Shots:
- Driven by mutual growth and expansion, strategic collaborations are embedded deeply in the modus operandi of life sciences deals. In 2023, the volume of life science deals was comparatively high vs. 2022
- The collaboration deal between Daiichi Sankyo and Merck & Co. for $22B ranks first in our list followed by the development and commercialization deal between SystImmune & BMS for $8.4B and the agreement inked by Flagship Pioneering & Pfizer for $7.05B
- With the resourceful insights from DealForma, PharmaShots brings a concise report on the Top 20 Life Sciences Deals in 2023
20. Eccogene & AstraZeneca
Eccogene’s Development and Commercialization Deal with AstraZeneca
Deal Date: Nov 19, 2023
Deal Value: $2.01B
- In Nov 2023, Eccogene signed a development and commercialization agreement with AstraZeneca. Through this agreement, AstraZeneca received the exclusive rights to develop and commercialize Eccogene’s ECC-5004 across the globe for the treatment of Obesity and Type-2 Diabetes, except China
- Eccogene has the right to co-develop and co-commercialize ECC-5004 with AstraZeneca across China. ECC-5004 is a small molecule GLP-1 receptor agonist developed for the treatment of Obesity and Type-2 Diabetes
- Under the terms of the agreement, Eccogene will receive an upfront payment of $185M and is eligible for an aggregate of $1.82B in development, regulatory, and commercial milestone payment, plus tiered royalties
19. Orionis Biosciences & Genentech
Orionis Biosciences’ Multi-Year Collaboration Agreement with Genentech
Deal Date: Sep 20, 2023
Deal Value: $2.05B
- Genentech entered into a multi-year collaboration agreement with Orionis Biosciences in Sep 2023. The agreement was to discover novel small-molecule medicines for the difficult targets in major disease areas, including Oncology and Neurodegeneration
- As per the terms of the agreement, Genentech received the exclusive worldwide rights to develop and commercialize small molecule monovalent glue therapies
by leveraging Orionis’ Allo-Glue platform in Oncology and Neurodegeneration indications. Orionis took the responsibility to discover therapeutic products, whereas Genentech got hold of all future activities - Under the terms of the agreement, Orionis will receive an upfront payment of $47M and is eligible to receive up to $2B in development and commercialization milestones, plus tiered royalties
18. Belharra Therapeutics & Genentech
Belharra Therapeutics’ Development and Commercialization Agreement with Genentech
Deal Date: Jan 1, 2023
Deal Value: $2.08B
- In Jan 2023, Genentech signed a collaborative agreement with Belharra Therapeutics to discover and develop small molecule therapies in Oncology, Autoimmune, and Neurodegenerative diseases. Genentech received the exclusive rights to develop and commercialize small molecule therapies across the globe. The collaboration combines Belharra’s drug discovery platform with Genentech’s development expertise
- As per the agreement, Belharra will be responsible for the discovery and early preclinical development, whereas Genentech will be responsible for target selection and late preclinical, clinical, and commercial activities. Moreover, Belharra also has the option to co-develop certain cancer and autoimmune therapies through P-I and co-fund the remaining development in exchange for US cost/profit split and ex-US milestone payments and royalties
- Belharra will receive an upfront payment of $80M and is eligible to receive an aggregate of $2B in development and commercial milestones, plus tiered royalties
17. Quell Therapeutics & AstraZeneca
Quell Therapeutics’ Option to License Deal with AstraZeneca
Deal Date: Jun 9, 2023
Deal Value: $2.08B
- In Jun 2023, AstraZeneca signed a collaborative agreement with Quell Therapeutics to develop multiple engineered T-regulator (Treg) cell therapies for Type 1 Diabetes and Inflammatory Bowel Disease. The collaboration combines Quell’s Foxp3 Phenotype Lock along with AstraZeneca’s expertise in the development and commercialization of therapies for Type 1 Diabetes and Inflammatory Bowel Disease
- As per the agreement, AstraZeneca received the exclusive option to license to develop and commercialize the resulting therapies across the world, whereas Quell got the responsibility to develop and manufacture the resulting therapies
