Deal-Making
<p>Executive Summary</p> <p>An interactive look at pharma, medtech and diagnostics deals made during August 2024. Data courtesy of Biomedtracker</p>
China has seen a “milestone year for the overseas launch of domestically produced innovative drugs.”
Without a mega-merger like 2023’s Pfizer/Seagan takeout, M&A deals grew smaller during the first half of 2024, while volume rose. In alliance deals, H1 2024 activity somewhat mirrored activity from H1 2023.
An interactive look at pharma, medtech and diagnostics deals made during July 2024. Data courtesy of Biomedtracker.
Three $1bn+ alliances were penned in July. In the top alliance by deal value, Dren Bio teamed up with Novartis for the discovery and development of therapeutic bispecific antibodies for cancer using Dren Bio’s proprietary targeted myeloid engager and phagocytosis platform. The deal could be worth up to $3bn. The companies will collaborate to advance selected targeted myeloid engager programs in oncology through clinical candidate selection, at which point Novartis will assume full responsibility for all remaining development, manufacturing, regulatory and commercialization activities. In the top M&A, Eli Lilly penned a definitive agreement to acquire Morphic Therapeutic for $57 per share or approximately $3.2bn. Morphic's pipeline includes integrin therapies for autoimmune and fibrotic diseases and cancer and is led by Phase IIb candidate MORF-057. The selective oral small molecule inhibitor of α4β7 integrin is being evaluated for ulcerative colitis and Crohn's disease. It could provide Lilly with a strong competitor to Takeda Pharmaceuticals' marketed IBD therapy Entyvio (vedolizumab). Financing reached $4.6bn in biopharma, $769m in devices, and $373m in diagnostics.
George Badescu, chief business officer at Heidelberg Pharma, discusses antibody-drug conjugate development, partnership styles and the appetite for risk-taking in the biopharma industry.
King’s College London has released a freely available ‘Human Gut Microbiome Atlas’ to help researchers better understand how microorganisms in the gut impact disease.
During Q2, biopharma merger and acquisition deal value reached $22.2bn and drew in $36.3bn in potential deal value from alliances. Device company M&A values reached $21.3bn, while in vitro diagnostics and research tools players’ M&A activity totaled $631.6m.
Last year, In Vivo spotlighted some of biopharma’s most highly valued yet unpartnered assets. Now it’s time to see if deals have been struck and review how NPVs have changed.
Together, Merck’s heads of oncology and head of digital health outline their cross-functional strategy to enhance care for cancer patients through digital tools.
During Q2, biopharmas brought in an aggregate $22.8bn in financing and device company fundraising totaled $2.7bn; while in vitro diagnostic firms and research tools players raised $1.2m.
An analysis of new ADCs in Phase III studies shows the difficulties, and possible rewards, of developing these drugs. The earlier stage pipeline boasts a range of mechanistic approaches.
An interactive look at pharma, medtech and diagnostics deals made during June 2024. Data courtesy of Biomedtracker.
Ali Pashazadeh, CEO, chair and founder of Treehill Partners discusses the need for increased communication between biotech and biopharma.
Four $1bn+ alliances were penned in June. In the top alliance by deal value, Ascidian Therapeutics signed an agreement with Roche for the discovery and development of RNA exon editing therapeutics targeting neurological diseases. Roche received exclusive rights to Ascidian's RNA exon editing technology for undisclosed targets. Ascidian will conduct discovery and certain preclinical activities in collaboration with Roche, which will be responsible for certain preclinical activities, and further clinical development, manufacturing, and commercialization. Ascidian will receive an up-front payment of $42m as well as up to $1.8bn in research, clinical, and commercial milestone payments, as well as sales royalties.
Biopharmaceutical venture capital fundraising is on the rise in 2024. In late June, Formation Bio secured a mega financing, raising $372m via a series D round led by a16z and Sanofi.
Dominated by Xaira Therapeutics' $1bn venture financing, Q2 2024 was also notable for sizeable public offerings by Alumis and Recursion Therapeutics in the US and XtalPi Technology in Hong Kong, as well as a $142m seed round for EvolutionaryScale.
Increased R&D spending, program acquisitions and a soaring headcount – Regeneron has seen significant growth over the past 5 years. The company is focused on marrying its antibody technologies with its expanding cell and gene therapy pipeline.
Poland is slowly expanding beyond its position as a central European generics hub. More established companies are adding innovative medicine pipelines and a small number of biotechs are making international deals.
At the 2024 BIO International Convention, In Vivo spoke with Secarna Pharmaceuticals' CEO Alexander Gebauer about how the biotech's next-gen antisense oligonucleotide technology aims to benefit patients across multiple indications.