Deals In Depth: February 2022
Five $1bn+ alliances were penned in February. Topping the list was a potential $2bn deal between Code Biotherapeutics and Takeda to leverage Code Bio’s proprietary targeted 3DNA non-viral genetic medicine delivery platform to design and develop gene therapies for a liver-directed rare disease program, plus central nervous system-directed rare disease programs. Takeda has the right to exercise options for an exclusive license for four resulting programs.
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In the top May alliance by deal value, Amphista Therapeutics and Bristol Myers Squibb aim to discover and develop targeted small-molecule protein degraders by leveraging Amphista's proprietary Eclipsys platform. BMS gets exclusive global rights to resulting products. Amphista will receive a $30M upfront payment, up to $1.25B in performance-based milestone payments, payment for a limited expansion of the collaboration, as well as royalties on global net sales.
In the top April alliance by deal value, Jazz Pharmaceuticals acquired exclusive global development and commercialization rights to Werewolf Therapeutics' WTX-613. Preclinical WTX-613 is an engineered IFN⍺2b cytokine pro-drug that is activated specifically within the tumor microenvironment where it can stimulate IFNα receptors on cancer-fighting immune effector cells. Jazz expects to submit an IND application to the FDA for WTX-613 in 2023. Jazz paid $15M up front and Werewolf is eligible to receive development, regulatory and commercial milestone payments of up to $1.26bn, plus royalties.
During Q1, biopharma merger and acquisition value reached $9.9bn and drew in $51.2bn in potential deal value from alliances. Device company M&A values reached $4.6bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $52.5m.