During Q1, biopharma merger and acquisition deal value reached $51.9bn and drew in $38.1bn in potential deal value from alliances. Device company M&A values reached $4.8bn, while in vitro diagnostics and research tools players’ M&A activity totaled $2.7bn.

Six $1bn+ alliances were penned in April. Topping the list was a potential $2.55bn multi-year deal between Proxygen and Merck to jointly identify and develop molecular glue degraders against multiple therapeutic targets. The collaboration will allow Proxygen to leverage its platform and advance Merck's understanding in molecular glue degraders to open new avenues in the pursuit of novel therapeutics.

During Q1, biopharmas brought in an aggregate $13.6bn in financing and device company fundraising totaled $1.8bn; while in vitro diagnostic firms and research tools players raised $753m.

Three $1bn+ alliances were penned in March. Topping the list was a potential $1.9bn deal between Moderna and Generation Bio. The collaboration will combine Moderna's biological and technical expertise with core technologies of Generation Bio's non-viral genetic medicine platform as the companies seek to expand the application of their platforms by developing novel nucleic acid therapeutics, including those capable of reaching immune cells, to accelerate their respective pipelines of non-viral genetic medicines.

Two $1bn+ alliances were penned in February. Topping the list was a potential $1.16bn deal between AstraZeneca and KYM Biosciences (a joint venture company of Keymed Biosciences and Lepu Biopharma, of which Keymed owns 70%). Under the exclusive global agreement, AstraZeneca will develop, manufacture and commercialize CMG901, a Phase I antibody drug conjugate for the treatment of Claudin 18.2-positive solid tumors including gastric cancers.

Eight $1bn+ alliances were penned in January. Topping the list was a potential $4.4bn deal between Neurocrine Biosciences and Voyager Therapeutics to advance multiple gene therapies for the treatment of neurological diseases.