The following table lists the largest mergers and acquisitions in the pharmaceutical and biotechnology industry (those over $10 billion). Transactions are recorded by the highest transaction dollar value (rather than using the inflation adjusted values).

Largest mergers and acquisitions This list is incomplete, you can help by expanding it R Year Purchaser Target Transaction type (in billions USD) (adjusted for inflation) Ref 1 1999 Pfizer Warner-Lambert Acquisition 111.8 2 2000 Glaxo Wellcome plc SmithKline Beecham Merger (formed GlaxoSmithKline) 76.0 3 2019 Bristol-Myers Squibb Celgene Acquisition 74.0 — 95.0 — Bristol-Myers set $2.2 billion termination fee for their mega deal 3 2004 Sanofi Aventis Acquisition 73.5 4 2015 Actavis Allergan, Inc Acquisition 70.5 5 2009 Pfizer Wyeth Acquisition 68.0 6 2002 Pfizer Pharmacia Acquisition 64.3 7 2020 AbbVie Allergan Acquisition 63.0 8 2018 Takeda Pharmaceutical Shire Acquisition 62.0 9 2016 Bayer Monsanto Acquisition 54.5 — 63.5 — 10 2009 Merck & Co. Schering-Plough Acquisition 47.1 11 2009 Roche Genentech Acquisition 44.0 12 2014 Medtronic Covidien Acquisition 42.3 13 2015 Teva Pharmaceutical Industries Actavis Business Unit 40.5 14 2010 Novartis Alcon Acquisition 39.3 15 2016 Shire Baxalta Acquisition Unit 32.0 — 35.0 — 16 2016 Abbott Laboratories St Jude Medical Acquisition 30.5 17 1998 Astra AB Zeneca Merger (formed AstraZeneca)30.4 18 2017 Johnson & Johnson Actelion Acquisition 30.0 19 1996 Ciba-Geigy Sandoz Merger (formed Novartis) 29.0 20 2006 Acquisition 27.2 21 1999 Pharmacia & Upjohn Monsanto Merger 25.2 22 2016 Abbott Laboratories St Jude Medical Acquisition 25.0 — 30.5 — 23 2015 AbbVie Pharmacyclics Acquisition 21.0 24 2014 Actavis Forest Laboratories Acquisition 20.7 25 2011 Sanofi Genzyme Corporation Acquisition 20.1 26 2012 Johnson & Johnson Synthes Acquisition 19.7 27 2006 Bayer Schering Acquisition 18.4 28 2016 Quintiles IMS Health Merger (formed QuintilesIMS) 17.6 29 2015 Pfizer HospiraAcquisition 17.0 30 2014 Merck Group Sigma-Aldrich Acquisition 17.0 31 2001 Amgen Immunex Acquisition 16.8 32 2006 Johnson & Johnson Pfizer Consumer Health Business Unit 16.6 33 2024 Novo Holdings A/S Catalent Acquisition 16.5 34 2014 Novartis GlaxoSmithKline Oncology Business Unit 16.0 35 2015 Valeant Salix Pharmaceuticals Acquisition 15.8 36 2007 AstraZeneca MedImmune Acquisition 14.7 37 2007 Schering Plough Organon International Acquisition 14.5 38 1995 Glaxo WellcomeAcquisition 14.2 39 2014 Bayer Merck & Co Consumer Health Business Unit 14.2 40 2014 Zimmer Inc. Biomet Inc.Acquisition 13.4 41 2019 Amgen Otezla (drug programme)Acquisition 13.4 42 2006 Merck Group Serono Acquisition 13.2 43 2018 GlaxoSmithKline GlaxoSmithKline–Novartis Consumer Healthcare Acquisition 13.0 44 2016 Boehringer Ingelheim Sanofi Animal Health (Merial) Business Unit 12.4 45 2017 Gilead Sciences Kite Pharma Acquisition 11.9 46 2018 Sanofi Bioverativ Acquisition 11.6 47 2011 Gilead Sciences Pharmasset Acquisition 11.2 48 2013 Amgen Onyx Pharmaceuticals Acquisition 10.4

