Top 20 Biopharma Deal Terminations of 2024

Shots: 

• In the Biopharma industry, navigating M&A and licensing deals is challenging due to strict antitrust laws and shifting regulations. When these pressures create significant risks, nullifying or restructuring existing agreements can be the most rational and strategic response 

• In 2024, the termination of the $4.45B deal between Adaptimmune and Genentech became a major talking point in the biopharma industry, marking the most valuable deal to be called off that year. It was followed by the Eisai & BMS and Metagenomi & Moderna deal terminations, which also drew significant attention 

• Using DealForma’s invaluable insights, PharmaShots brings a concise report on the Top 20 Biopharma Deal Terminations of 2024 based on total deal value 

Note: Columns 1 and 2 represent the rank and companies, while Columns 3 and 4 represent the deal value and deal date  

20. Relay Therapeutics and Genentech (Roche) 

Genentech (Roche) Terminates Development and Commercialization Deal with Relay Therapeutics for RLY-1971  

Deal Date: Dec 14, 2020 

Deal Value: $795M 

• Relay Therapeutics granted Genentech worldwide rights to develop and commercialize Relay’s SHP2 inhibitor, RLY-1971, to treat solid tumors 

• Under the agreement, Relay received $75M upfront and was eligible for up to $25M in near-term milestones. Relay also had a 50/50 cost and profit split option for RLY-1971. If Relay had exercised its option, it would have been eligible for up to $410M in sales-based milestones, plus royalties on ex-U.S. sales. If it had chosen not to exercise the option, it would have been eligible for up to $695M in additional milestone payments, plus low to mid-teens royalties on global net sales 

• On July 17, 2024, Roche terminated the deal with Relay Therapeutics, reflecting declining interest in SHP2 inhibitors due to clinical setbacks in the biopharma industry. 

19. Vir Biotechnology and GSK 

Vir Biotechnology and GSK Terminate Deal Tied to Antibodies for Influenza 

Deal Date: Feb 17, 2021 

Deal Value: $845M 

• Vir Biotechnology and GSK signed a research collaboration to develop and commercialize Vir’s monoclonal antibodies (mAbs), including VIR-2482, and undisclosed small molecule programs for influenza and other respiratory viruses. 

• Under the terms of the agreement, Vir would receive $225M upfront and $120M investment in common stock. With GSK exercising its option to co-develop, Vir would receive $300M as an option fee and $200M in regulatory milestone payments. 

• On February 22, 2024, Vir and GSK terminated the deal due to the Phase II failure of VIR-2482. 

18. BridgeBio and Bristol Myers Squibb (BMS) 

BridgeBio and BMS Terminate Development and Commercialization Deal for BBP-398 

Deal Date: May 12, 2022 

Deal Value: $905M 

• BridgeBio and BMS signed a development and commercialization agreement for BBP-398, an SHP2 inhibitor in oncology 

• Under the agreement, BridgeBio would receive an upfront payment of $90M and would be eligible to receive up to $815M in development, regulatory, and sales milestone payments, and tiered royalties in the low-to-mid teens 

• BridgeBio would continue ongoing Phase I monotherapy and combination therapy trials while BMS would fund all other commercial activities. Later, BridgeBio, in its Q2 report, revealed that the deal was terminated effective June 2024 due to a shift in interest in SHP2 inhibitors. 

17. Immatics and BMS 

BMS Terminates Development and Commercialization Deal with Immatics for IMA401 

Deal Date: Dec 14, 2021 

Deal Value: $920M 

• Immatics granted BMS exclusive, worldwide rights to develop and commercialize IMA-401, also known as TCER (T Cell-Engaging Receptors), for the treatment of solid tumors 

• Under the agreement, Immatics received $150M upfront and was eligible to receive up to $770M in additional development, regulatory, and sales milestones, plus low double-digit tiered royalties. If Immatics exercised the option to co-fund, it was eligible for additional royalties 

• Immatics also had the option to co-fund development and co-promote IMA-401 in the US. On September 16, 2024, Immatics announced that BMS terminated the deal for IMA-401 as part of a reprioritization, returning all rights to Immatics. 

16. HOOKIPA and Roche  

Roche Terminates Research Partnership with HOOKIPA 

Deal Date: Oct 19, 2022 

Deal Value: $955M 

• HOOKIPA signed a research partnership with Roche to develop HOOKIPA’s HB-700, with an exclusive, worldwide option to license a second arenaviral immunotherapy targeting undisclosed cancer antigens (UCAs) for the treatment of KRAS-mutated lung, colorectal, pancreatic, and other cancers. 

• Under the agreement, HOOKIPA received $25M upfront and was eligible for up to $930M in development and regulatory milestones. 

