Newsletter Signup - Under Article / In Page
"*" indicates required fields
There were a number of deals that stirred the biotech industry in September 2024. From a multibillion dollar deal to commercialize cell therapies to a new partnership model, a lot went down last month.
Many pharma giants heavily participated in collaborations last month, and so did a few startups and clinical-stage biotechs. As part of our new monthly partnership news series, we have listed the major deals that took place in September.
Table of contents
In the billions: top biotech and pharma deals in September 2024
Last month, Bristol Myers Squibb’s (BMS’) $3.61 billion deal with Massachusetts-based Prime Medicine was the deal of deals, topping all partnerships that took place. Prime will design Prime Editor reagents so that BMS can then develop and commercialize cell therapies.
Following closely behind was Organon’s $1.2 billion acquisition of skin care therapeutics company Dermavant. As a result, Organon will get a hold of the latter’s non-steroidal topical cream VTAMA for plaque psoriasis, which is currently under U.S. Food and Drug Administration (FDA) review for other skin conditions.
Also in the billion dollar club, pharma giant Novartis’ collaboration with Generate:Biomedicines. The two are forming an alliance to discover and develop protein therapeutics across multiple disease areas with the help of Generate’s generative artificial intelligence (AI) platform. The deal will see Generate bag up to $1 billion in milestone payments having received $65 million upfront.
Another big pharma company that made a big leap was Lilly. It partnered with Swiss precision medicines company HAYA Therapeutics to employ HAYA’s RNA platform to hunt for drugs that can treat obesity and related metabolic conditions. HAYA is eligible to make up to $1 billion through the alliance.
And almost hitting a billion in a collaboration, Novartis and American drug delivery company Lindy Biosciences have jumped into the biologics business together. The Swiss pharma giant has tasked Lindy with converting its portfolio of biologic drugs into injectables to cut healthcare costs and improve patient convenience. Lindy pocketed $20 million upfront and can get up to $934 million in milestone payments.
Key biotech M&A in September 2024
September saw merger and acquisition (M&A) deals from different regions. Aside from the Organon-Dermavant deal, there were other noteworthy pacts made. American biotech Genentech – run by multinational Roche Holding – grabbed Chinese-American biotech Regor Pharmaceuticals’ CDK inhibitors to target breast cancer. Genentech is paying $850 million to the clinical-stage company, and will be billed for further milestone payments.
Furthermore, Australian biopharma Telix, a big name in the radiopharmaceuticals space, is strengthening its position in the field with its acquisition of fellow American radiopharma company RLS Radiopharmacy. Telix put aside $230 million for an upfront payment as well as $20 million, in hopes that RLS hits all milestones.
In the line of psychedelic therapies, Psyence Biomed expanded its presence in Canada with its buyout of Clairvoyant Therapeutics for $500,000. Psyence will now be the owner of Clairvoyant’s phase 2 psilocybin candidate being tested for alcohol use disorder.
And finally, U.S.-based cancer company OncoC4 joined forces with AcroImmune to add an Investigational New Drug Application (IND)-ready bispecific antibody to its immunotherapy pipeline. The deal amount was undisclosed.
Biotech deals by approach in September 2024
The business of RNA therapeutics
Among all the major deals signed last month, Bayer’s $547 million partnership with Massachusetts-based NextRNA Therapeutics to develop first-in-class small molecules stands out. The long non-coding RNA-targeted field is now gaining traction with this alliance.
Also making moves in the RNA arena are Danish multinational Novo Nordisk and Korro Bio. The two are developing RNA-edited drugs to address heart conditions. Korro can bank up to $530 million from the deal. But that wasn’t it for Novo last month. It tapped Canadian biotech NanoVation Therapeutics for a $600 million pact to deliver RNA to cells outside of the liver to address heart conditions and rare diseases.
It doesn’t end there for RNA therapeutics. Lilly is leveraging New York-based Genetic Leap’s RNA-targeted AI platform to develop genetic medicines for up to $409 million.
In mRNA therapeutics, California-based RNA polymerases developer Primrose Bio and Polish biotech ExPLoRNA Therapeutics have vowed to make mRNA drugs for a range of targeted therapeutic indications. The deal value remains undisclosed. Moreover, New York-based Repair Biotechnologies cashed in on Genevant’s mRNA therapy for up to $107 million to treat fat buildup in the arteries (atherosclerosis).
Bispecific antibodies capture interest
Bispecific antibodies are also being sought out currently. Apart from OncoC4’s buyout to snatch AcroImmune’s bispecific antibody, as mentioned earlier, Chinese biotech EpimAb Biotherapeutics joined hands with American biopharma Vignette Bio to advance the BCMA-targeting T-cell engager (TCE) EMB-06 in the clinic, in a deal worth up to $635 million.
American biotechs BioAtla and Context Therapeutics also signed a licensing agreement of up to $133.5 million to develop, manufacture, and commercialize the former’s bispecific antibody BA3362.
Cell therapies, radiotherapies, and small molecules: ever-growing fields
Meanwhile, big pharma has taken a fancy to cell therapies. Apart from the BMS-Prime Medicine collaboration – the largest deal last month – Pfizer is relying on California-based Acepodia to create antibody-cell conjugation-based cell therapies for autoimmune diseases in exchange for an undisclosed amount.
Pfizer has also taken advantage of Flagship-founded Quotient Therapeutics’ platform that identifies gene mutations to treat heart and kidney diseases. The deal value is yet to be announced. This marks a new type of partnership model for a venture capital like Flagship Pioneering to link drugmakers and startups on the quest for new medicines. It is also part of a wider agreement signed between the pharma giant and VC to build a 10-program pipeline worth up to $700 million per drug.
Furthermore, in the radiopharma realm, Sanofi, RadioMedix, and Orano Med have inked a deal to create radioligand therapies (RLTs) against cancer, for which Sanofi has put up to €320 million ($350.87 million) on the line.
Finally, Gilead spent $35 million on American biotech Genesis Therapeutics to discover and develop small molecules. It will utilize Genesis’ AI drug discovery platform to generate treatments across multiple targets.
Partnering 2030: Biopharma Report
