J&J's $14.6B Buyout of Intra-Cellular Therapeutics Leads 2025 Pharma M&A

Johnson & Johnson's acquisition of Intra-Cellular Therapeutics for $14.6 billion was the largest M&A deal in 2025, strengthening J&J's neuroscience portfolio with Caplyta, a drug already FDA-approved for schizophrenia and bipolar depression. Caplyta's potential FDA approval for major depressive disorder could drive multi-billion-dollar revenue, with analysts estimating ~$5B in annual sales under J&J.