleLab Acquires KAID Health to Expand AI-Powered Healthcare Intelligence

In September 2025, PurpleLab, a healthcare analytics company specializing in real-world data, acquired KAID Health, an artificial intelligence-powered clinical analytics and care management firm. The acquisition combines PurpleLab’s HealthNexus® platform, offering real-time analytics across billions of HIPAA-compliant data points, with KAID Health’s Whole Chart Analysis™ platform, which extracts insights from structured and unstructured EMR data. The merger aims to enhance patient journey visibility, accelerate drug development, strengthen value-based care initiatives, and improve financial performance for payers, provider groups, and life sciences companies.

SERB Pharmaceuticals Completes Acquisition of Y-mAbs Therapeutics to Strengthen Rare Oncology Portfolio

SERB Pharmaceuticals has strengthened its position in rare and pediatric oncology through the acquisition of Y-mAbs Therapeutics, a commercial-stage biopharmaceutical company specializing in antibody-based cancer therapies. The acquisition, completed in September 2025 following a tender offer launched on August 18, was finalized at USD 8.60 per share, resulting in Y-mAbs becoming a wholly owned subsidiary of SERB and its delisting from Nasdaq. The transaction adds Danyelza® (naxitamab-gqgk), an FDA-approved treatment for high-risk neuroblastoma, to SERB’s Rare Oncology portfolio, enhancing its capabilities in pediatric cancer care. This strategic move aligns with SERB’s long-term growth objectives in rare diseases and specialty oncology therapeutics, further expanding its footprint in highly specialized cancer treatment markets.

UPS Acquires Andlauer Healthcare Group to Enhance Healthcare Logistics Capabilities

In November 2025, UPS completed the acquisition of Andlauer Healthcare Group Inc. for approximately USD 1.6 billion, with AHG shareholders receiving CAD 55.00 per share in cash. The transaction significantly enhanced UPS Healthcare’s specialized cold chain and temperature-controlled logistics capabilities across North America and select international markets. Andlauer’s established infrastructure and expertise strengthened UPS’s ability to support pharmaceutical, biotechnology, and medical device customers. The integration is expected to improve transit efficiency, end-to-end supply chain visibility, and quality assurance, positioning UPS to capitalize on the growing global demand for high-value, temperature-sensitive healthcare logistics solutions.

Acera Surgical Joins Solventum Following Acquisition, Strengthening Medical-Surgical Capabilities

Solventum has strengthened its regenerative wound care and surgical portfolio through the acquisition of Acera Surgical, a privately held bioscience company specializing in engineered materials for wound healing. The deal, finalized in December 2025, involved an upfront cash consideration of USD 725 million, with up to USD 125 million in contingent milestone-based payments. The transaction is expected to modestly dilute adjusted EPS in 2026 and become accretive in 2027. Acera Surgical’s projected 2025 sales of approximately USD 90 million enhance Solventum’s synthetic tissue matrices offerings in United States acute care settings. This acquisition supports strategic growth, innovation, and reinforces Solventum’s competitive position in the regenerative medical devices market.

Johnson & Johnson Expands Precision Oncology Capabilities with USD 3.05 Billion Acquisition

In December 2025, Johnson & Johnson completed its USD 3.05 billion cash acquisition of Halda Therapeutics OpCo, Inc., a clinical-stage biotech company with a proprietary RIPTAC™ platform for targeted oral therapies. The deal adds HLD-0915, a once-daily prostate cancer therapy designed to overcome treatment resistance, along with early-stage candidates for breast, lung, and other solid tumors. This acquisition strengthens Johnson & Johnson’s precision oncology pipeline, enhances its targeted therapy development capabilities, and strategically positions the company within the global oncology and precision medicine market, while contributing an estimated USD 0.20 to Adjusted EPS for Q4 2025 and 2026.

As 2025 concludes, the biotechnology and pharmaceutical sectors have witnessed groundbreaking M&A activity reshaping the industry landscape. Transactions such as Johnson & Johnson’s USD 3.05 billion Halda Therapeutics acquisition, Waters’ USD 17.5 billion merger with BD’s diagnostics unit, and Sun Pharma’s expansion into targeted oncology highlight the focus on innovation, operational scale, and market diversification. Collectively, these deals strengthened pipelines, enhanced global presence, and accelerated access to advanced therapies, underscoring the continued importance of strategic consolidation in driving long-term growth and competitiveness across pharmaceuticals, biotechnology, and medical devices.