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Deals In Depth: March 2023

 
• By Deanna Kamienski and Maureen Riordan

Three $1bn+ alliances were penned in March. Topping the list was a potential $1.9bn deal between Moderna and Generation Bio. The collaboration will combine Moderna's biological and technical expertise with core technologies of Generation Bio's non-viral genetic medicine platform as the companies seek to expand the application of their platforms by developing novel nucleic acid therapeutics, including those capable of reaching immune cells, to accelerate their respective pipelines of non-viral genetic medicines.

Deals In Depth

In the top March M&A by deal value, Pfizer entered into a definitive agreement to acquire public cancer-focused company Seagen for $229 in cash (a 29% premium to the 10-day average of $177.35, and a 50% premium to the 10-day average before speculation of a proposed merger began circulating on February 27), for a total enterprise value of $43bn. The acquisition allows Pfizer to enhance its leading position in the oncology space. Seagen uses its antibody-drug conjugate technology to harness the targeting power of antibodies to deliver small molecule drugs to the tumor. This innovative approach to therapy offers a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. Financing reached $5.9bn in biopharma, $264m in device, and $198m in diagnostics.

Top Alliances In March 2023

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