艾昆纬-2024年IQVIA医药交易半年回顾 IQVIA Pharma Deals Half-year review of 2024

IQVIA

WhitePaper

IQVIAPharmaDeals

Half-yearreviewof2024

LUCYHAGGERTY,Analyst,GlobalMarketInsights,IQVIA

TASKINAHMED,AssociateDirector,GlobalMarketInsights,IQVIA

AYUSHSAXENA,SeniorInsightsAssociate,GlobalMarketInsights,IQVIASWATISHARAN,SeniorInsightsAnalyst,GlobalMarketInsights,IQVIA

Tableofcontents

Introduction1

M&Adealvolumedownyetvaluessoar2

Licensingdealspendrises5

J&Jjumpsaheadindealactivityrankings8

R&Dallianceactivityremainsmuted10

Oncologyretainsdealmakinglead12

OutlookforH2202413

Abouttheauthors14

Introduction

Theslowdownindealactivityinthelifesciencessectorthatwasseenin2023continuedinH12024aspersistentmacroeconomicheadwindsdiscourageddealmakersfromsigningcertaintransactionsthatcouldbeperceivedas‘risky’.

M&AactivityremaineddampenedinH12024intermsofdealvolume,whichwasdownby20%fromH12023.However,theaggregate,meanandmediantotaldeal

valuesforthesedealsincreasedsignificantlyinH12024(whenthePfizer/Seagenmega-dealannouncedin

H12023wasexcluded)asbigpharmamadeareturntothedealmakingtable.KeyplayerssuchasJohnson

&Johnson(J&J),Merck&Co.andGileadSciences

signedacquisitionsvaluedatUS$3Bormorein

H12024togainaccesstopipeline-enhancingtherapiesandtechnologies.

Withsignificantdealactivityfocusedononcologyandimmunologyassets,J&JachievedthetitleofthemostprolificdealmakerinH12024,comfortablyaheadofMerck&Co.insecondplace.InastarkcontrasttoH12023,overalltransactionvolumeforseveralofthetop

dealmakersincreasedinH12024.Licensingdealflow

forlifesciencescompaniesdecreased24%relativeto

H12023,asselectivelicenseesfavoredqualityassetsoverquantitywhenbolsteringtheirpipelines.This

wasfurtherdemonstratedbytheincreaseinlicensingdealspendandaverageupfrontpaymentsasagreaternumberofdealsfocusedonassetswhichwereinlate

stagedevelopment.

CollaborativeR&Dactivityremainedbelow

pre-pandemiclevelsinH12024ascompanies

continuedtonarrowtheirtherapeuticfocuseson

keygrowthopportunitiesorproductsinlaterstagesofdevelopment.OncologywasonceagainthemostpopulartherapyareafordealmakingintermsofdealvolumeinH12024,primarilydrivenbyinnovative

immuno-oncologytreatmentapproachesfordifficult-to-treatcancers.

KeyplayerssuchasJ&J,Merck&Co.andGileadSciencessigned

acquisitionsvaluedatUS$3BormoreinH12024togainaccesstopipeline-enhancingtherapies

andtechnologies.

-20%

M&ADEALVOLUME

H12024VS.

H12023

|1

M&Adealvolumedownyetvaluessoar

Overalldealactivityremaineddampenedinthefirsthalfof2024asremaininguncertaintiesinthemacroeconomicenvironmentdeterredcautious

dealmakers.Excludingstandaloneresearchgrants,thenumberofagreementssignedinthelifesciencessectordecreasedby17%inH12024versusH12023accordingtotheIQVIAPharmaDealsdatabaseof

publiclydiscloseddealactivity(Figure1).

Withseveraluncertaintiespersisting,biotechlay-offscontinuedtobeannouncedinH12024ascompanieslookedtostreamlinetheirpipelinesandextendtheircashrunawaysamidthetightcapitalenvironment.However,afterasignificantslowdownin2022and

2023,thereweresignsofarevivalinbiotechIPOactivityatthestartof2024asmarketconditionsstartedtostabilize.Selectiveinvestorsshowed

preferencetowardsbiotechcompaniesfocusedinhighgrowthareassuchasoncologyandobesity.1

Figure1:Numberofalldeals(excludingfundingawards),H12023vs.H12024

H12024

H12023

0500100015002000

Numberofdeals

Source:IQVIAPharmaDeals.

