R&D Partnerships, M&A, Ventures, and IPOs by TA – Autoimmune – Q1 2024 Review

R&D Partnerships, M&A, Ventures, and IPOs by TA - Autoimmune

During Q1 2024, the autoimmune sector witnessed significant activity and strategic partnerships across multiple key areas, reflecting strong momentum. GenEdit partnered with Genentech for nucleic acid-based therapies, securing $15 million upfront and potentially up to $629 million in milestones. Precision BioSciences partnered with TG Therapeutics on CAR T cell therapy, receiving $8 million upfront and potentially up to $288 million in milestones. Shattuck’s deal with Ono could yield up to $227 million for bifunctional fusion protein therapies. M&A activity included AbbVie’s $213 million acquisition of Landos Biopharma, targeting ulcerative colitis, Crohn’s disease, and other conditions, and Novartis’s $250 million acquisition of Calypso Biotech, focusing on celiac disease and esophagitis. Venture financing highlights included Alumis’ $259 million series C (followed soon by an IPO filing) for a TYK2 inhibitor and Cour Pharmaceuticals’ $105 million series A for candidates treating Myasthenia Gravis and type 1 diabetes. Tr1X emerged from stealth with $75 million to advance Treg and CAR-Treg cell therapies. Kyverna Therapeutics’ IPO raised $367 million to support its cell therapy development for autoimmune diseases.

R&D Partnerships – Autoimmune

R&D Partnerships - Autoimmune

Q1 2024, the autoimmune R&D sector secured 8 partnerships worth $1.2 billion, a decline from 2023, where 32 deals accumulated $10.6 billion. The sector has achieved 40 partnerships in both quarters, with a cumulative value of $40 billion.


Autoimmune R&D Partnerships Q1 2024

GenEdit and Genentech Deal – January 2024

GenEdit granted Genentech exclusive global rights to develop and commercialize nucleic acid-based therapies for autoimmune diseases using hydrophilic nanoparticles (HNPs) from the NanoGalaxy platform. GenEdit will receive $15 million upfront and can earn up to $629 million in milestones, plus tiered royalties.

Precision BioSciences and TG Therapeutics Deal – January 2024

Precision BioSciences granted TG Therapeutics exclusive global rights to develop and commercialize Azercabtagene Zapreleucel (azer-cel), an allogeneic CD19 CAR T cell therapy for autoimmune diseases. Precision will receive $8 million upfront, up to $10 million in near-term milestones, and is eligible for up to $288 million in additional milestones, plus royalties.

Shattuck and Ono Deal – February 2024

Shattuck granted Ono exclusive global rights to develop and commercialize bifunctional fusion protein therapies for autoimmune and inflammatory diseases. Shattuck will handle research, while Ono covers all R&D expenses and holds a sublicensable license. Shattuck is eligible for up to $227 million in payments, milestones, and undisclosed royalties.


M&A – Autoimmune

M&A - Autoimmune

In Q1 2024, the autoimmune sector saw 2 M&As totaling $600 million, including contingent payments, and $400 million excluding them, a sharp decline from 2023, where 10 M&As were valued at $10.6 billion with contingents and $10.3 billion without. The sector has seen 12 M&A deals totaling $11.2 billion with contingents and $10.7 billion in cash.


Autoimmune M&A’s Q1 2024

AbbVie Acquires Landos Biopharma – March 2024

AbbVie acquired Landos Biopharma, including Phase II NX-13 for ulcerative colitis and Crohn’s disease, and preclinical assets LABP-66, LABP-73, and LABP-69. Landos shareholders received $20.42 per share, a 160.7% premium, totaling $138 million, with an additional $75 million in contingent value rights (CVR) for Phase III trials of NX-13. The total deal value is $213 million. The acquisition was completed on May 23, 2024.

Novartis Acquires Calypso Biotech – January 2024

Novartis is acquiring Calypso Biotech, with its lead drug CALY-002, in Phase I trials for celiac disease and esophagitis and in preclinical studies for dermatitis. Calypso’s shareholders will receive $250 million upon closing and are eligible for up to $175 million in development milestones.


Total, All Venture – Autoimmune

Total, All Venture, Autoimmune

During Q1 2024, autoimmune ventures raised $655 million across 8 funding rounds, down from 2023, which saw $1.5 billion raised over 31 rounds. In total, 39 rounds accumulated $2.2 billion.


Autoimmune Ventures Q1 2024

Alumis Series C Financing – March 2024

Alumis secured $259 million in series C to advance Phase III development of ESK-001, a TYK2 inhibitor for autoimmune diseases, competing with Bristol Myers Squibb and Takeda. The round was co-led by Foresite Capital, Samsara BioCapital, venBio Partners, and existing investors such as AyurMaya. This follows a $200 million series B round raised two years ago.

Cour Pharmaceuticals Series A Financing – January 2024

Cour Pharmaceuticals raised $105 million in series A to advance its pipeline of wholly owned candidates. Led by Lumira Ventures and Alpha Wave Ventures, with participation from Bristol Myers Squibb, Pfizer Breakthrough Growth Initiatives, Roche Ventures, Angelini Ventures, and the DJRF T1D Fund. The funding supports clinical programs, including Phase II-a studies for CNP-106 in Myasthenia Gravis and CNP-103 in type 1 diabetes. CNP-106 received FDA IND clearance in 2022.

Tr1X Series A Financing – January 2024

Tr1X, Inc. emerged from stealth mode with $75 million in series A funding to develop universal allogeneic regulatory T (Treg) and CAR-Treg cell therapies for autoimmune and inflammatory diseases.


IPO – Autoimmune

IPO - Autoimmune

In Q1 2024, autoimmune only had 2 IPOs, raising $405 million, a decrease in funding value from 2023, which also had 2 IPOs but raised $966 million, combined 4 IPOs, amassed $1.4 billion.


Autoimmune IPO Q1 2024

Kyverna Therapeutics IPO – January 2024

Kyverna Therapeutics, Inc. has closed its upsized IPO, raising approximately $367 million. The IPO included 16,675,000 shares of common stock at $22 per share, with the underwriters fully exercising their option to purchase an additional 2,175,000 shares. This funding supports the development of cell therapies for autoimmune diseases.


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

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