Key Biopharma Deals of 2024

Trends, Insights, and Strategic Implications

The biopharma industry in 2024 experienced a transformative year marked by high-value mergers and acquisitions (M&A), strategic licensing agreements, significant investments in radiopharmaceuticals, and an increasing focus on rare diseases. Oncology continued to dominate, with nearly half of the major transactions centered on advancing cancer therapies. Neurology, immunology, and metabolic diseases also saw substantial growth, driven by innovative technologies and collaborative ventures. Biotech consolidation optimized pipelines and enhanced resource efficiency, particularly in high-need areas like oncology, immunology and rare diseases. Emerging trends included the rise of biopharma “NewCos”, strategic funding rounds, and the integration of artificial intelligence (AI) in drug discovery and development. These developments underline the sector’s resilience and strategic pivot towards precision medicine and innovative treatment modalities.

2024 was a year of remarkable dynamism for the biopharma industry. Facing challenges such as regulatory pressures and global economic uncertainty, companies doubled down on innovation, partnerships, and acquisitions to bolster pipelines and secure future growth. Notably, oncology continued to dominate as a therapeutic area of focus, while neurology and rare diseases gained traction due to advancements in precision medicine and growing unmet needs. This article analyzes the key transactions and trends shaping the industry in 2024, highlighting strategic imperatives that drove these deals.

Key Trends and Highlights (More details are available in the list of deals below.)

  1. ONCOLOGY DOMINATES MERGERS AND LICENSING DEALS
  • The oncology sector remained the most vibrant, driven by acquisitions and collaborations focused on antibody-drug conjugates (ADCs), radiopharmaceuticals, and cell-based therapies.
  • Notable transactions included:
    AstraZeneca’s acquisition of Gracell Biotechnologies ($1.2 billion) and Fusion Pharmaceuticals ($2.4 billion) to expand its oncology pipeline.
    Johnson & Johnson’s $2 billion acquisition of Ambrx Biopharma for ADC platforms.
    o Roche’s acquisition spree, such as Poseida Therapeutics ($1.5 billion) and Regor Therapeutics ($850 million), reflecting a commitment to next-generation cancer therapies.
  • Licensing agreements also reinforced this trend, with Daiichi Sankyo and Merck & Co.’s $22billion deal on ADC co-development and Pfizer’s $1.5 billion collaboration with Triana Biomedicines for Molecular Glue Degraders (MGDs).
  • The rapid advancement of radiopharmaceuticals in 2024 highlighted their growing role in
    precision oncology, supported by key deals:
    Eli Lilly and Radionetics Oncology: Eli Lilly collaborated with Radionetics to develop targeted radiopharmaceuticals for solid tumors, with a deal valued at up to $1.14 billion. o Novartis and Mariana Oncology: Novartis acquired Mariana Oncology for up to $1.75billion, strengthening its radiopharmaceutical capabilities. o AstraZeneca and Fusion Pharmaceuticals: AstraZeneca’s $2.4 billion acquisition of Fusion Pharmaceuticals added radiolabeled conjugates (RDCs) to its cancer treatment portfolio. o Sanofi and OranoMed: Sanofi invested $300 million for a stake in OranoMed, focusing on radiopharmaceutical cancer therapies. o Siemens Healthineers and Novartis: Siemens Healthineers acquired Novartis’s radioactive chemical production unit for €200 million, enhancing cancer imaging capabilities.

These deals underscore the industry’s focus on integrating radiopharmaceuticals into oncology
pipelines to deliver more targeted and effective treatments.

  1. NEUROLOGY GAINS MOMENTUM
  • Investments in innovative neurological treatments surged:
    AbbVie’s $1.4 billion acquisition of Aliada Therapeutics focused on Alzheimer’s.
    Bristol Myers Squibb acquired Karuna Therapeutics for $14 billion, emphasizing schizophrenia treatments.
    o Licensing deals such as Novartis’ agreement with PTC Therapeutics ($3.9 billion) for Huntington’s disease therapies highlighted the growing market demand for neurological innovations.

