Healthcare and Life Sciences Q1 2023 Review: Mergers & Acquisitions

Healthcare and Life Sciences Q1 2023 Review Mergers Acquisitions

First quarter 2023 deal activity followed very similar trends from 2022 with continued declines in venture investment and dealmaking. One area that did pick up slightly in the total Q1 numbers was biopharma M&A, mainly driven by early January acquisition activity and Pfizer/Seagen. M&A came in at 58 acquisitions in Q1 2023 vs. 66 in Q4 2022.

M&A Deals In Q1 2023 Expected to Reshape Industry Progress

MA Deals In Q1 2023 Expected to Reshape Industry Progress

$57.8 billion in total M&A deal values in 58 deals, which is lower in comparison to Q4 of 2022, both in amount, $61.7 billion, and the number of deals, 66 in the prior quarter. M&A deals were highest in Q2 of 2019 in the last five years, and it was $104.7 billion with 91 deals, whereas the highest number of M&A deals were witnessed in Q4 of 2020, which were 140. Upfront cash and equity in M&A deals in Q1 2023 came in at $55.7 billion in total, without considering any potential earn-outs or contingent payments. This was lower than $57.4 billion in upfront payments recorded in Q4 2022.

M&A Deals so far in 2023

  • In March 2023, Pfizer announced its acquisition of Seagen focused on developing cancer treatments for $43 billion. The acquisition of Seagen is expected to significantly boost Pfizer’s access to cancer drugs, as Seagen has a strong pipeline of targeted cancer therapies.
  • Sanofi announced a $2.9 billion acquisition for Provention Bio. The deal, expected to be completed in the second half of 2023, will see Sanofi pay $25 per share in cash for Provention Bio, reflecting an equity value of nearly $3 billion.
  • Italian pharmaceutical company Chiesi Farmaceutici announced that it has signed a definitive agreement to acquire Amryt Pharma in a deal valued at up to $1.48 billion. The acquisition is expected to be completed in the first half of 2023, subject to conditions and regulatory approvals.
  • AstraZeneca announced its agreement to acquire CinCor Pharma for as much as $1.8 billion. The acquisition aims at promising new treatment for hypertension and kidney disease, marking AstraZeneca’s first sizable deal since the $39 billion takeover of rare-disease specialist Alexion Pharmaceuticals.
  • Amgen acquired Horizon Therapeutics for $27.8B. The deal was announced in 2022 and is expected to close in 2023.

All of this by stage, disease indication, modality, target…

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