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.)
These deals underscore the industry’s focus on integrating radiopharmaceuticals into oncology
pipelines to deliver more targeted and effective treatments.
The increased interest in RNA-based therapies and exon editing collaborations also hinted at future breakthroughs in treating complex neurological disorders.
o 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.
Partnerships like Arrowhead Pharmaceuticals and Sarepta Therapeutics highlighted RNAi
therapies as transformative for rare genetic conditions, with potential deal values reaching $10
billion.
Consolidations provided financial stability, diversified portfolios, and synergies that allow
smaller companies to compete in the broader biopharma market.
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
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.
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Author: Dr. Jean Chatellier, PhD
Partner, EVP & Managing Director
KYBORA
Email: jean@kybora.com
Mergers & Acquisitions (M&A)
Oncology
Neurology
Immunology and Autoimmune Diseases
Rare Diseases
Others
Licensing Agreements
Oncology
Neurology
Immunology and Autoimmune Diseases
Rare Diseases
Others (Metabolic Diseases)
Fundraising and Investment Transactions
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.
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:
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.