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

R&D Partnerships, M&A, Ventures, and IPOs by TA - Cancer - Q1 Review 2024

In Q1 2024, cancer therapeutics saw significant activity across R&D, IPOs, ventures, and M&A. Key R&D deals included MOMA Therapeutics granting Roche rights to develop cancer therapies for $66 million upfront and up to $2 billion in milestones, Gilead partnering with Merus for tri-specific T-cell engagers valued at up to $1.5 billion, and Umoja Biopharma’s potential $1.44 billion licensing deal with AbbVie. Major M&A deals featured Novartis acquiring MorphoSys for $2.9 billion, ONO Pharmaceutical purchasing Deciphera for $2.4 billion, and AstraZeneca buying Fusion Pharmaceuticals for up to $2.4 billion. Venture funding highlights included Freenome raising $254 million, Capstan Therapeutics securing $175 million, and Avenzo completing a $150 million round. Top IPOs saw CG Oncology raising $437 million, ArriVent Biopharma securing $175 million, and Boundless Bio raising $100 million. Details to follow.

R&D Partnerships – Cancer

R&D Partnerships - Cancer

In Q1 2024, 47 R&D partnerships in cancer totaled $16.4 billion, including $1.1 billion in upfront cash and equity. A decrease from 2023, when 184 partnerships were valued at $99.4 billion, with $8.0 billion upfront cash and equity.

Top 3 R&D Partnerships Q1 2024

MOMA Therapeutics and Roche Development Deal (January 2024)

MOMA Therapeutics has granted Roche exclusive global rights to use its Knowledge-Base platform for developing and commercializing cancer therapies. MOMA will manage initial development activities, with Roche taking over subsequent stages. MOMA will receive $66 million upfront and may earn up to $2 billion in development, regulatory, and commercial milestones.

Gilead Sciences and Merus Partnership (March 2024)

Gilead Sciences and Merus have formed a research partnership to develop two antibody-based trispecific T-cell engagers for cancer treatment. This collaboration leverages Merus’ Triclonics platform and Gilead’s expertise. Merus will receive $56 million upfront in cash and $25 million in equity, potentially earning up to $1.5 billion in option payments, development, and milestones.

Umoja Biopharma and AbbVie License Option Deal (January 2024)

Umoja Biopharma has granted AbbVie an exclusive global option to license the development and commercialization of its CAR-T cell therapies, including UB-VV111, which uses the VivoVec gene delivery platform for hematologic cancer treatment. The companies will also collaborate on developing up to four additional CAR-T cell therapies for AbbVie-selected targets. Umoja will receive an undisclosed payment in cash and equity and could earn up to $1.4 billion in option exercise fees and development, regulatory, and commercial milestones.

M&As – Cancer

M&A - Cancer

In Q1 2024, there were 15 M&A transactions in cancer, totaling $10.2 billion with contingent payments and $9.7 billion in cash without contingencies. A decline from 2023, when 66 deals were worth $37.1 billion with contingencies and $33.4 billion in cash without contingencies.


Top 3 M&A’s Q1 2024

Novartis Acquiring MorphoSys for $2.9B (February 2024)

Novartis is set to acquire MorphoSys, gaining access to its portfolio, which includes Monjuvi, a CD-19 inhibitor for lymphomas, pelabresib for myelofibrosis, and tulmimetostat for solid tumors. MorphoSys shareholders will receive EUR 68 ($73.2) per share, totaling EUR 2.7 billion ($2.9 billion). Novartis plans to make a public takeover offer, subject to regulatory approvals and acceptance by at least 65% of MorphoSys’ shares, with the deal expected to close in the first half of 2024.

