2024 biotech deals tracker: the latest partnerships and M&A activities

January 2024:

• AbbVie and Umoja Biopharma, both based in the United States, are partnering to develop novel in-situ CAR-T cell therapies. Umoja is eligible to receive up to $1.44 billion for option exercise fees, development, and regulatory milestones.

February 2024: 

• AbbVie and Tentarix Biotherapeutics, both based in the United States, collaborate to develop multi-specific biologics for oncology and immunology. Tentarix will receive $64 million upfront.

March 2024:

• AbbVie, headquartered in the United States, is partnering with OSE Immunotherapeutics from France to develop a monoclonal antibody for treating chronic inflammation. OSE Immunotherapeutics will receive $48 million upfront and could potentially earn up to $665 million in milestone payments.
• AbbVie, a United States-based company, is acquiring Landos Biopharma, also located in the USA. Landos will receive $137.5 million upfront and $75 million in milestone payments for their lead asset, an oral small molecule targeting ulcerative colitis.

April 2024:

• Medincell (France) collaborates with AbbVie (United States) to develop long-acting injectable therapies. Medincell is set to receive $35 million and is eligible for up to $1.9 billion in milestones.

June 2024:

AbbVie (United States) has acquired Celsius Therapeutics (United States). Celsius will receive $250 million in cash, and the lead asset acquired is a monoclonal antibody for inflammatory bowel disease.

July 2024:

• Sionna Therapeutics, based in the United States, has partnered with AbbVie, also a U.S. company, to advance cystic fibrosis drugs through clinical development. AbbVie will receive an undisclosed upfront amount along with milestone payments.

February 2024:

• Astellas, based in Japan, and Kelonia Therapeutics, headquartered in the United States, partner to develop immuno-oncology therapeutics. Kelonia will receive $40 million upfront for the first program and $35 million for a second program, along with potential milestones and contingency payments.

May 2024:

• Astellas, headquartered in Japan, and Poseida Therapeutics, based in the United States, are collaborating to develop cell therapies for cancer. Poseida is eligible to receive $50 million upfront and up to $550 million in milestone payments.

March 2024:

• AstraZeneca to acquire Amolyt Pharma, based in France. Amolyt Pharma is eligible to receive $800 million upfront and $250 million in contingent payment. Lead asset: parathyroid hormone receptor 1 (PTHR1) agonist for hypoparathyroidism.
• AstraZeneca to acquire Fusion Pharmaceuticals, based in Canada and the United States. Fusion Pharmaceuticals is eligible to receive $2.4 billion transaction value. Lead asset: small molecule targeting PSMA for metastatic castration-resistant prostate cancer.

May 2024:

• Nona Biosciences from the U.S. and AstraZeneca from the UK have entered a licensing agreement for preclinical monoclonal antibodies for targeted cancer therapies. Nona is set to receive $19 million upfront and up to $585 million in milestone payments.
• SixPeaks Bio from Switzerland is collaborating with AstraZeneca from the UK to develop therapies for obesity and heart diseases, with potential payments of up to $80 million in upfront and milestone payments.

July 2024:

Pinetree Therapeutics (USA) and AstraZeneca (UK) have signed a licensing agreement for a preclinical EGFR degrader candidate. The deal is valued at over $500 million.

March 2024:

• BridgeBio Pharma, based in the United States, has granted Bayer, headquartered in Germany, the license to commercialize acoramidis for treating transthyretin amyloid cardiomyopathy in Europe. BridgeBio stands to receive up to $310 million in upfront and near-term milestone payments.

August 2024:

• Bayer, based in Germany, and NextRNA Therapeutics, based in the United States, are partnering to develop small molecules to treat cancer. NextRNA is eligible to receive up to $547 million in upfront and milestone payments.

February 2024:

• BioNTech, based in Germany, and Autolus Therapeutics, headquartered in the United Kingdom, collaborate to advance the CAR-T cell therapy pipeline. BioNTech will invest $200 million in Autolus.

May 2024: 

• MediLink Therapeutics from China has signed a licensing agreement with BioNTech from Germany for an ADC platform, with potential payments of $25 million upfront and up to $1.8 billion in milestone payments.

January 2024:

• Boehringer Ingelheim, a German company, partners with Ribo, which has operations in China and Sweden, to develop liver disease treatments. Ribo is eligible to receive up to $2 billion.

March 2024:

• Boehringer Ingelheim from Germany and Sosei Heptares of Japan forge a partnership to advance treatments for schizophrenia. Sosei Heptares will receive EUR 25 million ($27.33 million) upfront and is eligible for an option exercise payment of EUR 60 million ($65.59 million), along with milestone payments up to EUR 670 million ($732.40 million) plus tiered royalties.
• Ochre Bio (United Kingdom) partners with Boehringer Ingelheim (Germany) to develop regenerative treatments for liver disease. Ochre is set to receive up to $35 million in upfront and near-term milestone payments, with future milestone payments expected to cross $1 billion.

May 2024:

• Boehringer Ingelheim from Germany and OSE Immunotherapeutics from France have expanded their collaboration to develop cancer and metabolic disease therapies. OSE is set to receive €13.5 million upfront and €17.5 million in milestone payments.

