Our H1 2024 analysis of the cardiovascular sector explores notable M&As, R&D partnerships, and ventures. Johnson & Johnson completed a $13.1 billion acquisition of Shockwave Medical, expanding its portfolio in medical devices for treating calcified cardiovascular diseases. Novo Nordisk acquired Cardior Pharmaceuticals for up to €1.025 billion ($1.11 billion), gaining key assets in heart failure and hypertrophic cardiomyopathy treatments. Nordson’s $815 million acquisition of Atrion Corporation enhanced its capabilities in myocardial protection and stent deployment technologies.
On the R&D front, Argo Biopharmaceutical partnered with Novartis in a deal potentially worth $4.0 billion to advance RNA-based cardiovascular therapies. Neomorph and Novo Nordisk also collaborated on developing molecular glue degraders for cardiometabolic and rare diseases, with their partnership valued at $1.5 billion. Gossamer Bio and Chiesi joined forces to develop and commercialize Seralutinib for pulmonary hypertension, with Gossamer eligible for up to $486 million in milestones.
In ventures, Marea Therapeutics launched with $190 million in series A and B funding to support its cardiometabolic disease therapies. Ji Xing Pharma raised $162 million to advance cardiovascular and ophthalmology products in China, and Impulse Dynamics secured $136 million to further develop its heart failure treatment technologies.
Cardiovascular R&D partnerships
During H1 2024 our data had 14 cardiovascular R&D partnerships with a total deal value of $7.0 billion, including $500 million in upfront cash and equity. By comparison, 2023 saw 19 deals for a higher total of $10.6 billion, with $900 million in upfront cash and equity. Combined 33 deals amounted to $17.6 billion in total, with $1.4 billion in upfront cash and equity.
Cardiovascular M&A
In H1 2024, 8 cardiovascular M&As were completed, totaling $15.8 billion including contingents and $14.7 billion excluding them. In comparison, 2023 had 14 deals with a combined value of $11.2 billion with contingents, and $10.4 billion without them. Across both periods, there were 22 deals, amounting to $27.1 billion with contingents and $25.1 billion without.
Top Therapy Areas in M&A – 2023-2024 YTD
Between 2023 and H1 2024, cardiovascular-focused M&A activity stood out with 22 deals totaling $27.1 billion, including contingent payments ($25.1 billion excluding them). While cancer led with 100 deals amounting to $96.1 billion with contingents ($91.1 billion without), and neurologic therapies followed with 56 deals worth $38.3 billion with contingents ($35.8 billion without), the cardiovascular demonstrated strong momentum. Autoimmune saw 16 deals totaling $29.3 billion with contingents ($28.1 billion without), while endocrine and metabolic recorded 20 deals, raising $13.6 billion with contingents ($9.6 billion without).
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Cardiovascular Venture Activity
During H1 2024, 37 funding rounds in the cardiovascular sector raised $1.3 billion, a decrease from the 89 rounds that brought in $2.3 billion in 2023. Overall, 126 funding rounds across both periods generated $3.6 billion, highlighting a decline in both the number of rounds and the capital raised in H1 2024 for cardiovascular.
Top Therapeutic Areas for Venture by Total Value – 2023-2024 YTD
From 2023 through H1 2024, substantial venture funding was allocated across top therapeutic areas, following is their breakdown based on our analysis:
- Cancer led with 247 funding rounds, raising $13.8 billion.
- Neurologic ventures secured nearly $4.0 billion across 86 rounds.
- Endocrine and metabolic raised $2.9 billion from 38 rounds.
- Autoimmune therapies attracted $2.8 billion through 41 rounds.
- Pulmonary ventures brought $2.1 billion across 19 rounds.
- Ophthalmic ventures secured $1.9 billion from 34 rounds.
- Dermatology saw 15 rounds raising $1.8 billion.
- Inflammation concluded 25 rounds raising $1.6 billion.
- Infectious diseases completed 51 rounds raising $1.5 billion.
- Cardiovascular ventures had 26 rounds, raising $1.1 billion.
Overall, these accounted for 626 funding rounds, raising a total of $35.5 billion.
