In Vivo’s editors, along with experts from the wider Citeline team, have selected our top four picks for the most significant M&A, alliance and financing deals of 2024. Vote now in the polls below by February 7th.
Top M&A Of 2024
Novo Holdings/Catalent ($16.5bn)In 2024’s largest M&A deal, Novo Holdings, the parent company of Novo Nordisk, acquired New Jersey-based CDMO Catalent for $16.5bn. This acquisition aims to bolster Novo Nordisk’s leadership in type 2 diabetes and obesity by ramping up production of semaglutide, the GLP-1 agonist found in Ozempic, Rybelsus, and Wegovy.
As part of the deal, Novo Nordisk is investing $11bn to acquire three Catalent manufacturing sites—two in Europe and one in the US—to enhance fill-finish capacity for semaglutide products, which have faced high demand. In 2023, Ozempic generated $14bn in sales, while Wegovy brought in $4.36bn.
Vertex/Alpine Immune Sciences ($4.9bn)
Vertex Pharmaceuticals bought Alpine Immune Sciences for $4.9bn in April 2024. This move was aimed at enhancing Vertex’s capabilities in the immunology space, particularly with Alpine’s lead product, povetacicept. Povetacicept is a dual antagonist of BAFF (B cell activating factor) and APRIL (a proliferation inducing ligand), showing promising results in treating IgA nephropathy (IgAN), a serious autoimmune kidney disease.
The acquisition aligns with Vertex’s broader strategy to address serious diseases with high unmet needs, and also underscores the growing investment in immunology and inflammation treatments.
Gilead Sciences/CymaBay ($4.3bn)
Gilead Sciences recently completed its acquisition of CymaBay Therapeutics for approximately $4.3bn. This move enhances Gilead’s liver disease portfolio, particularly with CymaBay’s lead product candidate, Livdelzi (seladelpar), a treatment for the chronic liver disease primary biliary cholangitis (PBC).
Livdelzi was approved by the FDA in August 2024, six months after Gilead announced the acquisition. Analysts at Cantor Fitzgerald project that Livdelzi could reach peak annual sales of up to $2bn, with RBC Capital Markets suggesting the drug could generate more than $650m annually.
Lilly/Morphic Therapeutics ($3.2bn)
Eli Lilly and Company acquired Morphic Therapeutics for $3.2bn in July 2024 to expand Lilly’s immunology pipeline with Morphic’s innovative oral integrin therapies. Morphic’s lead program, MORF-057, is a selective oral small molecule inhibitor of α4β7 integrin, which is being evaluated in Phase II studies for the treatment of inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease.
It is thought that this deal will provide good value for Morphic shareholders because of the length and expense of Phase III trials in IBD indications. Lilly has the capacity to take on those costs as well as the resources to commercialize MORF-057 globally if it continues to succeed in clinical development.
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Top Alliances Of 2024
Sanofi/Novavax
Sanofi and Novavax entered into a co-exclusive licensing agreement valued at approximately $1.2bn in May 2024 to co-commercialize Novavax’s adjuvanted COVID-19 vaccine, Nuvaxovid, and develop novel flu-COVID-19 combination vaccines. Sanofi now has the sole license to use Novavax’s COVID-19 vaccine in combination with its flu vaccines, while Novavax retains the right to develop its own combination vaccine.
The deal is expected to enhance the convenience and protection offered to patients by combining vaccines for two serious respiratory viruses. Sanofi will also take a minority equity investment in Novavax, further solidifying their partnership. This collaboration is step towards broadening access to non-mRNA adjuvanted COVID-19 vaccines and accelerating the development of combination vaccines that could simplify immunization processes and improve patient outcomes.
Viatris/Idorsia
In February 2024, troubled Swiss pharma Idorsia sold Viatris exclusive global development and commercialization rights to two promising Phase III assets, selatogrel and cenerimod, for $350m. Selatogrel is a self-administered medication for patients with a history of acute myocardial infarction (AMI), while cenerimod is a novel immunology asset aimed at treating systemic lupus erythematosus (SLE). This collaboration leverages Viatris' extensive global infrastructure and Idorsia’s innovative drug development capabilities, aiming to bring these potential blockbuster therapies to market.
Idorsia is eligible for milestones and mid-single to low double-digit royalties on sales. Both companies will cover development costs, with Idorsia contributing up to $200m over three years and 72 Idorsia employees transferring to Viatris once the deal closes. Viatris also has right of first refusal and first negotiation for certain other pipeline assets. The alliance is strategically designed to enhance Viatris’ portfolio by adding high-value, late-stage assets with long-term patent protection. This collaboration strengthens Viatris' cardiovascular and immunology platforms and also aligns with its goal of building a more durable and predictable portfolio.
