R&D Partnerships, M&A, Ventures, & IPOs By TA – Cancer – 2023

R&D Partnerships, M&A, Ventures, & IPOs By TA - Cancer – 2023

During 2023, cancer therapeutics witnessed prominence in IPOs, ventures, R&D, and M&As, consistently claiming the highest ranks among therapeutic sectors and culminating record-breaking deals. The forefront of these endeavors predominantly featured the development of advanced biologics, antibodies, and intricate molecular programs.  In the cancer biopharmaceutical market, collaborations yield cost savings and access to new markets, driving innovation and additional resources for growth. Our data below signifies cancer potential within the biopharma.


R&D Partnerships – Cancer

R&D Partnerships - Cancer - DealForma

In 2022, 267 cancer R&D partnerships generated an upfront cash and equity value of $6.93 billion with a total deal value of $106.82 billion. However, by 2023, the number dropped to 226. Despite the decline, the cash and equity rose to $8.47 billion, with total deal value of $101.76 billion. Combining data from both years, there were 493 deals, with cash and equity of $15.40 billion and a total value of $208.58 billion.


Top R&D Partnerships – 2023


Daiichi Sankyo & Merck Collaboration: ADC development – (October 2023)

Daiichi Sankyo and Merck announced a global development agreement for 3 DXd antibody-drug conjugate (ADC) candidates: (HER3-DXd), (I-DXd), and (R-DXd). Merck will pay Daiichi Sankyo $4 billion upfront, with $1.5 billion in continuation over 24 months. Additionally, Merck may make up to $16.5 billion based on future sales milestones, bringing the total consideration to $22 billion.

SystImmune & BMS Collaboration: BL-B01D1 co-development – (December 2023)

SystImmune granted BMS exclusive rights to co-develop and co-commercialize BL-B01D1 for lung and breast cancer treatment. SystImmune will receive an upfront payment of $800 million, with potential payments of up to $500 million shortly and $7.1 billion in development, regulatory, and commercial milestones.

M&A – Cancer

M&A - Cancer - DealForma

For cancer, we saw 47 M&A transactions in 2022, amounting to upfront cash and equity of $15.53 billion and a total deal value of $19.19 billion. By 2023, the number rose to 66, accompanied by a surge in total upfront cash and equity to $76.37 billion and deal value of $80.12 billion. There were 113 M&As, with a combined upfront cash and equity of $91.90 billion and a total deal value of $99.31 billion.


Top M&As for 2023


Pfizer’s acquisition of Seagen: Transformation in oncology – (March 2023)

Pfizer Inc. announced the definitive merger with Seagen Inc. for $229 per share, totalling a $43 billion enterprise value. This acquisition doubled Pfizer’s pipeline to 60 programs, incorporating four FDA-approved cancer drugs: Adcetris, Padcev, Tivdak, and Tukysa. With 9 oncology medications, Pfizer anticipates revenue from Seagen’s products to reach $3.1 billion in 2024 and $10 billion by 2030.



AbbVie’s acquisition of ImmunoGen: Enhancing cancer therapies – (November 2023)

AbbVie acquired ImmunoGen, known for its lead asset Elahere, an ADC approved for platinum-resistant ovarian cancer. ImmunoGen’s pipeline includes pivekimab sunirine, IMGC-936, and IMGN-151. ImmunoGen stakeholders were offered $31.26 per share in cash, representing a 95% one-day premium and a $10.1 billion equity value.


Ventures Landscape – Cancer 2023

Ventures - Cancer - DealForma

In 2022, cancer-focused ventures had 306 funding rounds, generating $13.34 billion. However, in 2023, the number declined to 222, with a total funding of $9.78 billion. While examining collectively, there were 528 funding rounds, amassing $23.12 billion.


Top Ventures – 2023

ElevateBio’s Series-D Financing: Advancing cell and gene therapies – (May 2023)

ElevateBio secured $401 million in Series-D following a $525 million Series-C round in 2021, making it the year’s second-highest private biotech fundraising. This funding will fuel ElevateBio’s technology platforms, including Life Edit gene editing and BaseCamp®, to accelerate cell and gene therapy development.

Cellares’ Series-C Funding: Launching IDMO smart factory – (August 2023)

Cellares secured $255 million in Series-C funding led by Koch Disruptive Technologies. This funding will facilitate the launch of the world’s first commercial-scale Integrated Development and Manufacturing Organization (IDMO) Smart Factory in Bridgewater, New Jersey. Spanning 118,000 sq. ft., the factory aims to produce 40,000 cell therapy batches annually, leveraging advanced robotics and interconnected software.


IPO Cancer Activity – 2023

IPO Activity - Cancer - DealForma

In 2022, 13 cancer IPOs generated $1.382 billion. However, in 2023, the number slightly dropped to 10, raising $982 million. This signifies a decrease in IPOs in 2023 compared to the previous year, although the total funds raised remained significant. Merging data from both years, 23 IPOs generated $2.364 billion.


Top IPOs – 2023

RayzeBio’s Upsized IPO: Fueling radiopharmaceutical pipeline – (August 2023)

RayzeBio raised $358 million in an upsized IPO. The San Diego-based firm sold 19,869,240 shares at $18.00 per share, with additional shares sold by a stockholder. Gross proceeds totalled $336.7 million, slated to advance the radiopharmaceutical pipeline, including lead candidate RYZ101 targeting SSTR.

Cargo Therapeutics’ IPO: Advancing CAR-T therapy for lymphoma – (October 2023)

Cargo Therapeutics launched a $281.3 million IPO priced at $15 per share the offering included 18,750,000 shares, with underwriters having the option to purchase 2,812,500 additional shares. Funds will support a phase 2 trial for their CAR-T therapy, CRG-022, targeting B-cell lymphoma, addressing unmet needs post-CD19 CAR-T treatment.

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

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