Med-tech M&A value in 2025 totaled about $38.99 billion through November, reflecting a clear slowdown from 2024’s $57.92 billion and well below the peak years of 2021 and 2022, when 11-month totals exceeded $119 billion and $132 billion, respectively. Activity this year has been uneven, with a strong April ($9.04 billion) and July ($7.29 billion) accounting for a large share of the total, while several months posted relatively modest figures. November was particularly quiet, delivering just $5 million in M&A value, down sharply from $1.68 billion in October and marking the weakest month of the year.

Shanghai Henlius Biotech Inc. and Organon & Co. announced Nov. 17 that the U.S. FDA cleared Poherdy (pertuzumab-dpzb) as the first and only interchangeable biosimilar to Perjeta (pertuzumab, Genentech Inc./Roche Holding AG).

Endometriosis has been woefully under-recognized in the medical community, and consequently, the delay between onset and diagnosis is often quite long, with some women waiting up to 12 years for a diagnosis. Endometriosis affects about 10% of women, and about 190 million women worldwide live with endometriosis.

Endometriosis has been woefully under-recognized in the medical community, and consequently, the delay between onset and diagnosis is often quite long, with some women waiting up to 12 years for a diagnosis.

Roivant Sciences Ltd. has sold another company, this time offering up Dermavant Sciences Ltd. to Organon & Co. for $1.2 billion. The deal brings Organon into a crowded market for plaque psoriasis treatments. The massive amount comprises an up-front $175 million payment, along with a potential $75 million regulatory milestone and up to $950 million in commercial milestones. In the deal, Organon brings in Vtama (tapinarof) cream, a topical, aryl hydrocarbon receptor agonist for mild, moderate and severe plaque psoriasis in adults.

Just months after completion of its spinout from Merck & Co. Inc., Organon & Co. has revealed plans to fold in a second acquisition: the Finnish firm Forendo Pharma Ltd., which is advancing an early stage candidate for endometriosis. The deal includes $75 million up front and as much as $870 million in potential milestone payments for Forendo owner Karolinska Development AB, which said the buyout is one of the largest biotech transactions in the Nordic region. Earlier deals rounding out the company's recent story include a Merck-facilitated acquisition of Alydia Health Inc. and a July deal with Obseva SA.

Organon & Co. will license exclusive global development, manufacturing and commercial rights to ebopiprant (OBE-022) from Obseva SA. Ebopiprant is a prostaglandin F2α receptor antagonist being developed for treating preterm labor by reducing inflammation and uterine contractions. Obseva could receive tiered double-digit royalties on commercial sales and as much as $500 million in up-front and milestone payments, including $25 million to be paid at signing, up to $90 million in development and regulatory milestones and up to $385 million in sales-based milestones.

Merck & Co. Inc. telegraphed the future focus of Organon & Co., which will spin off from the pharmaceutical giant as a public company in the first half of 2021, with an announcement of an agreement to acquire Alydia Health Inc. Alydia makes the Jada system, which treats postpartum hemorrhage.