Our Q3 2024 analysis highlights critical R&D partnership activity in biopharma therapeutics and platforms, focusing on the most impactful deals of the quarter. GSK joined Flagship Pioneering to develop up to 10 novel therapies for respiratory and autoimmune diseases, with $150 million in joint funding and potential earnings of up to $720 million per program for Flagship. Dren Bio partnered with Novartis to drive bispecific antibody programs for cancer, securing $125 million upfront, $25 million in equity, and a potential $2.9 billion in milestones.
ImmuneOnco and Instil Bio entered a deal on solid tumor therapies, with ImmuneOnco receiving $10 million upfront and a milestone potential of $2.1 billion. Sangamo licensed Genentech rights to its zinc finger repressors for Alzheimer’s and other neurology targets, with $50 million upfront and up to $1.9 billion in milestones. CureVac extended its GSK collaboration, providing exclusive rights to mRNA vaccines for influenza and COVID-19, securing €400 million ($432 million) upfront and €1.05 billion ($1.1 billion) in milestones. Details to follow.
Biopharma Therapeutics and Platform Companies R&D Partnerships
In Q3 2024, biopharma therapeutics and platform companies secured 98 R&D partnerships worth $37.5 billion, with $1.6 billion in upfront payments. This is a slight drop from Q2 2024, which recorded 120 deals totaling $40.9 billion and $2.3 billion in upfront payments.
In the last 2 quarters of 2024, biopharma R&D partnerships totaled 218 deals, valued at $78.4 billion, with $3.9 billion in upfront payments. While Q3 saw a slight decline in deal count and financials, the overall activity remained strong.
Biopharma Tx vs. Other Technologies Group Subsector R&D Partnerships
Therapeutic platforms and biopharma led the sector in 2024 with 280 partnerships worth $90 billion, down from 434 deals valued at $156.2 billion in 2023. Meanwhile, MedTech, devices, digital therapeutics, and wearables saw limited activity, with only 20 deals totaling $100 million, unchanged from the 35 deals recorded in 2023.
In 2024, diagnostics, sequencing, omics, and tools recorded 123 deals worth $17.5 billion, surpassing 2023’s 144 deals at $16.6 billion. Manufacturing tech and others saw 30 deals in 2024, valued at $5.9 billion, compared to 28 deals worth $8.3 billion in 2023. While overall partnership volume and value were higher in 2023, subsectors like diagnostics and manufacturing tech experienced growth in 2024.
Top Modalities in Biopharma R&D Partnerships – 2023-24 YTD
Biologics, antibodies, and DNA/RNA technologies led the sector in both years, with 194 deals valued at $92.5 billion in 2023 and 98 deals totaling $51.6 billion in 2024 YTD. Small molecules followed, with 123 deals worth $40.2 billion in 2023 and 88 deals at $22.2 billion in 2024 YTD. Cell therapy saw a slight drop in deal count (31 in 2023 vs. 29 in 2024 YTD) but increased in value from $5 billion to $9.6 billion. Genomics, sequencing, and screening deals decreased from 52 in 2023 to 38 in 2024 YTD, with values dropping from $14.1 billion to $12.6 billion. Other modalities, including gene editing and gene therapy, saw reduced deal counts and values, while immunotherapy remained stable with 13 deals each year, deal values fell from $1.8 billion to $800 million.
Top Biopharma Therapeutics and Platforms R&D Partnerships – Q3 2024
GSK research partnership with Flagship Pioneering – July 2024
GSK partnered with Flagship Pioneering to develop up to 10 vaccines and therapies targeting respiratory and autoimmune diseases. The collaboration includes $150 million in joint funding, with GSK holding an exclusive licensing option. Flagship could earn up to $720 million per program in milestones, preclinical support, and royalties.
Dren Bio development and commercialization deal with Novartis – July 2024
Dren Bio granted Novartis exclusive rights to develop and commercialize bispecific antibodies for cancer. Dren will advance myeloid engager programs to clinical selection, with Novartis leading further development. Financials include $125 million upfront, $25 million in equity, and up to $2.9 billion in milestones, plus royalties.
ImmuneOnco development and commercialization – August 2024
ImmuneOnco granted Instil Bio exclusive global rights (excluding Greater China) for two solid tumor therapies, IMM-2510 and IMM-27M. ImmuneOnco receives $10 million upfront and is eligible for $40 million in the near term, $270 million in development, and $1.8 billion in commercial milestones, plus royalties.
Sangamo Therapeutics development and commercialization deal with Genentech – August 2024
Sangamo licensed Genentech’s zinc finger repressors for Alzheimer’s and AAV capsid STAC-BBB for neurology. Sangamo will conduct preclinical activities, while Genentech will manage development and commercialization. Sangamo receives $50 million upfront, with potential for $1.9 billion in milestones, plus royalties.
CureVac development and commercialization deal with GSK for mRNA vaccines – July 2024
CureVac gave GSK exclusive global rights to mRNA vaccines for influenza and COVID-19, including combinations. Current candidates are in phase 2 (seasonal influenza, COVID-19) and phase 1 (avian influenza). CureVac retains rights for other infectious targets. The deal includes €400 million ($432 million) upfront and up to €1.05 billion ($1.1 billion) in milestones, plus royalties.
Also check out Biopharma Therapeutics and Platforms R&D Partnerships – Q2 2024