The increased interest in RNA-based therapies and exon editing collaborations also hinted at future breakthroughs in treating complex neurological disorders.

  1. IMMUNOLOGY’S EXPANDING HORIZON
  • Immunology saw significant investments in therapies targeting autoimmune and inflammatory
    diseases, emphasizing bispecific antibodies and T-cell engager technologies:
    Acquisitions: Johnson & Johnson acquired Proteologix ($850 million) to secure bispecific antibodies for immune-mediated diseases, and Biogen’s $1.8 billion purchase of Human Immunology Biosciences expanded its portfolio for rare immune- mediated conditions.

Partnerships:
▪ Bristol Myers Squibb partnered with Repertoire Immune Medicines in a $1.8 billion deal to develop tolerizing vaccines for autoimmune diseases.
▪ GSK and CureVac entered a $1.57 billion licensing agreement to develop mRNA-based immunology therapies.

Bispecific antibodies and mRNA platforms were central to the development of next-generation
immunotherapies, emphasizing precision and efficacy in treating chronic autoimmune conditions.

  1. RARE DISEASES RECEIVE INCREASED ATTENTION
  • Rare diseases became a strategic focus, with key deals involving:
    Sanofi’s $2.2 billion acquisition of Inhibrx for Alpha-1 Antitrypsin Deficiency treatments.
    Novartis’ $3.5 billion acquisition of Chinook Therapeutics for kidney disease drugs. o Gilead’s acquisition of CymaBay Therapeutics ($4.3 billion) for rare autoimmune liver disease treatments.

Partnerships like Arrowhead Pharmaceuticals and Sarepta Therapeutics highlighted RNAi
therapies as transformative for rare genetic conditions, with potential deal values reaching $10
billion.

  1. AI-DRIVEN DRUG DISCOVERY EMERGED AS GAME-CHANGERS
  • Recursion Pharmaceuticals’ acquisition of Exscientia ($688 million) and AI Proteins’ $400
    million collaboration with Bristol Myers Squibb signaled the growing integration of AI in
    accelerating drug development.
  • Xaira Therapeutics launched with over $1 billion in funding, emphasizing AI-driven protein
    design for drug discovery.
  1. BIOTECH CONSOLIDATION REFLECTS STRATEGIC SYNERGY AND FOCUS
  • Biotech consolidations highlighted resilience in a challenging funding environment and emphasized leveraging complementary expertise:
    o The merger of Ikena Oncology and Inmagene Biopharmaceuticals, forming InmageneBio, exemplifies a dual focus on oncology and immune diseases. This trend of targeting high-growth therapeutic areas aligns with broader industry dynamics.
    Chroma Medicine and Nvelop Therapeutics united their gene-editing and DNA delivery platforms to focus on liver disease epigenetics, supported by $75M in post-merger funding. o Ultimovacs and Zelluna Immunotherapy combined cancer vaccines with TCR-NK cell therapies, highlighting a shared vision for innovative solid cancer treatments. o Companies like Ocuphire Pharma and Opus Genetics merged to create leaders in niche areas such as inherited retinal diseases.

Consolidations provided financial stability, diversified portfolios, and synergies that allow
smaller companies to compete in the broader biopharma market.

  1. FUNDRAISING DRIVES INNOVATION AND EARLY-STAGE RESEARCH
  • Venture capital and equity funding were pivotal in advancing therapeutic pipelines and supporting NewCos:
    o Beam Therapeutics secured $500 million to advance gene-editing platforms targeting rare diseases and oncology.
    Revolo Biotherapeutics raised $250 million to accelerate autoimmune disease clinical trials, reflecting sustained investor interest in immunology.
    Uniquity Bio and Mirador Therapeutics emerged with significant funding ($300 million and $400 million, respectively), demonstrating investor confidence in the early-stage pipeline innovation model.
  1. NEWCOS AS A GLOBAL PHENOMENON
  • The rise of NewCos, especially in China, highlighted the globalization of biotech innovation:
    Hengrui Pharmaceutical formed Hercules CM NewCo Inc., a Delaware-based joint venture with global investors, licensing its GLP-1 class drugs in exchange for $110 million upfront, milestone payments up to $5.925 billion, and a 19.9% equity stake in the NewCo.
    o Other Chinese companies like Keymed Biosciences and BioValley Therapeutics utilized
    NewCo structures for international market penetration.

