Biopharma companies announced $73.38 billion in deals from 240 transactions during the third quarter (Q3) of 2025, bringing the year-to-date total to $212.44 billion, up from $149.87 billion in the same period of 2024. The total marks the highest deal value through Q3 ever recorded by BioWorld.

Merit Medical Systems Inc. looks to ingest Pentax Medical’s C2 cryoballoon through a $22 million asset purchase expected to close Nov. 1. The C2 treats Barrett’s esophagus, which can be a precursor to esophageal cancer, as well as gastric antral vascular ectasia syndrome. The deal includes a $19 million cash payment at closing and up to $3 million in contingent milestone payments.

ISS became the third proxy advisory firm to recommend shareholders vote against the proposed sale of Staar Surgical Co. to Alcon AG, joining Glass, Lewis & Co. LLC and Egan-Jones Ratings Co.

Antibody-drug conjugate (ADC) specialist Aimedbio Inc. announced Oct. 16 the signing of a potential $991 million deal with Boehringer Ingelheim GmbH to license out its novel preclinical ADC asset targeting solid tumors, including KRAS mutations, which is set to enter phase I study next year.

Dianthus Therapeutics Inc. has joined the recent trend of companies licensing therapies in development from China. The company will pay as much as $1 billion to Nanjing Leads Biolabs Co. Ltd. for DNTH-212, a bifunctional BDCA2 and BAFF/APRIL inhibitor to treat autoimmune disorders.

Paroxysmal nocturnal hemoglobinuria (PNH) – the rare blood disorder characterized by premature destruction of red blood cells – found itself in the spotlight, as did shares of Omeros Corp. (NASDAQ:OMER), which closed Oct. 15 at $10.42, up $6.32, or 154%, on word of an asset purchase and license agreement with Novo Nordisk A/S for zaltenibart (formerly OMS-906).

Breaking up isn’t so hard to do, it seems. Just two years after spinning off its consumer products as Kenvue Inc., Johnson & Johnson aims to part ways with its orthopedics unit, which will take up the Depuy Synthes name first created when Synthes Inc. married into the J&J Depuy ortho unit in 2012 for a tidy sum of $19.7 billion. Depuy was itself acquired in 1998.

Private equity firm Keensight Capital acquired a majority stake in Bedfont Scientific Ltd. in a move that will allow the company to expand the use of its devices for breath analysis and monitoring worldwide. Although the value of the deal was undisclosed, Keensight typically invests in profitable companies generating revenues in the range of €10 million to €400 million.

Histosonics Inc. signed an exclusive distribution agreement with Gunze Medical Ltd. to bring its novel histotripsy-based therapeutic model, the Edison System, to Japan. The strategic alliance with Gunze Medical, a wholly owned subsidiary of Osaka, Japan-based Gunze Ltd., paves a figurative runway for Histosonics to introduce its Edison platform in Japan — one of Asia’s largest medical device markets.