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

Biotech deals partnerships and MA tracker

Explore the pulse of biotech deals on our dedicated page, featuring only the most notable news sorted by top pharmaceutical companies and by month. We meticulously curate and categorize the latest collaborations and M&A activities, ensuring you stay informed about the most significant trends and strategic moves shaping the industry.

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AbbVie’s recent 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.

Astellas’s recent partnerships and M&A activities

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.

Astrazeneca’s recent partnerships and M&A activities

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.

Bayer’s recent partnerships and M&A activities

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.

BioNTech’s recent partnerships and M&A activities

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.

Boehringer’s recent partnerships and M&A activities

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.

Bristol Myers Squibb’s recent partnerships and M&A activities

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.

Eli Lilly’s recent partnerships and M&A activities

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.

Galapagos’s recent partnerships and M&A activities

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.

Genentech’s recent partnerships and M&A activities

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.

Gilead Sciences’s recent partnerships and M&A activities

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.

GSK’s recent partnerships and M&A activities

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.

Johnson & Johnson’s recent partnerships and M&A activities

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.

Merck’s recent partnerships and M&A activities

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.

Moderna’s recent partnerships and M&A activities

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.

Novartis’s recent partnerships and M&A activities

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.

Novo Nordisk’s recent partnerships and M&A activities

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.

Roche’s recent partnerships and M&A activities

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.

Sanofi’s recent partnerships and M&A activities

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

Takeda’s recent partnerships and M&A activities

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.

Other notable biotech partnerships and M&A

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.
  • 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
  • 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.

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