- Quell received an upfront cash payment and equity of $85M and is eligible to receive up to $2B in development and commercial milestones, plus tiered royalties. Additionally, Quell has the option to co-develop therapies for Type 1 Diabetes across the US following IND approval or Phase I/II clinical trials in exchange for milestones and royalties
16. Avidity Biosciences & BMS
Avidity Biosciences’ Global Licensing and Research Collaboration with BMS
Deal Date: Nov 27, 2023
Deal Value: $2.27B
- BMS entered into a licensing and research collaboration with Avidity Biosciences in Nov 2023 to discover, develop, and commercialize 5 cardiovascular targets through BMS’ Antibody Oligonucleotide Conjugate (AOC) platform. The agreement replaces the agreement signed between Avidity and MyoKardia (a subsidiary of BMS)
- Under the agreement, Avidity was responsible for the initial research activities while generating and optimizing AOC compounds on a target-by-target basis and BMS received the rights for all further developments
- Moreover, Avidity is eligible to receive an aggregate of $2.3B, which includes $60M as up front cash and $40M in up front equity at $7.8 per share. Avidity is also eligible to receive up to $1.35B in R&D milestones and up to $825M in commercial milestones, plus low double-digit royalties
15. Cellectis & AstraZeneca
Cellectis’ Development and Commercialization Agreement with AstraZeneca
Deal Date: Nov 1, 2023
Deal Value: $2.44B
- In Nov 2023, AstraZeneca entered into a collaboration agreement with Cellectis to discover and develop up to 10 cell and gene therapies in Oncology, Immunology Indications, and Rare Diseases
- The agreement allows AstraZeneca to use Cellectis’ gene editing technologies and manufacturing capabilities to develop novel cell and gene therapy products. As per the agreement, AstraZeneca received the exclusive option to license to develop and commercialize the resulting therapies across the globe
- Moreover, Cellectis will receive an upfront cash payment of $25M along with equity worth $220M, including an $80M initial payment and $140M during early 2024 at $5 per share and an undisclosed option exercise fee. Additionally, Cellectis is eligible for up to $70M to $220M for each therapy as development and commercial milestone payments, plus tiered royalties
14. Novartis & Bausch + Lomb
Novartis’ Divesture Agreement with Bausch + Lomb
Deal Date: Jun 30, 2023
Deal Value: $2.45B
- In Jun 2023, Novartis signed an agreement with Bausch + Lomb to divest its ‘front of eye’ ophthalmology assets, including Xiidra for dry eye disease and investigational drug candidateSAF312 for Chronic Ocular Surface Pain
- The agreement also includes the rights to Novartis’ AcuStream delivery device for dry eye indications and a pre-clinical TRPV1 antagonist, OJL332. Moreover, the supply of Xiidra will be continued by Novartis on behalf of Bausch + Lomb for a limited period before the closing of the agreement
- Novartis will receive an upfront cash payment of $1.75B and is also eligible to receive up to $750M as sales milestones for Xiidra, SAF312 (libvatrep), and OJL332
13. C4 Therapeutics & Merck & Co.
C4 Therapeutic’s Development and Commercialization Agreement with Merck
Deal Date: Dec 12, 2023
Deal Value: $2.5B
- In Dec 2023, C4 Therapeutics signed a collaboration agreement with Merck. Under the terms of the agreement, Merck received the exclusive rights to develop and commercialize Degrader-Antibody Conjugates (DACs), designed to target and neutralize diseases-causing proteins in cancer cells
- Both companies would jointly develop DACs directed to an exclusive initial undisclosed oncology target. Moreover, C4 was responsible for developing degrader payloads in the discovery phase through its TORPEDO platform, whereas Merck was responsible for developing DACs in the discovery phase and for advancing these candidates through preclinical, clinical development, and commercialization
- As per the agreement, C4 will receive an upfront payment of $10M, whereas, for the initial oncology target, C4 is eligible for a milestone payment of up to $600M, plus tiered royalties and for 3 optional extended targets, C4 is eligible for undisclosed option exercise fee, milestone, and royalties. Merck has the option to extend to 3 additional targets, upon the exercise of which, C4 would be eligible for payments summing the total deal value to $2.5B
