Top 20 Biopharma M&A of 2022 by Total Deal Value

Shots:

Mergers and Acquisitions are among the predominant elements of the Biopharma Industry. Owing to the repercussions of the Russia-Ukraine war and the ongoing COVID-19 pandemic, the IPOs, public markets, anti-trust law reforms by the US FTC, and M&As among others were relatively low in the biopharma sector in the year 2022
In the year 2022, Amgen emerged as a top-notch company by acquiring Horizon Therapeutics for $27.3B. Pfizer, on the other hand, acquired two giant companies Biohaven for $12.9B and Global Blood Therapeutics for $5.4B
With the invaluable insights of DealForma, PharmaShots has compiled a detailed report on the Top 20 Biopharma M&A Deals of the year 2022, based on the total deal value

Deal Date: Apr 7, 2022

Deal Value: $536M

Pfizer acquired ReViral along with its lead asset, Sisunatovir, designed to block the fusion of the RSV virus. The acquisition of ReViral broadens Pfizer's antiviral therapies. ReViral shareholders received $436M up front (including working capital adjustments) and are eligible to receive up to $100M in development milestones. On Jun 9, 2022, Pfizer completed the acquisition of ReViral.

Deal Date: Oct 13, 2022

Deal Value: $581.1M

Enliven Therapeutics entered into a merger with Imara for its public listing. The combined company will be renamed Enliven Therapeutics and listed on NASDAQ under the ticker ELVN. The Enliven will focus on the development of ELVN-001 (a small molecule BCR-ABL inhibitor) and ELVN-002 (a HER2 and pan-HER2 mutant kinase inhibitor) for chronic myeloid leukemia (CML) and lung cancer. Before closing the merger, Imara will conduct a reverse stock split of not more than 1 for 7, where Imara's stakeholders will own 15.9% of the combined company, whereas Enliven's stakeholders will own 84.1%. Enliven has an equity value of $324.6M and will receive up to $164.5M at $3.84 per share in PIPE financing, and Imara's equity is valued at $92M, including net cash of $82M. Imara's stakeholders are eligible to receive 1 CVR for each Imara common stock upon selling a specific asset or licensing of IMR-261.

Deal Date: Oct 18, 2022

Deal Value: $610M

Eli Lilly acquired Akouos with its lead assets, including AK-OTOF gene therapy (hearing loss), AK-CLRN1 (Usher Syndrome), AK-antiVEGF (Vestibular Schwannoma), and GJB2 (Monogenic Deafness & Hearing Loss). Akouos shareholders received $12.5 per share valued at ~$487M in cash from Eli Lilly and an additional $3 per share as a CVR in three equal tranches that bought the total deal value to ~$610M. The first two tranches will be received upon dosing the 5th patient with AK-OTOF in P-I or P-I/II clinical trial & with the company's gene therapy product (excluding AK-OTOF & AK-antiVEGF) on or before Dec 31, 2024, & Dec 31, 2026, respectively. The final tranche will be received upon dosing the 1st patient with Akouos' gene therapy (excluding AK-antiVEGF) in the P-III clinical trial and the US FDA's approval for the company's products on or before Dec 31, 2026. Eli Lilly completed the acquisition on Dec 1, 2022.

Deal Date: Apr 29, 2022

Deal Value: $664M

Global Cord Blood Corporation (GCBC) acquired Cellenkos with its product portfolio which includes CK-0802 (COVID-19 and other lung diseases), CK-0801 (Bone Marrow Disorders), and CK-0805 (Graft vs. Host Disease). GNBC will support Cellenkos' ongoing clinical and R&D projects, including an existing collaboration with Incyte Corp. With the acquisition, GNBC aims to mark its spot in the cell therapy market. Cellenkos' shareholders will receive 125M new shares (on an as-converted and fully diluted basis) valued at $11 per share and $664M in cash as total consideration.

