J.P. Morgan Special: Dealmaker of the Year 2024 (Part 02)

Shots: 

In this second installment of Dealmaker 2024, PharmaShots presents an insightful guide to the top M&A deals ranked by deal value
This report highlights Novo Nordisk’s remarkable achievements, including 24 collaborations spanning acquisitions, company formations, contract services, development and commercialization agreements, facility purchases, licensing options, and platform/product purchases. Collectively, these deals amount to a staggering $33.94 billion
Drawing on DealForma’s invaluable insights, PharmaShots delivers this on-demand report on the Dealmaker of the Year 2024

Insights: 

In 2023, Novo Nordisk had 21 signed transactions that summed to a total of $11.97B, whereas throughout 2024, the company inked 24 deals, and the value summed to $33.94B, depicting a 183.54% increase
In 2023, August remained the most productive month for Novo Nordisk but in 2024, September turned out to be the most productive
In 2024, Novo Nordisk signed the maximum number of deals relating to development & commercialization
In 2024, the acquisition of Catalent remained the biggest deal signed by Novo Nordisk worth $16.5B

Summary:  

PharmaShots presents a succinct report on the Dealmaker of the Year for 2024, leveraging DealForma's insightful data. The Dealmaker of the Year report is structured around two key criteria and is divided into two parts: Part 1 focuses on the Highest Number of Deals Signed, and Part 2 highlights the Highest Amount of Total Deal Value.

Novo Nordisk is a multinational biopharma company focusing on developing, manufacturing, and commercializing therapies for diabetes, obesity, hemophilia, growth-related disorders, cardiovascular diseases, Alzheimer's, NASH, sickle cell, and primary hyperoxaluria. The company operates in two segments: diabetes & obesity care and rare diseases. Novo Nordisk was among the Top 20 Biopharma Companies of 2024 and generated $34.39B in revenue in 2023, with the diabetes & obesity care segment contributing the most.

In 2023, Novo Nordisk made 24 transactions with key investments in companies for deals including development and commercialization (n=11), contract services (n=4), and M&A deals (n=3), among others. In 2024, the highest transaction made by Novo Nordisk was the acquisition deal with Catalent for an aggregate of $16.5B. Out of the 24 transactions made, the company disclosed the value for 15 deals, aggregating to a staggering $33.94B, ranking Novo Nordisk at the top among the major dealmakers in 2024.

In 2024, the top dealmakers based on the total disclosed deal values were Novo Nordisk ($33.94B), Novartis ($32.24B), J&J ($21.63B), Merck & Co. ($16.62B), and Catalent ($16.5B). Here's a look at some of the top deals from 2024 inked by Novo Nordisk, the top dealmaker.

Top Deals for Novo Nordisk

1. Novo Holdings to Acquire Catalent for ~$16.5B

Novo Holdings acquired Catalent in an all-cash transaction with a total enterprise value of ~$16.5B
As a part of the transaction, Catalent common stockholders will receive $63.50/share in cash, reflecting a premium of approximately 47.5% over the 60-day volume-weighted average price as of February 2, 2024
Moreover, out of 50 Catalent global sites, Novo Holdings sold 3 fill-finish sites (Italy, USA, Belgium) & related assets acquired from Catalent to Novo Nordisk

2. Novo Nordisk Purchased Three Fill-Finish Sites from Novo Holdings

Novo Nordisk has purchased Catalent's fill-finish sites located in Anagni (Italy), Brussels (Belgium), and Bloomington (Indiana, US)
The sites specialize in the sterile filling of drugs in connection with Novo Holdings' acquisition of Catalent
Novo Holdings received $11B up front representing enterprise value for the sites, certain corporate assets, and liabilities attributable to the acquired business

3. Neomorph and Novo Nordisk Partnered to Discover Molecular Glue Degraders for Cardiometabolic and Rare Diseases

Neomorph signed a collaboration and licensing agreement with Novo Nordisk for the discovery, development, and commercialization of molecular glue degraders
Under the collaboration, Neomorph is entitled to receive an upfront payment, near-term milestones & R&D funding plus future clinical, commercial & sales milestones making it a total deal value of $1.46B along with tiered royalties
Neomorph is responsible for lead discovery & preclinical studies of the selected candidates while Novo Nordisk gains exclusive rights for further clinical activities & commercialization of the compounds

4. Novo Nordisk Reported the Acquisition of Cardior Pharmaceuticals for ~$1.11B

Novo Nordisk acquired Cardior to enhance and strengthen its cardiovascular disease pipeline through Cardior's lead assets, including CDR132L for heart failure & preclinical assets CDR348T & CDR641L for hypertrophic cardiomyopathy
As per the terms of the agreement, Cardior received an aggregate of ~$1.11B as up front, development & commercial milestones
CDR132L is currently being evaluated in the P-II (HFrEF) clinical trial in patients suffering from myocardial infarction, the first patient for which was dosed in Jul 2022. Moreover, Novo expects to initiate a second P-II clinical trial for the evaluation of CDR132L in chronic heart failure patients with cardiac hypertrophy

5. Novo Nordisk Signed Development Agreement with NanoVation for Genetic Medicines

NanoVation granted Novo Nordisk rights to develop and commercialize genome-editing therapies for rare genetic diseases and also plans to develop up to five additional targets for cardiometabolic and rare diseases
The partnership will utilize NanoVation's long-circulating lipid nanoparticle (lcLNP) technology for RNA delivery targeting cells outside the liver with Novo Nordisk's expertise in cardiometabolic and rare disease R&D and clinical translation
NanoVation will receive $600M in total, including upfront, R&D funding, development, and commercialization milestones, plus royalties

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