The healthcare M&A surge shows no signs of slowing, with this year seeing diverse transactions spanning pharmaceuticals, contact lenses, and cross-industry collaborations integrating ICT with genetic testing. These moves reflect intensified competition and the urgency of global expansion. Among them, Lotus Pharmaceutical has been the most active, completing three major cross-border acquisitions, emerging as the biggest winner in this year’s M&A market.
Lotus Pharmaceutical acquired Sanofi’s anti-inflammatory drug Alpha Choay licenses and related rights in Vietnam and Cambodia for US$50 million, immediately contributing to revenue in Vietnam from Q1. The company then purchased five drug rights from Vietnam’s Duy Tan for US$15.5 million, covering hematology, cardiovascular, and oncology therapies, strengthening its ASEAN market presence. In September, Lotus completed the US$658 million acquisition of NAGH, gaining ownership of Alvogen US, propelling the company into the global top 20 specialty pharmaceutical companies.
Handa Pharmaceuticals acquired the Phyrago blood cancer assets for US$30 million, expanding into the chronic myeloid leukemia (CML) and acute lymphoblastic leukemia (ALL) markets. It has signed an exclusive U.S. marketing and sales license agreement with Cycle, entitling Handa to upfront payments, milestone payments, and sales royalties.
TWi Biotechnology, after acquiring DuKang Pharmaceuticals, expanded its product line from rare diseases and inflammatory skin disorders to include central nervous system psychiatric disorders, significantly enhancing the company’s market valuation. The oral postpartum depression drug NORA520 is set to release Phase 2 unblinding data in Q4, while the new topical therapy for epidermolysis bullosa simplex (EBS), AC-203, is scheduled for an interim analysis of Phase 2/3 in Q1 2026. Chairperson Evelyn Wu noted that the progress of these two new drugs will drive the company into a peak licensing revenue phase next year.
In the medical devices sector, Carl Zeiss AG announced in June the cash acquisition of BRIGHTEN OPTIX at NT$200 per share, with completion and delisting expected by 2026. In genetic testing, Delta Electronics acquired over 90% of Mobile Gene for NT$2.146 billion, leveraging ICT strengths to enter the precision cancer testing market.
Among health supplements, Morning Glory acquired a 30% stake in Wonders International for NT$650 million, consolidating its market share and expanding its brand in Taiwan, while a team led by Ching-Tsung Yang publicly acquired BioResearch, gaining management control.
Industry analysts noted two major trends in this year’s healthcare M&A: first, large pharmaceutical companies like Lotus Pharmaceutical are actively expanding their specialty drug portfolios through cross-border acquisitions; second, medical devices, genetic testing, and health supplements are also seeing heightened activity, attracting cross-industry investment. The M&A wave is expected not only to strengthen product lines and technology but also to accelerate the internationalization of Taiwan’s biomedical industry.
Resource: 從藥品到隱眼、ICT 生醫併購領域大爆發！美時、漢達、安成全球布局曝光
