In 2024, large-cap biopharma M&A activity saw a significant shift, with total deal values declining but a broader focus emerging across therapeutic areas. Our data explores trends, evolving strategies, and notable transactions shaping the biopharma future.
In 2024, large-cap biopharma saw a modest rise in M&A activity, with 32 deals compared to 29 in 2023. Despite this, the total deal value plunged to $70 billion, down from $130.1 billion in 2023, while upfront cash and equity fell from $122.6 billion to $60.3 billion. Johnson & Johnson (Janssen) led the year with 6 deals totaling $18.9 billion, followed by Novo Nordisk, which completed 3 deals worth $17.6 billion.
In 2023, Pfizer led with the most significant deal value of $43.4 billion, while Eli Lilly topped deal volume with 6 transactions. Although 2024 saw fewer high-value deals, activity stayed strong, with consistent participation from major players like Merck, AbbVie, and AstraZeneca across both years.
Big Pharma M&A by Therapeutic Area
In 2024, Big Pharma maintained 28 M&A deals by therapeutic area, matching 2023 levels, but with notable shifts in focus. Cancer deals declined slightly from 8 in 2023 to 7 in 2024, while cardiovascular, endocrine/metabolic, and ophthalmic areas saw increased activity. Merck remained focused on cancer, while Novo Nordisk expanded into metabolic and cardiovascular therapies. Eli Lilly, which led in 2023 with 6 deals in cancer and metabolic areas, scaled back to a single deal in 2024.
Total upfront M&A spending nearly halved in 2024 to $60 billion, reflecting a shift toward cardiovascular ($13.7 billion) and broader, less-defined pipeline bets under categories like non-mainstream ($16.5 billion). Cancer still attracted $8.6 billion, though far below 2023’s oncology spending of $64.8 billion. In contrast, 2023 recorded $123 billion in upfront spending, led by oncology ($64.8 billion), neurology ($23.2 billion), and autoimmune ($20.3 billion). Key contributors included Pfizer’s $43.4 billion oncology deal and BMS’s $22.9 billion investments in oncology and neurology.
Total Deal Value
|
Year |
Total Deal Value |
Key Highlights |
| 2023 | $130.1 billion | Pfizer’s $43.4 billion in oncology deal. |
| 2024 | $70 billion | Decline in total value, indicating a shift towards diversification. |
Key Therapeutic Areas
|
Therapeutic Area |
2023 Value | 2024 Value |
Key Highlights |
| Cancer | $66 billion | $11.3 billion | Significant drop; still a focus, but at much lower levels compared to 2023. |
| Neurologic | $24.3 billion | $1.4 billion | Significant decrease, with BMS and AbbVie leading in 2023. |
| Cardiovascular | $3.1 billion | $15.9 billion | Significant surge, driven by J&J’s increased investments. |
| Endocrine/Metabolic | $8.3 billion | $3.3 billion | Decreased, with lower investments from Sanofi and others. |
| Autoimmune | $20.5 billion | $9 billion | Still priority, but reduced investments. |
Company-Specific Highlights
|
Company |
2023 Investment |
2024 Investment |
| Pfizer | $43.4 billion (Cancer-focused) |
No major deals |
| Novo Nordisk | Minimal spending | $16.5 billion |
| J&J/Janssen | $18.9 billion (Various therapeutic areas) | Ongoing strong focus on cardiovascular and cancer |
Emerging Focus Areas
|
Therapeutic Area |
2024 Deal Value |
Key Players |
| Ophthalmic | $3.5 billion | Gilead, Alcon |
| Hepatic | $4.3 billion | Merck, GSK |
| Dermatology & Inflammation | Smaller but steady investments | J&J, GSK |
Big Pharma’s M&A activity has shifted from oncology-heavy investments ($130.1 billion) in 2023 to more diversified ones in 2024 ($70 billion). Key focus areas have moved toward cardiovascular, autoimmune, and emerging therapeutic niches like ophthalmic and hepatic, reflecting a strategic pivot.
