The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
From January 13 to January 19, the global mergers and acquisitions (M&A) market saw 643 deals announced, with a combined value of USD 49.40 billion. Of these, 20 deals each exceeded USD 500 million, contributing a total of USD 39.93 billion—representing 81% of the overall deal value for the period.

The most significant deal of the week was Johnson & Johnson’s USD 14.6 billion acquisition of Intra-Cellular Therapies, marking an expansion into the central nervous system disorder space. Intra-Cellular’s CAPLYTA is the only FDA-approved treatment for both bipolar I and II depression and schizophrenia in adults. The company’s pipeline also includes promising treatments for anxiety, psychosis, and agitation associated with Alzheimer’s disease. With more than one billion people worldwide living with neuropsychiatric or neurodegenerative disorders, the acquisition is strategically timed as the mental health crisis escalates and the global population ages. CAPLYTA, with peak sales potential exceeding USD 5 billion, will significantly enhance Johnson & Johnson’s portfolio, reinforcing its commitment to advancing mental health treatments. This acquisition also marks the largest biotechnology deal since early 2023.
On a weekly comparison, the market saw a 14% decrease in deal volume, dropping from 752 to 643. Deal value also declined by 5.4%, from USD 52.20 billion to USD 49.40 billion during this period.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of Jan 13 to 19, 2025 in detail:
Deal No. 1: Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc. for USD 14.60 Billion
Deal No. 2: United Rentals, Inc. to Acquire H&E Equipment Services, Inc. for USD 4.80 Billion
Deal No. 3: Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc. for USD 2.50 Billion
Deal No. 4: Zijin Mining Group to Acquire Zangge Mining Company Limited for USD 1.87 Billion
Deal No. 5: Westinghouse Air Brake Technologies Corporation to Acquire Evident Inspection Technologies for USD 1.78 Billion
Deal No. 1:
Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc. for USD 14.60 Billion
Johnson & Johnson (J&J) is expanding its neuroscience portfolio with the acquisition of Intra-Cellular Therapies in a transformative transaction valued at USD 14.6 billion (USD 132 per share). This marks J&J’s most significant deal in over two years, underscoring its commitment to advancing treatments in mental health and neurological conditions.
Intra-Cellular Therapies is a biopharmaceutical company focused on creating groundbreaking treatments for neuropsychiatric and neurological conditions. Utilizing a proprietary science platform, the company targets unmet medical needs in disorders such as schizophrenia, bipolar disorder, and major depressive disorder.
Through this acquisition, J&J will gain access to lumateperone, marketed as Caplyta, a novel treatment for schizophrenia and bipolar depression that generated USD 175 million in revenue during last year’s third quarter, driven by a 38% rise in total prescriptions. The deal also includes ITI-1284, a promising Phase 2 candidate being studied for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, alongside a pipeline of clinical-stage assets that complement J&J’s focus on neuroscience innovation.
The transaction is expected to close later this year. Citi is acting as J&J’s financial advisor, with Centerview Partners LLC and Jefferies advising Intra-Cellular Therapies.
Deal No. 2:
United Rentals, Inc. to Acquire H&E Equipment Services, Inc. for USD 4.80 Billion
United Rentals, the largest equipment rental provider globally, has announced its plan to acquire H&E Equipment Services for USD 4.8 billion, inclusive of debt.
H&E specializes in heavy construction and industrial equipment, offering a wide range of services, including rentals, equipment sales, parts, and maintenance. With a rental fleet worth USD 2.9 billion and a network of approximately 160 branches in over 30 U.S. states, H&E supports a diverse customer base across the construction and industrial sectors through its 2,900 employees.
Both United Rentals and H&E share similar core values, focusing on safety, a customer-first approach, and robust talent development practices. This acquisition supports United Rentals’ strategy to reinvest capital into business growth and enhance shareholder value. It will allow the company to expand its capacity in key markets and leverage cross-selling opportunities to increase revenue.
