Deals In Depth: May 2021
Four $1b+ alliances were penned in May. Topping the list was Bristol-Myers Squibb’s deal with Agenus under which BMS will be granted a global exclusive license to the late-preclinical antibody program AGEN1777 along with a second undisclosed target. Agenus received a $200m up-front payment and could get up to $1.36bn in development, regulatory, and commercialization milestones, plus tiered royalties in the low double-digit to mid-teen range.
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During Q2, biopharma merger and acquisition value reached $25.4bn and drew in $27.3bn in potential deal value from alliances. Device company M&A values reached $2.7bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $534.3m.
During Q2, biopharmas brought in an aggregate $12.5bn in financing and device company fundraising totaled $3.7bn; while in vitro diagnostic firms and research tools players raised $720m.
Six $1B+ alliances were penned in June. Topping the list was a potential $4.26M deal between Immatics and Bristol Myers Squibb for the development of multiple allogeneic off-the-shelf TCR-T and/or CAR-T programs. The companies seek to develop two BMS-owned programs and both firms will have an option to develop up to four additional programs each. The programs will utilize Immatics’ ACTallo proprietary allogeneic gamma delta T cell-derived adoptive cell therapy platform. BMS contributes its suite of next-generation technologies as well as its oncology drug development expertise. Bristol Myers Squibb was also involved in the top June M&A by deal value. The company entered into an agreement to acquire Turning Point Therapeutics in an all-cash transaction with an equity value of $4.1B. Founded in 2013 as TP Therapeutics, Turning Point has advanced a pipeline of investigational medicines designed to target the most common mutations associated with oncogenesis. Its lead asset, repotrectinib, is a next-generation, potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer and other advanced solid tumors. Repotrectinib has been granted three Breakthrough Therapy designations from the US FDA. BMS expects the therapy to be approved in H2 2023 and become a new standard of care for patients with ROS1-positive NSCLC in the first-line setting. Turning Point also has several other clinical-stage oncology candidates in addition to multiple discovery programs. Financing reached $5.2bn in biopharma, $498m in device, and $311m in diagnostics.