These NewCos emphasized oncology and central nervous system (CNS) therapeutics, often focusing on out-licensing agreements with Western pharma companies.

9. STRATEGIC MANUFACTURING AND PORTFOLIO STREAMLINING

  • Novo Nordisk’s $11 billion acquisition of Catalent manufacturing facilities aimed to boost scalability and operational efficiency.
  • Sanofi’s €16 billion deal with Clayton Dubilier & Rice for its consumer healthcare unit

The biopharma landscape in 2024 epitomized resilience, adaptability, and innovation, as companies navigated a challenging funding environment and evolving regulatory frameworks. Strategic collaborations, transformative mergers and acquisitions (M&A), and investments in emerging technologies were key priorities. Oncology, neurology, and rare diseases continued to be pivotal growth areas, while the integration of AI and radiopharmaceuticals signaled the industry’s forward-looking mindset. The rise of “NewCos” and consolidations demonstrated the sector’s agility in addressing unmet medical needs and driving future innovation. Biotech consolidation optimized pipelines and enhanced resource efficiency, particularly in high-need areas like oncology, immunology and rare diseases. Simultaneously, robust fundraising efforts, supported by venture capital and strategic partnerships, underscored the sector’s capacity to sustain innovation. The trends of 2024 revealed an industry doubling down on precision medicine, technological advancements, and collaborative frameworks. AI integration, NewCo models, and strategic manufacturing investments highlighted the commitment to staying agile and adaptive in a competitive, innovation-driven global healthcare landscape. Looking ahead, the biopharma sector must continue leveraging these strengths to maintain its position at the forefront of global healthcare innovation.

Download the document here.

Author: Dr. Jean Chatellier, PhD
Partner, EVP & Managing Director
KYBORA
Email: jean@kybora.com

List of Key Biopharma Deals in 2024 (Non-Exhaustive)

Mergers & Acquisitions (M&A)

Oncology

  • Roche and Poseida Therapeutics: Acquisition to enhance drug pipeline in oncology, immunology, and neurology, with an initial $1B payment and additional performance-related payments potentially raising the total to $1.5B (November 2024).
  • BioNTech and Biotheus: Acquisition to advance immunotherapy drugs, involving $800M in upfront payments and up to $150M in milestone payments, totaling nearly $1B (November 2024).
  • Roche and Regor Therapeutics: Acquisition of breast cancer immunotherapy drugs to expand oncology portfolio, valued at $850M (September 2024).
  • Partners Group and FairJourney Biologics: €900M acquisition for a majority stake to bolster biotech investments (September 2024).
  • Siemens Healthineers and Novartis: €200M acquisition of Novartis’ radioactive chemical production business for cancer imaging (September 2024).
  • Novartis and MorphoSys: $4.79B acquisition, including debt, to strengthen oncology offerings (August 2024).
  • Siemens Healthineers and Advanced Accelerator Applications (AAA): Acquisition of AAA’s diagnostic arm specializing in radioactive chemicals for cancer imaging, valued at over $224M (August 2024).
  • Eli Lilly and Ionetix: $10M investment in Actinium-225 manufacturing for radiopharmaceutical drugs (August 2024).
  • AstraZeneca and Gracell Biotechnologies: $1.2B acquisition to expand its oncology portfolio with innovative cell therapies (July 2024).
  • Eli Lilly and Radionetics Oncology: Collaboration to develop small molecule GPCR-targeted radiopharmaceuticals for solid tumors, involving a $140M upfront payment and an exclusive acquisition right for $1B, totaling $1.14B (July 2024).
  • Full-Life Technologies and SK Biopharmaceuticals: Collaboration to develop a radiopharmaceutical for treating multiple solid tumors, valued at $571.5M (July 2024).
  • Johnson & Johnson and Ambrx Biopharma: $2B acquisition securing advanced ADC platforms and a strong oncology pipeline (June 2024).
  • Novartis and Mariana Oncology: Acquisition to enhance radiopharmaceutical capabilities, with an upfront payment of $1B and up to $750M in potential milestone payments, totaling $1.75 billion (May 2024).
  • Sanofi and OranoMed: $300M investment for a 16% stake in radiopharmaceutical cancer treatments (May 2024).
  • Vertex Pharmaceuticals and Alpine Immune Sciences: $4.9B acquisition to enhance immunotherapy pipeline (April 2024).
  • AstraZeneca and Fusion Pharmaceuticals: Acquisition to expand its oncology portfolio with
    radiopharmaceuticals, valued at $2.4B (March 2024).
  • Ipsen and Epizyme: $450M acquisition focusing on rare cancer treatments, including Tazverik (March 2024).
  • AstraZeneca and Fusion Pharmaceuticals: $2.4B acquisition for radiolabeled conjugates (RDCs) (March 2024).
  • Bristol Myers Squibb and RayzeBio: $4.1B acquisition for radiopharmaceutical RYZ101 for
    neuroendocrine tumors (February 2024).
  • Genmab and ProfoundBio: $1.8B acquisition for antibody-drug conjugates (ADCs). This strategic move is intended to bolster Genmab’s oncology pipeline and address future patent expirations (January 2024).

