M&A – Biopharma Therapeutics & Platforms – Q1 2024

M&A - Biopharma Therapeutics & Platforms - Q1 2024

Q1 of 2024, for pharmaceutical, completed significant acquisitions. Gilead acquired CymaBay for $4.3 billion, gaining Seladelpar. Novartis’s $2.9 billion acquisition of MorphoSys grants access to Monjuvi and other treatments. Sanofi’s acquisition of Inhibrx for $2.2 billion includes INBRX-101 and forming a new publicly traded company. Johnson & Johnson’s $2 billion acquisition of Ambrx Biopharma focuses on antibody-drug conjugates. Lastly, GSK’s $1 billion acquisition of Aiolos Bio expands its portfolio, details to follow.

Biopharma Therapeutics and Platform M&A

In Q1 of 2024, the biopharma therapeutics and platforms saw 20 deals totalling $18.9 billion, including contingent payments, and $15.9 billion in cash without them, a decline in the number and value of deals compared to Q4 2023.

Biopharma Therapeutics and Platform M&A

In Q4 2023, there was a significant surge in activity, with 31 deals totalling $59.8 billion, including contingent payments and $56.8 billion in cash. This brought the annual total to 51 deals valued at $78.7 billion with contingents and $72.6 billion in cash.

M&A - Biopharma Tx vs. Other Life Sciences

So far, M&A in 2024, the biopharma therapeutics and discovery platforms sector has been the leader in both deal count and value, with 31 deals worth $19.2 billion. Meanwhile, diagnostics, sequencing, omics, and tools experienced significant deal values at $3.8 billion on 19 deals.

M&A - Biopharma Tx vs. Other Life Sciences

The manufacturing tech and other subsectors had fewer deals but contributed a total deal value of $16.9 billion from 17 deals. On the other hand, the medtech, device, digital therapeutics, and wearables had just 12 deals totalling $0.2 billion. Compared to 2023, where 119 deals in the sector totalled $158.5 billion, 2024 shows a decrease in deals but an increase in deal value.

M&A, Top Biopharma Modalities - 2023-2024 YTD

Top biopharma modalities in M&A from 2023 to YTD 2024 highlight prominent trends. Biologics (antibodies, DNA, RNA, and proteins) were favoured, with 47 deals totalling $103.3 billion (including contingent payments) and $97.5 billion in cash transactions. Small molecules received investment, with 50 deals amounting to $59.1 billion with contingents and $54.7 billion in cash. Gene therapy, vectors, and cell therapy each contributed 7 deals, totalling $1.9 billion and $1.4 billion, respectively. Combined, these encompassed 115 deals worth $166.7 billion with contingents and $155.4 billion in cash.


M&As – Q1 2024

Gilead’s Acquisition of CymaBay – (February 2024)

Gilead acquired CymaBay for $32.50 per share in cash, valuing the company at $4.3 billion. CymaBay’s lead product, seladelpar, is an oral PPARδ agonist used to treat primary biliary cholangitis (PBC) and pruritus. The NDA for Seladelpar has been accepted, with a PDUFA date of August 14, 2024.

Novartis’s Acquisition of MorphoSys – (February 2024)

Novartis is acquiring MorphoSys for EUR 2.7 billion ($2.9 billion), offering EUR 68 ($73.18) per share, an 18% premium. This acquisition provides Novartis with access to Monjuvi, a CD-19 inhibitor for diffuse large B-cell lymphoma, as well as late-stage therapies pelabresib (BET inhibitor for myelofibrosis) and tulmimetostat (dual EZH2/EZH1 inhibitor for solid tumors). The deal requires acceptance by at least 65% of MorphoSys’ outstanding shares and regulatory approvals.

Sanofi’s Acquisition of Inhibrx – (January 2024)

Sanofi is acquiring Inhibrx for $2.2 billion, offering $30.00 per share in cash plus a potential additional $5.00 per share-based achievements, totalling $800 million CVR. In Phase II trials, Sanofi gains INBRX-101, a recombinant human AAT-Fc fusion protein. Inhibrx shareholders will receive shares in a new publicly traded company, Inhibrx Biosciences Inc., which includes the rest of Inhibrx’s assets. Sanofi will fund the new company with $200 million and own 8%. Sanofi will also assume Inhibrx’s $209 million debt, with the total deal valued at $36.30 per share, a 9% premium over the closing price.

Johnson & Johnson’s Acquisition of Ambrx Biopharma – (January 2024)

Johnson & Johnson completed the acquisition of Ambrx Biopharma for $28.00 per share of Ambrx common stock, totalling $2 billion in equity value and an estimated net value of $1.9 billion. This price represents a 105% one-day premium. Ambrx’s lead assets include Phase II ARX-788, an anti-HER2 ADC; Phase I candidates ARX-517, an anti-PSMA ADC; and ARX-305, an anti-CD70 ADC.

GSK’s Acquisition of Aiolos Bio – (January 2024)

GSK acquired Aiolos Bio for $1 billion upfront and up to $400 million in regulatory milestones. Aiolos Bio’s lead asset is Phase II AIO-001 for asthma and chronic rhinosinusitis. The acquisition was completed on February 15, 2024.

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

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