July 2024:

Boehringer Ingelheim (Germany) is acquiring a preclinical program from Nerio Therapeutics (USA). Boehringer Ingelheim will pay up to $1.3 billion for the assets, which include checkpoint inhibitors targeting cancer.

February 2024:

• VantAI, based in the United States, collaborates with Bristol Myers Squibb, also headquartered in the United States, to accelerate AI-based molecular glue drug discovery. VantAI is eligible to receive up to $674 million in milestone payments.

September 2024:

• Prime Medicine (United States) is collaborating with Bristol Myers Squibb (United States) to develop and commercialize prime-edited T-cell therapies. Prime Medicine will receive $110 million upfront and is eligible for up to $3.5 billion in milestones.

August 2024: 

• SEED Therapeutics, located in the United States, is collaborating with Eisai, based in Japan, to discover and develop molecular glue degraders. SEED Therapeutics is eligible to receive up to $1.5 billion in upfront and milestone payments.

January 2024:

• Eli Lilly, headquartered in the United States, partners with Isomorphic Labs, based in the United Kingdom, to discover small molecule therapeutics. Isomorphic Labs will receive $45 million upfront, with the potential total deal value up to $1.7 billion.

May 2024:

• Aktis Oncology, headquartered in the United States, has entered into a partnership with Lilly, another U.S.-based company. As part of the agreement, Aktis Oncology will receive $60 million upfront and is eligible for up to $1.1 billion in milestone payments. The focus of their collaboration is the discovery and development of anticancer radiopharmaceuticals.

July 2024:

• Radionetics Oncology (United States) is collaborating with Lilly (United States) to develop radiopharmaceuticals. Radionetics has received $140 million upfront.
• Lilly (United States) to acquire Morphic (United States) in a $3.2 billion deal. The lead asset acquired is a phase 2b small molecule inhibitor for inflammatory bowel disease.

August 2024:

• Oblique Therapeutics, based in Sweden, is collaborating with Eli Lilly, to apply Oblique’s AbiProt technology to generate antibodies for a high-value target. The financial terms of this collaboration have not been disclosed.

September 2024:

• HAYA Therapeutics, based in Switzerland, has partnered with Lilly, based in the United States, to discover genome targets for metabolic diseases. HAYA is set to receive up to $1 billion in milestone payments.
• Genetic Leap and Lilly, both based in the United States, are working together to accelerate genetic medicine development with AI. Genetic Leap could receive up to $409 million in upfront and milestone payments.

January 2024:

• Galapagos, headquartered in Belgium, collaborates with BridGene Biosciences, based in the United States, to expand small molecule drug discovery. BridGene is set to receive up to $27 million in upfront and preclinical milestone payments.

June 2024:

• Belgian company Galapagos and UK-based Adaptimmune have signed a licensing agreement for Adaptimmune’s TCR-T cell therapy candidate, which targets head and neck cancer as well as other solid tumors. Adaptimmune is set to receive an initial payment of $100 million, with potential milestone payments reaching up to $465 million.

January 2024:

• GenEdit, based in the United States, collaborates with Genentech, also based in the United States, to develop novel nanoparticles to deliver genetic medicines for autoimmune disease. GenEdit will receive $15 million upfront and is eligible to receive up to $629 million in milestone payments, as well as tiered royalties.

September 2024:

• Genentech (United States) is set to acquire Regor Pharmaceuticals’ CDK inhibitors for an upfront payment of $850 million. The assets being acquired include CDK inhibitors for breast cancer.

February 2024:

• Gilead Sciences, based in the United States, acquires CymaBay Therapeutics, also based in the United States, for a $4.3 billion equity value. The asset acquired is a PPAR delta agonist for primary biliary cholangitis.

March 2024:

• Gilead, based in the United States, and Merus of the Netherlands join forces to explore antibody-based trispecific T-cell engagers. Merus will receive $56 million upfront, a $25 million equity investment, and stands to gain up to $1.5 billion in near-term and option payments.

April 2024:

• Gilead, a United States-based company, and Xilio, also based in the United States, are collaborating to develop and commercialize Xilio’s tumor-activated IL-12 program, with Xilio set to receive $43.5 million upfront and potentially up to $604 million in milestones.

September 2024:

• Gilead and Genesis Therapeutics, both based in the United States, are collaborating to develop small molecules. Genesis will receive $35 million upfront.

January 2024: 

• GSK, headquartered in the United Kingdom, to acquire Aiolos Bio, based in the United States and the United Kingdom, for $1 billion upfront and up to $400 million in regulatory milestone payments. The lead asset is a monoclonal antibody for asthma.

May 2024:

• BioVersys, headquartered in Switzerland, collaborates with GSK, based in the United Kingdom, to accelerate the development of tuberculosis drug alpibectir. GSK will take an equity stake in BioVersys’ series C financing round.

June 2024:

• GSK, based in the United Kingdom, is acquiring Elsie Biotechnologies, based in the United States. Elsie is to receive up to $50 million, and GSK will obtain Elsie’s oligonucleotide pipeline.
• GSK (United Kingdom) collaborates with Ochre Bio (United Kingdom) to create a liver biology dataset to better understand liver disease drivers. The deal is valued at $37.5 million.