Neurology

  • Roche and Poseida Therapeutics: Acquisition to enhance drug pipeline in oncology, immunology, and neurology, with an initial $1B payment and additional performance-related payments potentially raising the total to $1.5B (November 2024).
  • AbbVie and Aliada Therapeutics: Acquisition to bolster Alzheimer’s treatment portfolio, including experimental antibody therapy ALIA-1758 targeting amyloid beta plaques, for $1.4B in cash (October 2024).
  • Incyte and Escient Pharmaceuticals: $750M acquisition to expand Incyte’s portfolio in therapies for neuro-immuno-inflammatory disorders (September 2024).
  • Biogen and Human Immunology Biosciences (HI-Bio): $1.15B acquisition to strengthen its immunology portfolio (May 2024).
  • Bristol Myers Squibb and Karuna Therapeutics: Acquisition to expand its neuroscience portfolio with innovative schizophrenia treatments for $14B (March 2024).

Immunology and Autoimmune Diseases

  • Roche and Poseida Therapeutics: Acquisition to enhance drug pipeline in oncology, immunology, and neurology, with an initial $1B payment and additional performance-related payments potentially raising the total to $1.5B (November 2024).
  • Merck & Co. and Curon Biopharmaceuticals: Acquisition of CN201, an experimental bispecific antibody targeting B-cell diseases, with a $700M upfront payment and up to $600M in milestone payments, totaling $1.3B (August 2024).
  • Biogen and Human Immunology Biosciences (HI-Bio): Acquisition to strengthen immunology portfolio, including lead asset felzartamab for rare immune-mediated conditions, for $1.15B upfront and up to $650M in potential milestone payments, totaling $1.8B (May 2024).
  • Johnson & Johnson and Numab Therapeutics: Acquisition of Yellow Jersey Therapeutics, a subsidiary of Numab, to obtain NM26, a bispecific antibody for atopic dermatitis, in a deal worth around $1.25B (May 2024).
  • Johnson & Johnson and Proteologix: Acquisition to secure bispecific antibodies targeting immune-mediated diseases, valued at $850M (May 2024).
  • Gilead Sciences and CymaBay Therapeutics: $4.3B acquisition for liver disease treatments, including CymaBay’s lead candidate, seladelpar, an oral drug for treating primary biliary cholangitis (PBC), a rare, chronic autoimmune liver disease (March 2024).