12. Proxygen GmbH & Merck & Co.
Proxygen’s Multi-Year Agreement with Merck
Deal Date: Apr 5, 2023
Deal Value: $2.55B
- In Apr 2023, Proxygen entered into a multi-year research collaboration and license agreement with Merck under which Proxygen granted Merck the exclusive rights to co-discover and co-develop molecular glue degrader to the treatment of multiple therapeutic targets
- The collaboration combines Proxygen’s technological capabilities with Merck’s expertise in development activities
- Under the terms of the agreement, Proxygen will receive an undisclosed up front and is eligible to receive an aggregate of $2.25B in research, development, and commercial milestones, plus undisclosed royalties
11. Aspect Biosystems & Novo Nordisk
Aspect Biosystems’ Development and Commercialization Deal with Novo Nordisk
Deal Date: Apr 12, 2023
Deal Value: $2.67B
- Aspect signed a collaboration agreement with Novo Nordisk in Apr 2023 to develop bio-printed tissue therapeutics to replace, repair, or supplement biological function within the body
- Aspect granted Novo Nordisk the exclusive rights to develop and commercialize up to 4 bio-printed tissue therapies globally through Aspect’s bioprinting technology with Novo’s expertise and technology for the treatment of diabetes and obesity
- Under the terms of the agreement, Aspect received an upfront payment of $75M along with an undisclosed R&D funding and convertible note financing. Moreover, Aspect is also eligible to receive up to $650M in development, regulatory, and commercial milestones for each therapy, plus tiered royalties
10. Nanobiotix & Johnson & Johnson
Nanobiotix’s Development and Commercialization Deal with Johnson & Johnson
Deal Date: Jul 10, 2023
Deal Value: $2.76B
- In Jul 2023, Nanobiotix and Janssen (Johnson & Johnson) entered into an agreement under which Nanobiotix granted Jannsen the exclusive rights to co-develop and commercialize Nanobiotix’s NBTXR3 (radio enhancer) for the treatment of solid tumors across the world (except China and Asian Territories)
- As per the agreement, Nanobiotix will retain the rights to the NANORAY-312 study with manufacturing and supply of NBTXR3 while Janssen will be responsible for Phase II trials in stage 3 Lung Cancer patients. Nanobiotix will receive $30M as up front payment and $30M in equity to be given in two tranches of $5M and $25M from JJDC with an additional $30M in R&D funding
- Moreover, Nanobiotix is eligible for up to $2.67B in development, regulatory, and commercial milestones, including $1.8B for NBTXR3, up to $650M for 5 indications developed by Janssen, and up to $220M for any new indication developed by Nanobiotix, plus double-digit tiered royalties. Late in Jan 2024, Nanobiotix received $20M in milestone payment upon achieving operation requirements in the NANORAY-312 study
9. Valo Health & Novo Nordisk
Valo Health’s Research and Development Agreement with Novo Nordisk
Deal Date: Sep 25, 2023
Deal Value: $2.76B
- In Sep 2023, Valvo Health signed an agreement with Novo Nordisk to discover and develop 3 small molecule therapies for the treatment of cardiometabolic diseases
- The collaboration will allow the companies to discover and develop small molecule therapies by leveraging Valo’s Opal Computational platform, real-world patient datasets, and Biowire human tissue modeling. The agreement covers up to 11 target discovery and validation programs
- As per the terms of the agreement, Valo will receive $60M in up front and near-term milestones, undisclosed R&D funding, and is also eligible to receive up to $2.7B in development, regulatory, and commercial milestones for up to 11 therapies, plus undisclosed royalties
8. Immunome & AbbVie
Immunome’s Multi-Year Collaboration with AbbVie
Deal Date: Jan 4, 2023
Deal Value: $2.8B
- Immunome entered into a strategic multi-year partnership with Abbvie in Jan 2023 to discover and develop 10 antibody-target pairs for three specified tumor types using Immunome’s Discovery Engine
- AbbVie received the exclusive option to license the development and commercialization of up to 10 antibody-target pairs across the globe