In 2024, Big Pharma’s upfront M&A spending dropped nearly 50% to $60 billion, signaling a shift toward cardiovascular ($13.7 billion) and broader, less-defined areas (non-mainstream, $16.6 billion). Cancer remained a key focus, drawing $8.6 billion, primarily driven by deals from J&J and Novartis. In contrast, 2023 saw $123 billion in upfront spending, with oncology dominating at $64.8 billion, led by Pfizer’s massive $43.4 billion cancer deal. Neurology ($23.2 billion) and autoimmune ($20.3 billion) also saw significant investments fueled by BMS’s and Merck’s targeted bets.
Total Upfront Value 2023 vs 2024
| Category | 2023 |
2024 |
| Total Upfront Value | $122.6 billion, driven by Pfizer’s $43.4 billion oncology deals | $60.3 billion, diversified across cardiovascular and metabolic areas |
Therapeutic Area Highlights
| Therapeutic Area | 2023 |
2024 |
| Cancer | $64.8 billion (Pfizer-led, AbbVie, BMS) | $8.6 billion (J&J, Novartis, AstraZeneca) |
| Cardiovascular | $2.6 billion | $13.7 billion (led by J&J) |
| Metabolic | $5.6 billion (Sanofi, Roche) | $2.5 billion (Sanofi: $1.7 billion; AstraZeneca: $0.8 billion) |
| Emerging Areas | – | $5.6 billion (Ophthalmic, Hepatic: Gilead, Alcon, Merck) |
Company Highlights
| Company | 2023 |
2024 |
| Pfizer | $43.4 billion in oncology | – |
| Novo Nordisk | No activity | $16.5 billion investments |
| BMS | $22.9 billion (oncology, neurology) |
– |
| AbbVie | $18.8 billion (oncology, neurology) |
$1.6 billion (neurology, autoimmune) |
Big Pharma shifted from an oncology-heavy ($122.6 billion) focus in 2023 to a reduced diversified $60.3 billion in 2024, emphasizing cardiovascular, metabolic, and emerging areas, signaling a pivot toward unmet medical needs.
Big Pharma M&A Average Upfront Cash & Equity by Therapeutic Area
In 2024, average upfront M&A payments totaled nearly $50 billion, with the non-mainstream category leading at $16.6 billion, driven primarily by Novo Nordisk’s $16.5 billion investment. Autoimmune ($8.5 billion), Cardiovascular ($6.9 billion), and Cancer ($6.3 billion) followed as key areas. J&J, AstraZeneca, and AbbVie also made significant contributions across these segments.
In comparison, 2023’s total upfront M&A spending exceeded $116 billion, heavily focused on Cancer ($59.3 billion), Neurologic ($23.2 billion), and Autoimmune ($20.3 billion). This was driven by Pfizer’s massive $43.4 billion investment in Cancer and significant deals from BMS, Merck, and AbbVie, underscoring an oncology-heavy strategy.
Big Pharma Focused Therapeutic Areas (2023-2024)
|
Company |
2023 Investment | 2024 Investment |
Key Focus / Shift |
| Sanofi | $2.9 billion in endocrine/metabolic | $2.2 billion in endocrine/metabolic | Slight Decrease |
| Novo Nordisk | $1.1 billion in renal | $17.6 billion in cardiovascular & flexible pipeline | Significant shift to a cardiovascular and broader strategy. |
| J&J / Janssen | $0.4 billion in cardiovascular | $18.9 billion across cancer, cardiovascular, dermatology | Aggressive expansion across multiple areas. |
| GSK | $2.0 billion in pulmonary | $1.4 billion in inflammation | Shift from pulmonary to inflammation. |
| Roche / Genentech / Chugai | $10.4 billion in autoimmune & Endocrine | – | Continued focus on autoimmune & metabolic. |
| Pfizer | $43.4 billion in oncology | – | – |
| Novartis / NIBR | $4.5 billion in renal, neurology | $5.1 billion in cancer, autoimmune | Slight increase in cancer & autoimmune. |
| Merck & Co. / MSD | $11.4 billion in autoimmune & neurology | $5.2 billion in cancer & ophthalmic | Decreased focus on neurology, shift to ophthalmic. |
| AbbVie | $18.8 billion in cancer & neurology | $1.9 billion in neurology & autoimmune | Significant reduction in cancer and neurology. |
| Abbott | $0.8 billion in cardiovascular | – | – |
| BMS | $23.9 billion in cancer & neurology | – | – |
| AstraZeneca | $4.1 billion across cancer, cardiovascular, & infectious diseases | $3.5 billion in cancer & metabolic | Shift toward metabolic and oncology. |
| Eli Lilly | $6.1 billion in cancer, autoimmune & metabolic | $3.2 billion in autoimmune | Focus shifts solely to autoimmune. |
| Alcon | – | $0.5 billion in ophthalmic | – |
| Gilead | – | $4.3 billion in hepatic | New focus on hepatic. |
| Vertex | – | $4.9 billion in autoimmune | New focus on autoimmune. |
Takeaways
- 2024 saw focus diversification towards cardiovascular, autoimmune, and emerging therapeutic areas, ophthalmic and hepatic.