Deal Date: Jun 23, 2022

Deal Value: $890M

Gurnet Point Capital and Patient Square Capital acquired Radius Health to take the company private. Radius Health's shareholders received $10.00 per share in cash, representing a 45% premium over the 30-day. The shareholders are also eligible to receive a contingent value right of $1.00 per share payable upon achieving $300M net sales of Tymlos, including its US sales along with Japan royalties or supply payments based on its supply before Dec 31, 2025. Upfront cash and contingent value right represent the total value of $547M. Additionally, Gurnet assumes the debt of Radius Health will bring the total deal value to $890M. Gurnet completed the acquisition on Aug 15, 2022.

Deal Date: Aug 22, 2022

Deal Value: $930M

Alcon acquired Aerie Pharmaceuticals and has been able to add Aerie’s lead assets including Rhopressa, AR-15512, AR-110, and AR-13503 to its ophthalmic portfolio. Alcon aims to enhance its ophthalmic pharmaceutical space and pharmaceutical R&D capabilities to increase the value of its diversified portfolio. Aerie's shareholders received $15.25 per share at a 37% 1-day premium, representing an equity value of $770M. Additionally, Alcon has assumed its debt of Aerie to be ~$160M. Alcon completed the acquisition on Nov 22, 2022.

Deal Date: Mar 1, 2022

Deal Value: $1B

AbbVie acquired Syndesi to expand its Neuroscience portfolio by adding Syndesi's lead programs, including SDI-118. SDI-118 targets the nerve terminals to enhance synaptic efficiency. Syndesi's shareholders received $130M up front and are eligible for up to $870M in milestones.

Deal Date: Sep 1, 2022

Deal Value: $1.1B

Novo Nordisk acquired Forma along with its lead assets including Etavopivat, Outasidenib, FT-7051, and FT-3171. With the acquisition, Novo Nordisk aims to accelerate its scientific presence and pipeline in hemoglobinopathies. The transaction was for $1.1B at $20 per share at a premium of 49.3%. Novo Nordisk completed the acquisition on Oct 14, 2022.

Deal Date: Feb 25, 2022

Deal Value: $1.2B

Biohaven acquired Knoop Biosciences' Channel. The acquisition gives Biohaven the Kv7 channel targeting platform, further enhancing its Neurological pipeline development. Knoop shareholders received $93.7M up front, including $58.7M in Biohaven common shares and $35M in cash. Additionally, for BHV-7000, Knoop is eligible to receive $325M in developmental and regulatory milestones for its approval in the US, EU, and Japan & $562.5M in commercial milestones. Knoop is also eligible to receive $250M based on developmental and regulatory milestones for the Kv7 pipeline development in other indications and additional country approvals. Knoop will receive high single-digit to low teens and mid-single digits royalties for BHV-7000 and pipeline programs, respectively.

Deal Date: Jul 5, 2022

Deal Value: $1.3B

AstraZeneca acquired TeneoTwo with its lead asset, TNB-486, to enhance its Haematology pipeline, including products for B-cell Haematologic Malignancies. TeneoTwo's stakeholders received $100M up front and are eligible for up to $805M in R&D and up to $360M in commercial milestones. AstraZeneca completed the acquisition on Aug 11, 2022.

Deal Date: Nov 19, 2022

Deal Value: $1.36B

Merck & Co. acquired Imago to advance its portfolio by the addition of Imago's lead drug Bomedemstat (LSD1inhibitor), used for Thrombocythemia, Myelofibrosis, and Polycythemia vera and 2 discovery stage drug candidates. Bomedemstat, in combination with Ruxolitinib, is evaluated for Myelofibrosis and in combination with Atezolizumab for Small Cell Lung Cancer. The transaction was for $1.35B at $36 per share in cash at a 107% 1-day premium.

Deal Date: Oct 3, 2022

Deal Value: $1.43B

Incyte acquired Villaris for its lead assets, including Auremolimab and an anti-IL-15Rβ monoclonal antibody for treating Vitiligo and other autoimmune and inflammatory diseases. With this acquisition, Incyte aims to enhance its Dermatology segment, including the treatment of Vitiligo. As per the deal transaction, Incyte shareholders are to receive $70M up front and are eligible to receive up to $310M in development and regulatory milestones plus up to $1.05B in commercial milestones.

