By Arthus Marande, Namien Koné, Olivia Riera Ripoll, Nehir Yanmaz, (ESCP), Diana Usova, Oliver Cedar, Dylan Stiassny, Obianuju Okafor (University of Bristol) Photo: Akram Huseyn (Unsplash) Overview of the deal Acquirer: Merck Target:  Cidara Therapeutics  Total Transaction Size:  $9.2 Billion Closed date:  Expected First Quarter 2026  Target advisor(s): Evercore and Goldman Sachs & Co (financial), Cooley (legal) Acquirer advisor(s):  BofA Securities (financial), Gibson Dunn (

By Roman Annan, Sophie Zhang, Joey Zhang, and Amani Dhillon (Columbia University), Rasmus Sjögren, Nikolas Kakona, Alexander Henje Scott, and Haris Jasarevic (Stockholm School of Economics) Photo: Khuc Le Thanh Danh (Unsplash) Overview of the deal Acquirer : Kimberly-Clark Corporation Target : Kenvue Inc.  Implied Equity Value : $40.32 B Total Transaction Size : $48.7 B  Closed date : H2 2026 (Estimated, legal issues pending) Target advisor : Centerview Partners LLC & Goldman

By Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, Sharon Liu (HKUST); Anastasia Malikova, Dennis Malaj, Gauri Khanna, Sarah Lee (LSE) Photo: Laurynas Me (Unsplash) Overview of the deal Acquirer:  Pfizer Inc. Target:  Metsera Inc. Implied Equity Value : ~$9.2 billion (~7 billion cash upfront & up to ~$2.2 billion in contingent milestone payments) Total Transaction Size:  Up to US$10 billion Closing Date:  13th November 2025  Target Advisor:  Goldman Sachs & Co.LLC , Guggenhei

By Arthus Marande, Christopher Putnis, Namien Koné, Mattia Colombo (ESCP); Freya ZHANG, Jacky CHAN, Sharon Liu, Akshi Bansal, Chak Li (HKUST). Photo: Khanh Nguyen Overview of the deal Acquirer: Blackstone, TPG, and other minorities (ADIA, GIC) Target:  Hologic, Inc. Implied Equity Value: $17.67bn Total Transaction Size:  $18.3bn (EV) Closed date:  Pending; expected H1 2026 (45-day go-shop in the agreement) Target advisor: Citi (Financial); Kirkland & Ellis (Legal); Ropes & G

By Kush Mahawar, Lexi Xiao, Joe Colton, Sean Yeow (University of Oxford); Diana Usova, Dylan Stiassny, Oli Cedar, Obianuju Okafor (University of Bristol) Photo: Simone van der Koelen Deal Overview Acquirer : Novo Nordisk Target : Akero Therapeutics Total Transaction Size : $5.2bn (including CVR) Closed Date : Expected Q4 2025 Target Advisors : Morgan Stanley and J.P. Morgan (Financial); Kirkland & Ellis (Legal) Acquirer Advisors : Bank of America (Financial); Ropes & Grey (Le

By Edward Fung, Freya Zhang, Henry Yum, Sanghyeon Kim (HKUST); Moritz Ibe, Avital Anoff, Lukas Ehrlich, Annant Bhargava (University of St...

By Giorgio Goretti, Marco Morchio, Carlotta Nardello (ESADE); James Searle, Ben Motamed, Greg Dargue, Cameron Hansell (Durham University)...

By Anna Chesca, Aditya Tatwawadi, Ahyaan Malik, and Alex Scothorn (University of Cambridge); Edward Mazin, Charlie Hogshire, Caden Viehe,...

By Pierre Caye, Giuliana Vadacchino, Jules Donzelot, Mathis Grandchamp, Alexander Megrelis, Loïc Meunier (McGill University), Devon...

By Dhruv Kotecha, Keerthi Komati, Ryan Luk and Aviral Jain (University of Nottingham) ; Varun Vinay Iyengar, Rui Lee and Ardia Daniswara,...

By Ahaan Roychowdhury, Shyam Patra, Dimos Kamposiouras, Krish Raj (UCL) ; Melvin Bergeret, Arthur Delfour, Axel Nkam, Victor Zheng and...

By Enrique Perez-Hernandez, Tarvo Simons, Taha Yassine, Michael Joachim ten Eicken and Juan Pelaez (IE University) ; Sean Millar, Annant...

By Rafi Glass, Yana Zharkova, James Searle, Guy Collins, Marcin Wolniewicz and Ruiting Yi (Durham University) ; Edward Mazin, Lars...

By Varun Vinay Iyengar, Rui Lee and Ardia Daniswara (King’s College London) ; Melvin Bergeret, Arthur Delfour, Axel Nkam and Victor Zheng...

By Sean Millar, Ben Preece, Moritz Ibe, and Junqi Wang (University of St Andrews) ; Sam Oberly, Julia Weinrod, Yuyu Huang, Talia...

By Athean Myat, Coby Lai, Michelle Liu, Carden Olsson and Angelina Gart (Cornell University) Photo: Sangharsh Lohakare (Unsplash)...

By Mathilde Heibig, Pierre Six, and Jingying Liu (HEC Paris), Athean Myat, Ana Almeida, Angelina Gart, Coby Lai, Michelle Liu, and Carden...

By Nishil Lakhani, Jack McGing, Frangiskos Kapatos and Dhruv Kotecha (University of Nottingham), Sameer Jain, Ishan Date and Michael...

By Atin Narain, Devina Aggarwal, Nathaniel Mathew and Omar Ali (Yale University), Xunliang Huang (University of Melbourne) Photo: Sam...

By Priyanshu Srivastava, Faisal Zia, Samuel Smith and Amarthya Chandrappa (University of Warwick), Sameer Jain (Wharton School) Photo:...