Rare Diseases

  • Recordati and Sanofi: Acquisition of global rights to Enjaymo, a treatment for cold agglutinin disease (CAD), for $825M upfront and up to $250M in additional commercial milestone payments (October 2024).
  • Novartis and Chinook Therapeutics: A $3.5B deal focused on developing targeted treatments for rare kidney diseases (June 2024).
  • AstraZeneca and Amolyt Pharma: Acquisition to boost rare-disease portfolio, including lead candidate eneboparatide for hypoparathyroidism, for $1.05B in cash (March 2024).
  • Gilead Sciences and CymaBay Therapeutics: $4.3B acquisition for liver disease treatments, including CymaBay’s lead candidate, seladelpar, an oral drug for treating primary biliary cholangitis (PBC), a rare, chronic autoimmune liver disease (March 2024).
  • Sanofi and Inhibrx: Acquisition to obtain INBRX-101, an experimental treatment for Alpha-1 Antitrypsin Deficiency (AATD), with a focus on bolstering the inflammation drug pipeline, for up to $2.2B (January 2024).

Others

  • Eli Lilly and Morphic: $3.2B acquisition for gastroenterology treatments, particularly for IBD (June 2024).
  • Roche and Carmot Therapeutics: Acquisition to enhance metabolic disease portfolio, focusing on obesity treatments, valued at $1B (January 2024).

Licensing Agreements

Oncology

  • Bristol Myers Squibb and BioArctic: Global exclusive license for BioArctic’s PyroGlutamate-amyloid-beta antibody program, including BAN1503 and BAN2803 (December 2024).
  • Merck & Co. and LaNova Medicines: Licensing agreement for an experimental cancer drug, LM-299, targeting PD-1 and VEGF proteins, with a $588 million upfront payment and up to $2.7B in potential milestone payments, totaling $3.3B (November 2024).
  • VelaVigo and Avenzo Therapeutics: $50M upfront option agreement for a first-in-class Nectin4/TROP2 bispecific ADC; up to $750M in milestone payments plus royalties (November 2024).
  • Daiichi Sankyo and Merck & Co.: Co-development and co-commercialization agreement for three antibody-drug conjugates (ADCs) Patritumab Deruxtecan (HER3-DXd), Ifinatamab Deruxtecan (I-DXd), and Raludotatug Deruxtecan (R-DXd), targeting multiple solid tumors, valued at $22B (October 2024).
  • Pfizer and Triana Biomedicines: $1.5B collaboration to develop Molecular Glue Degraders (MGDs) for cancer and other diseases (October 2024).
  • Kura Oncology and Kyowa Kirin: Collaboration for the development and commercialization of ziftomenib in acute leukemias, with Kura receiving $330 million upfront and up to $1.2B in milestone payments, totaling $1.53B (October 2024).
  • Eisai and SEED Therapeutics: Partnership on MGDs for neurodegeneration and oncology, with a deal value up to $1.5B (August 2024).
  • Takeda and Degron Therapeutics: $1.2B partnership focusing on MGDs for oncology, neuroscience, and inflammatory diseases (May 2024).
  • Roche and MediLink Therapeutics: $50M upfront deal for novel ADC candidates and linker technologies (April 2024).
  • Johnson & Johnson and Ambrx Biopharma: Acquisition to secure advanced ADC platforms and a strong oncology pipeline, for $2B (March 2024).
  • AstraZeneca and Fusion Pharmaceuticals: Acquisition to expand its oncology portfolio with radiopharmaceuticals, for $2B (March 2024).

Neurology

  • Novartis and PTC Therapeutics: Licensing agreement for PTC518, an experimental Huntington’s disease drug, with an upfront payment of $1B and potential milestone payments up to $2.9B (December 2024).
  • Dewpoint Therapeutics and Mitsubishi Tanabe Pharma: $480M collaboration for ALS treatment development (December 2024).
  • Biogen and Neomorph: Partnership to develop molecular MGDs for Alzheimer’s and neurological conditions, with potential milestone payments up to $1.45B (November 2024).
  • Eisai and SEED Therapeutics: Partnership on MGDs for neurodegeneration and oncology, with a deal value up to $1.5B (August 2024).
  • Roche and Ascidian Therapeutics: Collaboration to advance RNA exon editing gene therapies for neurological diseases, with $42M upfront and potential milestone payments of up to $1.8B for research, clinical, and commercial advancements (May 2024).
  • Takeda Pharmaceuticals and AC Immune: Partnership to develop an Alzheimer’s vaccine, with an initial payment of $100M and potential milestone payments up to $2.2B, plus royalties exceeding 10% on global sales (April 2024).