Deal Date: Jan 19, 2022

Deal Value: $1.9B

UCB acquired Zogenix to expand UCB's product pipeline for specific or rare forms of Epilepsy. Zogenix shareholders received $26.0 per share in cash at a 66% premium valued at $1.9B, along with the eligibility to receive $2.0 per share in cash in contingent value right on achievement of regulatory milestones related to the approval of Fintepla for Lennox-Gastaut Syndrome by or before Dec 31, 2023. UCB completed the acquisition on Mar 7, 2022.

Deal Date: Apr 13, 2022

Deal Value: $1.9B

GSK acquired Sierra Oncology. Through the acquisition, GSK was able to pull the clinical studies evaluating Momelotinib, Momelotinib + SRA515, and SRA515 monotherapy under its umbrella. Sierra's shareholders received $1.9B at $55.0 per share in cash at a 39% 1-day premium. GSK completed the acquisition on Jul 1, 2022.

Deal Date: May 31, 2022

Deal Value: $3.3B

GSK acquired Affinivax with its lead assets, including AFX3772, MAPS30+, SA MAPS4+, and MAPS Platform, further strengthening GSK's vaccine R&D pipeline. Affinivax shareholders received $2.1B up front and the eligibility to receive up to $1.2B in two $600M pediatric clinical development milestones. GSK completed the acquisition on Aug 16, 2022.

Deal Date: Aug 4, 2022

Deal Value: $3.7B

Amgen acquired ChemoCentryx for its products, Tavneos, and Avacopan, along with its three early-stage drug candidates, CCX559, CCX507, and CCX587. The acquisition allows Amgen to enhance its inflammation and nephrology segments further. The transaction was for $3.7B at $52.0 per share in cash at a premium of 116%. Amgen completed the acquisition on Oct 20, 2022.

Deal Date: Jun 3, 2022

Deal Value: $4.1B

Bristol Mayers Squibb (BMS) acquired Turning Point to further broaden BMS's oncology pipeline by adding Turning Point's lead assets, including Repotrectinib, Elzovantinib, TPX-0046, TPX-4589, and TPX-0131. The transaction was for $4.1B at $76 per share at a 122% 1-day premium. BMS completed the acquisition on Aug 12, 2022.

Deal Date: Aug 8, 2022

Deal Value: $5.4B

Pfizer acquired Global Blood with its lead products Oxbryta, Inclacumab, and GBT021601, to enhance its portfolio in rare hematology. Global Blood shareholders received $68.50 per share in cash at a 1-day premium of 7.3% for a total enterprise value of ~$5.4B, including debt and net of cash acquired. Pfizer completed the acquisition on Oct 5, 2022.

Deal Date: May 10, 2022

Deal Value: $12.9B

Pfizer acquired Biohaven to enhance Pfizer's neurologic product portfolio with Rimegepant and Zavegepant for Migraine and five preclinical CGRP assets. Before the merger, Biohaven spun off its non-CGRP development stage pipeline compounds into a new publicly traded company Biohaven Ltd. with a capital of $275M in cash. It is eligible to receive tiered royalties from Pfizer based on the annual net sale of Rimegepant and Zavegepant in the US if it exceeds $5.25B. Pfizer currently owns a 2.6% stake in Biohaven Pharmaceuticals. Biohaven shareholders received $11.6B at $148.5 per share in cash at a premium of 78.6%. Additionally, Pfizer will repay Biohaven's third-party shares of $863M and redemption of Biohaven's redeemable preferred stock for $495M. In addition, Biohaven's common shareholders, including Pfizer, will receive 0.5 of a share of Biohaven Ltd. Pfizer completed the acquisition on Oct 3, 2022.

Deal Date: Dec 11, 2022

Deal Value: $27.8B

Amgen acquired Horizon to reinforce its pipeline for Rare and Immunological Diseases. The acquisition gives 11 Marketed drugs (Tepezza, Krystexxa, Ravicti, Procysbi, Actimmune, Uplizna, Buphenyl, Quinsair, Pennsaid, Duexis, Rayos, Vimovo), 5 clinical and 3 preclinical programs to Amgen. The transaction was for $27.8B at $116.50 per share at a premium of 19.7%.

Data Source: Dealforma