Top Cardiovascular M&A Deals – H1 2024
Johnson & Johnson acquired Shockwave Medical – April 2024
Johnson & Johnson has acquired Shockwave Medical, which specializes in medical devices for calcified cardiovascular diseases, including key products like Shockwave C2+, IVL, and L6. The deal, completed on May 31, 2024, is valued at approximately $13.1 billion, with Shockwave stakeholders receiving $335 per share, representing a 4.7% premium. Shockwave will continue operating as a business unit within Johnson & Johnson medtech.
Novo Nordisk acquiring Cardior Pharmaceuticals – March 2024
Novo Nordisk is acquiring Cardior Pharmaceuticals, whose key assets include the phase II heart failure treatment CDR132L and preclinical therapies CDR348T and CDR641L for hypertrophic cardiomyopathy. Cardior will receive up to EUR 1.025 billion (approximately $1.11 billion) in upfront payments, development, and commercial milestones.
Nordson acquiring Atrion Corporation – May 2024
Nordson is acquiring Atrion for $815 million, offering $460 per share in cash, reflecting a 15% premium over the 90-day average but a negative one-day premium. The acquisition gives Nordson access to key medical technologies, including the myocardial protection system, LacriCATH, MPS2, stent deployment, and fluid delivery systems for structural heart, ENT, and GI procedures. Atrion’s three largest stockholders, holding 22% of the outstanding shares, are part of the deal.
Top Cardiovascular R&D Partnerships – H1 2024
Argo Biopharmaceutical and Novartis Partnership – January 2024
Argo Biopharmaceutical granted Novartis exclusive worldwide rights to develop and commercialize a phase I RNA-based therapy for cardiovascular diseases, with an option for 2 additional therapies. Argo will receive $185 million upfront and could earn up to $4.0 billion through option exercise fees, development, regulatory, commercial milestones, and royalties.
Neomorph and Novo Nordisk Collaboration – February 2024
Neomorph partnered with Novo Nordisk, giving them exclusive global rights to develop and commercialize molecular glue degrader-based therapies for cardiometabolic and rare diseases. Neomorph will lead the discovery and preclinical phases, while Novo Nordisk will handle further clinical development and commercialization. The deal includes undisclosed upfront payments, R&D funding, and potential milestone payments, totaling up to $1.5 billion, plus royalties.
Gossamer Bio and Chiesi Alliance – May 2024
Gossamer Bio granted Chiesi worldwide rights to develop and commercialize Seralutinib for pulmonary arterial hypertension (PAH) and other respiratory conditions. Both companies will share development costs, except for the PROSERA Study, which Gossamer will fund. In the U.S., they will split commercial profits and losses, with Gossamer leading PAH and PH-ILD commercialization. Gossamer will receive $160 million in development reimbursement and could earn up to $146 million in regulatory and $180 million in commercial milestones, along with royalties.
Top Cardiovascular Venture Investments – H1 2024
Marea Therapeutics Series B Funding – June 2024
Marea Therapeutics secured $190 million in combined series A and B. Series A was led by Third Rock Ventures, while series B was led by Sofinnova Investments and co-led by Forbion, Perceptive Xontogeny Venture Fund, and venBio. This funding will support phase 2 development of MAR001, targeting remnant cholesterol reduction in adults with metabolic dysfunction and high cardiovascular risk, along with other pipeline advancements. Marea Therapeutics specializes in first-in-class, next-generation medicines for cardiometabolic diseases using advanced human genetics.
 Ji Xing Pharma Series D Funding – January 2024
Ji Xing Pharma raised $162 million in a series D round co-led by Bayer Aktiengesellschaft and RTW Investments. Bayer contributed $35 million, and RTW provided $127 million. Ji Xing Pharma, a biopharmaceutical company focused on innovative medicines for serious diseases in China, will allow Bayer first negotiation rights to commercialize its cardiovascular and ophthalmology pipeline products.
Impulse Dynamics Series Unspecified Funding – February 2024
Impulse Dynamics, a global medical device company specializing in heart failure (HF) treatment, raised $136 million to advance global commercialization, technology, and clinical evidence development. The funding, led by Perceptive Advisors, Redmile Group, Alger, and Hobart Healthcare, will support key clinical trials like INTEGRA-D and AIM HIGHer, focused on evaluating the safety and efficacy of combined CCM and ICD therapy for HF patients.
