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

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

Neurology in 2023 saw a reduction in venture investments & IPOs. Despite the decline, a surge during Q4 propelled the neuroscience sector to the second spot in revenue generated from M&A activity in 2023 (AbbVie acquisitions of ImmunoGen in November & Cerevel Therapeutics in December). According to the JP Morgan annual biopharma report, buyers remained focused on de-risked late-stage deals and preferred technologies that offer clear benefits to specific patient populations rather than broad applicability.


R&D Neurologic Partnerships
R&D Partnerships - Neurologic

In 2023, neurology slightly surged in R&D partnerships, with 97 compared to 80 in 2022. The total deal value jumped from $10.86 billion in 2022 to $21.10 billion in 2023. Furthermore, these partnerships’ upfront cash and equity reached $0.85 billion in 2023 compared to $0.62 billion in 2022.


Top R&D Partnerships in Neurology – 2023

Neurocrine Biosciences & Voyager Therapeutics: Advancing Gene Therapies – (January 2023)

Neurocrine Biosciences, Inc. and Voyager Therapeutics, Inc. will lead the preclinical GBA1 gene therapy program for Parkinson’s and introduce 3 new programs targeting rare CNS targets. Voyager will receive $175 million upfront, comprising $136 million in cash and $39 million in equity investment at $8.88 per share. Voyager can earn up to $4.235 billion in milestones.


Monte Rosa & Roche: Global Rights for MGD – (October 2023)

Monte Rosa has awarded Roche exclusive global rights to develop and commercialize molecular glue degrader (MGD) therapies for cancer and neurological diseases using Monte Rosa’s QuEEN discovery engine platform. In return, Monte Rosa will receive $50 million upfront for initial targets, $28 million for option targets, and potential milestone payments of up to $2 billion, including preclinical milestones of $172 million and tiered royalties.


M&A Landscape – Neurology

M&A - Neurologic

In 2023 neurologic completed 32 M&As, one less than 33 in 2022. Despite the decrease, the total deal value surged from $19.40 billion in 2022 to $35.18 billion in 2023; additionally, the upfront cash and equity involved in these M&As experienced a significant rise, from $17.07 billion in 2022 to $33.31 billion in 2023.


Top Neurology M&A’s – 2023

BMS Acquires Karuna for $14 Billion – (December 2023)

BMS acquired Karuna for $330.00 per share in cash, representing a 53% one-day premium totaling $14.0 billion in equity value ($12.7 billion net of cash). Karuna, specializing in psychiatric and neurological conditions, boasts KarXT as its lead asset targeting schizophrenia and Alzheimer’s psychosis. The acquisition was finalized on March 18, 2024.

AbbVie’s $8.7 Billion Purchase of Cerevel Therapeutics – (December 2023)

AbbVie bought Cerevel Therapeutics for $8.7 billion at $45.00 per share in cash, offering a 22% premium. Cerevel’s critical assets include Phase II emraclidine for schizophrenia and potential dementia-related psychosis, Phase III Tavapadon for Parkinson’s disease, Phase I CVL-354 for major depressive disorder, and Phase II Darigabat for treatment-resistant epilepsy and panic disorder.


Ventures in Neurology

Total, All Venture, Neurologic

2023 neurology saw 140 venture rounds, down from the 172 in 2022. Despite the decline, the total amount raised remained significant, reaching $4.52 billion in 2023 compared to $5.98 billion in 2022.


Top Neurology Venture Investments – 2023

Neuralink Secures $43 Million in Series D Funding – (November 2023)

Neuralink secured an additional $43 million in VC for their series-D financing, expanding its earlier funding round, led by Peter Thiel’s Founders Fund, from $280 million to $323 million in August 2023. Reuters reported in June that it was valued at approximately $5 billion after private stock transactions.

MapLight Therapeutics Completes $225 Million Series C Financing – (October 2023)

MapLight Therapeutics, a clinical-stage biopharmaceutical company focused on CNS disorders, announced the successful completion of a $225 million Series C financing round. The funding will drive a pipeline of novel therapeutics, including treatments for schizophrenia, Alzheimer’s psychosis, dyskinesia, and autism spectrum disorder.


IPO Motion – Neurology

IPO Activity – Neurologic

The decline continued in IPOs for 2023 within neurology, with only 3 IPOs compared to 5 in 2022; the total amount raised through these offerings in 2023 amounted to $267 million, less than $462 million in 2022.


Top IPOs – 2023

Neumora’s Successful IPO and Drug Development Progress – (August 2023)

Neumora has advanced an experimental depression treatment into late-stage testing and initiated a Phase 1 trial for a second drug targeting Alzheimer’s. The company, backed by prominent investors like ARCH and Amgen, had raised over $600 million before its IPO in August 2023, which yielded $250 million. Neumora focused on neurological diseases and sold 14.7 million shares of its common stock at $17 each during the IPO, with underwriters option to purchase an additional 2.2 million shares.

MIRA Pharmaceuticals’ Initial Public Offering – (July 2023)

MIRA Pharmaceuticals set the IPO price for 1,275,000 shares at $7.00 per share, generating gross proceeds of $8.9 million. Additionally, underwriters have a 45-day option to acquire up to 191,250 additional shares. The offering is expected to conclude on August 7, 2023, with net proceeds to advance clinical development and corporate purposes.

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

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