Immunology and Autoimmune Diseases

  • Sanofi and Corxel Pharmaceuticals: Exclusive rights to develop and commercialize aficamten in Greater China (December 2024; financial terms undisclosed).
  • AbbVie and EvolveImmune: Collaboration using the EVOLVE T-Cell Engager Platform for immunology (October 2024; financial terms undisclosed).
  • GSK and CureVac: $1.57B licensing agreement to develop mRNA-based immunology therapies (July 2024).
  • AbbVie and FutureGen Biopharmaceutical: Licensing agreement for FG-M701, a monoclonal antibody targeting inflammatory bowel disease, with $150M upfront and potential milestone payments up to $1.56B, totaling over $2B (June 2024).
  • Eliem and Acelyrin: Eliem acquired non-oncology rights to TNT119 (budoprutug) from Acelyrin for up to $157.5 million, including royalties (June 2024).
  • Kashiv and Amneal: Kashiv granted Amneal rights to commercialize a biosimilar to XOLAIR, an asthma and urticaria treatment, to improve access to immunology drugs (June 2024).
  • Bristol Myers Squibb and Repertoire Immune Medicines: Three-year collaboration to develop tolerizing vaccines for up to three autoimmune diseases, with potential deal value up to $1.8B (April 2024).

Rare Diseases

  • Novartis and PTC Therapeutics: Licensing agreement for PTC518, an experimental Huntington’s disease drug, with an upfront payment of $1B and potential milestone payments up to $2.9B (December 2024).
  • Arrowhead Pharmaceuticals and Sarepta Therapeutics: Partnership to develop RNAi therapies for rare genetic diseases affecting muscles, the central nervous system, and lungs, with an upfront payment of $500 million, a $325 million equity investment, and potential milestone and royalty payments of up to $10 billion (November 2024).
  • Eli Lilly and QurAlis: Lilly secured rights to ASO QRL-204 and other compounds targeting the UNC13A gene for Amyotrophic Lateral Sclerosis (ALS) and frontotemporal dementia in a $45M upfront deal, with milestones reaching $577M (June 2024).
  • Novo Nordisk and Neomorph: $1.46B deal for MGDs targeting cardiometabolic and rare diseases (February 2024).
  • NGM Bio and KdT Ventures: Formation of a NewCo and worldwide license agreement for NGM313, a Phase 2-ready FGFR1c/β-Klotho agonist drug candidate targeting rare diseases, with potential deal value up to $608M (December 2024).

Others (Metabolic Diseases)

  • Eli Lilly and HAYA Therapeutics: Multi-year collaboration to discover RNA-based drug targets for obesity and metabolic disorders, with an upfront payment, equity investment, and potential milestone and royalty payments totaling up to $1B (September 2024).
  • Otsuka Pharmaceutical and Jnana Therapeutics: Acquisition to expand drug pipeline, including JNT-517 for phenylketonuria, with an $800M upfront payment and up to $325M in milestone payments, totaling $1.1B (August 2024).
  • Amylyx Pharmaceuticals and Eiger BioPharmaceuticals: Acquisition of avexitide, a GLP-1 antagonist for treating low blood sugar in metabolic disorders, for $35.1M (June 2024).
  • Biogen and Human Immunology Biosciences (HI-Bio): Acquisition to strengthen immunology portfolio, including lead asset felzartamab for rare immune-mediated conditions, for $1.15B upfront and up to $650M in potential milestone payments (May 2024).
  • Hengrui Pharmaceuticals and Hercules CM Newco: $6.03B out-licensing deal for GLP-1 receptor agonist portfolio (March 2024).
  • Hansoh Pharma and Merck & Co: Global exclusive license agreement for oral GLP-1 receptor agonist HS-10535 (April 2024; financial terms undisclosed).