July 2024:

• GSK (United Kingdom) and CureVac (Germany) are partnering to develop mRNA COVID-19 vaccines. GSK will pay €75 million ($80.69 million) upfront and an additional €75 million ($80.69 million) in milestone payments.
• GSK (UK) and Flagship Pioneering (USA) are collaborating to discover medicines and vaccines for respiratory and immunology-related conditions. Flagship and its bioplatform companies could receive up to $720 million in upfront, development, and commercial milestones.

April 2024:

• Ipsen, headquartered in France, and Sutro Biopharma, based in the United States, are collaborating to develop antibody-drug conjugates targeting solid tumors, with Sutro eligible to receive up to $900 million in milestone payments

• Ipsen (France) and Skyhawk Therapeutics (United States) have partnered to pursue RNA research in rare neurological diseases. Skyhawk is slated to receive up to $1.8 billion in milestones.

June 2024:

• Ipsen, based in France, and Marengo Therapeutics, based in the United States, are partnering to advance precision T cell engagers. Marengo is eligible to receive up to $1.2 billion in upfront and milestone payments.

July 2024:

• Ipsen (France) and Foreseen Biotechnology (France) have entered into a global license deal for the antibody-drug conjugate FS001. Under the agreement, Foreseen Biotechnology is eligible to receive $1.03 billion in upfront, development, regulatory, and commercial milestone payments, as well as tiered royalties on global sales.
• Ipsen (France) and Day One (USA) have entered into a licensing agreement to commercialize tovorafenib for treating childhood brain tumors. Day One is eligible to receive $111 million upfront and up to $350 million in milestone payments.

January 2024: 

• Johnson & Johnson, based in the United States, to acquire Ambrx, also based in the United States, for $2 billion total equity value. The lead asset is an anti-HER2 antibody-drug conjugate (ADC) for solid tumors.

May 2024:

• Johnson & Johnson, a company based in the United States, is set to acquire Proteologix, also based in the United States. The acquisition involves Johnson & Johnson spending $850 million in cash. The lead asset in this deal is a phase 1-ready bispecific antibody for severe atopic dermatitis.
• Johnson & Johnson, a multinational corporation based in the United States, is set to acquire Numab Therapeutics, a Swiss company, for $1.25 billion in cash. The asset being acquired is a bispecific antibody for atopic dermatitis.

January 2024:

• Unnatural Products, based in the United States, collaborates with Merck, headquartered in Germany, to apply UNP’s technology to design and develop macrocyclic candidates against an oncology therapeutic target. UNP will receive up to $220 million in milestone payments.
• Lava Therapeutics, headquartered in the Netherlands, collaborates with Merck, based in the United States, to evaluate a drug candidate in combination with Keytruda. Merck will provide pembrolizumab for the dose escalation and expansion phases of Lava’s ongoing phase 1/2a study.
• Merck, headquartered in the United States, to acquire Harpoon Therapeutics, also based in the United States, for $680 million total equity value. The lead asset is a T cell engager for neuroendocrine tumors.

March 2024:

• C4 Therapeutics, based in the United States, is collaborating with Merck, headquartered in Germany, to discover targeted protein degraders. C4 Therapeutics will receive $16 million upfront and could potentially receive $740 million in milestone payments.

April 2024:

• Abceutics, based in the United States, was acquired by Merck, also headquartered in the United States, in a $208 million acquisition deal focused on antibody-drug conjugates (ADC).
• Caris Life Sciences, based in the United States, entered into a collaboration with Merck KGaA, headquartered in Germany, to discover cancer targets and boost ADC development. Caris stands to receive up to $1.4 billion in milestone payments.

May 2024:

• Aulos Bioscience, located in the United States, has initiated a collaboration with Merck KGaA, based in Germany. The collaboration aims to study a drug combination for solid tumors. The financial terms of this collaboration remain undisclosed.

June 2024:

• Merck, based in the United States, is set to acquire EyeBio, a company with operations in both the United States and the United Kingdom. The acquisition involves an upfront payment of $1.3 billion, with potential future milestone payments totaling up to $1.7 billion. The asset being acquired includes an antibody for treating diabetic macular edema and age-related macular degeneration.
• Australian biotech company Immutep is collaborating with U.S.-based Merck to evaluate the combination of Immutep’s efti with Merck’s Keytruda. The financial terms of this collaboration remain undisclosed.

August 2024:

• Merck, based in the United States, is set to acquire a clinical candidate from Curon Biopharmaceutical, which is based in China. The asset being acquired is a clinical-stage T-cell-engager bispecific antibody for non-Hodgkin’s lymphoma and acute lymphocytic leukemia. Curon is poised to receive $700 million upfront and could earn up to $600 million in milestone payments.

April 2024:

• Blackstone Life Sciences, operating in the United States, is partnering to support Moderna’s influenza program, committing to fund $750 million and being eligible to receive milestones and royalties.