The merger is expected to result in approximately USD 130 million in annual cost synergies by streamlining corporate overhead and improving operational efficiency. The acquisition is expected to boost adjusted earnings per share and free cash flow generation within the first year after completion.
The transaction is set to close in the first quarter of 2025. Sullivan & Cromwell is serving as legal counsel to United Rentals, with Morgan Stanley and Wells Fargo providing bridge financing. BofA Securities is acting as the financial advisor to H&E Equipment Services.
Deal No. 3:
Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc. for USD 2.50 Billion
Eli Lilly, a global pharmaceutical leader, is acquiring Scorpion Therapeutics, a biotechnology firm focused on developing small molecule precision oncology therapies, for USD 2.5 billion in cash. This acquisition will enhance Lilly’s oncology portfolio and further its commitment to advancing cancer treatments.
Scorpion’s primary development, STX-478, is a mutant-selective PI3Kα inhibitor designed for oral, once-daily administration. It is currently being tested in Phase 1/2 trials for breast cancer and other advanced solid tumors. The drug selectively targets mutant PI3Kα pathways in cancer cells, while sparing healthy cells, addressing a key limitation of existing treatments. This targeted approach aims to improve disease control and patient tolerability by offering more effective inhibition of the pathway.
As part of the agreement, Scorpion will form a new independent entity to hold its employees and non-PI3Kα assets. The new company will remain owned by Scorpion’s current shareholders, with Lilly holding a minority stake.
The deal is contingent on standard closing conditions, with Citi serving as Lilly’s exclusive financial advisor. Scorpion’s financial advisory team includes Centerview Partners LLC as the lead advisor and Morgan Stanley providing additional support.
Deal No. 4:
Zijin Mining Group to Acquire Zangge Mining Company Limited for USD 1.87 Billion
Zijin Mining Group, a major Chinese mining corporation, is set to acquire a 24.8% stake in Zangge Mining, a producer of lithium and potash, for USD 1.87 billion. This move is part of Zijin’s strategy to expand its presence in the lithium market.
Renowned for its expertise in extracting gold, copper, and other precious metals, Zijin would gain controlling rights in Zangge, which operates in the mineral-rich Qinghai region. Additionally, the deal would enable Zijin to further consolidate its stake in the Julong copper project in Tibet, a joint venture with Zangge.
This acquisition is in line with Zijin’s broader strategy to enhance its position in battery metals, especially copper and lithium, as demand for materials used in electric vehicle (EV) batteries continues to rise. Recently, Zijin has significantly bolstered its lithium portfolio, acquiring key assets such as Canada’s Neo Lithium, which is focused on mining operations in Argentina.
Deal No. 5:
Westinghouse Air Brake Technologies Corporation to Acquire Evident Inspection Technologies for USD 1.78 Billion
Westinghouse Air Brake Technologies (Wabtec), a prominent provider of equipment, systems, digital solutions, and services for the freight and transit rail industries, has reached an agreement to acquire Evident’s Inspection Technologies division for USD 1.78 billion. This acquisition will expand Wabtec’s Digital Intelligence business, effectively doubling its total addressable market (TAM) from USD 8 billion to USD 16 billion, significantly enhancing its growth prospects.
Inspection Technologies, with a 50-year history of innovation, serves a global customer base through a distributed sales force and four engineering and production facilities in North America and Japan, employing over 1,300 professionals. The division’s advanced automated inspection technology, coupled with its cutting-edge product offerings, will enhance Wabtec’s capabilities, particularly in data acquisition, analytics, and automation—key areas of focus in the evolving industrial landscape.
The integration of Inspection Technologies will leverage Wabtec’s deep expertise in software development, engineering, and operational excellence, enabling the delivery of advanced, customer-focused solutions.
The transaction will also contribute to Wabtec’s growth, generating an estimated USD 433 million in revenue and USD 112 million in EBITDA (a margin of 25.9%) for 2024. With approximately 68% of its revenue from recurring sources, the division adds a stable, predictable revenue stream to Wabtec’s portfolio.
The transaction is slated for completion by the end of the first half of 2025.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of Jan 13 to 19, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).