Biopharma companies completed nearly $47 billion in mergers and acquisitions during the first quarter, according to an April 1 report. The period saw a total of about $46.8 billion spent across 19 deals as activity increased in the sector.
This surge in dealmaking highlights growing momentum among major pharmaceutical firms, with several opting for multiple transactions within a short timeframe. Industry observers say this level of activity may indicate a shift toward more consolidation as companies seek to expand their portfolios and strengthen their market positions.
Eli Lilly led the way with three acquisitions, including Centessa Pharmaceuticals for $6.3 billion on the last day of the quarter, Ventyx Biosciences for $1.2 billion in January, and Orna Therapeutics for $2.4 billion in February. Gilead Sciences made headlines with its nearly $8 billion purchase of cell therapy partner Arcellx in late February and followed up by acquiring Ouro Medicines for $2.18 billion exactly one month later.
Merck secured what some analysts consider one of biotech’s most promising targets by acquiring Terns Pharmaceuticals for $6.74 billion, while Novartis and GSK also executed multiple deals during the period.
The final week of the quarter was particularly active, accounting for approximately $20 billion worth of transactions from companies such as Biogen, Eli Lilly, and Novartis. Biogen ended a period of inactivity by acquiring Apellis Pharmaceuticals on March 31 for $5.6 billion.
Industry experts have noted that despite having significant financial resources at their disposal, many large pharmaceutical firms continue to focus on mid-cap deals rather than larger consolidations—a trend that could change if current conditions persist.
