Dalzanemdor

2025 年堪称生物制药行业并购的 “戏剧之年”，各大药企围绕肥胖症、癌症、细胞疗法、精神健康等热门领域展开激烈角逐，通过收购、整合重塑行业格局。尽管本年度并购交易总规模并非历史最高，但以下七项交易对行业未来发展产生了深远影响。1. 辉瑞与诺和诺德争夺 Metsera：肥胖症领域的天价博弈 辉瑞因内部肥胖症药物研发屡次受挫，于 2025 年 9 月以 49 亿美元要约收购肥胖症初创企业 Metsera，旨在获取其长效 GLP-1 和长效胰淀素类似物两款核心资产。然而，作为肥胖症领域早期领导者的诺和诺德，为应对礼来的竞争、重建产品线，一个月后突然提出 85 亿美元的主动收购报价。此后双方展开多轮竞价、法律威胁与联邦贸易委员会（FTC）审查，最终辉瑞以约 92 亿美元胜出，重返肥胖症赛道。据分析，全球肥胖症市场规模预计 2028 年将达 270 亿美元，21 世纪 30 年代初有望突破 1500 亿美元，这场争夺战凸显了巨头对该领域的坚定布局。2. 百时美施贵宝 15 亿美元收购 Orbital：细胞疗法寒冬中的逆势加码 2025 年，武田、诺和诺德等企业纷纷放弃数十亿美元的细胞疗法长期投资，行业陷入大规模撤退。而百时美施贵宝（BMS）逆势而为，以 15 亿美元收购 Orbital Therapeutics，获得其核心资产 OTX-201—— 一种可诱导患者自身细胞产生抗 CD19 CAR 类结构的环状 RNA 疗法，目前正用于治疗 B 细胞驱动的自身免疫性疾病。此次收购将深化 BMS 在细胞疗法领域的根基，与旗下已获批的多发性骨髓瘤治疗药物 Abecma、血液癌治疗药物 Breyanzi 形成协同，也向行业传递出信号：细胞疗法仍存在未被发掘的潜力。3. 诺和诺德 52 亿美元收购 Akero：巩固 MASH 领域领先地位 代谢相关脂肪性肝炎（MASH）再度成为制药行业热门赛道。2025 年 10 月，诺和诺德以 52 亿美元收购 Akero Therapeutics，将其核心药物 efruxifermin 收入囊中。该药物在 IIb 期试验中使肝纤维化程度降低 24%，优异数据促使罗氏随后以 35 亿美元收购 89bio，寻求同类 MASH 药物。此前，诺和诺德的重磅 GLP-1 药物 Wegovy 已于 8 月获批用于治疗 MASH，此次收购进一步巩固了其在该领域的领先优势。值得一提的是，MASH 领域曾因多次研发失败被巨头放弃，直到 2024 年 Madrigal Pharmaceuticals 的 Rezdiffra 获批才重燃行业兴趣，罗氏与诺和诺德的并购交易标志着该领域的重要转折点。4. 艾伯维 12 亿美元收购 Gilgamesh 资产：押注精神健康领域迷幻药 2025 年 8 月，艾伯维以 12 亿美元从神经科技企业 Gilgamesh Pharmaceuticals 收购一款核心资产 ——bretisilocin，这是一种用于治疗重度抑郁症（MDD）的快速起效二甲基色胺（DMT）类似物。其余资产则独立为新公司，延续与艾伯维的合作。尽管艾伯维 2023 年以 90 亿美元收购 Cerevel 及其精神分裂症药物 emraclidine，却在 2024 年遭遇 II 期试验失败，但此次交易表明其并未放弃精神健康领域。目前，除艾伯维外，仅有强生（旗下氯胺酮衍生物 Spravato）和大塚制药（2023 年以 5900 万美元收购加拿大迷幻药企业 Mindset）布局该赛道，艾伯维的入局有望进一步激活迷幻药在精神疾病治疗领域的研发热度。5. 蓝鸟生物（更名为 Genetix）私有化：基因疗法寒冬与私募入局 曾是基因疗法标杆的蓝鸟生物（bluebird bio），在经历估值暴跌后，于 2025 年 2 月被凯雷投资集团和 SK 资本以仅 5000 万美元私有化（其估值曾超 100 亿美元）。该公司 2021 年一季度现金储备仍超 10 亿美元，2023 年三季度已缩水至 1.187 亿美元。基因疗法正遭遇 “寒冬”，尽管科学前景可期，但高昂成本与基础设施问题使其商业转化受阻。不过，私募机构仍看到潜在价值，分析师建议可通过出售其三款获批药物（镰状细胞贫血治疗药物 Lyfgenia、脑肾上腺脑白质营养不良治疗药物 Skysona、β- 地中海贫血治疗药物 Zynteglo）实现盈利。蓝鸟生物于 9 月更名为 Genetix，恢复原名，此次交易也凸显了私募股权进军生物技术领域的趋势。6. Supernus 7.95 亿美元收购 Sage：曾经的中枢神经领域明星落幕 Sage Therapeutics 因核心资产接连受挫陷入困境：2024 年 11 月，亨廷顿舞蹈症药物 dalzanemdor III 期试验失败（第三次关键试验失利），特发性震颤药物 SAGE-324 终止研发，与渤健合作的产后抑郁药物 Zurzuvae 未获 FDA 批准用于重度抑郁症。2025 年 6 月，马里兰州企业 Supernus 以 7.95 亿美元将其收购，远超渤健年初提出的 4.69 亿美元报价（Sage 曾起诉渤健）。通过此次收购，Supernus 获得了 Zurzuvae 及其他获批产品（ADHD 药物 Qelbree、帕金森病相关设备 Onapgo、运动障碍治疗药物 Gocovri）。分析师表示，对于这家曾是中枢神经系统疾病治疗领域 “明星企业” 的公司而言，这一结局略显平淡。7. 拜恩泰科 12.5 亿美元收购 CureVac：终结竞争，聚焦癌症 mRNA 疗法 2022 年，拜恩泰科（BioNTech）曾起诉 CureVac 存在 “无根据的专利侵权威胁”，而后者未能推出新冠疫苗相关产品。2025 年，拜恩泰科以 12.5 亿美元收购 CureVac，终结了这场持续三年的法律纠纷，并获得其针对恶性脑肿瘤胶质母细胞瘤的 mRNA 疗法。尽管两家公司均因新冠疫苗闻名，但此次并购核心动因是癌症领域布局 —— 拜恩泰科表示，获得 CureVac 的癌症免疫疗法管线是其肿瘤学战略的 “重要里程碑”。尽管美国对 mRNA 疗法和疫苗的监管环境趋紧（联邦政府取消数亿美元相关研发资金），但拜恩泰科的收购表明，mRNA 作为技术平台仍具长期价值，同时该公司也在向双特异性抗体等其他领域多元化发展。 参考来源：https://www.biospace.com/business/the-7-most-impactful-m-a-deals-of-2025

iStock, RomoloTavani These deals radically reshaped the biopharma world, either by one vaccine rival absorbing another, a Big Pharma doubling down after another failed acquisition or, in the case of Pfizer and Novo, two heavyweights duking it out over a hot obesity biotech. 