- Immunome will receive an up front payment of $30M, $70M as platform access fees, and is eligible to receive a low single-digit million option exercise fee per target and development milestones of up to $1.2B ($120M each) and commercial milestones of up to $1.5B ($150M each), plus low single-digit tiered royalties for each target
7. Alnylam Pharmaceuticals & Roche
Alnylam’s Development and Commercialization Deal with Roche
Deal Date: Jul 27, 2023
Deal Value: $2.8B
- In Jul 2023, Alnylam entered into a collaboration agreement with Roche. According to the agreement, Roche received the exclusive rights to co-develop and co-commercialize Alnylam’s Zilebesiran, an investigational (P-II trial) RNAi therapeutic for the treatment of Hypertension
- The collaboration combines Alnylam’s expertise in RNAi therapies with Roche’s R&D expertise. Alnylam will lead a joint clinical development plan for the first indication with Roche which includes a cardiovascular outcome trial prior to the regulatory submission of zilebesiran for approval, with all development costs shared by Alnylam (40%) and Roche (60%). Moreover, Roche may lead development activities for additional indication in the future
- Alnylam will receive an up front payment of $310M and is eligible to receive up to $2.49B in development, regulatory, and commercial milestones. Alnylam is also eligible to receive a 50% profit share in the US where both companies will co-commercialize the products, plus low double-digit royalties ex-US[IB1]
6. Monte Rosa Therapeutics & Roche
Monte Rosa’s Research and Development Agreement with Roche
Deal Date: Oct 16, 2023
Deal Value: $3.08B
- In Oct 2023, Monte Rosa signed a collaboration agreement with Roche to discover and develop Molecular Glue Degrader (MGD) therapies by leveraging Monte Rosa’s QuEEN discovery engine platform for the treatment of Cancer and Neurological Diseases
- As per the terms of the agreement, Monte Rosa will be responsible for the discovery and preclinical activities, whereas Roche will be responsible for further development activities. Roche also has the option to license additional targets within the first 2 years
- Monte Rosa will receive an up front payment of $50M and $28M for initial and option targets respectively and is also eligible to receive up to $2B in development and commercial milestones which include $175M in preclinical milestones and $1B in preclinical, clinical, and commercial milestones for additional targets, plus high-single-digit to low-teens tiered royalties
5. Nurix Therapeutics & Seagen
Nurix Therapeutic’s Strategic Collaboration with Seagen
Deal Date: Sep 7, 2023
Deal Value: $3.46B
- In Sep 2023, Nurix entered into a multi-year collaboration agreement with Seagen to advance the development of Degrader-Antibody Conjugates (DACs) in oncology by leveraging Nurix’s DELigase platform. Under the agreement, Seagen received the rights to develop and commercialize multiple cancer therapies by combining Nurix’s Targeted Protein Degradation (TPD) technology with Seagen’s Antibody Drug Conjugate (ADC) Technology for targets selected by Seagen
- Seagen will be responsible for developing and advancing DAC drug candidates through preclinical, clinical development, and commercialization. Moreover, Nurix has the option for the US profit sharing and co-promotion of 2 products discovered through a partnership
- Nurix will receive an up front payment of $60M and is eligible to receive up to $3.4B in development, regulatory, and commercial milestones, plus mid-single to low double-digit tiered royalties
4. Voyager Therapeutics & Neurocrine Biosciences
Voyager’s Development and Commercialization Agreement with Neurocrine Biosciences
Deal Date: Jan 8, 2023
Deal Value: $4.41B
- Voyager signed a strategic collaboration agreement with Neurocrine Biosciences under which Neurocrine received the exclusive right to develop and commercialize the GBA 1 program for the treatment of Parkinson’s Disease and other GBA1-mediated diseases through the combination of GBA1 gene replacement payload with novel capsids from Voyager’s TRACERTM platform. The companies have also agreed to collaborate on 3 new gene therapy programs for rare CNS targets
