Partnerships and collaboration play a critical role in fostering a vibrant U.S. life sciences ecosystem. Mergers and acquisitions (M&A) are central to this ecosystem, allowing companies of all sizes to combine their complementary strengths to bring innovation to American patients.
PULSE’s Innovations Advanced by M&A series highlighted three real-world examples of the impact of life sciences M&A and how it supports new investment, sustains research, and drives progress for patients:
1. A first-in-class treatment for pulmonary arterial hypertension: Acceleron Pharma developed promising science to treat pulmonary arterial hypertension (PAH), a rare, life-threatening condition. Merck’s 2021 acquisition paired that specialized science with the established clinical and commercial expertise to advance it through late-stage trials, secure approval, and deliver it to patients.
This acquisition helped secure approval for Winrevair, the first in a new class of treatment for PAH. Merck’s continued research supported an expanded indication for the treatment in October 2025 – with additional research ongoing for the medicine’s ability to prevent a rare type of heart failure.
2. A new treatment for hyperkalemia: ZS Pharma developed Lokelma to treat hyperkalemia, a condition involving dangerously high and potentially deadly potassium levels. AstraZeneca’s 2015 acquisition of ZS Pharma connected that innovation with global development, regulatory and commercialization capabilities – successfully bringing the treatment to patients around the globe.
In 2025, AstraZeneca unveiled a $445 million manufacturing expansion in Coppell, Texas, designed to double Lokelma production. The facility supplies more than 50 countries and continues to support high-paying job opportunities and economic growth for the local and state economy.
3. A new therapy to slow geographic atrophy progression: Astellas acquired Iveric Bio in July 2023 after Iveric successfully pioneered a promising new treatment that could slow the progression of geographic atrophy, a progressive retinal disease that threatens central vision.
The FDA approved Izervay the following month. Supported by Astellas’ resources, the combined company was able to scale production and distribution and bring Izervay to more patients in need – while continuing clinical development and achieving an expanded approval.
Preserving the pathway for future medicines: These stories show why competition policy must account for the pro-competitive partnerships that help bring medicines to patients, particularly in today’s challenging funding environment.
Policymakers must preserve clear, predictable and balanced antitrust enforcement that protects competition and helps ensure the next generation of treatments and cures continue to reach American patients.