January 2024:

• Novartis, headquartered in Switzerland, partners with Isomorphic Labs, based in the United Kingdom, on small molecule therapeutics discovery. Isomorphic Labs will receive a $37.5 million upfront payment and is eligible to receive up to $1.2 billion in performance-based milestone payments.
• Novartis, based in Switzerland, to acquire Calypso, headquartered in the Netherlands, for $250 million upfront and up to $175 million in development milestones. The lead asset is a monoclonal antibody for celiac disease.

February 2024:

• Novartis, based in Switzerland, to acquire MorphoSys AG, headquartered in Germany, in a €2.7 billion ($2.91 billion) transaction. The asset acquired is a humanized Fc-modified CD19 targeting immunotherapy for B-cell lymphoma

March 2024:

• Novartis acquires IFM Therapeutics, based in the United States. IFM Therapeutics is eligible to receive $90 million upfront and will be eligible for up to $745 million in milestone payments. Lead asset: NLRP3 agonist for inflammatory and fibrotic diseases.

April 2024:

• Arvinas, based in the United States, partners with Novartis, headquartered in Switzerland, to develop and commercialize a PROTAC androgen receptor (AR) protein degrader for prostate cancer. Arvinas is set to receive $150 million upfront and up to $1.01 billion in milestone payments.

May 2024:

• Novartis and Mariana Oncology, based in Switzerland and the United States respectively, are partnering to develop novel radioligand therapies for cancer. Mariana is eligible to receive $1 billion upfront and $750 million in milestone payments.

July 2024:

Dren Bio (USA) and Novartis (Switzerland) are partnering to develop targeted myeloid engagers for cancer. Dren Bio will receive $150 million upfront along with additional milestone payments.

August 2024:

• Lindy Biosciences, based in the United States, and Novartis, based in Switzerland, are collaborating to advance drug delivery technology. Lindy is set to receive $20 million upfront and is eligible for up to $934 million in milestone payments.

September 2024:

• Generate (United States) has partnered with Novartis (Switzerland) to discover and develop protein therapeutics. Generate will receive $65 million upfront and over $1 billion in milestone payments

January 2024:

• Novo Nordisk, based in Denmark, partners with Omega Therapeutics and Cellarity, both based in the United States, on treatment approaches for cardiometabolic diseases. Novo Nordisk is set to pay up to $532 million in upfront and milestone payments, as well as tiered royalties to each company.
• EraCal Therapeutics, headquartered in Switzerland, partners with Novo Nordisk, based in Denmark, to develop and commercialize EraCal’s oral, small molecule program. EraCal is eligible to receive up to EUR 235 million ($256 million) in upfront and milestone payments, along with further royalties.

February:

• Almirall, headquartered in Spain, obtains global rights to develop and commercialize Novo Nordisk’s anti-IL-21 monoclonal antibody to treat skin diseases. The terms of the agreement remain undisclosed.
• Neomorph, headquartered in the United States, and Novo Nordisk, based in Denmark, collaborate to discover molecular glue degraders for cardiometabolic and rare diseases. Neomorph to receive up to $1.46 billion in total milestone payments.

March:

• Novo Nordisk, headquartered in Denmark, is set to acquire Cardior Pharmaceuticals, a company based in Germany, with Cardior expected to receive up to €1.025 billion ($1.11 billion) in upfront and milestone payments for their lead asset, an ncRNA-based therapy aimed at myocardial infarction patients with heart disease.

April:

• Ginkgo Bioworks, located in the United States, and Novo Nordisk, headquartered in Denmark, strengthen their R&D partnership for serious chronic diseases therapies, with the terms remaining undisclosed.

May 2024:

• Flagship Pioneering and Metaphore Biotechnologies, both based in the United States, have entered into a collaboration with Novo Nordisk, headquartered in Denmark, to develop therapies targeting obesity. Novo Nordisk has committed to pay up to $600 million in upfront and milestone payments under this collaboration.

June 2024:

• Biosplice Therapeutics (United States) partners with Novo Nordisk (Denmark) to develop diabetes treatments. The financial terms of the partnership are undisclosed.

September 2024:

• Korro Bio, based in the United States, is collaborating with Novo Nordisk, based in Denmark, to develop RNA editing therapies. Korro is eligible to receive up to $530 million in upfront and milestone payments.
• NanoVation Therapeutics, based in Canada, is collaborating with Denmark’s Novo Nordisk to develop genetic medicines targeting cardiometabolic and rare diseases. NanoVation is eligible to receive up to $600 million in upfront and milestone payments.

July 2024:

• Evotec (Germany) and Pfizer (United States) collaborate to advance drug discovery for metabolic and infectious diseases. The terms of the agreement are undisclosed.

August 2024:

• Quotient Therapeutics, based in the United Kingdom, and Pfizer, based in the United States, are collaborating to identify novel targets to treat heart and eye diseases. The financial terms of the collaboration have not been disclosed.

September 2024:

• Acepodia, based in the United States and Taiwan, is partnering with Pfizer, based in the United States, to advance antibody-cell conjugation-based cell therapies for autoimmune diseases. The financial terms of the deal are undisclosed.