2025 proved to be a high-drama year for dealmaking as pharmas fought over companies, swallowed their rivals and found inspiration in other companies’ transactions. The biggest deal of the year—Johnson & Johnson’s $14.6 billion buy of Intra-Cellular all the way back in January—didn’t even make the list of what BioSpace editors consider the most influential M&A deals of the year. While the year won’t go down as the biggest in value by any means, some of these deals will have an indelible impact on the industry for years to come. Pharmas dealt in obesity, cancer, cell therapy, mental health and a slate of others, growing and expanding their businesses. These deals, such as Pfizer’s fight to get an up-and-coming obesity biotech, AbbVie doubling down on psychedelics for mental health conditions and the fall of gene therapy’s darling shook and reshaped the biopharma sector in 2025, setting up excitement for the year ahead. Read on for 2025’s seven most impactful biopharma M&A deals. 1. The Pfizer/Novo/Metsera Saga, Obviously There could only be one story in the top spot, and it was the epic bidding war between Pfizer and Novo Nordisk over obesity startup Metsera. To make a long story short: Pfizer tried and repeatedly failed to develop a competitive obesity pipeline in-house. After several flunks earlier in 2025, the company looked to its business development team. Pfizer made a $4.9 billion offer for Metsera in September, to gain access to a long-acting GLP-1 and a long-acting amylin analogue. The deal seemed to be on the way to closing, until Novo offered an unsolicited $8.5 billion bid for the company a month later. Facing a different set of problems as the obesity space’s early leader, Novo was looking to rebuild its pipeline as rival Eli Lilly seemingly scored one win after another. A series of counteroffers, legal threats and FTC scrutiny followed, with Pfizer finally winning out for a price of about $9.2 billion for Metsera. With the dust now settled, Pfizer is back in the obesity business. The size of the obesity market, according to a Reports and Data analysis, is set to hit $27 billion yearly by as soon as 2028 and $150 billion by the early 2030s. The fight over Metsera seemed to indicate that Big Pharmas are still willing to go big in the obesity market. On the other hand, analysts wondered: Was it worth it? Obesity Is Metsera Worth the Fuss? Pfizer and Novo Nordisk seem to want Metsera bad. Analysts are wondering, though: Is the obesity biotech really worth this much effort? November 5, 2025 · 4 min read · Annalee Armstrong 2. BMS Spends $1.5B for Orbital as Others Retreat From Cell Therapy Over the course of 2025, there was a massive pullback from cell therapy, with Takeda and Novo Nordisk abandoning billions in long-term investments. But Bristol Myers Squibb doubled down. The Big Pharma plunked down $1.5 billion to get Orbital Therapeutics, snagging OTX-201, a circular RNA therapy that induces a patient’s own cells to make anti-CD19 CAR type constructs. The therapy is being tested to treat B cell–driven autoimmune disorders. The Orbital deal deepens BMS’ roots in cell therapy, adding to its approved anti-BCMA therpay Abecma , for relapsed or refractory multiple myeloma, and the CD19-directed Breyanzi for blood cancers. But the buy also told the industry that there is still potential in cell therapy if you know where to look. 3. Novo Deepens MASH Stature With $5.2B Akero Buy Metabolic dysfunction–associated steatohepatitis—MASH—is suddenly one of the buzziest sectors in the pharma industry again. Novo Nordisk paid $5.2 billion to get Akero Therapeutics in October, adding efruxifermin, which reduced liver fibrosis by 24% in a Phase IIb study that read out earlier this year . It was such a good result that it pushed Roche to go hunting for an anti-MASH molecule, spurring that company’s purchase of 89bio