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According to the GlobalData report, the global pharma industry reported 76 mergers and acquisitions (M&A) deals in May 2025, amounting to a total disclosed value of $6.96 billion. This figure marks a decline compared to the previous 12-month average from May 2024 to April 2025, which recorded 95 deals worth $12.4 billion.
According to industry data, three major transactions contributed 59 per cent of the total deal value in May. GSK announced its plan to acquire Efimosfermin, the lead asset of Boston Pharmaceuticals, for approximately $2 billion. The drug candidate is intended for the treatment and prevention of steatotic liver disease (SLD).
Shionogi & Co., Ltd. also revealed its intention to acquire Torii Pharmaceutical for $1.1 billion. Meanwhile, Eli Lilly disclosed its acquisition of SiteOne Therapeutics., a private biotechnology company focused on developing small molecule inhibitors of sodium channels for the treatment of pain and other neuronal hyperexcitability disorders, for approximately $1 billion.
In the venture capital (VC) segment, the healthcare industry reported 94 deals valued at $2.5 billion in May 2025. This also reflects a decline from the 12-month average of 99 deals worth $2.7 billion.
Among the most significant VC deals, Pathos AI raised $365 million in Series D financing. The AI-driven biotech company plans to use the funds to advance its clinical-stage pipeline and continue developing its proprietary AI Foundation Model for oncology.
Azafaros secured $147 million in Series B financing to accelerate development of nizubaglustat, its lead candidate for Niemann-Pick disease Type C (NPC) and GM1/GM2 gangliosidoses, as it moves into Phase 3 clinical trials.
GRIN Therapeutics, a US-based biotech company, raised $140 million in Series D financing to support operations and a planned global Phase 3 trial for radiprodil, a potential treatment for GRIN-related neurodevelopmental disorder in children.
Both M&A and VC activity in May reflected a quieter month for the sector, though high-value transactions continued to define strategic movements in the pharmaceutical industry.