April 2024:

• Regeneron, alongside Mammoth Biosciences, both United States-based companies, have joined forces to collaborate on the development of CRISPR-based gene editing therapies. Mammoth stands to receive $100 million upfront, along with the potential for up to $370 million in milestone payments as part of the collaboration.

January 2024:

• Remix Therapeutics, headquartered in the United States, partners with Roche, based in Switzerland, for the discovery and development of small molecule therapeutics. Remix is slated to receive $30 million upfront and is eligible for up to $12 million in milestone payments, along with preclinical, clinical, commercial, and sales milestones of up to $1 billion, as well as tiered royalties.
• MOMA Therapeutics, from the United States, collaborates with Roche, based in Switzerland, to identify and prosecute precision oncology targets. MOMA is set to receive $66 million upfront and more than $2 billion in milestone payments and royalties.

June 2024:

• Ascidian Therapeutics (United States) collaborates with Roche (Switzerland) to discover and develop RNA drugs for neurological diseases. Ascidian Therapeutics is set to receive $42 million upfront and up to $1.8 billion in milestone payments.

January 2024:

• Synthekine, based in the United States, partners with Sanofi, headquartered in France, to develop selective IL-10 agonists to treat inflammatory diseases. Synthekine will receive a $40 million upfront payment.
• Sanofi, headquartered in France, acquires Inhibrx, based in the United States. Sanofi will pay up to $2.2 billion in the acquisition deal. The asset acquired is a recombinant human AAT-Fc fusion protein for alpha-1 antitrypsin deficiency

May 2024:

• Royalty Pharma, headquartered in the United States, is set to acquire assets from Sanofi, a company based in France. The transaction involves a cash outlay of $525 million by Royalty Pharma. The acquired assets include a monoclonal antibody designed to address conditions such as multiple sclerosis, systemic lupus erythematosus, and type 1 diabetes.
• Sanofi, headquartered in France, and Novavax, located in the United States, have collaborated to commercialize a COVID-19 vaccine, as well as combination vaccines for flu and COVID-19. Novavax is poised to receive $500 million upfront, along with the opportunity to earn up to $700 million in milestone payments.
• Fulcrum Therapeutics, situated in the United States, has partnered with Sanofi, a French multinational pharmaceutical company, to develop and commercialize Losmapimod for the treatment of muscular dystrophy. Fulcrum stands to gain $80 million upfront and has the potential to receive $975 million in milestone payments.

June 2024:

• Belharra Therapeutics (United States) partners with Sanofi (France) to discover small molecules for immunological diseases. Belharra Therapeutics stands to receive up to $40 million in upfront and near-term milestone payments, and up to nearly $700 million in further milestone payments.

September 2024:

• Sanofi, based in France, RadioMedix, based in the United States, and Orano Med, also based in France, have signed a licensing agreement for a radioligand medicine aimed at rare cancers. RadioMedix and Orano Med are set to receive €100 million ($111.38 million) upfront and up to €220 million ($245.05 million) in sales milestones.

February 2024:

• Takeda, based in Japan, collaborates with Protagonist Therapeutics, Inc., headquartered in the United Kingdom, to co-develop and commercialize the late-stage rare hematology asset Rusfertide. Protagonist Therapeutics will receive $300 million upfront.

April 2024:

• Kumquat Biosciences, located in the United States, collaborates with Takeda, headquartered in Japan, to advance an oral immuno-oncology drug candidate. Kumquat is expected to receive $130 million in near-term payments and could potentially receive over $1.2 billion in milestone payments.
• Takeda and Astellas (both based in Japan) are set to launch a joint venture company with Sumitomo Mitsui Banking Corporation to aid drug discovery programs.

May 2024:

• In a significant partnership agreement, AC Immune, headquartered in Switzerland, has teamed up with Takeda, based in Japan, to license an Alzheimer’s Disease immunotherapy. AC Immune is slated to receive an upfront payment of $100 million, with the potential to earn up to $2.1 billion through milestone achievements.
• Degron Therapeutics, based in China and the United States, has partnered with Takeda from Japan to discover molecular glue degraders, with potential payments of up to $1.2 billion upfront and in milestone payments.
• June 2024:
• Ascentage Pharma (United States) and Takeda (Japan) enter a global license deal for the cancer drug olverembatinib. Ascentage Pharma will receive $100 million upfront and $1.2 billion in milestone payments.

April 2024:

• Vertex Pharmaceuticals, headquartered in the United States, is set to acquire Alpine Immune Sciences, also based in the United States, with a total equity value of $4.9 billion. The lead asset in this acquisition is a dual B cell cytokine agonist for systemic lupus erythematosus.
• Vertex (United States) and TreeFrog Therapeutics (France) are collaborating to advance a diabetes program. TreeFrog will receive $25 million upfront and up to $215 million in milestones.