for $3.5 billion in September. The Akero buy only deepened Novo Nordisk’s presence in the MASH space, as its multi-blockbuster GLP-1 Wegovy received approval for the liver condition in August . The Roche and Novo deals marked a turning point for the MASH space, which Big Pharma had largely abandoned years ago after numerous failures. The small biopharma Madrigal Pharmaceuticals finally broke through with the 2024 approval of Rezdiffra in MASH, reigniting interest in the space. Psychedelics Psychedelics Space Enters New Era as AbbVie Dives In With AbbVie’s $1.2 billion acquisition of Gilgamesh Pharmaceuticals’ lead depression drug, the psychedelic therapeutics space has soundly rebounded from Lykos’ rejection last year. There are now seven programs in Phase III trials across the sector, with multiple companies vying for that first approval. September 22, 2025 · 6 min read · Heather McKenzie 4. AbbVie Goes Back to the Mental Health Well With Gilgamesh Buy AbbVie paid $1.2 billion to get just one asset from neurotech biotech Gilgamesh Pharmaceuticals in August . That gave them an entree at a table that Big Pharma has nibble at for a while: psychedelics. AbbVie gained bretisilocin, a fast-acting analogue of dimethyltryptamine (DMT) for major depressive disorder (MDD). The rest of Gilgamesh’s pipeline spun out into a separate company, Gilgamesh Pharma Inc., which carries on an existing AbbVie partnership. The Gilgamesh buy suggested that AbbVie was undeterred after a $9 billion quagmire in the form of Cerevel . AbbVie paid the princely sum to get the company and its schizophrenia asset emraclidine in 2023, which went on to flunk Phase II trials one year later . The Gilgamesh deal helped galvanize interest in psychedelics. AbbVie’s investment came at a time when most neuropsych-focused pharmas “have kept a distance,” from psychedelics according to Aaron Bartlone, CEO of the Canadian mental health biotech Cybin. The only other Big Pharmas in the psychedelics space right now are Johnson & Johnson, with its ketamine derivative Spravato, and Japanese giant Otsuka. The latter paid $59 million in 2023 to absorb Mindset, a Canadian psychedelics biotech. 5. Bluebird—Ahem, Genetix—Goes Private Bluebird was the standard bearer of gene therapy, until it wasn’t. Private equity outfits The Carlyle Group and SK Capital bought the biotech, which at one time had been worth north of $10 billion, for a scant $50 million in February . It was a precipitous fall for bluebird, which had more than $1 billion in cash the first quarter of 2021. That number fell to just $118.7 million by the third quarter of 2023 . Gene therapy is facing a “ cold winter ,” as promising science has not translated to good business, with sky-high costs and infrastructure issues hobbling the sector. Still, Carlyle and SK have options for turning bluebird’s assets into profits—including just selling the three approved gene therapies off, as PitchBook Senior Biotech Analyst Kazi Helal suggested to BioSpace in July. Those assets are Lyfgenia for sickle cell disease, Skysona for cerebral adrenoleukodystrophy and Zynteglo for beta thalassemia. Bluebird’s sale was the biggest indicator of a growing trend: the entry of private equity into the biotechnology space. In the last few years, PE firms like BlackStone have launched life sciences–focused funds, put billions of dollars into backing new ventures and even funded individual professors’ research. Bluebird renamed itself to Genetix in September , shedding a unique biopharma name adopted in 2010 and returning to its original moniker. Deals Bluebird Go-Private Deal Signals the ‘PE-ization of Pharma’ Why did two private equity firms with more than $460 billion under management want a little old gene therapy biotech called bluebird bio? We wanted to know. July 2, 2025 · 7 min read · Annalee Armstrong 6. Once Hot Sage Fades Away in Supernus Buy In late November 2024, Sage’s lead asset dalzanemdor flunked a Phase II trial for Huntington’s disease, the third such fail for the drug. It was just the capstone of a series of setbacks for Sage over the last few years; another asset, SAGE-324, flunked a Phase II study for essential tremor and was discontinued, and its Biogen-partnered postpartum depression drug Zurzuvae failed to get FDA approval in major depressive disorder. Maryland-based Supernus stepped in and scooped up Sage for $795 million in June . It was a “good end” for the company, according to analysts, and represented a much larger buyout than one put forward by long-time partner Biogen in January. Biogen offered $469 million to fold in its partner in Zurzuvae in January 2025 . Sage declined the offer with extreme prejudice, going so far as to sue Biogen. Along with Zurzuvae, Supernus absorbed Sage’s other approved drugs: the ADHD medication Qelbree; Onapgo, a wearable device for treating motor fluctuations associated with Parkinson’s disease; and Gocovri, for treating dyskinesia in Parkinson’s. Stifel analysts, writing at the time of the Supernus buy, said that it “feels like an unremarkable outcome for a company that was once one of the hottest stories” in treating central nervous system disorders. 7. BioNTech Ends CureVac Rivalry With a Pot of Money In 2022, BioNTech said in a lawsuit that it faced “threats of a groundless patent infringement suit” from a company that was “unable to bring to market any product to help in the fight against COVID-19.” Three years later, BioNTech bought that company, CureVac, for $1.25 billion, ending a winding legal drama that was still ongoing at the time of the deal. That purchase gave BioNTech a new mRNA-based therapy for the tough brain cancer glioblastoma. Despite both companies gaining fame for working on vaccines, the deal was motivated mostly by interest in cancer. Getting access to CureVac’s pipeline of cancer immunotherapies “marks the next milestone in the execution of [BioNTech’s] oncology strategy,” the company said in announcing the deal. Despite regulatory headwinds prevailing against mRNA-based therapies and vaccines in the U.S.—like the federal government canceling hundreds of millions of dollars in research dollars aimed at projects using the technology—BioNTech’s bid to swallow up its rival is a signal that, even as the company diversifies into other modalities like bispecifics , mRNA-based therapies as a platform are here to stay. .responsive-container { display: flex; flex-wrap: wrap; border: 1px solid #ededed; font-family: Helvetica, Arial, Sans-Serif; padding: 20px 20px 10px 20px; } .column-left { flex: 1; max-width: 45%; padding: 20px 20px 10px 20px; } .column-right { flex: 2; padding: 20px 20px 10px 20px; } @media (max-width: 768px) { .column-left, .column-right { max-width: 100%; flex: 100%; padding: 10px 0; } } Subscribe to BioPharm Executive! 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