Biopharma dealmaking reached a high point in June 2025, with total transaction value hitting $35.07 billion, marking the strongest month of the year. Among significant deals, Merck & Co. acquired Verona Pharma for $10 billion to bolster its portfolio with a fast-growing chronic obstructive pulmonary disease drug. The acquisition hinges on sustaining secondary patents for the lung drug Ohtuvayre. The surge in dealmaking pushed the first half of 2025’s total deal value higher than 2024’s first six months and past full-year totals from several earlier years, reflecting renewed vigor in biopharma M&A activity.