Figure 5： M&A deals in 2025 by target company territory

Caplyta (lumateperone), the first and only US FDA-approved STADA's Consumer Healthcare, Generics and Specialty Ohtuvayre (ensifentrine), a first-in-class inhaled treatment Rare immunology disease medicine, Ayvakit/Ayvakyt (avapritinib), approved in the US and the EU, and an early-stage Once again, the M&A landscape was dominated by the US, with acquisitions of US-based companies located in one of Europe's five largest markets (France, Germany, Italy, Spain and the UK) comprised the second largest group of acquired parties. Of the EU5 M&A deals, 45% involved the acquisition of companies located in the UK and 24% involved German firms. The in BRICMT countries — namely Brazil, Russia, India, China, Mexico and Turkey — involved Chinese (50%) or