DealForma’s 2024 review of autoimmune therapeutics saw robust activity across R&D partnerships, M&A, venture funding, and IPOs, highlighting strong momentum and pharma demand for next-gen immunology platforms. Notable R&D deals included Monte Rosa’s $150 million upfront agreement with Novartis for MRT-6160 (VAV1, autoimmune/cancer), Repertoire Immune’s $65 million deal with BMS for tolerizing vaccines, and FutureGen’s $150 million TL1A antibody (IBD) licensing to AbbVie.
In M&A, Vertex acquired Alpine Immune for $4.9 billion (SLE, lupus nephritis), Eli Lilly bought Morphic for $3.2 billion (IBD), and Biogen acquired HI-Bio for $1.8 billion (felzartamab for kidney autoimmune diseases). Venture funding remained strong with Alumis raising $259 million (TYK2, ESK-001), AltruBio $225 million (ALTB-268 for UC), and Candid Therapeutics $376 million (series B + acquisitions) for bispecific T cell engagers. IPOs included Kyverna ($367 million, cell therapies), Zenas BioPharma ($258 million, Obexelimab, a bifunctional monoclonal antibody against CD19 and FcγRIIb), and Alumis ($210 million IPO + $40 million private placement), supporting late-stage autoimmune pipelines.
Autoimmune R&D Partnerships
Autoimmune R&D activity surged in 2024, with 33 partnerships valued at $13 billion, including $800 million in upfront payments, up from 24 deals worth $8.8 billion in 2023. Over the past 2 years, the sector has recorded 57 deals totaling $21.8 billion, with $1.7 billion in upfront cash and equity.
Top Autoimmune R&D Partnerships in 2024
Monte Rosa development and commercialization deal with Novartis – October 2024
Monte Rosa signed a global licensing deal with Novartis for MRT-6160, a Phase I VAV1-targeting small molecule for autoimmune and inflammatory diseases. Monte Rosa will complete Phase I and co-fund Phase III, while Novartis leads Phase II through commercialization. The deal includes $150 million upfront, up to $2.1 billion in milestones ($1.5 billion tied to multi-indication approvals), a 30% U.S. profit share, and tiered ex-U.S. royalties.
Repertoire Immune development and commercialization deal with BMS – April 2024
Repertoire Immune Medicines partnered with Bristol Myers Squibb in a deal granting BMS exclusive global rights to develop tolerizing vaccines for up to three autoimmune diseases. Repertoire will lead early development, with BMS taking over the post-candidate nomination. The deal includes a $65 million upfront payment, up to $1.8 billion in milestones, and tiered royalties on future sales.
FutureGen development and commercialization deal with AbbVie – June 2024
FutureGen licensed exclusive global rights to AbbVie for FG-M701, a preclinical TL1A antibody targeting inflammatory bowel disease (IBD). The agreement includes a $150 million upfront and near-term milestone payment, with potential for up to $1.6 billion in development, regulatory, and commercial milestones. FutureGen will also receive tiered low double-digit royalties on future sales.
Autoimmune M&A
Autoimmune M&A remained strong in 2024, with 11 deals totaling $11.6 billion ($10.6 billion in upfront cash), slightly ahead of 2023’s 10 deals valued at $10.6 billion ($10.3 billion cash). Over 2 years, 21 deals reached $22.1 billion in value, including $21 billion in non-contingent cash.
Top Autoimmune M&A in 2024
Vertex Pharmaceuticals acquiring Alpine Immune Sciences – April 2024
Vertex announced its acquisition of Alpine Immune for $4.9 billion, offering $65 per share in cash, a 38.18% premium. Alpine Immune’s lead assets include Acazicolcept (ALPN-101), a Phase 2 immunotherapy for systemic lupus erythematosus (SLE), and Povetacicept (ALPN-303), in Phase 1/2b for lupus nephritis, as well as treatments in Phase 1 for immune thrombocytopenia, idiopathic thrombocytopenic purpura, and other autoimmune diseases.