- Novo Nordisk and J&J lead significant strategic expansion to new areas.
- Oncology declined, especially from Pfizer, while immune-related and metabolic diseases gained traction.
Major M&A Deals by Large-Cap Companies 2023
- AstraZeneca acquiring CinCor Pharma – January 2023
- Deal Value: $1.3 billion upfront, plus up to $500 million in contingent value rights (CVRs)
- Target: CinCor’s lead asset, Baxdrostat (CIN-107), a Phase II small molecule aldosterone synthase inhibitor for hypertension.
- Completed: February 24, 2023
- Deal Synopsis: AstraZeneca acquires CinCor Pharma to enhance its cardiovascular portfolio with Baxdrostat, targeting hypertension.
- Pfizer acquiring Seagen – March 2023
- Deal Value: $43.4 billion net of cash, offering $229 per share (32.7% premium)
- Target: Seagen, specializing in cancer therapies such as Adcetris, Padcev, Tivdak, and Tukysa, has a promising pipeline, including Phase II Ladiratuzumab Vedotin for various cancers.
- Completed: December 14, 2023
- Deal Synopsis: Pfizer acquires Seagen to strengthen its oncology portfolio with ADC and SEA technologies.
- Sanofi acquiring Provention Bio – March 2023
- Deal Value: $2.9 billion, offering $25 per share in cash
- Target: Provention Bio’s lead asset, Tzield, an antibody treatment for Type 1 diabetes, plus a pipeline targeting autoimmune diseases.
- Completed: April 27, 2023
- Deal Synopsis: Sanofi expands its portfolio in diabetes and autoimmune diseases, including treatments for lupus, celiac disease, and systemic lupus erythematosus.
- Gilead acquiring XinThera – May 2023
- Deal Value: Undisclosed
- Target: XinThera’s small-molecule therapies for solid tumors and autoimmune diseases.
- Completed: Not specified
- Deal Synopsis: Gilead strengthens its oncology and autoimmune pipeline with promising preclinical assets.
- Merck acquiring Prometheus Biosciences – April 2023
- Deal Value: $10.8 billion, offering $200 per share (75% premium)
- Target: Prometheus’ pipeline includes Phase II PRA-023 for Crohn’s disease and ulcerative colitis and an innovative immune-mediated disease platform.
- Completed: June 16, 2023
- Deal Synopsis: Merck enhances its autoimmune therapeutic capabilities, mainly targeting Crohn’s disease and ulcerative colitis.
- GSK acquiring BELLUS Health – April 2023
- Deal Value: $2 billion, offering $14.75 per share (103% premium)
- Target: BELLUS Health’s Camlipixant (BLU-5937), a Phase III treatment for refractory chronic cough (RCC).
- Completed: June 28, 2023
- Deal Synopsis: GSK expands its portfolio in pulmonary therapeutics with a promising treatment for RCC.
- Abbott acquiring Cardiovascular Systems – February 2023
- Deal Value: $890 million, offering $20 per share in cash
- Target: Cardiovascular Systems’ coronary artery and peripheral artery disease devices.
