In April 2025, the pharma and healthcare industry reported 81 deals worth $9.6 billion, compared to the last 12-month (April 2024 to March 2025) average of 95 deals worth $12.7 billion.
Merck KGaA, to acquire Springworks Therapeutics, a biopharmaceutical company focused on severe rare diseases and cancer, for an equity value of approximately $3.4 billion; Novartis AG, to acquire Regulus Therapeutics, a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs, for a total equity value of approximately $1.7 billion; Voyager Acquisition Corp, to acquire Veraxa Biotech AG, a drug discovery and development company in a reverse merger for an equity value of approximately $1.3 billion. These were the three major deals that contributed 66 per cent of the total deal value during April 2025.
| Deal Date | Acquirer (s) | Target | Deal Value ($M) |
| 28-Apr-25 | Merck KGaA (Germany) | SpringWorks Therapeutics (US) | 3,400.0 |
| 30-Apr-25 | Novartis AG (Switzerland) | Regulus Therapeutics US) | 1,700.0 |
| 23-Apr-25 | Voyager Acquisition Corp (US) | Veraxa Biotech AG (Switzerland) | 1,300.0 |
| 22-Apr-25 | RWK BidCo AB (Sweden) | Biotage AB (Sweden) | 1,237.0 |
| 28-Apr-25 | Clearbridge Health (Singapore) | Elpis Biopharmaceuticals (Singapore) | 330.0 |
Venture capital investments decreased by 43.9 per cent in April 2025, compared to April 2024
The healthcare industry reported 85 venture capital (VC) deals worth $2 billion in April 2025, compared to the last 12-month (April 2024 to March 2025) average of 100 deals worth $2.8 billion.
AIRNA Corp, a biotech company, raised $155 million in Series B financing, to advance its lead RNA editing product candidate (AIR-001) for AATD into a Phase 1/2 clinical trial; Atsena Therapeutics, a clinical-stage gene therapy company raised $150 million in Series C financing to advance its lead program, ATSN-201, for the treatment of X-linked retinoschisis (XLRS); Merida Biosciences, a biotechnology company raised $121 million in Series A financing, to develop a potentially first-in-class treatment to precisely target, neutralise and eliminate pathogenic antibody drivers of multiple serious autoimmune and allergic diseasesdrivers to restore healthy thyroid hormone activity.
These were the three major VC deals reported in April 2025.