The Pharma Letter M&A roundup - October 2025
A frenzy of M&A deals hit the pharma sector in October, with Novo Nordisk (NOV: N), Bristol Myers Squibb (NYSE: BMY), Eli Lilly (NYSE: LLY) and Novartis (NOVN: VX) the big players that announced acquisitions.
MId-size drugmakers and emerging biotechs got in on the act, too, notably Relief Therapeutics (SIX: RLF), which has agreed to merge with privately held NeuroX Group in a transaction valuing the latter company at 1 billion Swiss francs ($1.1 billion) and the former at 100 million francs.
Our table and graph below illustrate the month's deals and 2025's spending so far compared to recent years.
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