Top 20 Biopharma M&A of 2020 by Total Deal Value

Biopharma merger and acquisition activity in 2020 was mainly filled with late-stage- bolt-on acquisitions- which were orders of magnitude smaller than the mega M&A deals of prior years.
AstraZeneca holds the top rank by acquiring Alexion Pharmaceuticals among the top 20 acquisitions with a total deal value of $39B at a 1-day premium of 45% strengthening its capabilities in immunology- neurology- metabolic cardiovascular- nephrology- and rare disease.
This article is based on the 2020 deals data as provided by the DealForma database. Our team at PharmaShots compiled a list of the top 20 acquisitions of 2020 based on total deal value.

Deal Date: Dec 17- 2020

Deal Value: $0.77B

Novartis acquired Cadent Therapeutics. The acquisition strengthens Novartis' neuroscience portfolio with the addition of Cadent's NMDAr program- including CAD-9303- an NMDAr positive allosteric modulator in Phase I for schizophrenia- and MIJ-821- an NMDAr negative allosteric modulator in Phase I for treatment-resistant depression. CAD-9303 and MIJ-821 were licensed to Novartis in 2015. Additionally- Novartis will gain full rights to CAD-1883- a clinical-stage SK channel positive allosteric modulator for movement disorders. Cadent Therapeutics received $210M up front and is eligible for up to $560M in milestones.

Deal Date: Aug 11- 2020

Deal Value: $0.87B

Bayer acquired KaNDy Therapeutics with its Phase IIb compound- NT-814- a small molecule for menopause and vasomotor symptoms. The acquisition strengthens Bayer's drug development portfolio in women's healthcare. KaNDy Therapeutics received $425M up front and is eligible for up to $450M in R&D milestones and additional undisclosed sales-based milestones.

Deal Date: Aug 25- 2020

Deal Value: $0.93B

ACADIA Pharmaceuticals acquired CerSci Therapeutics with its lead candidate- ACP-044- a Phase I small molecule for acute & chronic pain. The acquisition strengthens ACADIA's non-opioid pain therapies portfolio. CerSci shareholders received $52.5M up front and are eligible for up to $887M in development and sales-based milestones.

Deal Date: Dec 15- 2020

Deal Value: $1.04B

Eli Lilly acquired Prevail Therapeutics. The acquisition strengthens Eli Lilly's gene therapies portfolio with Prevail's clinical and preclinical disease-modifying AAV9 gene therapy assets in neuroscience. Prevail's pipeline includes PR001 in Phase I/II for Parkinson's disease and in preclinical studies for neuronopathic Gaucher disease- and PR006 in Phase I/II for frontotemporal dementia with GRN mutations. Prevail shareholders received $880M up front at a purchase price of $22.50 per share which represents a premium of approximately 117% plus 1 non-tradable CVR worth up to $4.00 per share in cash (or an aggregate of approximately $160M)- for a deal total of up to $26.50 per share in cash- approximately $1.04B. The CVR is payable upon the first regulatory approval for the commercial sale of a Prevail product in one of the countries- including the US- Japan- UK- Germany- France- Italy- or Spain.

Deal Date: Jan 10- 2020

Deal Value: $1.1B

Eli Lilly acquired Dermira with its IL-13 inhibitor antibody lebrikizumab- which is in Phase III for moderate-to-severe atopic dermatitis- and its marketed QBREXZA (glycopyrronium) medicated cloth for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating). Dermira licensed lebrikizumab from Genentech/Roche- which acquired the compound when it acquired Tanox- the originator. Dermira shareholders received $18.75 per share in cash at a 1-day premium of 2.2% for approximately $1.1B.

Deal Date: Oct 15- 2020

Deal Value: $1.3B

Lilly acquired Disarm Therapeutics. The acquisition strengthens Lilly's neurology portfolio with the addition of preclinical SARM1 inhibitors- a small molecule for peripheral neuropathy and other neurological diseases such as amyotrophic lateral sclerosis (ALS) and multiple sclerosis. Disarm shareholders received $135M up front and are eligible for up to $1.225B in development- regulatory- and commercial milestones if Lilly develops and commercializes new medicines based on Disarm's approach.