AfteraflurryofM&Adeals(definedhereasMergers,BusinessAcquisitionsandDivestments,signedbut

notnecessarilycompleted)wereannouncedbylife

sciencescompaniesattheendof2023,themomentumwasexpectedtobesustainedthroughoutH12024.

However,continuedmacroeconomicpressuresand

regulatoryscrutinykeptdealactivitymuted,withthenumberofM&Adealsannouncedbylifesciencecompaniesdownby20%fromH12023toH12024(Figure2).

Figure2:NumberofM&Adeals,H12023vs.H12024

H12024

H12023

050100150200

Numberofdeals

Source:IQVIAPharmaDeals.

Similarly,theaggregatetotalvalueofallM&AdealssignedinH12024fellby12%toUS$89.3Band

themeantotaldealvaluedecreasedby10%fromUS$1,486MinH12023toUS$1,332MinH12024

(Table1).However,theH12023datasetisskewed

significantlybytheinclusionofPfizer’sacquisitionofSeageninMarch2023forUS$43B(Dealno.

118119

).Excludingthismega-deal,boththeaggregateand

meantotaldealvaluesoaredby54%inH12024,

whilethemediantotaldealvalue,whichremovesanyeffectsfromotheroutliers,increasedbyastaggering307%.Interestingly,23M&AdealsexceededUS$1B

invalueinH12024,comparedwithonly15dealsin

H12023.Theseincreasesindealvalueweredrivenbycompanies’enhancedappetiteforbolt-ontransactionsthatprovideassetsorcapabilitiesintheirpriority

therapeuticareas.

Table2presentsthetop10M&AdealsofH12024

rankedbytotalpotentialdealvaluewhichincludes

non-therapeuticfocusedacquisitions.Combined,thesedealswereworthatotalofUS$57.8B,equivalentto

65%oftheaggregatevalueofallM&Adealssigned

inthisperiod.Incontrast,thetop10M&Adealsof

H12023hadacombinedvalueofUS$85.5B,withthePfizer/Seagendealrepresentingover50%ofthistotal.

1EYGlobalIPOTrendsQ22024,p18

2|IQVIAPharmaDealsHalfYearReviewof2024

Table1:Aggregate,meanandmedianvaluesofM&Adeals,H12023vs.H12024

ALLDEALS

H12023

H12024

CHANGE

AggregatevalueofallM&Adeals

US$101,079M

US$89,298M

-12%

Meandealvalue

US$1,486M

US$1,333M

-10%

Mediandealvalue

US$97M

US$393M

+305%

ALLDEALS(EXCLUDINGPFIZER/SEAGEN)

H12023

H12024

CHANGE

AggregatevalueofallM&Adeals

US$58,079M

US$89,298M

+54%

Meandealvalue

US$867M

US$1,333M

+54%

Mediandealvalue

US$96M

US$393M

+307%

Source:IQVIAPharmaDeals.

Big-ticketM&AremainedoffthecardsinH12024,withjusttwodealshavingavalueinexcessofUS$10M,asUSFTCscrutinycontinuedtodetercautiousbuyers.

ThelargestM&AdealinH12024wascenteredon

manufacturingcapacityasopposedtonewtherapeutics,whereNovoHoldingspurchasedalloutstandingsharesoftheCDMOgiantCatalentforUS$63.50pershare

incash,representinga16.5%premiumandatotal

valueofUS$16.5B(Dealno.

123582

).Theholdingsand

investmentcompanyoperatesunderNovoNordisk’s

owner,theNovoNordiskFoundation,whichisflushwithcashthankstothesuccessofitsGLP-1diabetesand

obesityproducts,Wegovy(semaglutideinjection)andOzempic(semaglutide).

InareturntoophthalmologyR&D,Merck&Co.agreedtoacquireEyeBiotechforuptoUS$3B,includingan

upfrontpaymentofUS$1.3BincashandafurtherpotentialUS$1.7Bindevelopmental,regulatoryandcommercialmilestonepayments(Dealno.

125712

).Merckpicksupaccesstoapipelineofvisionloss

assets,includingleadcandidate,Restoret(EYE103),whichisexpectedtobeginPhaseIb/IIItrialsfor

diabeticmacularedemainthesecondhalfof2024.

