Deals in Depth: June/July 2009

Executive Summary

J&J made news in July by forming a JV with Elan that will develop the latter's Alzheimer's program--including the highly touted Phase III candidate bapineuzumab--in a deal valued at $1.5bn; BMS acquired antibody technologies in its $2bn takeover of Medarex; and financing for medical device firms grew in June and July with most of the money coming from late-stage venture rounds, while biopharma fundraising went down in June but rebounded the following month thanks to a strong showing from follow-on public offerings.