Top 20 Biopharma M&A of 2024 by Total Deal Value
Shots:
- Dealmaking in 2024 experienced fluctuations due to regulatory challenges and increasing pressure from the Inflation Reduction Act
- The highest-value deal of the year was Novo Holdings’ acquisition of Catalent for $16.5B, followed by Johnson & Johnson’s acquisition of Shockwave Medical for $13.1B and Cencora’s acquisition of Retina Consultants of America for $4.9B
- Leveraging Dealforma’s insights, PharmaShots presents an in-depth analysis of the top 20 biopharma M&As of 2024
Note: Columns 1 and 2 represent the rank and acquirer while Columns 3 and 4 represent the target company and the total deal value
20. Novartis and Mariana Oncology
Deal Date: May 02, 2024
Deal Completion Date: N/A
Deal Status: Active
Deal Value: $1.7B
- Novartis acquired Mariana Oncology to strengthen its radioligand therapy (RLT) pipeline and expand its research infrastructure and clinical supply capabilities
- Under the agreement, Mariana will receive $1B upfront and an additional $750M upon achieving pre-specified milestones
- The acquisition adds a diverse RLT portfolio, including MC-339 (an Actinium-225-based RLT in development for small cell lung cancer), to Novartis' pipeline
Deal Date: Apr 03, 2024
Deal Completion Date: May 21, 2024
Deal Status: Completed
Deal Value: $1.8B
- Genmab acquired ProfoundBio for an aggregate of $1.8B in cash. ProfoundBio is a clinical-stage biotech company focused on antibody-based therapeutics in oncology
- The acquisition strengthens Genmab’s oncology portfolio and provides access to ProfoundBio’s novel ADC platform technologies
- The deal includes global rights to three clinical candidates, including rinatabart sesutecan (Rina-S)
18. Biogen and HI-Bio
Deal Date: May 22, 2024
Deal Completion Date: Jul 02, 2024
Status: Completed
Deal Value: $1.8B
- Biogen acquired Human Immunology Biosciences (HI-Bio), a privately held clinical-stage biotech company focused on developing targeted therapies for severe immune-mediated diseases
- HI-Bio received $1.15B upfront and is eligible for up to $650M in potential development milestones
- The acquisition adds felzartamab, an investigational anti-CD38 monoclonal antibody, to Biogen’s portfolio
17. Johnson & Johnson and Ambrx Biopharma
Deal Date: Jan 08, 2024
Deal Completion Date: Mar 07, 2024
Status: Completed
Deal Value: $2B
- Johnson & Johnson (J&J) acquired Ambrx Biopharma, a biopharmaceutical company focused on developing antibody-drug conjugates (ADCs) for cancer treatment
- J&J acquired all outstanding shares of Ambrx’s common stock for $28.00 per share in cash
- The acquisition strengthens J&J’s oncology portfolio with preclinical and clinical ADC programs, including ARX517 (metastatic castration-resistant prostate cancer), ARX788 (HER2+ breast cancer), and ARX305 (renal cell carcinoma)
Deal Date: Jan 23, 2024
Deal Completion Date: May 30, 2024
Status: Completed
Deal Value: $2.2B
- Sanofi acquired Inhibrx after the spin-off of non-INBRX-101 assets into Inhibrx Biosciences
- Sanofi acquired all outstanding shares of Inhibrx for $30.00 per share in cash, totaling $1.7B in equity value. Sanofi also paid Inhibrx’s outstanding third-party debt and retained an 8% equity stake in New Inhibrx through a $200M investment
- Inhibrx’s Shareholders received a non-transferable contingent value right (CVR) worth up to $800M upon achieving regulatory milestones and 0.25 shares in New Inhibrx per Inhibrx share
15. Ingersoll Rand and ILC Dover
Deal Date: Mar 25, 2024
Deal Completion Date: Jun 03, 2024
Status: Completed
Deal Value: $2.3B
- Ingersoll Rand acquired ILC Dover, an innovative solutions provider for the biopharmaceutical, pharmaceutical, and medical device markets, as well as a leading supplier to the space industry.
- ILC Dover received $2.325 billion in upfront cash. As part of the acquisition, Ingersoll Rand will establish a life sciences platform within its Precision and Science Technologies (P&ST) segment.
