Third-quarter 2017 biopharma financing reached $12.5 billion, just a 6% decrease from the previous quarter's $13.4 billion. (See Exhibit 1.) The most money was raised in the follow-on public offering category, which accounted for nearly half (49%) of the Q3 dollar volume. The average deal value increased to $124 million (versus $85 million in Q2), attributed to 20 of the 50 financings completed having a value of $100 million or more. The largest was Incyte Corp.'s $650 million September FOPO; part of the proceeds will fund R&D activities. [See Deal] In addition to Incyte's marketed oncology therapies Jakafi (ruxolitinib) and Iclusig (ponatinib; to which Incyte has exclusive European right per a 2016 deal with Ariad Pharmaceuticals Inc.[See Deal]), it has many more candidates in development across various therapeutic areas, including cancer, dermatology and immunology, with multiple partnered programs.
Biopharma Quarterly Dealmaking Statistics, Q3 2017
A look at financing, M&A and alliance activity July–September 2017
Third-quarter biopharma financing, which totaled $12.5 billion, was dominated by follow-on public offerings, which represented virtually half the value. Acquisition activity was headlined by a major move by Gilead in the CART market. Five alliances were signed worth over $1 billion, led by a partnership between two key players, Merck & Co. and AstraZeneca.
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