Sun Pharma Signs $11.75B Deal to Acquire Organon in Largest Indian Pharma M&A Ever
Sun Pharmaceutical Industries signed a definitive agreement on 26 April 2026 to acquire Organon & Co for $14 per share in cash — total enterprise value $11.75 billion including assumed debt. The deal is the largest outbound acquisition by an Indian pharmaceutical company. Sun Pharma gains Organon's biosimilars portfolio, women's health products, and commercial operations across 140+ markets. Close is expected by December 2026 pending regulatory and shareholder approvals.
Biogen Completes $5.6B Acquisition of Apellis, Adding SYFOVRE Blockbuster to Portfolio
Biogen completed its $5.6 billion acquisition of Apellis Pharmaceuticals on 14 May 2026, after 82.4% of Apellis shares were tendered at $41 per share — an 86% premium to the 90-day VWAP. The deal adds SYFOVRE (the first and only approved treatment for geographic atrophy) and EMPAVELI, which together generated $689 million in 2025 net product revenue. Apellis shareholders received a contingent value right worth up to $4 per share tied to SYFOVRE annual sales milestones through 2031.
Roche to Acquire PathAI for Up to $1.05B to Accelerate AI-Driven Digital Pathology
Roche entered into a definitive agreement on 7 May 2026 to acquire Boston-based PathAI — a leading AI digital pathology company — for $750 million upfront plus up to $300 million in contingent milestone payments. PathAI's AI algorithms are used in drug development and companion diagnostics across multiple pharmaceutical partners. The deal builds on a 2021 partnership and is expected to close in the second half of 2026, with PathAI integrated into Roche's Diagnostics division.
Gilead Sciences Acquires ADC Biotech Tubulis for Up to $5B to Expand Oncology Pipeline
Gilead Sciences agreed on 7 April 2026 to acquire Munich-based antibody-drug conjugate biotech Tubulis for $3.15 billion upfront plus up to $1.85 billion in milestones — total deal value up to $5 billion. Tubulis's lead asset TUB-040 targets NaPi2b-expressing tumours, demonstrating a 59% overall response rate in platinum-resistant ovarian cancer in Phase 1b/2 trials. The deal extends Gilead's $15 billion oncology M&A spree in spring 2026 and is expected to close in Q2 2026.