- The acquisition added new technologies for life science applications, including innovative powder and liquid single-use solutions across various end markets, such as biopharma, pharma, and cell and gene therapy
14. AstraZeneca and Fusion Pharmaceuticals
Deal Date: Mar 18, 2024
Deal Completion Date: Jun 04, 2024
Status: Completed
Deal Value: $2.4B
- AstraZeneca acquired Fusion Pharmaceuticals, a biopharmaceutical company focused on developing radioconjugates
- Under the terms of the agreement, AstraZeneca acquired all outstanding shares of Fusion for $21 per unit in cash, totaling approximately $2 billion. Additionally, a non-transferable contingent value right (CVR) of $3 per unit in cash will be paid upon reaching a specific regulatory milestone, bringing the total deal value to approximately $2.4 billion. AstraZeneca also acquired Fusion’s cash, cash equivalents, and short-term investments, which totaled $211 million as of March 31, 2024
- The acquisition enhances AstraZeneca’s pipeline with Fusion’s radioconjugate (RC) candidates, including FPI-2265, currently in a P-II study for metastatic castration-resistant prostate cancer (mCRPC). It also strengthens AstraZeneca’s R&D capabilities and expands its manufacturing and supply chain expertise in actinium-based radioconjugates while bolstering its presence in Canada
13. ONO Pharmaceutical and Deciphera Pharmaceuticals
Deal Date: Apr 29, 2024
Deal Completion Date: Jun 11, 2024
Status: Completed
Deal Value: $2.4B
- ONO Pharmaceutical acquired Deciphera Pharmaceuticals to strengthen its oncology portfolio and expand its presence across the U.S. and EU, reinforcing its kinase drug discovery research
- Under the agreement, ONO acquired all outstanding shares of Deciphera for $25.60 per share in cash. Following the acquisition, Deciphera was merged with ONO’s subsidiary, bringing the total transaction value to $2.4 billion in equity
- The acquisition adds Qinlock, a switch-control inhibitor for the treatment of fourth-line gastrointestinal stromal tumors (approved in the U.S. and 40 other regions), as well as investigational candidates vimseltinib and DCC-3116 (a ULK inhibitor) to ONO’s portfolio
12. Thomas H. Lee Partners (THL) and Agiliti
Deal Date: Feb 26, 2024
Deal Completion Date: May 07, 2024
Status: Completed
Deal Value: $2.5B
- Thomas H. Lee Partners (THL) acquired Agiliti, a medical technology management and service solutions provider
- As part of the transaction, Agiliti shareholders received $10 per share of Agiliti’s common stock, reflecting a 31% one-day premium, bringing the total deal value to $2.5 billion
- The acquisition adds another MedTech company to THL’s portfolio and positions Agiliti for expansion in its service and product offerings
11. Lundbeck and Longboard Pharmaceuticals
Deal Date: Oct 14, 2024
Deal Completion Date: Dec 02, 2024
Status: Completed
Deal Value: $2.6B
- Lundbeck acquired Longboard Pharmaceuticals, a clinical-stage biopharma company, under a strategic agreement aimed at strengthening its neuro-rare disease portfolio
- As per the agreement, Lundbeck acquired all outstanding shares of Longboard for $60 per share in cash, valuing the deal at $2.6B in equity. Of this, $2.5 billion is net of cash (~DKK 17B)
- The acquisition adds bexicaserin, a 5-HT2C agonist being developed for the treatment of seizures associated with Dravet syndrome, Lennox-Gastaut syndrome, and other rare epilepsies, to Lundbeck’s portfolio
10. Cardinal and GIA
Deal Date: Nov 11, 2024
Deal Completion Date: N/A
Status: Completed
Deal Value: $2.8B
- Cardinal Health acquired GI Alliance (GIA), a leading provider of gastrointestinal (GI) care services, offering a broad range of diagnostic and treatment options through its Management Services Organization (MSO) platform
- Cardinal acquired 71% of GIA’s stake for approximately $2.8B in an all-cash transaction.
- The acquisition enhances Cardinal’s reach in specialty healthcare and improves patient care delivery. GIA will operate as a platform within Cardinal Health’s Pharmaceutical and Specialty Solutions segment
Deal Date: Feb 05, 2024
Deal Completion Date: Apr 11, 2024
Status: Completed
Deal Value: $2.9B
- Novartis acquired MorphoSys, a Germany-based global biopharmaceutical company focused on oncology drug development
- Novartis acquired all MorphoSys’ shares at $73 per share, totalling $2.9B in cash. The acquisition was accepted by ~79.6% of MorphoSys’ total share capital, including ~11.6% of shares acquired by Novartis BidCo AG outside the official offer
- This deal added Pelabresib (P-II) a second-line treatment for essential thrombocythemia and Tulmimetostat, an investigational drug targeting EZH1 and EZH2 proteins, currently in trials for solid tumors and lymphomas
Deal Date: Jul 08, 2024
Deal Completion Date: Jul 12, 2024
Status: Completed
Deal Value: $3B
- Merck acquired EyeBio, a private clinical-stage ophthalmology biotechnology company developing treatments for vision loss associated with retinal vascular leakage.
