Merck & Co. is reportedly preparing a buyout offer exceeding $3 billion for Moonlake Therapeutics, sparking a surge in Moonlake's stock. This potential acquisition is part of a broader trend in the biopharma sector, where companies like Merck, Regeneron Pharmaceuticals, Johnson & Johnson, and Eli Lilly are actively pursuing bolt-on acquisitions to strengthen their pipelines amid upcoming patent expirations. Eli Lilly anticipates a notable year ahead with key data readouts, including Phase 3 obesity trial results for orforglipron expected in the third quarter of 2025 and a planned launch in the second half of 2026, alongside cardiovascular data for Mounjaro in type 2 diabetes and Phase 3 data for retatrutide later in 2025. Regeneron has several upcoming FDA Prescription Drug User Fee Act (PDUFA) dates: August 19 for Eylea HD in retinal vein occlusion, June 20 for Dupixent in bullous pemphigoid, July 10 for linvoseltamab in relapsed/refractory multiple myeloma, and July 30 for odronextamab in relapsed/refractory follicular lymphoma, with additional data updates expected for Dupixent and linvoseltamab. Analysts note Merck's oncology pipeline includes assets like Enlicitide, valued between $1 billion and $3 billion in some models, though opinions vary on its potential. The biopharma industry continues to show strong demand for differentiated, best-in-class assets as companies prepare for patent cliffs and focus on business development.