Deals In Depth: February 2022

16 Mar 2022

• By Maureen Riordan and Deanna Kamienski

Five $1bn+ alliances were penned in February. Topping the list was a potential $2bn deal between Code Biotherapeutics and Takeda to leverage Code Bio’s proprietary targeted 3DNA non-viral genetic medicine delivery platform to design and develop gene therapies for a liver-directed rare disease program, plus central nervous system-directed rare disease programs. Takeda has the right to exercise options for an exclusive license for four resulting programs.

In the top February M&A by deal value, Indian biosimilars company Biocon Biologics entered into a definitive agreement to acquire Viatris’ biosimilars business for up to $3.3bn. The biosimilars assets of Viatris (which was formed as a result of the 2019 merger of Pfizer’s Upjohn unit with Mylan) consists of a comprehensive insulins portfolio, including rh-insulin, and biosimilar versions of glargine and aspart; an oncology portfolio including biosimilars for trastuzumab, bevacizumab, and pegfilgrastim; and an autoimmune segment with in-licensed products like Hulio, a biosimilar to AbbVie’s Humira (adalimumab) (from Fujifilm Kyowa Kirin Biologics), and a biosimilar to etanercept (sold by Amgen/Pfizer as Enbrel) under a 2018 agreement with Lupin. Viatris’ global biosimilars business has estimated revenues of $875m for the year 2022. Financing reached $2.8bn in biopharma, $761m in device, and $391m in diagnostics.

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