Biopharma M&A remained busy in 2024, but on smaller deal values. Acquisitions focused on autoimmune diseases, oncology, ophthalmology, and rare diseases. In April, Vertex Pharmaceuticals acquired Alpine Immune Sciences for $4.9 billion, adding immunotherapy assets for lupus and thrombocytopenia. Gilead completed its $4.3 billion acquisition of CymaBay in March, securing seladelpar for primary biliary cholangitis (PBC).
Eli Lilly finalized its $3.2 billion acquisition of Morphic in August, strengthening its IBD and oncology pipeline. Merck expanded into ophthalmology with its $3 billion acquisition of EyeBio, completed in July. Lastly, Novartis completed its $2.9 billion acquisition of MorphoSys in April, adding Monjuvi for lymphoma and other oncology assets.
During 2024, biopharma therapeutics and platform mergers hit 96 deals totaling $62.6 billion, including contingency payments and $49.9 billion when counting only upfront cash and equity, with an average upfront of $831 million.
By comparison, in 2023, there were 107 more deals, totaling $155.0 billion with contingents, $145.4 billion in upfront payments, and a much higher average upfront of $2.2 billion.
The two-year period comprised 203 deals for $217.6 billion (with contingents) and $195.2 billion (without contingents), reflecting a drop in deal value and per-deal upfronts from 2023 to 2024.
M&A Deals by Subsector
In 2024, the biopharma therapeutics and discovery platforms led with 129 deals worth a combined $64.4 billion, followed by manufacturing tech and others with 148 deals ($30.6 billion), medtech, devices, digital therapeutics, and wearables with 74 deals ($27.1 billion), and diagnostics, sequencing, omics, and tools with 101 deals ($15.9 billion).
By contrast, 2023 saw fewer deals in most categories, 125 in Biopharma ($160.0 billion), 44 in manufacturing tech and others ($25.2 billion), 50 in medtech, devices, digital therapeutics, and wearables ($17.1 billion), and 55 in diagnostics, sequencing, omics, and tools ($13.2 billion) yet biopharma’s total value was substantially higher that year. While deal counts generally rose from 2023 to 2024, total values dropped in 2024.
Top Biopharma Modalities M&A in 2024
In 2024, small‐molecule therapies made the biggest splash with 42 deals, contributing a hefty $23.8 billion in total M&A value (including contingency payments) and an average upfront $855 million. Biologics, including antibodies, DNA, RNA, and proteins, followed closely behind with 36 deals and nearly $23 billion, though at a more modest average upfront of $757 million.
The top modality was small molecule, at $21.4 billion. Immunotherapy logged only 4 deals among smaller but notable categories yet commanded an average of $2.2 billion upfront. Cell therapy, gene therapy, and gene editing deals were fewer and smaller, reflecting more specialized investments, while genomics and sequencing transactions were minimal.
The 93 deals in 2024 amounted to $56.9 billion (with contingents) and $46.7 billion (without contingents), with an average upfront of $4.3 billion.
TOP M&A in 2024
Vertex Pharmaceuticals acquiring Alpine Immune Sciences – April 2024
Vertex Pharmaceuticals announced in April 2024 its acquisition of Alpine Immune for $4.9 billion, offering $65 per share, representing a 38.18% premium. Alpine’s key assets include Acazicolcept (ALPN-101) in Phase II for Systemic Lupus Erythematosus and Povetacicept (ALPN-303) in Phase 1/2b for Lupus Nephritis and Phase 1b for immune thrombocytopenia, idiopathic thrombocytopenic purpura (ITP), and autoimmune hemolytic anemia. This acquisition strengthens Vertex’s immunotherapy and protein-based treatment pipeline, particularly in autoimmune and renal indications.
Gilead acquiring CymaBay for $4.3B – February 2024
Gilead announced the acquisition of CymaBay for $4.3 billion, offering $32.50 per share at a 27% premium. CymaBay’s lead candidate, seladelpar, is an oral, selective PPARδ agonist in Phase III for primary biliary cholangitis (PBC), including pruritus. The drug has received priority review from the FDA, with a PDUFA date of August 14, 2024, and holds PRIME status (EMA) and Orphan Drug Designation (FDA). The acquisition was completed on March 24, 2024, strengthening Gilead’s liver disease portfolio with a promising small-molecule therapy.
Eli Lilly acquiring Morphic – July 2024
Eli Lilly announced the acquisition of Morphic for $3.2 billion, offering $57 per share at a 79% premium. Morphic’s lead program, MORF-057, is a Phase II A4B7 integrin inhibitor for inflammatory bowel disease (IBD). The company also has several preclinical programs, including MORF-088, a small molecule integrin AvB8 inhibitor for myelofibrosis and solid tumors, as well as undisclosed integrin and cytokine-targeting programs for IBD, ulcerative colitis, Crohn’s disease, pulmonary hypertension, and eosinophilic gastrointestinal diseases (EGID). The acquisition was completed on August 16, 2024, expanding Lilly’s autoimmune and oncology pipeline with innovative small-molecule therapies.
Merck acquiring EyeBio – May 2024
Merck announced the acquisition of EyeBio in a deal worth up to $3 billion, including $1.3 billion upfront and up to $1.7 billion in development, regulatory, and sales milestone payments. EyeBio’s lead asset, Restoret, is a Phase Ib/IIa antibody therapy targeting diabetic macular edema (DME) and age-related macular degeneration (AMD), along with preclinical programs for retinal diseases. The acquisition was completed on July 12, 2024, strengthening Merck’s ophthalmology pipeline with innovative antibody-based treatments.
Novartis acquiring MorphoSys for $2.9B – February 2024
Novartis announced the acquisition of MorphoSys for €2.7 billion ($2.9 billion), offering €68 ($73.18) per share at an 18% premium. The acquisition includes Monjuvi, a CD19 inhibitor approved for diffuse large B-cell lymphoma (DLBCL) and in late-stage trials for follicular and marginal zone lymphoma, as well as pelabresib, a late-stage BET inhibitor for myelofibrosis, and tulmimetostat, an early-stage EZH2/EZH1 dual inhibitor for solid tumors and lymphomas. The deal, subject to regulatory approvals and a 65% shareholder acceptance threshold, was completed on April 11, 2024, strengthening Novartis’ oncology pipeline with antibody and small-molecule therapies.
Also check out M&A – Biopharma Therapeutics & Platforms – 2023