ONO Pharmaceutical Acquiring Deciphera Pharmaceuticals for $2.4B (April 2024)

ONO Pharmaceutical is purchasing Deciphera Pharmaceuticals, obtaining its critical assets, including Ripretinib for gastrointestinal stromal tumors (GIST), Vimseltinib and DCC-3116 in Phase III trials, DCC-3084 in Phase I, and preclinical DCC-3009 for GIST. Deciphera shareholders will receive $25.6 per share, representing a 74.7% premium, totaling approximately $2.4 billion in equity value.

AstraZeneca Acquiring Fusion Pharmaceuticals for $2.4B (March 2024)

AstraZeneca is buying Fusion Pharmaceuticals, gaining access to its main assets, including Phase II FPI-2265 for prostate cancer, Phase I FPI-1434, FPI-2059, and FPI-2068 for solid tumors, along with other research-stage therapies. Fusion shareholders will receive $21 per share, representing a 97% premium, totaling $2 billion upfront, with the potential for an additional $3 per share through contingent value rights (CVR) tied to regulatory milestones, making the total deal value approximately $2.4 billion.

Venture Funding – Cancer

Total, All Venture, Cancer

In Q1 2024, 37 rounds of venture funding in cancer raised $2.6 billion, a decrease from 2023, which saw 165 rounds totaling $7.9 billion and 202 rounds raising $10.5 billion.

Top 3 Ventures Cancer – Q1 2024

Freenome Raises $254M for Early Cancer Detection (February 2024)

Freenome, specializing in blood tests for early cancer detection, has secured an additional $254 million from new and existing investors. This funding will advance its pipeline of single-cancer and customized multi-cancer early detection tests using its multi-omics platform. Roche led the round, continuing its support from previous fundraisings. Roche’s contribution, which included $290 million in early 2022, has helped push Freenome’s total funding past $1 billion.

Capstan Therapeutics Secures $175M in Series B Funding (March 2024)

Capstan Therapeutics raised $175 million in an oversubscribed Series B funding round to advance it in vivo CAR-T cell candidate. Capstan focuses on in vivo cell reprogramming through RNA delivery using targeted lipid nanoparticles. The Series B financing was led by RA Capital Management, with new investors such as Forbion, Johnson & Johnson Innovation, Mubadala Capital, Sofinnova Investments, and Perceptive Advisors participating.

Avenzo Closes $150M Series A1 Financing Round (March 2024)

Avenzo, a clinical-stage biotech firm developing next-generation oncology therapeutics, completed an oversubscribed $150 million Series A-1 financing round. Since its founding in August 2022, the company has raised $347 million. The funds will be used to advance Avenzo’s emerging oncology pipeline, led by AVZO-021, a potentially leading cyclin-dependent kinase 2 (CDK2) selective inhibitor currently in Phase 1 clinical study in the U.S. for treating HR+/HER2- metastatic breast cancer and other advanced solid tumors.

IPOs – Cancer

IPO - Cancer

In Q1 of 2024, 4 IPOs generated $0.7 billion in cancer, a decline from 2023, which saw 10 IPOs raise $1.0 billion and 14 IPOs raise $1.7 billion.

Top 3 IPO’s Cancer – Q1 2024

CG Oncology, Inc. Raises $437M in IPO (January 2024)

CG Oncology, Inc. (Nasdaq: CGON) closed its upsized IPO, issuing 23,000,000 shares at $19 per share, totaling $437 million in gross proceeds. The company focuses on developing bladder-sparing therapies for bladder cancer patients.

ArriVent Biopharma Secures $175M in IPO (January 2024)

ArriVent Biopharma entered the market, raising $175 million in its IPO by selling 9,722,222 shares at $18 each, surpassing initial projections. The funds will primarily support the development of Furmonertinib, an experimental lung cancer drug.

Boundless Bio Raises $100M in IPO (March 2024)

Boundless Bio, a developer of cancer drugs, raised $100 million in its IPO by pricing 6,250,000 shares at $16 each. Trading under the ticker “BOLD” on the Nasdaq, Boundless is advancing two assets targeting oncogene-amplified cancers.

DealForma Research

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