- Completed: April 27, 2023
- Deal Synopsis: Abbott strengthens its cardiovascular offerings with CSI’s atherectomy devices.
- Novartis acquiring Chinook Therapeutics – June 2023
- Deal Value: $3.2 billion, offering $40 per share in cash
- Target: Chinook’s lead asset, Atrasentan (Phase III), for IgA nephropathy and focal segmental glomerulosclerosis.
- Completed: August 2023
- Deal Synopsis: Novartis expands its renal disease portfolio, mainly focusing on nephropathy treatments.
- Eli Lilly acquiring DICE Therapeutics – June 2023
- Deal Value: $2.4 billion upfront, offering $48 per share (42% premium)
- Target: DICE’s Phase II asset DC-806 for psoriasis and preclinical pipeline for autoimmune and inflammatory diseases.
- Completed: August 9, 2023
- Deal Synopsis: Eli Lilly strengthens its autoimmune and inflammatory diseases pipeline with DICE’s novel small molecule therapies.
- Regeneron acquiring Decibel Therapeutics – August 2023
- Deal Value: $109 million upfront, plus up to $104 million in CVRs
- Target: Decibel’s DB-OTO, a Phase I gene therapy for hearing loss.
- Completed: September 25, 2023
- Deal Synopsis: Regeneron expands its gene therapy capabilities with Decibel’s pioneering hearing loss treatments.
- Novo Nordisk acquiring Inversago Pharma – August 2023
- Deal Value: Up to $1.1 billion in upfront, development, and commercial milestones
- Target: Inversago’s INV-202 for diabetic kidney disease and metabolic syndrome.
- Completed: September 8, 2023
- Deal Synopsis: Novo Nordisk broadens its therapeutic reach into renal, neurologic, pulmonary, and metabolic diseases.
- AbbVie acquiring ImmunoGen – November 2023
- Deal Value: $10.1 billion, offering $31.26 per share (95% premium)
- Target: ImmunoGen’s Elahere, an ADC for platinum-resistant ovarian cancer, and other oncology assets.
- Completed: February 12, 2024
- Deal Synopsis: AbbVie strengthens its oncology portfolio, particularly in ovarian cancer, with ImmunoGen’s advanced ADC technologies.
- Roche acquiring Telavant – October 2023
- Deal Value: $7.1 billion upfront, with up to $150 million in milestones
- Target: Telavant’s RVT-3101, a Phase III antibody therapy for ulcerative colitis and Crohn’s disease.
- Completed: December 14, 2023
- Deal Synopsis: Roche enhances its autoimmune pipeline with Telavant’s therapies for inflammatory diseases.
- Johnson & Johnson MedTech acquiring Laminar – November 2023
- Deal Value: $400 million upfront, plus clinical and regulatory milestones
- Target: Laminar system for left atrial appendage elimination in atrial fibrillation patients.
- Completed: Not specified
- Deal Synopsis: Johnson & Johnson expands its cardiovascular offerings with Laminar’s innovative device for arrhythmia treatment.
- Bristol Myers Squibb acquiring Karuna Therapeutics – December 2023
- Deal Value: $14 billion, offering $330 per share (53% premium)
- Target: Karuna’s KarXT, a first-in-class antipsychotic for schizophrenia.
- Completed: March 18, 2024
- Deal Synopsis: BMS strengthens its presence in neurology and psychiatry with highly innovative schizophrenia therapy.
- Deal Value: $20 million upfront plus royalty rights to Tzield
- Target: Tolerance Therapeutics, which holds a royalty interest in Tzield, an FDA-approved antibody for Type 1 diabetes.
- Completed: Not specified
- Deal Synopsis: Ligand acquires Tolerance Therapeutics to gain royalty rights on Tzield, further bolstering its portfolio in autoimmune disease therapies.
Major M&A Deals by Large-Cap Companies 2024
- Novo Holdings acquiring Catalent – February 2024
- Deal Value: $16.5 billion, offering $63.50 per share (16.5% premium)
- Target: Catalent, a development and manufacturing solutions provider for pharmaceutical and biotech clients.