Fundraising and Investment Transactions

  • Ottimo Pharma: Raised $140M in a Series A round to develop a groundbreaking cancer drug named Jankistomig, combining anti-PD-1 and anti-VEGF therapies for enhanced efficacy with fewer side effects (December 2024).
  • Arrowhead Pharmaceuticals: Secured $500M strategic financing to support its RNA technology platform (August 2024).
  • Alumis: Raised $259M in Series C funding to advance its pipeline of therapies targeting immune dysfunction (August 2024).
  • Auron Therapeutics: Raised $200M to advance its epigenetic-targeting cancer therapies (August 2024).
  • Revolo Biotherapeutics: Raised $250M in Series C funding to accelerate trials for its autoimmune disease portfolio (July 2024).
  • Uniquity Bio: Launch with up to $300M in capital to develop medicines in immunology and
    inflammation, including solrikitug, a monoclonal antibody targeting TSLP (May 2024).
  • AltruBio: Secured $225M in Series B funding to advance its pipeline of immunology therapies (May 2024).
  • Candid Therapeutics: Raised $370M to fund autoimmune disease treatments and acquired two T-cell engager antibodies (May 2024).
  • Xaira Therapeutics: Launched with over $1 billion in funding to revolutionize drug discovery and development using AI-driven protein design technologies (April 2024).
  • Beam Therapeutics: Secured $500M in Series D funding to advance its gene-editing platform for rare diseases and oncology (April 2024).
  • Novo Nordisk and Asceneuron: $100M Series C funding to advance Alzheimer’s treatments with licensing options for novel therapeutics (April 2024).
  • Mirador Therapeutics: Launch with $400M in funding to develop precision medicines for immune- mediated inflammatory and fibrotic diseases (March 2024).
  • Turn Biotechnologies: Secured $180M for pipeline expansion in age-related diseases and regenerative medicine (March 2024).

Biotech Consolidations – These mergers highlight biotech’s resilience and innovation in advancing therapeutic pipelines. The merger between Ikena Oncology and Inmagene Biopharmaceuticals stands out for its unique dual focus on oncology and immune diseases, tapping into two high-growth therapeutic areas. This is emblematic of the broader trend in biotech: leveraging complementary strengths to advance therapeutic pipelines in a challenging funding environment.

  • Ikena Oncology & Inmagene Biopharmaceuticals → InmageneBio (December 2024). This merger combines Ikena’s expertise in targeted oncology with Inmagene’s robust portfolio of immune-mediated disease treatments. Together, they aim to develop dual-action therapeutics targeting cancer and autoimmune conditions. The new entity has secured $85M in Series C funding post-merger to advance its combined pipeline.
  • Chroma Medicine & Nvelop Therapeutics → nChroma (December 2024). Combines Chroma’s cutting- edge gene-editing technology with Nvelop’s precise DNA delivery system, focuses on epigenetic therapies for liver diseases and has subsequently raised $75M.
  • NLS Pharmaceutics & Kadimastem → NLS/Kadimastem (November 2024). Combines platforms for sleep disorders and stem cell therapies, diversifying the clinical pipeline, reducing financial risks, and strengthening market potential. The combined company plans to go public soon.
  • REGiMMUNE & Kiji Therapeutics → REGiMMUNE/Kiji Tx (October 2024). Combines REGiMMUNE’s gene editing and monoclonal antibodies for immune-oncology with Kiji’s iPSC-MSCs to enhance Treg function for autoimmune diseases. The new Treg titan is preparing for an IPO in 2025.
  • Ocuphire Pharma & Opus Genetics → Opus Genetics (October 2024). Combines Opus gene therapy pipeline with Ocuphire Pharma’s ophthalmic expertise, creating a leader in inherited retinal diseases. The company’s runway extends to 2026, with key clinical milestones in 2025.
  • Ultimovacs ASA & Zelluna Immunotherapy AS → Zelluna ASA (July 2024). Ultimovacs ASA and Zelluna Immunotherapy AS agreed to merge through a share exchange. Ultimovacs specializes in cancer vaccines, while Zelluna develops TCR-NK cell therapies for treating solid cancers. The combined company aims to pioneer innovative immunotherapies.
  • Tectonic Therapeutic & Avrobio → Tectonic Therapeutic (June 2024). Combines gene therapies for rare diseases and pulmonary hypertension with expertise in GPCR-targeted biologics. This merger could deliver innovative solutions for rare genetic diseases and heart-related conditions and resulted in $130.7M private placement fundraising.
  • Century Therapeutics & Clade Therapeutics: Century Therapeutics acquired Clade Therapeutics for $45 million. This acquisition is aimed at enhancing Century’s pipeline and technological capabilities in the field of cell therapy (April 2024).