Deal Date: May 5- 2020

Deal Value: $1.3B

Alexion Pharmaceuticals acquired Portola Pharmaceuticals including its balance sheet and debt of approximately $215M. The acquisition expands Alexion's hematology- neurology- and critical care portfolio. Portola shareholders received $18 per share in cash at a premium of 130% for a total of $1.38B.

Deal Date: Dec 10- 2020

Deal Value: $1.4B

Boehringer Ingelheim acquired NBE-Therapeutics. The acquisition strengthens Boehringer Ingelheim's oncology pipeline with NBE-002- Phase I immunoconjugates for TNBC- lung- and ovarian cancers. NBE-Therapeutics is eligible to receive up to EUR 1.18B ($1.428B).

Deal Date: Dec 10- 2020

Deal Value: $1.7B

Gilead Sciences acquired MYR. The acquisition strengthens Gilead's infectious disease and liver disease portfolio with the addition of hepcludex- a lipoprotein approved for Hepatitis D in Europe and in Phase III for Hepatitis D- in Phase II for Hepatitis B- in Phase I for dyslipidemia- and in preclinical studies for NASH and primary biliary cholangitis. MYR shareholders received EUR 1.15B ($1.39B) up front and are eligible for up to EUR 300M ($363.7M) in milestones.

Deal Date: Nov 6- 2020

Deal Value: $1.8B

Novo Nordisk acquired Emisphere Technologies for $1.8B. The acquisition strengthens Novo Nordisk's biologics segment with the addition of Eligen SNAC drug delivery technology. Additionally- Novo Nordisk will buy out its Eligen SNAC royalty stream obligations with MHR Fund Management- Emisphere's largest shareholder. Novo Nordisk partnered with Emisphere in 2007 to develop oral biologics by applying Eligen SNAC. Emisphere shareholders received $7.82 per share in cash representing a 15% 1-day premium at approximately $1.35B. Additionally- Novo Nordisk will pay $450M to MHR Fund in connection with its royalty stream obligations.

Deal Date: June 11- 2020

Deal Value: $2.1B

Novo Nordisk acquired Corvidia Therapeutics. The acquisition strengthens Novo Nordisk's cardiovascular disease portfolio with Phase II ziltivekimab- an antibody for inflammatory cardiovascular risk in CKD patients. Corvidia received $725M up front and is eligible for up to $1.375B in regulatory and sales-based milestones.

Deal Date: Aug 31- 2020

Deal Value: $2.6B

Nestle acquired Aimmune Therapeutics. The acquisition strengthens Nestle's food allergy portfolio with Palforzia- an approved protein for peanut allergy. Aimmune Therapeutics received $2.6B at $34.50 per share at a 1-day premium of 174%. Nestle previously acquired 25% of the company starting with their 2016 partnership.

Deal Date: Nov 5- 2020

Deal Value: $2.7B

Merck acquired VelosBio. The acquisition strengthens Merck's oncology pipeline with the addition of Phase II VLS-101 antibody-drug conjugate targeting ROR1 for hematologic malignancies and solid tumors plus preclinical ADCs and bispecific antibodies. VelosBio shareholders will receive $2.75B.

Deal Date: Aug 17- 2020

Deal Value: $3.6B

Sanofi acquired Principia Biopharma. The acquisition strengthens Sanofi's autoimmune and allergic diseases portfolio with tolebrutinib (SAR442168)- a small molecule in Phase III for multiple sclerosis and in Phase II for CNS disorders. Principia Biopharma received $3.6B at a purchase price of $100 per share at a premium of 10%. In 2017- Sanofi and Principia partnered on the development and commercialization of SAR442168- which was in Phase IIb for multiple sclerosis. Principia's lead compound was rilzabrutinib- which was in Phase III for pemphigus.