- Details: The acquisition aims to take Catalent private. Novo Holdings signed a separate agreement with Novo Nordisk to divest three fill-finish sites. After regulatory scrutiny, the deal was delayed but received approval from the European Commission on December 6, 2024.
- Completion: Expected by the end of 2024, Alessandro Maselli remaining President and CEO.
- Johnson & Johnson acquiring Shockwave Medical – April 2024
- Deal Value: $13.1 billion, offering $335 per share (4.7% one-day premium)
- Target: Shockwave’s medical devices, including C2+, Shockwave IVL, and Shockwave L6, for calcified cardiovascular diseases.
- Details: Shockwave will become a Johnson & Johnson MedTech business unit.
- Completed: May 31, 2024.
- Vertex Pharmaceuticals acquiring Alpine Immune Sciences – April 2024
- Deal Value: $4.9 billion, offering $65 per share (38.18% premium)
- Target: Alpine Immune’s assets include Acazicolcept (Phase II) for systemic lupus erythematosus and Povetacicept (Phase I/IIb) for lupus nephritis and immune thrombocytopenia.
- Details: The pipeline also includes treatments for autoimmune hemolytic anemia and undisclosed diseases.
- Expected Completion: Q2 2024.
- Gilead acquiring CymaBay – February 2024
- Deal Value: $4.3 billion, offering $32.50 per share (27% premium)
- Target: CymaBay’s seladelpar, a Phase III candidate for primary biliary cholangitis (PBC), pruritus, and other liver diseases.
- Details: Seladelpar has received priority review, PRIME status, and Orphan Drug Designation.
- Completed: March 24, 2024.
- Eli Lilly acquiring Morphic – July 2024
- Deal Value: $3.2 billion, offering $57 per share (79% premium)
- Target: Morphic’s MORF-057 (Phase II) for inflammatory bowel disease (IBD) and preclinical assets such as MORF-088 for myelofibrosis and solid tumors.
- Completed: August 16, 2024.
- Merck acquiring EyeBio – May 2024
- Deal Value: $3 billion (including $1.3 billion upfront and $1.7 billion in milestones)
- Target: EyeBio’s Restoret (Phase Ib/IIa) for diabetic macular edema (DME) and age-related macular degeneration.
- Completed: July 12, 2024.
- AstraZeneca acquiring Fusion Pharmaceuticals – March 2024
- Deal Value: $2.4 billion (upfront payment of $2 billion and up to $3.00 per share in CVRs for milestones)
- Target: Fusion’s FPI-2265 (Phase II) for prostate cancer and early-stage radiotherapy assets for solid tumors.
- Completed: June 4, 2024.
- Sanofi acquiring Inhibrx – January 2024
- Deal Value: $2.2 billion, offering $30 per share (plus $5 CVR per share for regulatory milestones)
- Target: Inhibrx’s INBRX-101 (Phase II) for AAT deficiency and spin-off pipeline assets like INBRX-105 and INBRX-109 into a new company, Inhibrx Biosciences.
- Details: Sanofi will fund Inhibrx Biosciences with $200 million and own 8%.
- Completed: May 30, 2024.
- Roche acquiring Poseida Therapeutics – November 2024
- Deal Value: $1.5 billion ($1 billion upfront and $500 million in CVRs)
- Target: Poseida’s Phase I CAR-T programs for multiple myeloma, B-cell malignancies, and solid tumors, with preclinical assets for prostate cancer and autoimmune diseases.
- Expected Completion: Q1 2025.
- AbbVie acquiring Aliada Therapeutics – October 2024
- Deal Value: $1.4 billion in cash
- Target: Aliada’s ALIA-1758 (Phase I) for Alzheimer’s disease, leveraging its MODEL platform to cross the blood-brain barrier.
- Completed: December 11, 2024.
- GSK acquiring Aiolos Bio – January 2024
- Deal Value: $1.4 billion ($1 billion upfront and $400 million in regulatory milestones)
- Target: Aiolos’ AIO-001 (Phase II) for asthma and chronic rhinosinusitis.
- Completed: February 15, 2024.
Also check out Global Healthcare and Life Sciences Annual Review – 2024