Bristol Myers Squibb/Prime Medicine
The alliance between Bristol Myers Squibb (BMS) and Prime Medicine, announced in September 2024, is a strategic collaboration aimed at advancing T-cell therapies using Prime Medicine’s cutting-edge gene editing technology. Prime Medicine’s precise and multiplex gene editing technology allows for the targeted alteration of multiple genes simultaneously, which is crucial for improving the safety and efficacy of these therapies.
The collaboration involves an upfront payment of $110m from BMS to Prime Medicine, with the potential for additional milestone payments totaling up to $3.5bn. This alliance is expected to yield multiple innovative products that leverage Prime Medicine’s gene editing capabilities, particularly in oncology and immunology.
Novartis/Dren Bio
In July 2024, Novartis announced a partnership with Dren Bio to develop therapeutic bispecific antibodies for cancer. This collaboration leverages Dren’s targeted myeloid engager and phagocytosis platform, which uses bispecific antibodies to deplete pathogenic cells and other disease-causing agents by engaging a novel phagocytic receptor on myeloid cells. This approach aims to provide greater therapeutic indexes and superior safety profiles compared to other modalities like T-cell engagers and antibody-drug conjugates. Dren’s clinical programs include DR-0201, targeting pathogenic B cells, and DR-01, targeting autoreactive T-cells.
The partnership involves advancing selected targeted myeloid engager programs in oncology, with Novartis taking on full responsibility for development, manufacturing, regulatory, and commercialization activities. Dren Bio will receive an upfront package of $150m, including a $25m equity investment, and is eligible for up to $2.85bn in milestone payments and tiered royalties on future net sales of any resulting commercialized products.
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Top Financings Of 2024
Galderma IPO ($2.2bn)
In March 2024, dermatology company Galderma launched its initial public offering (IPO) on the SIX Swiss Exchange. The IPO was priced at CHF 53 per share, and the shares closed at CHF 64 per share on the first day of trading, giving the company a market capitalization of approximately CHF 15 bn ($17bn). This IPO marked a significant milestone for Galderma, which has transformed into a pure-play dermatology leader under the ownership of EQT Private Equity and its co-investors.
The funds raised from the IPO are expected to support the company’s continued growth and innovation in the dermatology field, allowing it to expand its product offerings and enhance its scientific expertise. Galderma’s Nemluvio was approved by the FDA for atopic dermatitis, a new larger indication for the IL-31 inhibitor previously approved for prurigo nodularis. Nemluvio brings a new mechanism of action to the atopic dermatitis market, and Galderma anticipates blockbuster status for Nemluvio by the end of 2027.
Vaxcyte FOPO ($1.4bn)
Vaxcyte, Inc launched a big follow-on public offering (FOPO) in September 2024 that grossed $1.3bn from the sale of stock and warrants. Following the company’s announcement of Phase I/II results for VAX-31, a 31-valent pneumococcal vaccine, the FOPO indicated that VAX-31 was either non-inferior or superior to Pfizer Inc.‘s Prevnar 20 across its 20 pneumococcal disease serotypes.
San Carlos, CA-based Vaxcyte saw its stock price surge as investors reacted positively to the company’s potential to introduce a pneumococcal vaccine with the broadest serotype coverage available. Later that day, Vaxcyte announced plans to raise $1bn through a stock sale to fund Phase III clinical trials of VAX-31 in adults and Phase I/II trials of 24-valent VAX-24 and VAX-31 in infants. Consequently, the next-day offering was upsized from the initially proposed terms. Previously, Vaxcyte raised $862.5m from a FOPO in February.
Xaira Therapeutics Seed Funding ($1bn)
Xaira Therapeutics, a San Francisco-based AI drug discovery startup, launched in April 2024 with over $1bn in seed funding. This significant financing round was led by ARCH Venture Partners and Foresite Labs, with participation from several other prominent investors such as F-Prime, NEA, Sequoia Capital, and Lux Capital
Xaira aims to revolutionize drug discovery by leveraging advanced machine learning and data generation technologies developed in the lab of co-founder and Nobel Prize winner David Baker. The company is led by Marc Tessier-Lavigne, former chief scientific officer at Genentech and ex-president of Stanford University. Xaira’s platform focuses on biological discovery, drug design, and clinical development, with models for protein and antibody design.
Mirador Series A Funding ($400m)
In February 2024, start-up company Mirador Therapeutics raised more than $400m in Series A round to launch a new company focused on using patient molecular profiles and advances in genetics to develop precision medicines for inflammatory and immunological diseases. ARCH Venture Partners led the round, with early investment from OrbiMed and Fairmount.
The San Diego firm, which comprises ex-Prometheus CEO and multiple other execs from that company, optimizes data and research from the academic sector to quickly develop candidates, with multiple INDs predicted for 2025. The basis for the company’s work will be the Mirador360 platform comprising data from more than one million patient molecular profiles.
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