• On January 25, 2024, HOOKIPA announced in its 8-K that Roche invoked its right to terminate the deal without cause. The deal officially ended on April 25, 2024. 

15. Aqilion & Merck KGaA 

Merck KGaA Terminates Development and Commercialization Deal with Aqilion for Novel Small Molecule TAK1 Inhibitors 

Deal Date: Feb 16, 2023 

Deal Value: $1028M 

• Aqilion and Merck KGaA inked an exclusive global deal to discover, develop, and commercialize novel small molecule TAK1 inhibitors for the treatment of autoimmune, inflammatory, and neurological disorder 

• Under the agreement, Aqilion received ~$10.7M upfront and was eligible for ~$1.017B in development and commercial milestones plus tiered royalties  

• Aqilion was responsible for the design and TAK1 inhibitor synthesis while MerckKGaA handled preclinical pharmacology and biology studies. In June 2024, Merck KGaA terminated the agreement with Aqilion owing to the challenging aspects of novel mechanisms.

14. Fulcrum Therapeutics & Sanofi 

Sanofi Terminates Development and Commercialization Deal with Fulcrum Therapeutics for Losmapimod 

Deal Date: May 11, 2024 

Deal Value: $1055M 

• Fulcrum Therapeutics granted Sanofi exclusive global rights, excluding the US, to develop and commercialize losmapimod for the treatment of facioscapulohumeral muscular dystrophy (FSHD) 

• Under the agreement, Fulcrum would receive $80M upfront and be eligible to receive up to $975M in regulatory and commercial milestones plus tiered low-teen royalties, excluding the US. Fulcrum and Sanofi would equally share future development costs 

• On December 18, 2024, Genzyme Corporation (Sanofi) terminated the agreement, citing failed Phase III clinical results. 

13. Repare and Roche  

Roche Terminates Development and Commercialization Deal with Repare for Camonsertib 

Deal Date: Jun 1, 2022 

Deal Value: $1297M 

• Repare granted Roche worldwide rights to develop and commercialize Camonsertib (RP-3500), an oral small-molecule inhibitor of ATR for the treatment of tumors with specific synthetic-lethal genomic alterations, including those in the ATM gene 

• Under the agreement, Repare received $125M upfront and was eligible for up to $1.172B in clinical, regulatory, and sales milestones, plus high single-digit to high-teen royalties. Repare also had the option of a 50/50 co-development and profit share in the US. If exercised, Repare would have been eligible for clinical, regulatory, and sales milestones, plus royalties outside of the US 

• In January 2024, Repare received $40M in milestone payments, and in February 2024, Roche terminated the agreement following a review of Roche’s pipeline and evolving external factors. 

12. CureVac and Genmab  

Genmab Terminates Development and Commercialization Deal with CureVac 

Deal Date: Dec 19, 2019 

Deal Value: $1504M 

• CureVac and Genmab signed a development and commercialization agreement focused on differentiated mRNA antibodies leveraging CureVac’s mRNA technology platform 

• Under the agreement, CureVac received $10M upfront and $22M in equity investment. CureVac was eligible to receive $275M to $368M if it exercised any of the three given options 

• The partnership allowed Genmab to develop four novel mRNA-based therapeutic antibodies using CureVac’s proprietary platform. In December 2024, Genmab and CureVac mutually agreed to terminate their deal. 

11. Agenus and BMS 

BMS Terminates Development and Commercialization Deal with Agenus for AGEN-1777 

Deal Date: May 18, 2021 

Deal Value: $1560M 

• Agenus granted BMS exclusive, worldwide rights to develop and commercialize its bispecific anti-TIGIT antibody AGEN-1777 and an undisclosed target as immuno-oncology therapies, including NSCLC. Agenus would initiate the IND application for AGEN-1777, and BMS would be responsible for all further development and commercialization 

• Under the agreement, Agenus received $200M upfront and was eligible to receive up to $1.36B in milestones, plus tiered double-digit royalties. Agenus also had an exclusive option to develop undisclosed targets and an option to co-promote in the US 

• On August 5, 2024, BMS terminated the partnership with Agenus as part of a broader strategic realignment of its development pipeline, which involves other licensed products. 

10. Pieris Pharmaceuticals and Servier 

Servier Terminates Development and Commercialization Deal with Pieris Pharmaceuticals 

Deal Date: Jan 04, 2017 

Deal Value: $1831.3M 

• Servier and Pieris Pharmaceuticals signed a development and commercialization deal for five bispecific immuno-oncology therapies, including PRS-332, using Pieris’ Anticalin technology 

• Under the agreement, Servier agreed to provide $31.3M upfront and $1.13B in milestones, including $338M for PRS-332 and $201M each for other programs. Based on the 2017 10-K, the milestone payments could exceed $1.8B 

• On June 28, 2024, Servier terminated the deal with Pieris, citing potential safety concerns surrounding S095012 Phase I clinical studies. 