InitslargesttakeovertodateandthelargesttherapeuticM&AdealbyvalueinH12024,VertexPharmaceuticalspurchasedAlpineImmuneSciencesforUS$65per

share,representinga67%premiumandatotalequityvalueofapproximatelyUS$4.8B(Dealno.

124789

).

ThemaindriverofthedealisAlpine’sleadmolecule,

povetacicept(ALPN-303),whichisadualantagonist

ofBcellactivatingfactor,BAFFandaproliferation

inducingligandknownasAPRIL.Similarlyinterestedinimmunologyandinflammatorydiseases,inFebruary,

GileadagreedtoacquireCymaBayTherapeuticsanditsinvestigationalasset,seladelpar,foratotalequityvalueofUS$4.3B(Dealno.

123702

).Seladelpariscurrently

underUSFDAreviewforthetreatmentofprimarybiliarycholangitis(PBC)withprurituswithoutcirrhosisorwithcompensatedcirrhosis,withapprovalanticipatedinthethirdquarterof2024.

OptingtouseM&Atostrengthenitslate-stage

oncologyportfolio,Novartisagreedtoacquire

MorphoSysfor€68pershare,reflectinganenterprisevalueofapproximately€2.7B(US$2.9B)(Dealno.

123618

).Thefollowingmonth,AstraZenecapurchasedlong-termpartnerFusionPharmaceuticalsfor

|3

Table2:TopM&AdealsofH12024rankedbytotaldealvalue

TOTALDEALVALUE

COMPANIES

DEALDRIVER

US$16.5B

NovoHoldings,Catalent

CDMOservices,deliverytechnologiesandmanufacturingsolutions

US$13.1B

Johnson&Johnson,ShockwaveMedical

Intravascularlithotripsytechnologyforthetreatmentofcoronaryarterydiseaseandperipheralarterydisease

US$4.9B

VertexPharmaceuticals,AlpineImmuneSciences

Povetacicept(ALPN-303),adualantagonistofBAFFandAPRILinPhaseIIdevelopmentforIgAnephropathy

US$4.3B

GileadSciences,CymaBayTherapeutics

OralPPARδagonist,seladelpar,forthetreatmentofprimarybiliarycholangitis

US$4.2B

EdwardLifesciences,BD(Becton,

DicksonandCo.)

DivestmentofEdwards’criticalcareproductgroupincluding

monitoringtechnologiesandadvancedAI-enabledclinicaldecision

toolstoBD

US$3.7B

BostonScientific,Axonics

AxonicsR20TMandtheAxonicsF15TMSystemsusedtodeliversacralneuromodulationtherapy

US$3B

(US$1.3Bupfront+US$1.7Binmilestones)

Merck&Co.,EyeBiotech

Restoret(EYE103),anagonistoftheWntsignalingpathwayfordiabeticmacularedema

US$2.9B

Novartis,MorphoSys

Pelabresib,alate-stageBETinhibitorformyelofibrosisand

tulmimetostat,anearly-stagedualinhibitorofEZH2andEZH1for

solidtumorsorlymphomas

US$2.85B

IFF,Roquette

PharmaSolutionsbusinessincludingitsglobalspecialtysolutions

businesssupportingindustrialandmethylcellulosicfood

applications

US$2.4B

(US$2Bupfront

+US$4Min

milestones)

AstraZeneca,FusionPharmaceuticals

PipelineofradioconjugatesincludingFPI-2265,apotentialnewtreatmentformetastaticcastration-resistantprostatecancer

Source:IQVIAPharmaDeals.

US$21pershareupfrontplusanon-transferable

CVRofUS$3pershare,foratotalcombinedvalueofUS$2.4B(Dealno.

124323

).ByoptingtobuyFusion

outright,AstraZenecaisparticularlyinterestedinthebiopharma’sleadradioconjugateprogram,FPI-2265,apotentialnewtreatmentforpatientswithmetastaticcastration-resistantprostatecancer(mCRPC).

M&Ainthetherapeuticmedtechsectorgained

significanttractioninH12024,withthesecond

largestdealduringtheperiodbeingJ&J’stakeoverofShockwaveMedicalforUS$335pershareincash,for

anenterprisevalueofapproximatelyUS$13.1B

(Dealno.

