DealForma’s review of biopharma therapeutics and platform R&D partnerships in 2024 highlights high-value collaborations on innovative therapies across various disease areas. In November, Arrowhead Pharmaceuticals and Sarepta Therapeutics entered a partnership worth $11.4 billion to develop treatments for rare and genetic diseases, including musculoskeletal, central nervous system (CNS), and pulmonary conditions. In July, GSK teamed up with Flagship Pioneering in a $7.3 billion deal to develop up to 10 transformative medicines and vaccines targeting respiratory and immunology-related diseases.
In May, Jiangsu Hengrui Pharmaceuticals and Kailera (Hercules CM NewCo) formed a $6 billion licensing agreement for GLP-1 therapies aimed at undisclosed targets. Argo Biopharmaceuticals and Novartis struck a deal in January valued at up to $4.2 billion for RNA-based therapies focused on cardiovascular diseases. Prime Medicine and Bristol Myers Squibb’s subsidiary, Juno Therapeutics, entered an agreement worth up to $3.6 billion to develop ex vivo T-cell therapies in September.
In 2024, 434 biopharma therapeutics and platform R&D partnerships were formed, worth $182.5 billion. $13.1 billion was paid upfront, with an average of $86 million.
By comparison, in 2023, there were 435 deals totaling $173.7 billion, with $12.3 billion upfront and a slightly higher average upfront of $91 million.
Overall, across these two years combined, the industry saw 869 deals worth $356.2 billion, with $25.3 billion paid in upfront cash and equity.
Biopharma R&D Partnerships $100M+ Club
In 2024, there were 30 high-value R&D deals (each with $100 million or more in upfront cash and equity), totaling $64.6 billion in deal value and $9.4 billion in upfront payments, with an average deal value of $2,154 million.
By comparison, 2023 saw 23 deals worth $61.0 billion, featuring $8.6 billion in upfront amounts and a higher average deal value of $2,653 million. Altogether, these 53 significant partnerships across both years represent $125.6 billion in total deal value and $18.0 billion in upfront payments.
Total Deal Values for R&D Partnerships by Subsector
In 2024, R&D partnerships totaled 681, with therapeutic platforms and biopharma accounting for 411 deals, diagnostics (189), manufacturing tech (53), and medtech (28). These partnerships amounted to $155.1 billion in the therapeutic-biopharma segment, $25.8 billion in diagnostics, $13.4 billion in manufacturing tech, and $100 million in medtech.
By comparison, 2023 saw 659 collaborations, led by 446 in therapeutics, 148 in diagnostics, 35 in medtech, and 30 in manufacturing, for deal values of $163.1 billion (therapeutics), $16.6 billion (diagnostics), $8.5 billion (manufacturing), and $100 million (medtech). The industry reached 1,340 R&D partnerships worth $382.7 billion across 2 years.
Top R&D Partnerships – 2024
Arrowhead-Sarepta Collaboration – $11.4B Partnership – November 2024
Arrowhead Pharmaceuticals granted Sarepta Therapeutics exclusive global rights to develop and commercialize multiple rare and genetic disease programs, including four Phase I/II and III preclinical therapies targeting musculoskeletal, CNS, and pulmonary diseases. Under 5 partnerships, Sarepta can select up to 6 programs, with Arrowhead handling discovery, preclinical research, and clinical drug manufacturing using its TRiM platform. Sarepta will fund select development costs. Arrowhead will receive $500 million upfront, $325 million in equity premium, a $250 million annual fee over 5 years, and up to $10 billion in milestones.
GSK-Flagship Pioneering Partnership – $7.3B Partnership – July 2024
GSK partnered with Flagship Pioneering to develop up to 10 transformative medicines and vaccines, initially targeting respiratory and immunology. The research will leverage Flagship’s platform companies and novel technologies. Both companies will jointly fund up to $150 million upfront, with GSK holding exclusive licensing rights to all 10 programs. If exercised, Flagship and its platform companies could receive up to $720 million per program upfront ($7.2 billion total upfront for all 10 programs), development, and sales milestones, plus tiered royalties and preclinical funding.
Hengrui-Kailera GLP-1 Licensing Deal – $6B Potential – May 2024
Jiangsu Hengrui Pharmaceuticals granted Kailera (Hercules CM NewCo) exclusive rights (excluding Greater China) to develop and commercialize three GLP-1 therapies for undisclosed targets. Hengrui will receive $100 million upfront and a 19.9% equity stake in Hercules, along with $10 million upon technology transfer, $200 million in development and regulatory milestones, and up to $5.7 billion in sales milestones, plus tiered royalties.
Argo-Novartis RNA Therapy Deal – Up to $4.2B – January 2024
Argo Biopharmaceuticals granted Novartis exclusive global rights to develop and commercialize a Phase I RNA-based cardiovascular therapy, with an option for two additional therapies. Novartis also secured exclusive rights (excluding China) for Phase 1/2a therapy. Argo will receive $185 million upfront and is eligible for up to $4.0 billion in option fees, development, regulatory, commercial milestones, and undisclosed royalties.
Prime Medicine-BMS (Juno) T-Cell Therapy Deal – Up to $3.6B – September 2024
Prime Medicine granted Juno Therapeutics (a BMS subsidiary) exclusive rights to develop and commercialize ex vivo T-cell therapies using its PASSIGE and Prime editing technology for undisclosed targets. Under the agreement, Prime Medicine will design Prime Editor reagents, while BMS will handle development, manufacturing, and commercialization. Prime will receive $55 million upfront and a $55 million equity investment (11 million shares). The deal includes up to $185 million in preclinical milestones, $1.2 billion in development milestones, and over $2.1 billion in milestones, plus royalties.
Also check out R&D Partnerships – Biopharma Therapeutics & Platforms – 2023