Failed mergers and acquisitions Rank Year Purchaser Target Value(in billions USD) Value(adjusted for inflation) Note 1 2015 Pfizer 160 In November 2015 Pfizer announced it would acquire Allergan, plc for $160 billion ($ billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules. Had this transaction been completed, this would have been the largest within this industry. 2 2014 Pfizer 123 Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board. 3 2014 Pfizer 106 AstraZeneca claimed the deal undervalued the company. 4 2014 Pfizer 99 AstraZeneca claimed the deal undervalued the company. 5 1999 Pfizer Warner–Lambert 82.4 Pfizer made a hostile bid, just after the announcement of a $72 billion deal with Wyeth, the eventual purchase price would be in excess of $90 billion. 6 1999 Wyeth Warner–Lambert 72 Wyeth confirmed it has agreed a $200 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement. 7 1999 Wyeth 65 The two companies discussed a potential merger, uniting two of the largest pharmaceutical companies. This was eventually thwarted by Pfizer, in order to maintain control of the blockbuster drug - Lipitor. 8 2016 Bayer AG 65 Bayer advanced talks with Monsanto's management and subsequently raised its off by $3 billion, to more than $65 billion - which represented a 2 percent increase on its previous offer. The eventual purchase price would be more than $66 billion. 9 2018 Takeda Pharmaceutical Shire62.5 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline. 10 2016 Bayer AG 62 Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company. 11 2018 Takeda Pharmaceutical Shire61 Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline. 12 2018 Takeda Pharmaceutical Shire58.2 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline. 13 2014 Valeant Pharmaceuticals Allergan, Inc 54 Valeant had pursued Botox-maker Allergan for six months. After a protracted court battle with Valeant, Bill Ackman and his Pershing Square Capital Management hedgefund on one side (which then owned 10% of Allergan) and Allergan on the other, Actavis entered the fray with a $66 billion white knight bid. 14 2014 AbbVie 54 The two companies had agreed to a $54 billion deal that would allow AbbVie to move its headquarters overseas to Europe, reducing their corporate tax rate. However, the U.S. Treasury passed laws, tightening down on tax inversion deals just before the merger was completed, making the agreement much less profitable for AbbVie. 15 2014 Valeant Pharmaceuticals Allergan, Inc 53.3 Valeant raised its unsolicited offer for Allergan a second time, to $53.3 billion, increasing the cash portion of the bid in an effort to win the backing of the company, with the cash-and-stock portion of the bid valuing each Allergan share at $179.25. 16 2014 Valeant Pharmaceuticals Allergan, Inc 49.4 Valeant raised its unsolicited offer for Allergan Inc. to $49.4 billion, adding more cash to the bid in an effort to win backing from Allergan and its investors, with the value of each share rising to $166.16 per Allergan share. 17 2015 Syngenta AG 47 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders. Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta. 18 2014 Syngenta AG 45 Syngenta rejecteded another unsolicited offer from Monsanto, worth $45 billion, with management saying it undervalued the company and a merger would carry significant risks. Monsanto offered to acquire the company at a price of 449 Swiss francs per Syngenta share, with approximately 45% of the price paid in cash. 19 2014 Valeant Pharmaceuticals Allergan, Inc 45 Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89. 20 2014 Syngenta AG 40 Monsanto weighed $40 billion unsolicited bid for Swiss rival, Syngenta aiming to avoid US corporation taxes. Monsanto and Syngenta held preliminary talks with both sets of advisers in the preceding few months, with talks centered on a combination. However, Syngenta's management decided against negotiations. 21 2015 Mylan 40 In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to acquire Perrigo for $29 billion. Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo. Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. 22 2015 Mylan 26 In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through. 23 2004 25.4 Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved later approved on April 27, 2005, by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However they later re-negotiated a lower price of $21.5 billion. 24 2006 25.0 A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer. 25 2005 24.6 With the lower re-negotiated a lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share). 26 2006 24.2 After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion. 27 2006 23.2 After the re-negotiated a lower price of $21.5 billion was trumped by Boston Scientifics offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion. 28 2015 Endo International 11.2 Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.

See also List of largest mergers and acquisitions

References