Eli Lilly acquiring Morphic – July 2024
Eli Lilly announced the acquisition of Morphic for $3.2 billion, offering $57 per share in cash, a 79% premium. Morphic’s lead asset is MORF-057, a Phase 2 A4B7 integrin inhibitor for inflammatory bowel disease (IBD), along with preclinical programs targeting integrin AvB8 for myelofibrosis and solid tumors, as well as therapies for Crohn’s disease, pulmonary hypertension, and other autoimmune conditions. The acquisition was completed on August 16, 2024.
Biogen acquiring HI-Bio for $1.8B – May 2024
Biogen acquired Human Immunology Biosciences (HI-Bio) for $1.2 billion upfront, with up to $650 million in development milestones. HI-Bio’s lead asset, felzartamab, is a Phase 2 anti-CD38 antibody for immune-mediated kidney diseases, including PMN and AMR. The drug holds FDA Breakthrough and Orphan Drug Designations. The deal closed in July 2024.
Autoimmune Venture Funding
Autoimmune venture funding rose sharply in 2024, with $2.6 billion raised across 35 rounds, up from $1.6 billion over 32 rounds in 2023. Over the 2 years, 67 rounds secured $4.2 billion, highlighting growth in both deal volume and capital.
Top Autoimmune Venture Funding in 2024
Alumis – Series C – $259M – March 2024
Alumis secured $259 million in series C funding to advance its TYK2 inhibitor ESK-001 into Phase III trials for autoimmune diseases. Backers included Foresite, Samsara, venBio, Cormorant, SR One, Lilly Asia Ventures, and AyurMaya. The round strengthens its position against TYK2 competitors BMS and Takeda. Alumis previously raised $200 million for Phase II trials in psoriasis, SLE, and uveitis.
AltruBio – Series B – $225M – May 2024
AltruBio raised $225 million in an oversubscribed series B round to advance ALTB-268, a PSGL-1 agonist antibody for ulcerative colitis and other immunological diseases. Funding supports ongoing and planned Phase 2 trials. Investors included BVF Partners, RA Capital, Cormorant, Soleus, aMoon, and Blackstone.
Candid Therapeutics – Series B – $206M – September 2024
Candid Therapeutics raised $370 million, $206 million in series B funding and $170 million via acquisitions of Vignette Bio and TRC 2004 to advance its bispecific T cell engagers for B cell–driven autoimmune diseases. The round was co-led by Venrock, Fairmount, TCGX, and venBio Partners.
Autoimmune IPO Activity
Autoimmune IPO activity saw 5 listings in 2024, raising $905 million from 2 IPOs in 2023 that brought in $966 million. Across 2 years, 7 IPOs raised $1.9 billion.
Top Autoimmune IPO Activity in 2024
Kyverna Therapeutics – IPO – $366.9M – February 2024
Kyverna Therapeutics, a clinical-stage biotech developing cell therapies for autoimmune diseases, closed its upsized IPO, raising $367 million in gross proceeds. The offering included 16.675 million shares at $22 per share, reflecting the full exercise of the underwriters’ 2.175 million share option. Kyverna’s stock began trading on the Nasdaq Global Select Market under the ticker KYTX on February 8, 2024.
Alumis – IPO – $210M – June 2024
In one of the largest biotech IPOs of 2024, Alumis raised $210 million, despite pricing below its initial target. The company sold 13.1 million shares at $16 each, falling short of its planned 17.7 million shares priced between $16–$18. To bolster funding, Alumis secured an additional $40 million through a private stock sale to AyurMaya Capital Management, a key investor. The IPO supports the development of ESK-001, a TYK2 inhibitor positioned as a potential best-in-class competitor in the autoimmune space.
Zenas – IPO – $258.7M – August 2024
Zenas BioPharma (Nasdaq: ZBIO), a clinical-stage biopharma focused on immunology-based therapies, raised approximately $259 million in gross proceeds through its upsized IPO in September 2024. The offering included 15.2 million shares at $17.00 each, with trading commencing on the Nasdaq Global Select Market under “ZBIO.” Zenas sold all shares to support the development of its lead candidate, obexelimab, a bifunctional monoclonal antibody targeting CD19 and FcγRIIb for autoimmune diseases.
Also check out R&D Partnerships, M&A, Ventures & IPOs by TA – Autoimmune – 2023
