$1B-plus biotech takeouts: 2025 biggest year in last decade

The jury may still be out on whether 2025 marked the beginning of a biotech recovery, but one thing is clear: it was a big year for large M&A deals, with the 35 takeouts or proposed takeouts priced at $1 billion or more representing over half of all M&A deals.

Driven in part by pharma’s looming patent cliff and biotech’s lack of access to the public markets, high-value acquisitions were frequent in 2025, up from the 24 $1 billion-plus deals in 2024 and 26 such deals in 2023, the previous peak. ...