Life sciences M&A roundup: March 2025

Life sciences M&A saw a slight uptick in March with the announcement of several interesting deals across a variety of disease areas. Sarah Cole and Ross McNaughton dig into a few that hit the headlines below.

The broader M&A macro backdrop is still providing a relatively uncertain environment, which is impacting M&A generally and across all sectors and the suggestions coming out today that the US economy may be looking at recession in the second half of the year won't help. That said, this month’s deals are another reminder that life sciences is the ultimate long-term play with products taking multiple economic cycles to develop and a buyer universe driven principally by long-term strategic need.

• AstraZeneca/EsoBiotec: AstraZeneca announced the acquisition of Belgian biotech, EsoBiotec, to enhance its cell therapy platform, acquiring a lentiviral technology specifically targeting novel cancer therapies. The deal includes a notable upfront payment of US$425 million and milestone payments up to US$575 million based on clinical and regulatory achievements.
• Jazz Pharmaceuticals/Chimerix Inc: Jazz Pharmaceuticals expands its oncology R&D pipeline by announcing the acquisition of Chimerix, a company that has developed a first-in-class small molecule treatment for gliomas, for US$935 million. The deal is subject to customary closing conditions, but notable in that the entire consideration is payable all upfront and with no milestones.
• Sanofi/Dren Bio, Inc: in another first-in-class deal, Sanofi looks to boost its immunotherapy capabilities through the announced acquisition of Dren Bio for its b-cell depletion technology. The acquisition involves an upfront payment of US$600 million with milestone payments up to US$1.3 billion.
• Paratek Pharmaceuticals/Optinose: Paratek announced the acquisition of Optimone for a consideration of up to US$330 million, structured as an upfront payment plus CVRs. Optinose's approved product, XHANCE, is for patients with chronic rhinosinusitis, taking the spec pharma business outside its core area of antiobiotics.
• Taiho Pharmaceutical Co Ltd/Araris Biotech AG: Taiho is acquiring Swiss Araris Biotech for its pioneering ADC linked platform following a partnership spanning the last two years. The deal is for US$400 million upfront with a further US$740 million in milestones. 
• Bristol Myers Squibb/2seventy bio: Bristol Myers will acquire the remaining stake in 2seventy bio a year into the company’s pivot to myeloma cell therapy (US$286 million, including US$184 million in cash). 

Finally, a couple of large fundraises for Sofinnova Partners (EUR1.2 billion) and 8VC (US$998 million), continuing the theme of well-established managers in the industry successfully raising large funds. In London it was also exciting to see THENA Capital raised GBP27 million of its GBP50 million fund to back early stage medtech—great to see a new fund dedicated to this space.