January 2024:

• Lantheus, based in the United States, partners with Perspective Therapeutics, also based in the United States, to expand their radiopharmaceuticals pipeline and co-develop a prostate cancer candidate. Perspective Therapeutics will receive $28 million upfront and $33 million in investment.
• TransCode Therapeutics, based in the United States, partners with Debiopharm, headquartered in Switzerland, to develop targeted nucleic acid therapeutics for cancer. The terms of the partnership remain undisclosed.
• Genevant Sciences, headquartered in Canada, partners with Tome Biosciences, based in the United States, to develop a gene editing treatment for a rare liver disorder. Genevant Sciences is set to receive $114.3 million, as well as tiered royaltie
• Windtree Therapeutics, based in the United States, partners with Lee’s Pharmaceuticals, located in Hong Kong, to develop and commercialize a heart failure drug in greater China and the Asia Pacific region. Windtree is set to receive up to $138 million in milestone payments plus royalties.
• Shattuck Labs, headquartered in the United States, partners with Ono Pharmaceutical, based in Japan, to develop bifunctional fusion proteins for autoimmune and inflammatory diseases. Shattuck Labs will receive up to $227 million in milestone payments.
• NAYA Biosciences, based in the United States, to acquire a clinical-stage program from Florida Biotechnologies, also based in the United States. NAYA Biosciences will pay $20 million for the acquisition. The asset acquired is a gene therapy for Leber’s hereditary optic neuropathy.
• BridgeBio Pharma, headquartered in the United States, and Kyowa Kirin, based in Japan, collaborate to develop and commercialize a skeletal dysplasia candidate in Japan. BridgeBio will receive $100 million upfront.
• Basilea, headquartered in Switzerland, acquires a preclinical antibiotics program from Spexis, also based in Switzerland. Spexis will receive up to CHF 2 million ($2.32 million) in upfront and milestone payments. The assets acquired are antibiotics targeting gram-negative bacteria like Escherichia coli or Klebsiella pneumoniae.

February 2024:

• Intellia Therapeutics and ReCode Therapeutics, both based in the United States, collaborate to develop gene editing therapies for cystic fibrosis. The terms of the collaboration are undisclosed.
• Immunome, based in the United States, to acquire an asset from Ayala Pharmaceuticals, also based in the United States. Ayala will receive $20 million in cash and $30 million in Immunome common stock, as well as $37.5 million in development and commercial milestone payments. The asset acquired is a phase 3 oral candidate for desmoid tumors.
• Jazz Pharmaceuticals, headquartered in Ireland, to acquire an asset from Redx Pharma, based in the United Kingdom. Redx Pharma will receive $10 million upfront and is eligible to receive up to $870 million in development, regulatory, and commercial milestone payments. The asset acquired is a KRAS inhibitor targeting cancer.
• Hox Therapeutics and Vernalis, both headquartered in the United Kingdom, partner to discover cancer drugs. Undisclosed terms.

March 2024:

• Idorsia, headquartered in Switzerland, and Viatris from the United States are joining forces to develop phase 3 assets. Idorsia is set to receive $350 million upfront for this collaboration.
• Akari Therapeutics and Peak Bio, both based in the United States, have announced their merger. Each company will hold a 50% implied equity ownership in the new entity. The lead assets of this merger include a complement inhibitor for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy and a neutrophil elastase inhibitor for alpha-1 antitrypsin deficiency.
• Arecor and TRx Biosciences, both headquartered in the United Kingdom, collaborate on the development of oral GLP-1 receptor agonists, with the terms of the collaboration undisclosed.
• BiomX, based in Israel, announces a merger with Adaptive Phage Therapeutics from the United States, facilitated by a $50 million PIPE deal. The lead asset of the merger is phage therapy for cystic fibrosis.
• Biotheus expands partnership with Hansoh Pharma, based in China. Hansoh Pharma is eligible to receive up to 5 billion RMB ($694.61 million) in upfront and milestone payments to develop antibody drug conjugates.
• Sibylla Biotech collaborates with Ono Pharmaceutical, based in Japan. Undisclosed terms to develop candidates targeting the central nervous system.
• In a partnership, Verge Genomics from the USA and Ferrer from Spain are collaborating to co-develop a clinical-stage ALS therapy. Verge is set to receive more than €112.5 million ($121.7 million) in upfront and milestone payments for their contribution.

April 2024:

• Genmab, headquartered in Denmark, is set to acquire ProfoundBio, a company based in the United States, in a $1.8 billion transaction. The lead asset is a phase 2 candidate in solid tumors.
• Avalo, based in the United States, is acquiring AlmataBio, another U.S.-based company, with AlmataBio set to receive more than $22 million in stocks and cash for their anti-IL-1β monoclonal antibody for hidradenitis suppurativa.
• Onconova Therapeutics and Trawsfynydd Therapeutics, both United States-based companies, are merging to form Traws Pharma, aiming to raise $14 million in a PIPE with a lead asset in phase 1 in influenza.
• Kintara Therapeutics, headquartered in the United States, announced a merger with TuHURA Biosciences, also based in the United States. As part of the merger, Kintara is set to receive $31 million in subscribed financing, with a lead asset targeting a cancer vaccine for advanced Merkel cell carcinoma.
• Essential Pharma, headquartered in the United Kingdom, completed the acquisition of Renaissance Pharma, another United Kingdom-based company, under undisclosed terms. The lead asset of this acquisition is an antibody immunotherapy for neuroblastoma.
• Nippon Shinyaku, headquartered in Japan, announced a collaboration with MiNA Therapeutics, based in the United Kingdom, to develop therapies for CNS-related rare diseases. Nippon Shinyaku is eligible for milestone payments under the agreement.
• NeuroSense, based in the United States, has announced a collaboration with Lonza, headquartered in Switzerland, to identify exosome-based biomarkers. The terms of the collaboration remain undisclosed.
• Eliem Therapeutics, operating in both the United States and the United Kingdom, announces its acquisition of Tenet Medicines, based in the United States. The combined company is projected to possess around $210 million in cash, with the lead asset being an anti-CD19 antibody for systemic lupus erythematosus and immune thrombocytopenia.
• Century Therapeutics, headquartered in the United States, has acquired Clade Therapeutics, also based in the United States. Clade is set to receive $35 million upfront and $10 million in a one-time milestone payment for its assets, which include cell therapies for solid tumors.
• Incyte (United States) has acquired Escient Pharmaceuticals (United States) for a $750 million buyout. The lead asset is an MRGPRX2 antagonist for chronic inducible urticaria.
• BioArctic and Eisai (Japan) have signed a research evaluation agreement for BAN2802, a treatment based on BioArctic’s BrainTransporter technology. Financial terms remain undisclosed.
• ONO Pharmaceutical, headquartered in Japan, is set to acquire Deciphera Pharmaceuticals, a company based in the United States, for a total equity value of $2.4 billion. Deciphera’s lead asset, a KIT Inhibitor for gastrointestinal stromal tumor, is a key focus of the acquisition.

May 2024:

• Harmony Biosciences and Epygenix Therapeutics, both based in the United States, are partnering to develop clemizole hydrochloride for Dravet syndrome. Epygenix is eligible to receive $35 million upfront and up to $130 million in milestone payments.
• Gossamer Bio, based in the United States, and Chiesi, headquartered in Italy, are collaborating to develop and commercialize pulmonary hypertension drug seralutinib. Gossamer is eligible to receive $160 million upfront and up to $326 million in milestone payments.
• G1 Therapeutics and Pepper Bio, both based in the United States, signed a licensing agreement for cancer drug lerociclib. G1 is eligible to receive up to $135 million in milestone payments.
• Arbor Biotechnologies, situated in the United States, has completed the acquisition of Serendipity Biosciences, another U.S.-based company. The financial details of this acquisition remain undisclosed. Arbor Biotechnologies now possesses assets pertaining to gene therapies.
• Nabla Bio, a U.S.-based company, has embarked on a collaboration with AstraZeneca from the United Kingdom, Bristol Myers Squibb from the United States, and Takeda from Japan to design proteins. Nabla Bio is set to receive more than $550 million in upfront and milestone payments as part of this collaboration.
• Biogen, headquartered in the United States, is acquiring Human Immunology Biosciences for $1.15 billion upfront, with potential milestone payments of up to $650 million. The asset acquired is an anti-CD38 monoclonal antibody for immune-mediated diseases.
• Orna Therapeutics, a U.S.-based company, has acquired ReNAgade Therapeutics, with undisclosed financial terms. The assets acquired include panCAR programs in oncology and autoimmune disease.
• Turn Biotechnologies, a U.S. company, has signed a global licensing agreement with Hanall Biopharma from South Korea to develop eye and ear therapies, in a deal worth $300 million.
• Achilles Therapeutics from the UK is collaborating with Arcturus Therapeutics from the U.S. to develop mRNA vaccines, with undisclosed financial terms.

June 2024:

• Swedish company Anocca has entered into a partnership with Shinobi Therapeutics, a bi-national company operating in Japan and the United States, to develop TCR-T cell therapies for cancer. The financial terms of the agreement have not been disclosed.
• Cycle Pharmaceuticals, based in the United Kingdom, is acquiring Vanda Pharmaceuticals, based in the United States, in a $466 million deal. Lead assets acquired include phase 3 drugs Fanapt and milsaperidone for schizophrenia and bipolar disorder.
• Shionogi, based in Japan, is collaborating with Cilcare, based in France, to develop hearing loss treatments. Cilcare is to receive €15 million ($16.14 million) upfront and is eligible to receive up to a total of €400 million ($430.33 million) in milestone payments.
• Spur Therapeutics (United Kingdom) acquires SwanBio Therapeutics (United States). Founding shareholder Syncona spends $50 million on expanded pipeline. The lead asset acquired is a gene therapy for adrenomyeloneuropathy.
• Flagship Pioneering (United States) and ProFound Therapeutics (United States) collaborate to discover obesity drugs. The financial terms of the collaboration are undisclosed.
• ANI Pharmaceuticals, based in the United States, acquires Alimera Sciences, also based in the United States, in a $381 million transaction. The assets acquired include eye disease gels.
• Melodia Therapeutics from Switzerland and Alivexis from Japan collaborate to develop and commercialize a cathepsin C inhibitor program for inflammatory diseases. Alivexis stands to receive up to $275 million in upfront and milestone payments.

