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Deals in Depth: March 2024

 
• By Deanna Kamienski and Maureen Riordan

Two $1bn+ alliances were penned in March. In the top alliance by deal value, Merus NV will use its Triclonics anitbody platform to discover new dual tumor-associated antigens targeting trispecific antibodies for Gilead Sciences. Merus will lead early-stage research activities for two programs, with an option to pursue a third. Gilead will have the right to license programs developed under the collaboration after the completion of select research activities. If Gilead exercises its option to license any such program from the collaboration, Gilead will be responsible for additional research, development and commercialization activities for such program. The deal could be worth up to $1.5bn for Merus.

Deals In Depth

In the top M&A, AstraZeneca entered into a definitive agreement to acquire Fusion Pharmaceuticals for $21.00 per share in cash plus a non-transferrable contingent value right of $3.00 per share, representing a total value of approximately $2.4bn. Fusion develops next generation radioconjugates that combine the precise targeting of antibodies, small molecules, or peptides with potent medical radioisotopes to deliver radiation directly to cancer cells. The acquisition complements AstraZeneca's oncology portfolio with the addition of the Fusion pipeline including FPI-2265, a potential new treatment for patients with metastatic castration-resistant prostate cancer. Financing reached $10.4bn in biopharma, $1.2bn in device, and $23.6m in diagnostics.

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