Our 2024 review of infectious diseases highlights impactful financial activity across R&D partnerships, mergers and acquisitions, venture funding, and IPOs. CureVac’s €1.5 billion collaboration with GSK advances mRNA vaccines for influenza and COVID-19, while Novavax’s $1.4 billion partnership with Sanofi targets recombinant protein-based combination vaccines. Biophytis secured €108 million ($116 million) in a commercialization deal with Blanver for therapies addressing COVID-19 and rare diseases.
M&A activity included Bruker’s €870 million ($943 million) acquisition of Elitech, SK Bioscience’s $473 million majority stake in IDT Biologika, and Mangoceuticals’ $20 million acquisition of Intramont Technologie’s patent portfolio.
Venture funding highlights include $182 million for Bluejay Therapeutics for hepatitis D and B, $100 million for Vicebio for RSV and metapneumovirus vaccines, and $100 million for F2G Ltd for antifungal therapies. Emcure Pharmaceuticals’ $234 million IPO also underscored robust interest in its women’s health and HIV portfolio, solidifying its valuation.
Infectious Disease R&D Partnerships
In 2024, 21 infectious disease R&D deals were announced, totaling $3.1 billion in value, with $900 million in upfront cash and equity marking an increase in upfront commitments compared to 2023. While 2023 had more deals 35, the total value was slightly higher at $3.3 billion, but upfront commitments were notably lower at $300 million. In 2024 56 partnerships have generated $6.4 billion in deal value and $1.3 billion in upfront payments.
Top Infectious Disease R&D Partnerships – 2024
CureVac development and commercialization deal with GSK – July 2024
CureVac granted GSK global rights to develop and commercialize mRNA vaccines for influenza, COVID-19, and combination vaccines, expanding their collaboration since 2020. Current candidates include Phase 2 trials for seasonal influenza and COVID-19 and a Phase 1 trial for avian influenza. CureVac retains rights to specific preclinical infectious disease targets. The €1.5 billion deal includes €400M ($432 million) upfront, up to €1.05 billion ($1.1 billion) in milestones and royalties.
Novavax development and co-commercialization deal with Sanofi – May 2024
Novavax and Sanofi partnered to co-develop and commercialize COVID-19 and flu-COVID-19 combination vaccines using Novavax’s recombinant protein and Matrix-M adjuvant technologies. The $1.4 billion deal includes $500 million upfront, up to $700 million in milestones, tiered royalties, and an additional $200 million in commercial milestones. Sanofi also gained a minority equity stake in Novavax, further solidifying the collaboration.
Biophytis commercialization deal with Blanver – June 2024
Biophytis licensed Blanver exclusive rights to commercialize BIO-101 in Latin America, including Brazil, Mexico, and Argentina. BIO-101 targets obesity, COVID-19-related respiratory infections, sarcopenia, and Duchenne Muscular Dystrophy, with completed Phase 2/3 trials for COVID-19 and ongoing development for other indications. The agreement includes up to €108 million ($116 million) in upfront, milestone payments, and double-digit royalties.
Infectious Disease M&A
Top Infectious Disease M&A’s – 2024
Bruker acquiring Elitech – February 2024
Bruker announced the acquisition of Elitech for €870 million (~$943 million) upfront. Elitech’s portfolio includes molecular diagnostic tests (InGenius, BeGenius) and biomedical systems (Aerospray, ChloroChek, CytoPro) for pathogen and viral disease detection. The deal was finalized on May 2, 2024.
SK Bioscience acquiring IDT Biologika – June 2024
SK Bioscience announced the acquisition of a 60% stake in IDT Biologika, a vaccine development and biomanufacturing company, while the Klocke Group retained 40%. The deal valued IDT Biologika at KRW656 billion ($473 million). Klocke Group received KRW339 billion ($244 million), comprising KRW263 billion ($190 million) in cash and a 1.9% equity stake in SK Bioscience worth KRW76 billion ($55 million). The acquisition was finalized on October 2, 2024.
Mangoceuticals acquiring Intramont Technologie – April 2024
Mangoceuticals announced the acquisition of Intramont Technologie, including its global patent portfolio for oral solutions targeting infections such as the common cold, respiratory diseases, and HPV. The deal includes $20 million in total upfront consideration, comprising $19.6 million in series C convertible preferred stock (980,000 shares at $20/share) and $400,000 in cash, payable in installments by November 30, 2024.
Infectious Disease Venture Activity
In 2024, 48 venture funding rounds in infectious diseases raised $1.3 billion, compared to 63 rounds generating $1.4 billion in 2023. Combined, 111 rounds in 2023 and 2024 raised $2.7 billion. The decline in rounds in 2024 indicates a shift toward fewer but strategic investments.
Top Infectious Disease Venture Activity – 2024
Bluejay Therapeutics – Series C – $182M – May 2024
Bluejay Therapeutics secured $182 million in a series C funding round to advance the clinical development of BJT-778 for chronic hepatitis D (HDV) and further develop candidates for chronic hepatitis B. BJT-778, which received PRIME designation from the EMA following promising Phase 1/2 results, is a key focus of this investment.
Vicebio – Series B – $100M – September 2024
Vicebio, a London-based biotech startup, raised $100 million in series B funding led by TCGX, with participation from Goldman Sachs Alternatives, Avoro Ventures, and Medicxi. The funds will support the development of its “molecular clamp” technology, designed to target viral proteins in their prefusion state. Vicebio’s lead program, a combination vaccine for respiratory syncytial virus (RSV) and human metapneumovirus, recently entered Phase 1 trials.
F2G – Series Unspecified – $100M – September 2024
F2G Ltd, a clinical-stage biopharma company specializing in treatments for rare fungal infections, announced a $100 million financing round led by AMR Action Fund and ICG, with support from investors like Novo Holdings, Advent Life Sciences, and Sofinnova Partners. The funds will advance the late-stage development and U.S. commercialization of olorofim, an oral antifungal therapy for invasive aspergillosis and other invasive fungal infections. The financing will close in Q4 2024, pending the clearance of Austria’s Foreign Direct Investment.
Infectious Disease IPO Activity
In 2024, only one IPO raised $234 million, contrasting with 2023’s 2 smaller IPOs, which raised a combined $51 million. Over the last two years, only 3 infectious disease IPOs collectively raised $285 million.
Infectious Disease IPO – 2024
Emcure Pharma – IPO – $233.8M – July 2024
Emcure Pharmaceuticals raised $234 million in its oversubscribed IPO, with demand 68 times higher than the offering. The company, backed by Bain Capital, issued new shares valued at ₹8 billion, reaching a total valuation of ₹190.6 billion. Emcure’s IPO included an offer to sell shares by existing stakeholders, with bids totaling ₹937.1 billion ($11.2 billion). The funds will be used for debt repayment and corporate purposes. Emcure’s shares surged 35% on its debut, boosting its market value to $223 million.
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