Top 10 Pharmaceutical CDMO and CRO Mergers & Acquisitions in the Last Decade

The pharmaceutical Contract Development and Manufacturing Organization (CDMO) and Contract Research Organization (CRO) industries have seen significant consolidation over the past decade. These mergers and acquisitions have reshaped the landscape, creating larger entities with expanded capabilities and global reach. Here's a list of the top 10 M&A deals in this sector:

1. Thermo Fisher Scientific acquires PPD (USA)
   Value: $17.4 billion
   Thermo Fisher Scientific, a major player in the scientific services industry, acquired PPD, a contract research organization, in a deal that closed in December 2021.

2. Novo Nordisk acquires Catalent (USA)
   Value: $16.5 billion
   Announced in February 2024, Novo Nordisk's acquisition of CDMO Catalent closed in December 2024. The acquisition’s aim was to boost production capacity for its popular diabetes and weight-loss drugs.

3. Bristol Myers Squibb acquires Karuna Therapeutics (USA)
   Value: $14 billion
   This acquisition, completed in March 2024, expanded Bristol Myers Squibb's neuroscience portfolio, particularly with the addition of KarXT for schizophrenia and Alzheimer's psychosis.

4. Thermo Fisher Scientific acquires Patheon (USA)
   Value: $7.2 billion
   In 2017, Thermo Fisher Scientific acquired Patheon, creating a contract services giant offering end-to-end solutions for drug development, delivery, and manufacturing.

5. Lonza acquires Capsugel (Switzerland/USA)
   Value: $5.5 billion
   Swiss CDMO Lonza's acquisition of US-based Capsugel in 2017 was one of the largest M&A transactions in the CDMO industry at the time.

6. LabCorp acquires Covance (USA)
   Value: $5.6 billion
   In 2015, LabCorp acquired Covance, creating a healthcare diagnostics company with enhanced capabilities in precision medicine.

7. INC Research merges with InVentiv Health (USA)
   Value: $4.6 billion (combined company value)
   This 2017 merger created one of the world's largest businesses for outsourced research services, with estimated net revenues of $3.2 billion.

8. Thermo Fisher Scientific acquires Brammer Bio (USA)
   Value: $1.7 billion
   In 2019, Thermo Fisher Scientific acquired Brammer Bio, expanding its presence in the viral vector manufacturing space for gene and cell therapies.

9. Charles River Laboratories acquires WuXi PharmaTech (USA/China)
   Value: $1.6 billion
   This acquisition in 2016 expanded Charles River's presence in the growing Chinese CRO market.

10. ICON plc acquires PRA Health Sciences (Ireland/USA)
    Value: $12 billion
    In 2021, Irish CRO ICON acquired US-based PRA Health Sciences, creating one of the world's largest CROs.

These financial deals demonstrate the significant consolidation and expansion in the CDMO and CRO industries, with major players seeking to enhance their capabilities, geographic reach, and market share through strategic acquisitions.

Citations:

1. https://www.biospace.com/biospace-mergers-and-acquisitions-tracker
2. https://www.biopharmadive.com/news/cro-cdmo-consolidation-contract-services-pharma-biotech/443492/
3. https://www.dcatvci.org/features/cdmos-cmos-the-movers-and-shakers-of-2021/
4. https://www.pharmamanufacturing.com/sector/contract-manufacturing/article/11309693/cdmo-industry-thrives-amid-consolidation
5. https://www.bioprocessintl.com/economics/biopharmaceutical-mergers-and-acquisitions-their-impact-on-the-services-industry
6. https://www.genengnews.com/topics/bioprocessing/top-10-contract-development-and-manufacturing-organizations/
7. https://www.proclinical.com/blogs/2024-5/top-10-cros-to-watch-in-2024
8. https://www.ey.com/en_us/insights/strategy/how-cdmo-companies-are-leading-innovation-for-pharmaceutical-partners
9. https://www.contractpharma.com/breaking-news/viva-biotech-advances-cro-cdmo-products-secures-210m-investment/
10. https://www.contractpharma.com/exclusives/cmocdmo-sector-mega-mergers-acquisitions/
11. https://www.fiercebiotech.com/biotech/industry-ma-volume-declined-8-year-compared-23-pwc