124892

).Shockwavedevelopsmedicaldeviceswhichbreakdowncalciumdepositsincoronary

arteriesusingsoundpressurewaves,atechnology

knownasintravascularlithotripsy(IVL).Otherhigh-

valuedmedtechacquisitionsinH12024include

BostonScientific’sUS$3.7BtakeoverofAxonicsand

itstechnologysystemstotreaturinaryandbowel

dysfunction(Dealno.

123190

)aswellasthedivestmentofEdwardLifesciences’CriticalCareproductgroup

consistingofadvancedpatientmonitoringsolutionstoBD(Becton,DickinsonandCompany)(Dealno.

125772

).

4|IQVIAPharmaDealsHalfYearReviewof2024

Licensingdealspendrises

Licensingdealvolumeinthelifesciencessectorfell24%fromH12023toH12024,outpacingthedeclineinoveralldealactivityasstreamlinedcompanies

continuedtobeselectiveintheirinvestments

(Figure3).Significantly,however,theaggregate

potentialtotaldealvalueofalllicensingdealssignedinH12024wasUS$66.9B,22%higherthaninH1

2023(Table3).AtUS$577M,themeantotaldeal

valueforalllicensingdealsinH12024was19%higher

Figure3:Numberoflicensingdeals,H12023vs.H12024

H12024

H12023

050100150200250300350400450

Numberofdeals

thantheequivalentfigureforH12023(US$485M),

whilethemediantotaldealvalue,whichignoresthe

distortingeffectsofoutliers,roseby20%toUS$277M,providingevidenceofanupwardtrendondealspend.Additionally,therewereagreaternumberofdealswithatotaldealvalueequaltoorgreaterthanUS$1BinH12024(23vs19inH12023).

Comparably,themeancashupfrontpaymentfor

licensingdealsincreasedfromUS$36MinH12023toUS$47.5MinH12024,anincreaseof33%,aswellasthemedianvaluewhichroseby96%toUS$22M.

TherewereagreaternumberofdealsinvolvinglicensingfeesofUS$100MormoreinH12024

(9versus6inH12023),indicativeofpotentialpriceinflationaswellasafurthershifttowardslater-stagedealsandfocusedpartneringstrategies.

Licensingdealvolumeinthelifesciencessectorfell24%fromH1

2023vs.H12024,asstreamlined

companiescontinuedtobeselectiveintheirinvestments.

Source:IQVIAPharmaDeals.

Table3:Aggregate,meanandmedianvalueoflicensingdeals,H12023vs.H12024

ALLDEALS

H12023

H12024

CHANGE

Aggregatevalueofalllicensingdeals

US$54,815M

US$66,932M

+22%

Meantotaldealvalue

US$485M

US$577M

+19%

Mediantotaldealvalue

US$230M

US$277M

+20%

Meanupfrontpayment

US$36M

US$47.5M

+33%

Medianupfrontpayment

US$11.5M

US$22.5M

+96%

Source:IQVIAPharmaDeals.

|5

Thetop10partneringdealsbyupfrontconsiderationinH12024,excludingsettlementdealsandproductacquisitions,areshowninTable4.

WithastaggeringUS$500MupfrontpaymentaswellasuptoUS$700Minadditionalpotentialpaymentsrelatingtodevelopment,regulatoryandlaunch

milestones,thetoppartneringdealslistofH12024isheadedbySanofi’slicensingagreementwithNovavaxtoco-commercializethelatter’sCOVID-19vaccineand

todevelopnewflu-COVID-19combinationvaccines

(Dealno.

125343

).Aspartoftheagreement,Sanofi

isalsotakingaminority(<5%)equityinvestmentin

thebiotech,whichhasrecentlystruggledtomaintainitspositionintheCOVID-19marketasdemandfor

vaccineshassignificantlydeclined.Thedealplaces

Sanofiinastrongpositionwithinthepost-pandemicCOVID-19vaccinespace,askeyplayersracetobringacombinedvaccinetomarket.

