R&D Partnerships, M&A, Ventures & IPOs by TA – Autoimmune – 2023

R&D Partnerships, M&A, Ventures & IPOs by TA – Autoimmune - 2023

Autoimmune position was favorable in 2023, with advancements in treatments, development-driven research, and innovation from industry leaders. Below are some significant deals involving top biopharmaceuticals like Moderna, Sanofi, Merck, Roche, Eli Lilly, Acelyrin, and Apogee indicate a significant global revenue share. These strategic partnerships are expected to facilitate the discovery and development of more effective treatments.

R&D Partnerships – Autoimmune

R&D Partnerships - Autoimmune

In 2023, despite a decline to 34 deals, the total value of autoimmune R&D partnerships surged to $10.7 billion, with $1.0 billion in upfront cash and equity. However, in 2022, 37 partnerships were valued at $7.3 billion, including $400 million in upfront cash and equity.


Top R&D Partnerships – Autoimmune

Moderna’s Partnership with Generation Bio – (March-2023)

Moderna partnered with Generation Bio to develop nucleic acid therapies for autoimmune and hepatic diseases, securing exclusive global licensing rights for Generation Bio’s ctLNP and ceDNA technology. Generation Bio received an upfront payment of $40 million in cash and $36 million in equity, with potential development milestones totalling up to $1.8 billion.


Teva Pharmaceuticals’ Partnership with Sanofi for TEV-574 – (October-2023)

Teva Pharmaceuticals partnered with Sanofi, granting Sanofi global rights to co-develop and co-commercialize TEV-574, an anti-TL1A therapy targeting ulcerative colitis and Crohn’s disease. Both agreed to split development costs, profits, and losses worldwide. Teva received an upfront payment of EUR469 million (approx. $500 million) and has the potential to earn up to EUR940 million (approx. $1 billion) in development and commercial milestones.


M&A – Autoimmune

M&A - Autoimmune
M&A – Autoimmune

In 2023, autoimmune surged in M&A activity, with 10 deals totalling $21.4 billion, including a substantial upfront cash and equity portion amounting to $21.2 billion. However, in 2022, only 4 M&A were valued at $700 million, with $500 million in upfront cash and equity.


2023 M&A’s – Autoimmune

Merck’s Acquisition of Prometheus Biosciences – (June-2023)

Merck completed acquisition of Prometheus Biosciences, securing lead assets, Phase II PRA-023 for Ulcerative Colitis and Crohn’s Disease, Phase I PRA-052, and preclinical therapies PR-1100, PR-2100, and PR-300 for immune-mediated diseases, alongside Prometheus360 technology platform. Prometheus will receive $10.8 billion in cash, equivalent to $200 per share, representing a 75% premium over one-day trading price.

Roche’s Acquisition of Telavant – (December-2023)

Roche acquired Telavant, obtaining Phase III RVT-3101 for ulcerative colitis and Crohn’s disease and a Phase I anti-TL1A therapy. Roche will develop and commercialize RVT-3101 in the US and Japan, while Pfizer retains rights elsewhere. Telavant receives $7.1 billion upfront and up to $150 million in near-term milestones.

Eli Lilly’s Acquisition of DICE Therapeutics – (August-2023)

Eli Lilly has purchased DICE Therapeutics, securing their significant assets, including Phase II DC–806, Phase I 9DC–853, and preclinical therapies for psoriasis and inflammatory bowel disease. DICE stakeholders will receive $48 per share in cash, constituting a 42% premium over the one-day trading price, amounting to $2.4 billion upfront.

Total Ventures – Autoimmune 2023

Total, All Venture, Autoimmune

In 2023, the autoimmune saw 31 venture funding rounds raising $1.5 billion, compared to 34 rounds amassing $2.1 billion in 2022. Despite the reduction in rounds, the total funding decrease was less than anticipated.


Top Ventures – Autoimmune

Orbital Therapeutics Series A Financing Round – (August-2023)

Orbital Therapeutics completes a $270 million Series A financing round to advance RNA medicines for global health. Their RNA platform aims to revolutionize treatment for diseases like immunomodulation and protein replacement by enhancing its novel RNA therapeutics’ effectiveness and delivery range to diverse cell types and tissues.

Abcuro’s Series B Funding – (August-2023)

Abcuro, a biotech focused on autoimmune diseases and cancer, secured $155 million in Series B. Abcuro plans to utilize the funds to complete Phase 2/3 clinical trials for ABC008, a monoclonal antibody targeting KLRG1, in inclusion body myositis (IBM), and to initiate Phase 1/2 trials in T-LGLL and T and NK cell lymphomas.


IPO Activity 2023 – Autoimmune

IPO Activity - Autoimmune

In 2023, two IPOs within the autoimmune sector collectively raised $966 million; meanwhile, in 2022, no IPO funds were raised.


Top IPOs – Autoimmune

Acelyrin Inc’s IPO on NASDAQ – (April-2023)

Acelyrin Inc., a late-stage clinical biopharmaceutical specializing in drug development for axial spondyloarthritis, hidradenitis suppurativa, psoriatic arthritis, and uveitis, debuted on NASDAQ. Acelyrin raised $621 million by offering 34.5 million shares at $18 per share. Their pipeline includes promising drugs such as Izokibep (anti-IL-17A), Lonigutamab (anti-IGF-1R), and SLRN-517 (anti-C-KIT).

Apogee Therapeutics’ Public Offering – (June-2023)

Apogee Therapeutics, Inc., a clinical-stage biotech company specializing in innovative biologics for treating atopic dermatitis, chronic obstructive pulmonary disease, asthma, and inflammatory and immunology, concluded an extensive public offering, including 7,790,321 shares of common stock, with underwriters exercising their option for an additional 1,016,128 shares, priced at $62.00 per share. The offering generated $483 million in total gross proceeds before deductions.

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

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