July 2024:

• Ligand Pharmaceuticals (United States) to acquire APEIRON Biologics (Austria). Ligand will pay $100 million upfront and up to $28 million based on future commercial and regulatory events.
• Abeona Therapeutics (United States) and Beacon Therapeutics (United Kingdom) have signed an agreement for Beacon to evaluate the therapeutic potential of Abeona’s AAV204 capsid for ophthalmology indications. The financial terms of the agreement were not disclosed.
• Grünenthal, a German pharmaceutical company, has acquired Valinor Pharma, a U.S.-based company, in a $250 million transaction. The asset acquired is the oral drug Movantik, which is used for treating opioid-induced constipation.
• Exscientia, based in the United Kingdom, has acquired a CDK7 inhibitor from GT Apeiron, which is based in both the U.S. and China. Exscientia will pay $10 million in cash and $10 million in equity upfront. The asset acquired is a phase 1 CDK7 inhibitor aimed at treating advanced solid cancer.
• Full-Life Technologies, a Chinese company, is collaborating with SK Biopharmaceuticals, a South Korean firm, to develop a radiopharmaceutical for treating multiple solid tumors. The deal is valued at $571.5 million.

August 2024:

• Otsuka Pharmaceutical, based in Japan, is acquiring Jnana Therapeutics, which is based in the United States. Otsuka will pay $800 million upfront and up to an additional $325 million in development and regulatory milestones. The lead asset acquired is a small molecule inhibitor for phenylketonuria.
• IDEAYA Biosciences, based in the United States, has signed a licensing deal with Biocytogen, which operates in both the United States and China, for an antibody drug conjugate program. The transaction deal is valued at $406.5 million.
• Instil Bio, headquartered in the United States, and ImmuneOnco, based in China, have signed a licensing deal to develop a bispecific antibody. ImmuneOnco is set to receive up to $50 million in upfront payments and near-term payments, as well as over $2 billion in milestones.
• Valneva, located in France, is partnering with LimmaTech, which is based in Switzerland, to boost the development of a Shigella vaccine. LimmaTech will receive €10 million ($10.92 million) upfront and is eligible for additional milestone payments.
• Pharmacosmos, a company from Denmark, will acquire G1 Therapeutics, which is based in the United States. The deal is valued at $405 million and involves a CDK4/6 inhibitor for breast cancer.
• Recursion, based in the United States, is merging with Exscientia, which is based in the United Kingdom, to create a new drug discovery platform. The combined company will have $850 million in resources and is expected to generate annual synergies of approximately $100 million. The lead assets include Recursion’s phase 2 small molecule for cerebral cavernous malformation and Exscientia’s phase 1/2 inhibitor drug for solid tumors.
• Adcendo, based in Denmark, and Multitude Therapeutics, based in China, are partnering to develop and commercialize an ADC drug candidate. Multitude Therapeutics is set to receive over $1 billion in upfront and milestone payments.
• Nuntius Therapeutics, based in the United Kingdom, is collaborating with Taiho Pharmaceutical, based in Japan, to develop mRNA therapies. The financial terms of the collaboration remain undisclosed.
• Rafael Holdings, based in the United States, and Cyclo Therapeutics, also based in the United States, are merging. Rafael Holdings will issue shares to Cyclo Therapeutics based on an exchange ratio that values Cyclo Therapeutics’ shares at $0.95 per share. The lead asset in this merger is Cyclo’s phase 3 drug for Niemann–Pick disease type C.

September 2024:

• Primrose Bio, based in the United States, and ExPLoRNA Therapeutics, based in Poland, are partnering to advance mRNA therapies. The financial terms of the agreement remain undisclosed.
• Psyence Biomed and Clairvoyant, both based in Canada, have completed a $500,000 deal. The asset acquired is a phase 2b synthetic psilocybin-based candidate for alcohol use disorder.
• EpimAb Biotherapeutics, based in China, and Vignette Bio, based in the United States, are collaborating to develop a bispecific antibody. EpimAb will receive $60 million upfront and could be eligible for up to $575 million in milestone payments.
• Organon, a U.S.-based company, has agreed to acquire Dermavant in a transaction valued at up to $1.2 billion. The asset acquired includes a non-steroidal topical therapy for plaque psoriasis.
• Australian company Telix has announced plans to acquire U.S.-based RLS Radiopharmacy. Telix will pay $230 million upfront, with an additional $20 million in milestone payments. The assets acquired include radiopharmaceutical drugs.
• U.S.-based companies BioAtla and Context Therapeutics have signed a licensing agreement to develop and commercialize a Nectin-4 x CD3 T cell engaging antibody. BioAtla will receive $15 million upfront and may earn up to $118.5 million in milestone payments.
• OncoC4 (United States) is merging with AcroImmune (Australia and China), with OncoC4 acquiring all outstanding equity interests of AcroImmune. The lead asset in this merger is an IND-ready PD-1/VEGF bispecific antibody for cancer.
• Repair Biotechnologies (United States) and Genevant Sciences (Canada and Switzerland) are collaborating to develop mRNA-LNP therapy. Genevant can receive up to $107 million in upfront and milestone payments.