Deal Date: Oct 26- 2020

Deal Value: $4B

Bayer acquired Asklepios BioPharmaceutical for $4B. The acquisition strengthens Bayer's cell and gene therapy portfolio with the addition of AskBio's AAV technology platform- CDMO facilities- and preclinical and clinical compounds for neuromuscular- CNS- cardiovascular- and metabolic diseases. Its leading gene therapy is in Phase I/II for Pompe disease. This also complements Bayer's 2019 acquisition of BlueRock Therapeutics. Asklepios is eligible to receive 75% of the milestone payments in the next five years.

Deal Date: Mar 2- 2020

Deal Value: $4.9B

Gilead acquired Forty-Seven with its lead product magrolimab- a monoclonal antibody targeting CD47 in Phase Ib for acute myeloid leukemia (AML). The company is also studying myelodysplastic syndrome (MDS) and diffuse large B-cell lymphoma (DLBCL). The acquisition strengthens Gilead's oncology portfolio. Forty-Seven received $4.9B at $95.50 per share at a premium of 65%.

Deal Date: Aug 19- 2020

Deal Value: $6.5B

Johnson & Johnson acquired Momenta Pharmaceuticals for $6.5B at $52.50 per share at a premium of 79%. The acquisition strengthens Johnson & Johnson's portfolio of autoimmune disease therapies with Phase III nipocalimab (M281)- an anti-FcRn antibody for warm autoimmune hemolytic anemia- which is also in Phase II for myasthenia gravis among other indications. Momenta's potential pipeline may have indications in maternal-fetal disorders- neuro-inflammatory disorders- rheumatology- dermatology- and autoimmune hematology. Nipocalimab recently received a rare pediatric disease designation.

Deal Date: Oct 05- 2020

Deal Value: $13.1B

Bristol Myers Squibb acquired MyoKardia for $13.1B at $225 per share at a 1-day premium of 61%. MyoKardia's mavacamten- a small molecule in Phase III for obstructive hypertrophic cardiomyopathy (HCM)- has an NDA submission expected in Q1 2021 and is in Phase II for Non-obstructive Hypertrophic Cardiomyopathy. MyoKardia also has 2 clinical compounds- danicamtiv (MYK-491) in Phase II for genetic dilated cardiomyopathy- systolic dysfunction- and atrial fibrillation- and MYK-224- a Phase I small molecule for hypertrophic cardiomyopathy.

Deal Date: Sep 13- 2020

Deal Value: $21B

Gilead acquired Immunomedics for $21B at $88.00 per share at a premium of 108%. The acquisition gives Gilead trodelvy- an antibody-drug conjugate approved for mTNBC. Trodelvy (sacituzumab govitecan-hziy) is a Trop-2 directed ADC- which received accelerated approval for mTNBC in the US. Trodelvy is also being studied in Phase III for 3L HR+/HER2- breast cancer and Phase II for bladder cancer- NSCLC- and other solid tumors.

Deal Date: Dec 12- 2020

Deal Value: $39B

AstraZeneca acquired Alexion for $39B including its drugs Soliris- Ultomiris- and 11 pipeline molecules in 20 different clinical programs. Soliris is an anti-complement component 5 mAb approved for paroxysmal nocturnal haemoglobinuria- atypical haemolytic uremic syndrome- generalized myasthenia gravis- and neuromyelitis optica spectrum disorder and is in Phase III for Guillain-Barre syndrome. Ultomiris is an approved antibody for Paroxysmal nocturnal hemoglobinuria and Hemolytic uremic syndrome and is in Phase III for generalized Myasthenia gravis- neuromyelitis optica spectrum disorder (NOSMD)- hematopoietic stem cell transplant-associated thrombotic microangiopathy- Amyotrophic lateral sclerosis- complement-mediated thrombotic microangiopathy- severe pneumonia or acute respiratory distress syndrome in COVID-19. Alexion's expertise in the complement cascade beyond C5 and additional modalities- including the pathway of the complement system- will strengthen AstraZeneca's portfolio including immunology- neurology- metabolic cardiovascular- nephrology- and rare disease. Alexion shareholders received $60 per share in cash and 2.1243 ADS shares of AstraZeneca valued at $175 per share at a premium of 45%- or approximately $39B. Upon completion- Alexion will own 15% of the combined company.