Healthcare & Life Sciences Sector: Quarterly Overview

Healthcare Life Sciences Sector Quarterly Overview

The biopharmaceutical industry outlook for the new quarter remains dynamic and promising, characterized by significant deals in the first half. Galderma’s private placement of $1 billion aims to strengthen its dermatology position and leverage its integrated strategy. ElevateBio’s successful $401 million Series D financing round drives the development of advanced cell and gene therapies. IPOs by Cutia Therapeutics and ACELRYN, raising $59 million and $621 million, respectively, demonstrate market confidence in innovative skin and immunology medicines. Merck’s $10.8 billion acquisition of Prometheus Biosciences drives immunology dealmaking with promising lead candidates. These developments indicate a promising quarter ahead marked by growth and innovation.

R&D Partnerships In Q2 2023

RD Partnerships In Q2 2023

There were 157 R&D partnerships in Q2 2023 with a combined total deal value of $32.6 billion and an upfront total of $1.3 billion. The second quarter saw the fewest new deals signed over the past five years, though dollar totals remain in-range.

Top R&D Partnership in Q2 2023

  • Aspect Biosystems and Novo Nordisk announced a partnership in April 2023 to develop and license Bioprinted Tissue Therapeutics. The partnership aims to create innovative treatments for diabetes and obesity by utilizing Aspect Biosystems’ bioprinting technology and Novo Nordisk’s expertise in stem cell differentiation and cell therapy development. Novo Nordisk receives an exclusive worldwide license to develop up to four products for diabetes and obesity treatment, with an initial payment of $75 million to Aspect Biosystems.
  • Proxygen entered a research partnership and license agreement with Merck & Co. in April 2023. The partnership focuses on identifying and developing molecular glue degraders targeting multiple therapeutic objectives. Proxygen will receive an initial payment from Merck and potentially receive up to $2.55 billion in future payments based on specified milestones.

M&A In Q2 2023

MA In Q2 2023

The Healthcare & Life Sciences sector experienced rapid M&A activity starting from Q1 2023 with 59 transactions totaling a deal value of $68.4 billion. In Q2 2023, 55 more M&A deals were announced with an aggregate of $39.1 billion.

Venture Funding In Q2 2023

Venture Funding In Q2 2023

Venture funding in healthcare and life sciences has faced continued downward pressure since late-2021. First half 2023 venture investments totaled $19 billion across 534 rounds of funding taking both figures back to pre-2020 levels.

IPO Activity In Q2 2023

IPO Activity In Q2 2023

Healthcare and life sciences IPO activity has been on pause since late 2021, though a few new listings continued in 2023 YTD. The first half saw 7 global listings for a total of $5.6 billion, an uptick from 2022.

Top IPO Activity Deals in Q2 2023

  • Cutia Therapeutics raised approximately US$59 million (HK$465 million) through a successful IPO in Hong Kong. The company operates in Beijing, Hong Kong, Shanghai, and Wuxi, providing comprehensive skin and scalp disease solutions. Harneys served as Cayman Islands counsel for the IPO, and Cutia Therapeutics’ shares began trading on June 12, 2023.
  • ACELRYN, INC., a clinical-stage biopharmaceutical company specializing in immunology medicines, completed its IPO in May 2023. The IPO issued 34,500,000 shares of common stock, with the underwriters exercising their option to purchase an additional 4,500,000 shares. ACELYRIN received gross proceeds of $621.0 million from the offering, which will be used to advance its innovative immunology medicines.

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

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