The Pharma Letter M&A roundup - March 2025

2 April 2025

Plenty of money changed hands in pharma M&A during March, with the biggest deal a $6.7 billion merger between Mallinckrodt Pharmaceuticals and Endo (OTCQX: NDOI), after the pair emerged from bankruptcy processes linked to liabilities over the US opioid crisis.

US pharma major Bristol Myers Squibb (NYSE: BMY) and Anglo-Swedish drugmakers AstraZeneca (LSE: AZN) also announced deals, as did Ireland-headquartered Jazz Pharmaceuticals (Nasdaq: JAZZ), India's Sun Pharmaceutical Industries (BSE: 524715) and Otsuka Holdings’ (TYO: 4578) subsidiary Taiho Pharmaceuticals.

Our table and graph below summarize the month's activity.

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