Table4:Toppartneringdeals(excludingsettlementsandproductacquisitions)byupfrontpayment,H12024

TOTALDEALVALUE

UPFRONTPAYMENT

COMPANIES

INTERESTAREA

DEVELOPMENTPHASE

US$1200M

US$500M

Sanofi,Novavax

COVID-19vaccine,Nuvaxovid,andnewflu-COVID-19combinationvaccines

Launched;Discovery

Undisclosed

US$350M

Viatris,Idorsia

Selatogrel,aself-administeredmedicine

forpatientswithahistoryofacute

myocardialinfarction,orheartattack

andcenerimod,animmunologyasset

forthetreatmentofsystemiclupus

erythematosus

PhaseIII

US$2005M

US$300M

Takeda,

ProtagonistTherapeutics

Rusfertide,aninvestigationalinjectable

hepcidinmimeticpeptideofthenatural

hormonehepcidin,forthetreatmentof

polycythemiavera

PhaseIII

US$4165M

US$185M

Novartis,ShanghaiArgo

CardiovascularRNAi-basedtherapeutics

Discovery;PhaseI;PhaseI/II

US$2890

US$180M

Novartis,PeptiDream

PDPS(peptidediscoveryplatform

system)technologytodevelop

macrocyclicpeptides

Discovery

Undisclosed

US$165.42M

D&DPharmatech,Metsera

OralGLP-1/GIPdualagonist,DD14andoralamylinagonist,DD07

Discovery

Undisclosed

US$150M

Shionogi,MazeTherapeutics

MZE001,aninvestigationaloral

glycogensynthase1inhibitortotreat

Pompedisease

PhaseI

Undisclosed

US$100M

KyowaKirin,

BridgeBioPharma

Infigratinibforachondroplasia,

hypochondroplasia,andotherskeletal

dysplasias

PhaseIII

US$6010M

US$100M

JiangsuHengrui,

HerculesCM

NewCo

GLPproductportfolio

Preclinical;PhaseII

US$770M

US$90M

AriBio,SamjinPharmaceutical

MarketingrightsofAR1001inChinaforAlzheimer’sdisease

PhaseI

Source:IQVIAPharmaDeals.

6|IQVIAPharmaDealsHalfYearReviewof2024

Seekingalow-riskassetbyinvestinginanestablishedproduct,TakedapaidProtagonistTherapeuticsUS$300

Mupfrontforthedevelopmentandcommercializationofrusfertide,aninvestigationalinjectablehepcidin

mimeticpeptideofthenaturalhormonehepcidin,

currentlyinapivotalPhaseIIItrialforthetreatmentofpolycythemiavera(Dealno.

123528

).TwoPhaseIIIassetsalsogainedtheattentionofViatrisinFebruary,whenitpaidIdorsiaUS$350Mupfrontforthe

globaldevelopmentandcommercializationrightstoselatogrel,apotentiallife-savingself-administeredmedicineforpatientswithahistoryofacute

myocardialinfarction,orheartattackandcenerimod,anewimmunology,oraltherapyforthetreatmentofsystemiclupuserythematosus(Dealno.

123978

).

Novartisfeaturestwiceinthetoppartneringdealsof

H12024,asthebigpharmalookstoboostitsfuture

revenuesamidapproachingpatentcliffs,suchasthe

expectedexpirationofblockbusterpsoriasisdrug,

Cosentyx(secukinumab)in2025.InJanuary,Novartis

paidShanghaiArgoBiopharmaceuticalUS$185M

upfrontaspartoftwolicenseandcollaborationdeals

forcardiovascularassetsthatweredevelopedusing

Argo’sRNAiplatformtechnology(Dealno.

123098

).

LaterinApril,NovartissignedaUS$2.89Bmultiprogramagreementwithlong-termpartnerPeptiDreamto

leveragethelatter’sPDPS(peptidediscoveryplatformsystem)technology(Dealno.

125157

).Thecompanies

plantoidentifyandoptimizenewmacrocyclicpeptidesagainsttargetsselectedbyNovartis,forpotential

conjugationtoorotherapplicationsforboththerapeuticanddiagnosticpurposes.

ThelargestpartneringdealinH12024bytotaldeal

valuewasJiangsuHengruiPharmaceuticals’licensingpactwithHerculesCMNewco,anewbiotechbacked

byfourlifescienceinvestors:BainCapitalLifeSciences,RTWInvestments,AtlasVentureandLyraCapital

(Dealno.

