R&D Partnerships, M&A, and Ventures by Tech – Autoimmune – H1 2024

R&D Partnerships, M&A, and Ventures by Tech - Autoimmune - H1 2024

The first half of 2024 saw critical developments in the autoimmune sector, including Repertoire Immune Medicines granting Bristol Myers Squibb exclusive rights to develop tolerizing vaccines for 3 autoimmune diseases, with an upfront payment of $65 million and milestones of up to $1.8 billion. FutureGen partnered with AbbVie in June 2024 for FG-M701, a TL1A antibody targeting inflammatory bowel disease (IBD), with $150 million upfront and potential milestones of $1.6 billion. GenEdit licensed nucleic acid-based therapies to Genentech in January 2024, receiving $15 million upfront and up to $629 million in milestones. Vertex Pharmaceuticals announced it is acquiring Alpine Immune Sciences for $4.9 billion in April 2024, gaining assets including Acazicolcept (ALPN-101) and Povetacicept (ALPN-303). Biogen announced it is acquiring HI-Bio for $1.8 billion in May 2024, obtaining felzartamab, a Phase II anti-CD38 monoclonal antibody with milestones up to $650 million. Novartis announced it is acquiring Calypso Biotech for $250 million in January 2024, securing CALY-002, a monoclonal antibody in Phase-I trials. Additionally, Alumis raised $259 million in series C in March 2024 ahead of their IPO for ESK-001, a TYK2 inhibitor, and AltruBio secured $225 million in series B in May 2024 for immune disease therapies.

 

Autoimmune R&D Partnerships by Modality – H1 2024

Autoimmune R&D Partnerships by Tech Grouping - H1 2024

 

In H1 2024, the autoimmune sector had 11 R&D partnerships worth a total of nearly $5 billion. Biologics, encompassing antibodies, DNA, RNA, and proteins, led with 7 deals totaling over $4 billion and $225 million in upfront payments. Gene therapy and vectors followed with a significant deal valued at $644 million, including $15 million in upfront cash and equity. Cell therapy saw 3 deals worth $306 million; no upfront payments were reported for these agreements.

 

Prominent Autoimmune R&D Partnerships in H1 2024

Repertoire Immune Medicines and BMS – April 2024

Repertoire Immune Medicines granted BMS exclusive rights to develop and commercialize tolerizing vaccines for 3 autoimmune diseases. This collaboration will leverage Repertoire’s DECODE T cell receptor (TCR)-epitope discovery platform and lipid nanoparticle delivery technology. Financials include $65 million upfront and up to $1.8 billion in development, regulatory, and commercial milestones.

FutureGen and AbbVie Deal – June 2024

FutureGen granted AbbVie exclusive, worldwide rights to develop and commercialize FG-M701, a TL1A antibody for treating inflammatory bowel disease (IBD). FutureGen will receive $150 million upfront, including near-term milestones, and is eligible for up to $1.6 billion in additional milestones, plus low-double-digit royalties.

GenEdit and Genentech Deal – January 2024

GenEdit granted Genentech exclusive, worldwide rights to develop and commercialize nucleic acid-based therapies for autoimmune diseases using GenEdit’s NanoGalaxy platform and hydrophilic nanoparticles (HNPs). GenEdit will receive $15 million upfront and is eligible for up to $629 million in development and commercial milestones, plus tiered royalties.

  

Autoimmune Company M&A by Modality in H1 2024

Autoimmune Company M&A by Tech Grouping - H1 2024
Autoimmune Company M&A by Tech Grouping – H1 2024

The autoimmune sector saw considerable M&A activity in H1 2024 with 6 deals worth a total of up to $7.9 billion, including contingents. Immunotherapy led to 2 deals valued at $6.7 billion, of which $6.1 billion was in cash without contingents. Biologics, covering antibodies, DNA, RNA, and proteins, recorded 2 deals worth $635 million, with $460 million paid upfront. Small molecule also had 2 deals accumulating $579 million, with $454 million paid upfront.

 

Top Autoimmune M&A in H1 2024

Vertex Pharmaceuticals Acquires Alpine Immune Sciences – April 2024

Vertex Pharmaceuticals announced it is acquiring Alpine Immune Sciences for $4.9 billion. Critical assets include Acazicolcept (ALPN-101) in Phase II for Systemic Lupus Erythematosus and Povetacicept (ALPN-303) in early-phase trials for various autoimmune diseases. Shareholders will receive $65 per share, a 38.18% premium, with the deal expected to close in Q2 2024.

Biogen Acquires HI-Bio for $1.8 Billion – May 2024

Biogen acquired Human Immunology Biosciences (HI-Bio) for $1.1 billion upfront. HI-Bio’s lead asset, felzartamab, a Phase II anti-CD38 monoclonal antibody, targets immune-mediated kidney diseases and has received Breakthrough Therapy and Orphan Drug Designations from the USFDA. HI-Bio could earn up to $650 million in milestones.

Novartis Acquires Calypso Biotech – January 2024

Novartis acquired Calypso Biotech for $250 million. Calypso’s lead drug, CALY-002, is a monoclonal antibody in Phase I trials for celiac disease and esophagitis, with preclinical studies for dermatitis. Shareholders may receive up to $175 million in development milestones.

 

Autoimmune Venture Investments by Modality – H1 2024

Autoimmune Venture Investments by Tech Grouping - H1 2024

During H1 2024, autoimmune completed 15 ventures, raising $1.3 billion. Biologics led with 6, accumulating $688 million. Small molecules followed with 4 rounds, raising $125 million. Genomics and sequencing secured $168 million through 2 rounds. Cell therapy raised $77 million from 2 rounds. Immunotherapy had 1 but significant round, garnering $200 million.

 

Key Autoimmune Venture Investments H1 2024

Alumis Secures $259M in Series C – March 2024

Alumis raised $259 million in series C financing to advance ESK-001, a TYK2 inhibitor, for immune dysfunction. The funds will support a Phase 3 trial for moderate to severe plaque psoriasis in late 2024 and ongoing Phase 2 trials for systemic lupus erythematosus and non-infectious uveitis.

AltruBio Raises $225M in Series B – May 2024

AltruBio secured $225 million in a series B round to develop therapies for immune diseases, with a focus on mid-stage testing for ulcerative colitis. BVF Partners, RA Capital Management, and Cormorant Asset Management led the funding.

Zenas BioPharma Closes $200M Series C – May 2024

Zenas BioPharma closed a $200 million series C financing to advance obexelimab, a bifunctional monoclonal antibody. Funds will support a Phase 3 trial for IGg4-related disease and Phase 2 trials for Multiple Sclerosis, Systemic Lupus Erythematosus, and Warm Autoimmune Hemolytic Anemia.

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

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