Throughout H1 2024, significant investments were made in cardiovascular disease drug and device development. R&D partnerships include Neomorph and Novo Nordisk’s $1.5 billion agreement to develop therapies for cardiometabolic and rare diseases, Argo Biopharmaceutical and Novartis’ $4 billion partnership on RNA-based therapies for cardiovascular diseases, and Gossamer Bio and Chiesi’s $486 million partnership focused on pulmonary arterial hypertension (PAH) and other respiratory conditions. In M&A, Johnson & Johnson acquired Shockwave Medical for $13.1 billion, Novo Nordisk bought Cardior Pharmaceuticals for $1.1 billion to enhance heart failure and hypertrophic cardiomyopathy treatments, and Nordson purchased Atrion Corporation for $815 million, gaining assets for structural heart, ENT, and GI procedures. Venture funding saw significant contributions, with Marea Therapeutics securing $190 million for phase 2 development of a cardiometabolic medicine, Basking Biosciences raising $55 million for stroke treatment development, and Vasa Therapeutics closing a $6 million seed round to advance therapies for cardiovascular aging.
Cardiovascular R&D Partnerships by Tech Grouping – H1 2024
H1 2024 the cardiovascular sector saw 7 R&D partnerships worth $6.6 billion. Biologics, antibodies, DNA, RNA, and proteins led with $4.2 billion from 2 deals, receiving $185 million in upfront cash and equity. Genomics and sequencing followed with $1.5 billion from 2 deals without upfront payments. Small molecule with 3 transactions added $974 million, supported by $350 million in upfront cash and equity.
Top Cardiovascular R&D Partnerships – H1 2024
Neomorph and Novo Nordisk Deal – February 2024
Neomorph and Novo Nordisk entered an exclusive, worldwide development and commercialization agreement for molecular glue degrader therapies targeting cardiometabolic and rare diseases. Neomorph will receive undisclosed upfront and near-term milestone payments and R&D funding. The deal’s potential value is $1.5 billion, including development milestones and tiered royalties.
Argo Biopharmaceutical and Novartis Deal – January 2024
Argo Biopharmaceutical granted Novartis exclusive, worldwide rights to develop and commercialize a phase I RNA-based therapy, with options for 2 additional therapies for cardiovascular diseases. Novartis also secured exclusive worldwide rights, excluding China, for phase 1/2a therapy. Argo will receive $185 million upfront and is eligible for up to $4 billion in option exercise fees, development, regulatory, commercial milestones, and royalties.
Gossamer Bio and Chiesi Deal – May 2024
Gossamer Bio granted Chiesi exclusive rights to develop and commercialize Seralutinib, targeting pulmonary arterial hypertension (PAH) and respiratory conditions. Development costs will be shared equally, except for the PROSERA Study, which Gossamer will fund. In the U.S., both parties will split commercial profits and losses 50/50, with Gossamer leading commercialization for PAH and PH-ILD. Gossamer will receive a $160 million development reimbursement and is eligible for up to $146 million in regulatory milestones and $180 million in commercial milestones.
Cardiovascular M&A by Tech Grouping – H1 2024
During H1 2024, cardiovascular had 5 M&As totaling $15.8 billion. Medtech, encompassing devices, digital health, and wearables, led with 3 deals valued at $14.5 billion without contingents. Biologics, antibodies, DNA, RNA, and proteins had 2 worth $1.3 billion, featuring $200 million in non-contingent cash.
Key Cardiovascular M&A – H1 2024
Johnson & Johnson Acquires Shockwave Medical – April 2024
J&J acquired Shockwave Medical for approximately $13.1 billion. Shockwave’s assets include medical devices such as Shockwave C2+, Shockwave IVL, and Shockwave L6 for treating calcified cardiovascular diseases. Shockwave will operate as a business unit within Johnson & Johnson medtech. Stakeholders will receive $335 per share in cash, representing a 4.7% one-day premium. The acquisition was completed on May 31, 2024.
Novo Nordisk Acquires Cardior Pharmaceuticals – March 2024
Novo Nordisk is acquiring Cardior Pharmaceuticals, whose critical assets include phase II CDR132L for heart failure and preclinical therapies CDR348T and CDR641L for hypertrophic cardiomyopathy. Cardior will receive up to EUR 1.0 billion (approximately $1.1 billion) in upfront payments, development, and commercial milestones.
Nordson Acquires Atrion Corporation – May 2024
Nordson is acquiring Atrion Corporation for $815 million. The acquisition includes the myocardial protection system, LacriCATH, MPS2, stent deployment, and fluid delivery systems for structural heart, ENT, and GI procedures. Atrion stakeholders will receive $460 per share in cash, reflecting a 15% premium over the 90-day average. Atrion’s three largest stockholders hold approximately 22% of the outstanding shares.
Cardiovascular Venture Investments by Tech Grouping – H1 2024
In H1 2024, venture funding in cardiovascular disease totaled $251 million across 4 rounds. Most of this investment, $245 million, went to biologics and related technologies across 3 rounds, including antibodies, DNA, RNA, and proteins. In contrast, small molecules received $6 million in a single round.
Prominent Cardiovascular Venture Investments – H1 2024
Marea Therapeutics – Series B – $190M – June 2024
Marea Therapeutics launched with $190 million in funding, including contributions from series A, led by Third Rock Ventures, and series B, directed by Sofinnova Investments, co-led by Forbion, Perceptive Xontogeny Venture Fund, and venBio. This funding will support phase 2 activities for Marea’s lead program, MAR001, a monoclonal antibody (mAb) targeting ANGPTL4 to reduce triglycerides, remnant cholesterol, and ectopic fat and improve insulin sensitivity. Marea leverages genetics and expertise in adipose biology to address central drivers of cardiometabolic diseases.
Basking Biosciences – $55M Financing – February 2024
Basking Biosciences secured $55 million led by ARCH Venture Partners, with participation from Insight Partners, Platanus, Solas BioVentures, RTW Investments, Longview Ventures, Rev1 Ventures, and Ohio State University. The funds will accelerate the clinical development of BB-031, a reversible RNA aptamer targeting von Willebrand Factor (vWF), designed for rapid onset and short duration of effect.
Vasa Therapeutics – Seed Funding – $6M – January 2024
Vasa Therapeutics, based in Encinitas, CA, closed a $6 million seed funding round led by Orphinic Scientific, with participation from NuFund Venture Group, SeedFolio, and other private investors, supplemented by $2.3 million in non-dilutive grants. Vasa is developing therapies targeting cardiovascular aging, including VS-041, a potential personalized medicine for heart failure with preserved ejection fraction (HFpEF). In preclinical models, VS-041 reduced cardiac fibrosis and inhibited PRO-C6 release, a biomarker of poor outcomes in HFpEF patients. A phase 1 trial for VS-041 is planned for Q2 2024.