- Merck acquired all outstanding shares of EyeBio for $3B, structured as $1.3B upfront in cash and up to $1.7B in developmental, regulatory, and commercial milestone payments
- The acquisition added Restoret (EYE103) a lead candidate for treating retinal diseases and other clinical and preclinical assets targeting retinal disorders. EyeBio will continue developing Restoret under Merck’s expertise
Deal Date: May 29, 2024
Deal Completion Date: Aug 16, 2024
Status: Completed
Deal Value: $3.2B
- Eli Lilly acquired Morphic Holding, strengthening its immunology portfolio with oral integrin therapies
- Lilly purchased all outstanding shares of Morphic at $57 per share, totalling $3.2B
- The acquisition added MORF-057 (α4β7 integrin inhibitor) in P-II trials for ulcerative colitis and Crohn’s disease and multiple preclinical candidates targeting autoimmune diseases, pulmonary hypertension, fibrotic diseases, and cancer
06. Boston Scientific and Axonics
Deal Date: Jan 08, 2024
Deal Completion Date: Nov 15, 2024
Status: Completed
Deal Value: $3.7B
- Boston Scientific acquired Axonics, a medical technology company specializing in implantable sacral neuromodulation (SNM) therapy systems for gastrointestinal and genitourinary disorders
- Axonics shareholders received $71 per share in cash, valuing the equity at $3.7B, with an enterprise value of $3.3B
- The acquisition strengthened Boston Scientific’s urology division, adding Axonics R20 & Axonics F15 System
Deal Date: Apr 10, 2024
Deal Completion Date: Mar 24, 2024
Status: Completed
Deal Value: $4.3B
- Gilead Sciences acquired CymaBay, a clinical-stage biopharmaceutical company developing treatments for liver diseases and other chronic conditions
- Gilead purchased all CymaBay shares at $32.50 per share, totaling $4.3B
- The acquisition expanded Gilead’s liver disease portfolio, adding Seladelpar, a potential treatment for primary biliary cholangitis (PBC) and pruritus
04. Vertex Pharmaceuticals and Alpine Immune Sciences
Deal Date: Apr 10, 2024
Deal Completion Date: May 20, 2024
Status: Completed
Deal Value: $4.9B
- Vertex Pharmaceuticals acquired Alpine Immune Sciences, a biotechnology company specializing in the discovery and development of innovative protein-based immunotherapies.
- Under the terms of the agreement, Alpine’s shareholders received $65 per share in cash, bringing the total deal value to $4.9B
- This acquisition added two Phase II assets to Vertex’s pipeline Povetacicept (ALPN-303) for IgA nephropathy and Acazicolcept (ALPN-101) for systemic lupus erythematosus (SLE)
03. Cencora and Retina Consultants of America
Deal Date: Nov 6, 2024
Deal Completion Date: Jan 02, 2025
Status: Completed
Deal Value: $4.9B
- Cencora acquired Retina Consultants of America (RCA) from Webster Equity Partners to enhance its specialty care services, clinical research, and retinal care outcomes
- Upon completion of the deal Cencora acquired approximately 85% of RCA. RCA's affiliated practices, physicians, and management retained a minority stake. RCA received $4.4B in cash, with adjustments for working capital and net debt. RCA is eligible for up to $500 million in contingent consideration in fiscal years 2027 and 2028, depending on performance milestones
- This acquisition strengthens Cencora’s management services organization (MSO) capabilities in the specialty care sector
02. Johnson & Johnson and Shockwave Medical
Deal Date: Apr 4, 2024
Deal Completion Date: May 31, 2024
Status: Completed
Deal Value: $13.1B
- Johnson & Johnson (J&J) acquired Shockwave a MedTech company specializing in providing intravascular lithotripsy (IVL) technology for the treatment of calcified CAD and PAD
- J&J acquired all outstanding shares of Shockwave Medical for $335 per share, bringing the total transaction value to $13.1B
- This acquisition bolstered J&J’s MedTech cardiovascular portfolio, with a strong focus on two key cardiovascular indications: Coronary Artery Disease (CAD) & Peripheral Artery Disease (PAD)
01. Novo Holdings and Catalent
Deal Date: Feb 5, 2024
Deal Completion Date: Dec 18, 2024
Status: Completed
Deal Value: $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 per share in cash
- Out of 50 global Catalent sites, Novo Holdings sold three fill-finish sites (located in Italy, the USA, and Belgium) to Novo Nordisk as part of the transaction
Sources:
- Press releases
- OANDA
- Company Websites
- DealForma
Related Post: Top 20 Biopharma M&A of 2023 by Total Deal Value
Tags
An avid reader and a dedicated learner, Prince works as a Content Writer at PharmaShots. Prince possesses an exceptional quality of breaking down the barriers of words by simplifying the terms in digestible chunks to make content readable and comprehensible. Prince likes to read books and loves to spend his free time learning and upskilling himself.