Rise of Biopharma NewCos1
In 2024, several NewCos in China emerged as significant players in the biopharma industry, driven by venture capital and equity investments to commercialize early-stage innovations globally. These companies highlight the growing importance of the NewCo model as a pathway for innovation and global market access:

  • Hengrui Pharmaceutical: Formed Hercules CM NewCo Inc., a Delaware-based joint venture with global investors (Bain Capital Life Sciences, RTW Investments, Atlas Venture, and Lyra Capital), licensing its GLP-1 class drugs in exchange for $110M upfront, milestone payments up to $5.925B, and a 19.9% equity stake in the NewCo (May 2024). Following Hengrui’s lead, other Chinese pharmaceutical companies entered into similar NewCo transactions, highlighting the model’s increasing adoption within the industry:
  • Genor Biopharma: Acquired by EddingPharm for $395M to strengthen its drug development and commercialization pipeline (September 2024).
  • Keymed Biosciences: Granted exclusive rights to two bispecific antibody drug candidates to a NewCo Delaware-based Belenos Biosciences Inc., receiving $15M upfront and eligible for $170M in milestone payments (July 2024).
  • Frontage Biotech: Raised $300M to fund early oncology asset development. This capital injection enables the company to focus on advancing its pipeline of innovative cancer therapies (specific date not available).
  • ChinaBio Innovations: Secured over $1B to develop assets for global out-licensing, emphasizing partnerships with Western pharmaceutical companies (specific date not available).
  • BioValley Therapeutics: Obtained $450M to commercialize oncology and CNS drug assets globally (specific date not available).

Other Illustrative Transactions – The 2024 biopharma market highlights key trends, including the growing integration of AI in drug discovery (e.g., Recursion’s acquisition of Exscientia and AI Proteins’ collaboration with Bristol Myers Squibb), strategic investments in manufacturing infrastructure to enhance scalability (Novo Nordisk’s $11B acquisition of Catalent facilities), and portfolio optimization through divestitures and spin-offs (Sanofi’s €16B deal with Clayton Dubilier & Rice for Opella). These transactions reflect a focus on innovation, operational resilience, and strategic streamlining to drive growth and efficiency.

  • AI Proteins and Bristol Myers Squibb: Collaboration to develop miniprotein-based therapeutics for two undisclosed targets, with a potential deal value of $400M, including an upfront payment, exclusive worldwide license options, and royalties on net sales (December 2024).
  • Sanofi and Opella: Transfer of a 50% controlling stake in consumer healthcare unit Opella to Clayton Dubilier & Rice, with Sanofi retaining a significant share, in a deal valued at €16B (October 2024).
  • Recursion Pharmaceuticals and Exscientia: Acquisition to integrate Exscientia’s AI-powered drug discovery expertise into Recursion’s platform, enhancing its drug development pipeline, in a $688M all-stock deal (August 2024).
  • Novo Nordisk and Catalent: Acquisition of three manufacturing sites to enhance production capabilities, valued at $11B (February 2024).
  1. The rise of biopharma NewCos in China reflects a strategic shift in advancing and commercializing drug pipelines globally. These independent entities, backed by venture capital and private equity, enable companies to retain equity stakes while offloading development risks. This approach optimizes resources, extends cash runways, and leverages global capital and partnerships to navigate international markets. While demanding strong governance and compliance, NewCos empower Chinese firms to capitalize on global opportunities, becoming a cornerstone of China’s evolving pharmaceutical industry.

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