Ironwood Adds A China Wrinkle To Regional Deal Strategy
The December US launch of linaclotide is a transformative event for Ironwood Pharmaceuticals, the GI drug’s discoverer. But the company’s recent deal with AstraZeneca to sell the drug in China represents another kind of feat and highlights the growing importance of regional deals to Western biotechs.
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Since Gilead’s $11 billion buyout of Pharmasset in late 2011, large- and mid-cap biotech share prices have been on the rise. Plus news on recent financing activity by Ophthotech, Effector Therapeutics, Karyopharm Therapeutics and Ironwood Pharmaceuticals.
At $4.2 billion, biopharma financing in Q4 2012 showed a 36% increase over Q3 with FOPOs again dominating as the most popular deal type. With 34 finalized biopharma M&As, Q4 was the most active quarter of all 2012 for acquisitions. The 108 biopharma alliances completed had a combined potential deal value of almost $2 billion; Johnson & Johnson, with seven tie-ups, was the busiest pharmaco during Q4.
Celgene and Novo Nordisk crash what is typically a Big Pharma party with high marks in BCG’s latest biopharmaceutical partnering survey. But overall impressions of industry’s partnering prowess are down across the board.