The Pharma Letter M&A roundup - May 2025

4 June 2025

Japanese drugmaker Shionogi (TYO: 4507) and US pharma major Eli Lilly (NYSE: LLY) were among the big spenders in pharma M&A during May.

French firm Sanofi (Euronext: SAN) and California’s BioMarin Pharmaceutical (Nasdaq: BMRN) also added to their pipelines with acquisitions in what was a relatively low-spending month on the whole.

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

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