- As per the agreement, Neurocrine is responsible for all costs incurred by Voyager in conducting non-clinical development activities for each Program and will fund development for the GBA1 gene therapy program through the completion of a first Phase I trial. Moreover, Voyager has the option to co-develop and co-commercialize New Collaboration Products in the GBA1 Program across the US, exercisable upon topline data from the first Phase I trial
- Voyager will receive an up front payment of $175M ($136M in cash and $39M in an equity investment at $8.88 per share) and is eligible for up to $4.235B in development ($1.510B; $985M for the 1 GBA1 Program & $525M for 3 New Discovery Programs ($175M each)) and commercial milestones ($2.725B; $1.90B for 2 New Collaboration Products in the GBA1 Program ($950M each) & $825M for 1 New Collaboration Product per 3 New Discovery Programs ($275M each)). Voyager is also eligible for tiered royalties on net sales if not profit-sharing. Additionally, If Voyager exercises the Co-Co option, the companies will split the US GBA1 Program costs and profits 50% in place of royalties
3. Flagship Pioneering & Pfizer
Flagship Pioneering’s Research Partnership with Pfizer
Deal Date: Jul 18, 2023
Deal Value: $7.05B
- In Jul 2023, Flagship and Pfizer signed an agreement to accelerate the development of innovative medicines targeting indications with unmet needs
- As per the agreement, each company will invest $50M up front to explore the opportunities to develop 10 single-asset programs by utilizing Flagship’s bioplatform companies in undisclosed indications
- Flagship is eligible to receive up to $700M in development and commercial milestones per program, plus undisclosed royalties
2. SystImmune & Bristol Myers Squibb
SystImmune’s Development and Commercialization Deal with BMS
Deal Date: Dec 11, 2023
Deal Value: $8.4B
- SystImmune reported signing a collaboration agreement with BMS under which BMS received the exclusive rights to co-develop and co-commercialize SystImmune’s BL-B01D1. The collaboration combines SystImmune’s ADC expertise with BMS’s clinical development and Oncology expertise for the treatment of Lung and Breast Cancer
- As per the agreement, both companies will jointly develop and commercialize BL-B01D1 in the US, whereas SystImmune will be responsible for developing and commercializing BL-B01D1 in Mainland China and will also be responsible for manufacturing certain drug supplies for use outside or Mainland China. On the other hand, BMS will be responsible for the development and commercialization of the products across the globe (except Mainland China)
- Under the terms of the transaction, SystImmune will receive an up front payment of $800M and is eligible to receive up to $500M in contingent near-term payments along with $7.1B in development, regulatory, and commercial milestones, plus tiered royalties outside the US and Mainland China. Additionally, BMS is eligible to receive royalties in Mainland China
1. Daiichi Sankyo & Merck & Co.
Daiichi Sankyo’s Development and Commercialization Agreement with Merck & Co.
Deal Date: Oct 19, 2023
Deal Value: $22B
- In Oct 2023, Daiichi Sankyo entered into a collaboration agreement with Merck. According to the agreement, Merck received the exclusive rights to co-develop and co-commercialize 3 of Daiichi’s ADCs, including HER3-DXd (patritumab deruxtecan), I-DXd (ifinatamab deruxtecan), and R-DXd (raludotatug deruxtecan) for the treatment of Solid Tumors across the globe (except Japan)
- Moreover, Daiichi will receive an up front of $5.5B which includes $1.5B for I-DXd, $750M each for HER3-DXd and R-DXd, a potential up front payment of $750M for HER3-DXd at 12mos. & $750M for R-DXd at 24mos., and $1B ($0.5M each) as refundable (pro-rata for early termination of development) up front for HER3-DXd and I-DXd. Daiichi is also eligible to receive $16.5B in commercial milestones ($5.5B for each product)
- Daiichi was responsible for all the supply and manufacturing activities whereas Merck was responsible for 75% of the first $2B R&D-related costs. Additionally, Merck also has the option to opt out of the development of HER3-DXd and R-DXd following which Daiichi will retain the paid up front payment and return the rights for the products. Both companies will share the 50/50 costs and profits worldwide ex-Japan, and Merck will be eligible for royalties on sales of products in Japan
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