125571)

.TheChinesedrugmakerlicensed

outitsportfolioofobesityanddiabetesglucagon-likepeptide(GLP)medicinestothestartup,inreturnforUS$100MupfrontaswellasUS$10Minnear-term

paymentsanduptoUS$5.9Binpotentialmilestonepayments.Withtheweight-lossanddiabetes

marketheatingup,inMarch,MetseraexpandeditscollaborationwithKoreanbiotech,D&DPharmatechforthelatter’soralGLP-1/GIPdualagonistDD14andoralamylinagonistDD07foratotallicensefeeof

KRW220B(US$165.42M)(Dealno.

124461)

.

FivemonthsaftertheFTCcausedSanofitoterminate

itslicensingpact(Dealno.

118872

),MazeTherapeuticsfoundanewpartner,Shionogi,foritsPompedisease

drug,MZE001(Dealno.

125377

).ForUS$150Mupfront,ShionogigainsglobalrightstoMZE001,aPhaseIoral

glycogensynthase1inhibitorthataimstoaddress

Pompediseasebylimitingdisease-causingglycogen

buildup.SimilarlydrivenbyaPhaseIasset,AriBio

paidSamjinPharmaceuticalKRW120B(approximatelyUS$90M)upfrontfortheChinesemarketingrightsto

AR1001,aninvestigationaldrugforthetreatmentof

early-stageAlzheimer’sdisease(Dealno.

124444

).AriBioalreadyholdsSouthKoreanrightstotheasset,throughalicensingpactsignedin2022(Dealno.

113126

).

Figure4presentsananalysisoftherapeuticlicensingdealsbydevelopmentphase.Wheredealsconcern

multipleassetsorassetsindifferentstagesof

developmentfordifferentindications,thehighest

achieveddevelopmentphasehasbeenselectedfortheanalysis.Whereanassetisindifferentdevelopment

phasesindifferentterritories,thehighestachieveddevelopmentphasehasbeenused.Thelevelof

licensingactivityfortherapeuticprogramsdecreased21%fromH12023toH12024,inlinewiththeoveralldownwardtrendforlicensingdealsinthelifesciencessectoroverthisperiod.Thevolumeoflicense

agreementsfordiscoveryandpreclinicalstageassetswasdown22%and39%respectivelyinH12024,

highlightingthepreferenceofmoreestablishedassets.However,itmustbenotedthatoption-basedplatformdeals,whicharetypicallysignedatthediscoverystage,arenotincludedinthisanalysis.

Outofthe22licensingdealsforpreregistrationassetsinH12023,11ofthosewerenon-exclusivesublicensingdealsthattheMedicinesPatentPoolsignedwith

genericsmanufacturersforCOVID-19antiviralssuchasensitrelvirfumaricacidandcancertreatment,nilotinib,inlow-andmiddle-incomecountries,accounting

|7

Figure4:Therapeuticlicensingdealsbydevelopmentstage,H12023vs.H12024

100

90

Numberoflicensingdeals

80

70

60

50

40

30

20

10

0

H12023H12024

Source:IQVIAPharmaDeals.

fortheapparentdeclineinH12024.Excludingthese

deals,dealactivityforpreregistrationassetsremainedconsistentacrossthetwoperiods.

Figure4isnoteworthyforthesomewhatsustainedlicensingactivityforclinical-stageandlate-stage

assetsfromH12023toH12024,withthenumberofdealsinvolvingPhaseIIIassetsincreasingby44%,furthersupportingthepreferenceofdealmakerstoinvestinassetswhichtheyperceivetobelessriskyormoreestablished.Oneofthelargestsingle-assetPhaseIIIlicensingdealsofH12024sawSanofipayFulcrumTherapeuticsUS$80Mupfronttodevelopandcommercializelosmapimod,anoralsmall

moleculebeinginvestigatedforthetreatmentoffacioscapulohumeralmusculardystrophy(FSHD)(Dealno.

125744

).

J&Jwasthemostprolific

dealmakerinthefirst6monthsof2024with20publiclydiscloseddeals,consistentwiththesameperiodthepreviousyear.

J&Jjumpsaheadindealactivityrankings

J&Jwasthemostprolificdealmakerinthefirst6monthsof2024with20publiclydiscloseddeals,consistent

withthesameperiodthepreviousyear(Figure5).

