The Pharma Letter M&A roundup - April 2025

8 May 2025

Merck KGaA (MRK: DE) led the way in pharmaceutical M&A in April.

The German company announced a $3.9 billion deal to buy the US drug developer SpringWorks Therapeutics in the month's biggest buy, with Swiss firm Novartis (NOVN: VX) the only other established big pharma name to acquire a company, though a host of further deals were done.

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

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