9. MorphoSys and Incyte 

MorphoSys Terminates Development and Commercialization Deal with Incyte for Tafasitamab 

Deal Date: Jan 13, 2020 

Deal Value: $2000M 

• MorphoSys and Incyte entered a global collaboration agreement to develop and commercialize MorphoSys’ tafasitamab, with Incyte gaining exclusive commercial rights outside the US 

• Under the agreement, MorphoSys would receive $750M upfront in cash and $150M in equity. MorphoSys would be eligible for up to $1.1B in milestones, profits, and royalties based on US sales. Incyte and MorphoSys would bear 55% and 45% of the development cost for the US-specific global study, respectively, with Incyte fully responsible for studies outside the US 

• On February 5, 2024, Incyte reported the termination of exclusive global rights to tafasitamab with MorphoSys by purchasing the global rights of Monjuvi and its inventory for $25M. 

8. Halozyme and Evotec 

Halozyme Terminates Acquisition Deal with Evotec 

Deal Date: Nov 14, 2024 

Deal Value: $2100M 

• Halozyme proposed the acquisition of Evotec. Evotec’s pipeline included approved therapies dimdazenil (insomnia) and SKYCovione (COVID-19), as well as key clinical assets such as Phase II samuraciclib (breast cancer), TPM-502 (celiac disease), Cell Pouch (diabetes), GTAEXS-617 and IMT-009 (solid tumors), EVT-894 (chikungunya), AV-078 (TSC epilepsy), BAY-3401016 (Alport syndrome), CNTX-6016 (neuropathic pain), TPM-203 (pemphigus vulgaris), EVT-8683 (neurodegenerative disorders), EVT-401 (inflammation), and EVT-801 (solid tumors). Preclinical assets included EVT-075 (HBV) and Encaps-iBeta (beta cell replacement for diabetes), along with over 25 undisclosed and discovery-stage programs in cancer, metabolic, and cardiovascular diseases 

• Under the agreement, Evotec shareholders would receive EUR11 (approx. $11.59) per share in cash, valued at EUR2B (approx. $2.1B) at a 30-day premium of 109% and a 1-day premium of 155% 

• On November 22, 2024, Halozyme terminated the agreement to acquire Evotec following Evotec’s unwillingness to engage in discussions. 

7. UCB and Roche & Genentech  

Roche & Genentech Terminate Option to License Deal with UCB for UCB-0107 

Deal Date: Jul 29, 2020 

Deal Value: $2120M 

• UCB granted Roche and its subsidiary Genentech an exclusive worldwide option to license UCB-0107 for the treatment of progressive supranuclear palsy (PSP) and Alzheimer’s disease. UCB conducted and funded a proof-of-concept study on Alzheimer’s, after which Genentech could either advance development or return rights to UCB 

• Under the agreement, UCB received $120M upfront and, upon option exercise, was eligible for up to $2B in cost reimbursement, development, and sales milestones, plus royalties 

• On October 22, 2024, Roche & Genentech terminated their agreement with UCB. 

6. Wave Life Sciences and Takeda  

Takeda Terminates Wave Life Sciences’ License Option Deal for Oligonucleotide Therapies for Neurological Disorders 

Deal Date: Feb 19, 2018 

Deal Value: $2252.5M 

• Wave Life Sciences granted Takeda an exclusive worldwide option to co-develop and co-commercialize oligonucleotide therapies, including WVE-120101 and WVE-120102 (targeting the HTT gene for Huntington’s disease), WVE-3972-01 (targeting C9ORF72 for ALS and FTD), and an undisclosed therapy targeting ATXN3 for spinocerebellar ataxia (SCA3) 

• Under the agreement, Wave received $110M in upfront cash and $60M in equity (at $54.70/share) and was eligible for undisclosed development and commercial milestones, and option fees per target. The companies agreed to share global profits equally. Wave also granted Takeda an option to license multiple preclinical CNS candidates for up to six targets over four years for Alzheimer’s and Parkinson’s, receiving $60M in research funding and eligibility for up to $2B in milestones, plus high single- to mid-teen tiered royalties 

• On October 11, 2024, as per Wave’s 8-K, Takeda terminated its option for the Huntington (HTT) target WVE-003, the last active target, and terminated the deal completely. All rights returned to Wave, and to date, Wave has received $260M from Takeda. 

