Biotech Investment News: Merck’s Major Deals from 2015 to 2025

Strategic Review: Beyond Keytruda—Pivot to Next-Gen Modalities

Merck (MSD in the U.S.) built a strong oncology franchise with Keytruda. As patents expire, Merck is investing in ADCs, RNA therapies, cell therapy, and precision immunology to establish its next growth engines. This overview lists key deals since 2015.

Major Deals (2015–2025)

• 2015: Acquired cCAM Biotherapeutics (cancer immunotherapy: CM‑24 antibody) :contentReference[oaicite:11]{index=11}
• 2015: Acquired Sigma‑Aldrich (lab reagents & equipment) – $17B :contentReference[oaicite:12]{index=12}
• 2019: Acquired Peloton Therapeutics (renal cell carcinoma) – $2.2B :contentReference[oaicite:13]{index=13}
• 2020: Acquired VelosBio (ROR1-targeted ADC) – $2.75B :contentReference[oaicite:14]{index=14}
• 2021: Acquired Acceleron Pharma (blood disorders, PAH) – $11.5B :contentReference[oaicite:15]{index=15}
• 2023: Acquired Prometheus Biosciences (IBD precision immunology) – $10.8B :contentReference[oaicite:16]{index=16}
• 2023: Acquired Imago BioSciences (hematologic cancers) – $1.35B :contentReference[oaicite:17]{index=17}
• 2023: Signed deal with Orna Therapeutics (circular RNA) – up to $3.6B :contentReference[oaicite:18]{index=18}
• 2024: Collaboration with Kelun‑Biotech (ADC platform) – up to $9.3B :contentReference[oaicite:19]{index=19}
• 2025: In late-stage talks to acquire SpringWorks Therapeutics (rare/oncologic indications) – ~$3.5B :contentReference[oaicite:20]{index=20}

Strategic Significance

Anticipating Keytruda’s patent cliff, Merck is repositioning itself with a broad, diversified portfolio across oncology, immunology, precision medicine, RNA, and ADC platforms. These deals show a focus on later-stage assets and innovative technologies intended to drive future growth.

My Insight

Merck’s evolution signals a balanced transition into the post-Keytruda era. Their acquisitions reflect a strategic roadmap that pairs near-term pipeline wins with long-term platform positioning.

References

• Merck acquires cCAM Biotherapeutics (2015)
• Merck to buy Sigma‑Aldrich (2015)
• Peloton Therapeutics Acquisition (2019)
• Merck to Acquire VelosBio (2020)
• Acceleron Pharma Acquisition (2021)
• Prometheus Biosciences Acquisition (2023)
• Imago BioSciences Acquisition (2023)
• Orna Therapeutics Deal (2023)
• Kelun‑Merck ADC Deal (2024)
• Merck–SpringWorks Negotiations (2025)

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