Our H2 2024 cardiovascular review highlights significant R&D partnerships, M&A, and venture funding activity.
CSPC licensed AstraZeneca global rights for its Lp(a) disruptor for coronary artery disease and stroke, with $100 million upfront and $1.9 billion in milestones. Cytokinetics partnered with Bayer to develop Aficamten for hypertrophic cardiomyopathy in Japan, receiving $53 million upfront and potential payouts exceeding $664 million. Korro Bio and Novo Nordisk teamed up for RNA-based cardiometabolic therapies valued at up to $530 million.
In M&A, Johnson & Johnson acquired V-Wave for $600 million upfront plus $1.1 billion in milestones, and Edwards Lifesciences added JenaValve for a combined $1.6 billion with Endotronix. Quest Diagnostics purchased LifeLabs for $985 million, retaining its Canadian HQ.
On the venture side, Cardurion raised $260 million to advance novel heart failure therapies, Kestra Medical secured $196 million to commercialize its wearable defibrillator, and Imperative Care garnered $150 million to expand its digital health platform for stroke recovery.
Cardiovascular R&D Partnerships – H2 2024
In Q4, only 2 deals were completed, but they delivered a significant $2.7 billion total value, including $153 million in upfront cash and equity. In contrast, Q3 saw 5 partnerships totaling $1.1 billion, with $14 million upfront, these 7 deals have generated $3.7 billion YTD.
Top Cardiovascular R&D Partnerships in H2 2024
CSPC development and commercialization deal with AstraZeneca – October 2024
CSPC Pharmaceutical granted AstraZeneca exclusive global rights to develop and commercialize its preclinical oral Lp(a) disruptor, YS-2302018, for cardiovascular diseases, including coronary artery disease and stroke. The deal includes a potential combination with AstraZeneca’s PCSK9 inhibitor, AZD-0780. CSPC will receive $100 million upfront and is eligible for up to $1.9 billion in milestones.
Cytokinetics development and commercialization deal with Bayer – November 2024
Cytokinetics granted Bayer rights to develop and commercialize Aficamten, a cardiac myosin inhibitor, in Japan for obstructive and non-obstructive hypertrophic cardiomyopathy (HCM). Aficamten targets myocardial hypercontractility by reducing active actin-myosin cross-bridges. Bayer will lead a Phase III trial for obstructive HCM in Japan. Cytokinetics will receive €50 million ($53 million) upfront and is eligible for up to €90 million ($95 million) in development and launch milestones, including €20 million ($21 million) in near-term payments. Additional milestones could total €490 million ($517 million).
Korro Bio development and commercialization deal with Novo Nordisk – September 2024
Korro Bio partnered with Novo Nordisk to develop two cardiometabolic therapies, leveraging Korro’s OPERA RNA editing platform and Novo Nordisk’s expertise in cardiometabolic drug development. It’ll receive up to $530 million in total payments, encompassing upfront fees, R&D funding, development, commercialization milestones, and tiered royalties.
Cardiovascular M&A – H2 2024
Cardiovascular M&A activity in H2 2024 saw a sharp decline in Q4 compared to Q3. In Q4 quarter-to-date, only 3 deals have been recorded, with no contingent or upfront cash payments. This starkly contrasts with Q3, which saw 12 deals totaling $5 billion, including $3.4 billion in upfront cash with no contingents. Overall, H2 2024 has logged 15 deals, maintaining a total value of $5 billion.
Top Cardiovascular M&A in H2 2024
Johnson & Johnson acquiring V-Wave – August 2024
Johnson & Johnson acquired V-Wave, including its lead asset, the Ventura Interatrial Shunt (IAS), an implantable device for congestive heart failure, and RELIEVE-HF, under clinical evaluation for advanced heart failure. The deal includes $600 million upfront and up to $1.1 billion in potential regulatory and commercial milestones.
Edwards Lifesciences acquiring JenaValve – July 2024
Edwards Lifesciences acquired JenaValve, a company specializing in transcatheter aortic valve replacement (TAVR) systems for aortic valve disease. While the specific deal value for JenaValve remains undisclosed, the combined acquisition of JenaValve and Endotronix totals $1.6 billion, including $1.2 billion upfront in cash and up to $445 million tied to milestone achievements.
Quest Diagnostics acquiring LifeLabs – July 2024
Quest Diagnostics acquired LifeLabs from OMERS for CAD 1.4 billion ($985 million), including net debt. LifeLabs provides various diagnostic services, including the SmartVascular Dx test, omega-3 fatty acid test, ambulatory blood pressure monitoring, HPV test, QuantiFERON-TB Gold, Signatera, PSA test, and SelectMDx. LifeLabs will retain its brand, Canadian headquarters, and management team post-acquisition.
Cardiovascular Venture Funding – H2 2024
Cardiovascular venture funding in H2 2024 has slowed significantly in Q4. Only 7 funding rounds raised $167 million, a sharp drop from Q3’s 21 rounds, which brought in $1.1 billion. Overall, H2 2024 recorded 28 rounds, raising $1.3 billion, with Q3 accounting for the bulk of the funding.
Top Cardiovascular Venture Funding in H2 2024
Cardurion Pharmaceuticals – Series B – $260M – July 2024
Cardurion Pharmaceuticals, a clinical-stage biotech, secured $260 million in series B funding. The round was led by Ascenta Capital, with participation from new investors NEA, GV, Fidelity, Millennium, Farallon, Invus, Blue Owl Healthcare Opportunities, Delos Capital, and Digitalis Ventures, alongside existing investors Bain Capital Life Sciences and Bain Capital Private Equity. The funding will advance late-stage clinical trials for two lead candidates: a first-in-class PDE9 inhibitor for heart failure and the first clinical-stage CaMKII inhibitor, offering broad therapeutic potential.
Kestra Medical – Series Unspecified – $196M – July 2024
Kestra Medical Technologies raised $196 million to expand the commercialization of its ASSURE Wearable Cardioverter Defibrillator (WCD), designed for autonomous detection and defibrillation of ventricular arrhythmias. The funding was co-led by Andera Partners, Ally Bridge Group, Longitude Capital, and Omega Funds, with support from Bain Capital and Endeavour Vision.
Imperative Care – Series E – $150M – July 2024
Imperative Care, a medical technology company, secured an oversubscribed series E financing led by Ally Bridge Group, with existing investors including AMED Ventures, D1 Capital Partners, and Bain Capital Life Sciences. The round could reach $150 million with additional closings. Funds will support its Kandu Health platform, offering remote monitoring and support to help stroke and vascular disease patients transition from hospital to home.
Also check out Cardiovascular R&D Partnerships, M&A, and Ventures – H1 2024 Review