5. Precision BioSciences and Eli Lilly  

Prevail Therapeutics (Lilly) Terminates the Development and Commercialization Deal with Precision Biosciences  

Deal Date: Nov 19, 2020 

Deal Value: $2505M 

• Precision BioSciences granted Eli Lilly exclusive rights to develop and commercialize in vivo gene therapies, initially targeting Duchenne muscular dystrophy and two undisclosed genetic disorders using Precision’s ARCUS genome editing platform. Lilly held an option to expand the collaboration to three additional targets 

• Under the agreement, Precision received $100M upfront, $35M through equity investment, an undisclosed option fee, and R&D funding. The company was also eligible to receive up to $420M per product in milestones (up to $2.52B for six targets), plus tiered royalties ranging from mid-single to low teens. In June 2023, Prevail (Lilly) restructured the milestones from $420M to $390M–$395M 

• On April 16, 2024, Eli Lilly’s subsidiary, Prevail Therapeutics, terminated the license agreement while Precision exercised the option to regain rights for the therapies. 

4. Metagenomi and Moderna  

Moderna Terminates Gene Editing Deal with Metagenomi for In Vivo Gene Editing Therapies 

Deal Date: Nov 2, 2021 

Deal Value: $3070M 

• Metagenomi signed an option-to-license deal with Moderna for in vivo gene-editing therapies, combining Metagenomi’s gene-editing technology with Moderna’s mRNA and LNP delivery platforms for treating genetic diseases 

• Under the agreement, Metagenomi received $40M upfront in cash and $30M in equity and was eligible for up to $3B in development and commercial milestones. Metagenomi had received $49.6M as of Dec 31, 2024 

• Moderna also invested in the company through convertible notes. On May 1, 2024, Moderna terminated the option deal with Metagenomi, citing strategic prioritization. 

3. Century Therapeutics & BMS 

BMS Terminates Collaboration and License Agreement with Century Therapeutics for iPSC-Derived Allogenic Cell Therapies 

Deal Date: Jan 10, 2022 

Deal Value: $3150M 

• BMS and Century Therapeutics entered a co-development and commercialization agreement for up to four induced pluripotent stem cell (iPSC)-derived NK and T cell programs, with an option to add two additional programs, subject to conditions agreed in the agreement 

• Under the agreement, Century Therapeutics would receive $150M in cash ($100M upfront and $50M in equity) and would be eligible for an additional $3B for future program initiations, development, regulatory, and commercial milestones across four potential programs 

• On December 12, 2024, BMS terminated the deal with Century Therapeutics without cause. 

2. Eisai and BMS 

BMS Terminates Co-Development Agreement with Eisai for ADC MORAb-202 

Deal Date: Jun 17, 2021 

Deal Value: $3150M 

• Eisai granted BMS exclusive global rights to develop and commercialize ADC MORAb-202 for solid tumors. The companies would jointly develop and commercialize the therapy in the US, Canada, Europe, Japan, China, Russia, and select Asia-Pacific countries, while BMS held rights outside these territories. Eisai retained global manufacturing and supply rights 

• Under the agreement, Eisai received $450M upfront and $200M for R&D expenses and was eligible to receive up to $2.5B in milestones, plus royalties outside the collaboration regions. Profits, R&D, and commercialization costs would be shared within the collaboration territories 

• On July 1, 2024, BMS terminated the agreement with Eisai due to ongoing portfolio prioritization efforts. Eisai now owns all rights to farletuzumab ecteribulin (MORAb-202) and also plans to refund part of the unused portion of $200M provided by BMS for R&D expenses. 

1. Adaptimmune Therapeutics and Genentech (Roche) 

Genentech (Roche) Terminates Cell Therapy Partnership with Adaptimmune 

Deal Date: Sep 3, 2021 

Deal Value: $4450M 

• Adaptimmune and Genentech signed a development and commercialization agreement for allogeneic cell therapies for up to five shared cancer targets, including personalized allogeneic T cell therapies 

• Under the agreement, Adaptimmune received $150M upfront and an additional $150M over five years (unless terminated). It was eligible for up to $50M in research milestones, $100M in development milestones for off-the-shelf T-cell therapies (or a profit share if it opted in), and $200M for personalized therapies. Regulatory milestone payments could have reached $1.1B, and sales milestones up to $1.5B, both dependent on the development of five targets and subject to profit-sharing terms. Adaptimmune also had the option for a 50/50 US profit and cost split on off-the-shelf products, with the potential to earn up to $800M in ex-US regulatory and sales milestones, plus royalties on ex-US sales 

• Adaptimmune led early clinical development using its iPSC-derived allogeneic platform, while Genentech provided input TCRs and handled later-stage development and commercialization. On April 12, 2024, Genentech terminated the license agreement with Adaptimmune. 

Sources: 

• DealForma 

• Company Websites 

• Press releases 

• OANDA 

Related Post: Top 20 Biopharma Deal Terminations of 2023 Based on Total Deal Value