ThecompanyovertookMerck&Co.toreachthetop

position,helpedbyavarietyofdealslargelyfocused

ononcologyandimmunologyassetsasthecompany

attemptstomitigateanyfuturelossesfromlooming

biosimilarcompetitionforitsleadpsoriasisdrugStelara(ustekinumab),whichisexpectedin2025.J&Jannouncedaseriesofbolt-onantibody-drivenacquisitionsinH1

2024,purchasingantibody-drugconjugate(ADC)cancerbiotechAmbrxBiopharmainJanuary(Dealno.

123154

)andbispecificantibodydevelopersProteologix

(Dealno.

125488

)andYellowJerseyTherapeutics

(Dealno.

125686

)inMay.ShortlyafterreceivingFast

Trackdesignationforitsinvestigationalantibody,

nipocalimab,infetalandneonatalalloimmune

thrombocytopenia(FNAIT),J&Jcollaboratedwith

Rallybiotoadvancetherapeuticsolutionsforthisrareimmunedisease(Dealno.

124791)

.Withcurrentlyno

approvedpreventativetherapies,thebigpharmahopestoleverageRallybio’sNAITnaturalhistorystudydatatoaddressthesignificantunmetmedicalneed.

8|IQVIAPharmaDealsHalfYearReviewof2024

AfterleadingthedealactivityrankingsinH12023,

Merck&Co.sawitsdealactivitydropby19%inH1

2024.Morethan50%ofthe17dealsthatMerck&Co.

signedinH12024wereclinicaltrialcollaborations

andsupplyagreementscenteredonKeytruda®

(pembrolizumab).Beyondthis,thecompany’s

takeoverofEyeBiotechwasMerck’slargestdealby

valueinH12024(Dealno.

125712

).Othernotable

acquisitionsbyMerckincludeitsUS$680MpurchaseofimmunotherapybiotechHarpoonTherapeutics

inJanuary(Dealno.

123141)

andUS$208Mtakeover

ofsmallADCstartupAbceuticsinApril(Dealno.

124849

).Alsofocusedononcology,inMarch,Merck

offeredPearlBiouptoUS$1Binpotentialupfrontandmilestonepaymentstoidentifynewbiologictherapiesforcancer(Dealno.

124227

).

SanofitookthirdpositioninthedealactivityrankingsinH12024with17deals,up42%onthesameperiodthepreviousyear.Intermsofoverallvalue,Sanofi’s

largestdealwasitsUS$2.2BacquisitionofallassetsandliabilitiesassociatedwithInhibrx’sINBRX-101,a

recombinantalpha-1antitrypsin(AAT)augmentationtherapyforthetreatmentofpatientswithalpha-1

antitrypsindeficiency(AATD)(Dealno.

123391

).Aimingtogainastrongerpresenceintheimmunologyfield

followingamajorpipelinerestructure,Sanofipaid

BelharraTherapeuticsUS$40Minupfrontandnear-termmilestonepaymentstodiscovernewsmall

moleculetherapeuticsforimmunologicaldiseases(Dealno.

126083

).

InastarkcontrasttoH12023,9outofthe17companiesshowninFigure5demonstratedanincreaseinthe

numberofpubliclyannounceddealsinH12024.

AnotablenewentrytothelistisKoreanpharmaceuticalcompany,Dong-AST,whichdidnotsignanypublicly

discloseddealsinH12023yetannounced9deals

inH12024.TheseweremainlycollaborativeR&D

partnershipswithotherKoreancompaniesfocused

ononcologyandneurologyindications,suchasits

licensingagreementwithSKBiopharmaceuticalsto

produceandcommercializethelatter’sepilepsydrug,cenobamatein30countries,includingSouthKoreaandSouth-EastAsia(Dealno.

123103

).

AbbVie’sdealactivityalsosurgedinH12024andannounced11dealscomparedtoonly2inH1

2023.FacedwithrisingcompetitionfromHumira(adalimumab)biosimilars,thecompany’selevateddealmakingwaslargelydrivenbylicensingand

R&Dcollaborationsforpipeline-enhancingassetsthatwillsecureitsfuturegrowth.InJune,AbbViepartner