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Fierce Biotech's Quarterly IPO and M&A Roundup: Q1'24

2024-04-03

临床1期IPO并购ASCO会议免疫疗法

The first quarter saw a hopeful glimmer in the IPO markets with a handful of biotechs taking the plunge, while Big Pharmas snapped up some small but impactful late-stage companies via M&A.

Editor’s note: Last year, we compiled a list of M&A as it happened through our tracker. This year, we’re taking a different approach with a quarterly wrap putting deal activity into context, with M&A and IPOs. Read on for Fierce Biotech’s Quarterly IPO and M&A Roundup.

M&A

The award for the biggest M&A deal of the first quarter of 2024 goes to Gilead Sciences, which acquired CymaBay Therapeutics for $4.43 billion in February, according to a review of data from market intelligence platform S&P Capital IQ.

Following Gilead was Novartis’ $2.77 billion buyout of cancer specialistGilead Sciencesn AstraZeneca’s $CymaBay Therapeuticsfor Fusion Pharmaceuticals.

All three Gileadse deNovartise to the Big Pharma trend cancerpping up smaMorphoSysiotechsAstraZenecae-stage tilt.Fusion Pharmaceuticals

Novartis specifically eyed MorphoSys’ pelabresib, which is being developed with Incyte’s Jakafi (ruxolitinib) in patients with myelofibrosis. Another gem of the portfolio was tulmimetostat, an early-stage dual inhibitor of the EZH2/EZH1 proteins currently in trials for solid tumors and lymphomas.

Novartis worked out to 68 euros ($73) pelabresib according to the companies’ annIncyteent.myelofibrosis tulmimetostat EZH2/EZH1 proteins solid tumors lymphomas

AstraZeneca, meanwhile, slid into the radiopharmaceutical field thanks to Fusion, which boasts a PSMA-directed radiotherapy called FPI-2265, which is in a phase 2 test for metastatic castration-resistant prostate cancer. The two companies had worked together since 2020.

AstraZenecarked a 97% premium to Fusion’s closing price the day before the March 19 announcement.PSMAreholders are up for another $FPI-2265ion in milestones.metastatic castration-resistant prostate cancer

Gilead's deal saw it pay out $32.50 per share in cash, a 27% premium to CymaBay's closing price as of Feb. 9. The transaction brings the primary biliary cholangitis med seladelpar into the Big Pharma’s fold, a med that was submitted to the FDA in December 2023.

Gileadbig names making deals in the quarter were Johnson & Johnson, whicCymaBayt Ambrx Biopharma for $2 billion; Novo Nordisk, which usedprimary biliary cholangitis cashseladelpart Cardior Pharmaceuticals for $1.11 billion; and AstraZeneca FDAin, which also picked up Amolyt Pharma for $1.05 billion.

Further down the list, some smaller drug developeJohnson & Johnsonaction, but mosAmbrx Biopharma mergers and smalNovo Nordiskof companies or assets in deep trouble. One example is XCardior Pharmaceuticalso save Kinnate BiopharmaAstraZenecay for $113 million.Amolyt Pharma

Kinnate began a slow slide almost exactly a year ago when phase 1 data for the pan-RAF inhibitor exarafenib in patients with advanced solid tumors harboring oncogenic BRAF or NRAS XOMA Corp.s disappointed at theKinnate Biopharmation for Cancer Research 2023 annual meeting. The company cut 70% of staff in September 2023 and narrowed its pipeline.

Avrobio also found a savior in Tectonic Therapeutic to execute a reverse mergerpan-RAF inhibitoreexarafenibup $130.7 million advanced solid tumors a handful of ventureBRAFms, NRASing the new company with $165 million in cash and equivaleCancer move on with.

Avrobio/public.flourish.studio/Tectonic Therapeutic21/

IPOs

The first quarter saw a hopeful glimmer in the IPO markets with a handful of companies announcing plans to take the plunge.

The largest was CG Oncology, which had a total transaction value of $380 million and net proceeds of $353.4 million, according to S&P Capital IQ. The oncolytic immunotherapy company was the first of the year, announcing Jan. 2 and setting off a rush of biotechs following suit.

Kyverna TherapeuCG Oncologye of them, filing the paperwork Jan. 16 to raise the second-highest amount of the quarter at $319 million with net proceeds of $297.7 million.

Kyverna Therapeuticsush, the action tailed off with a few more here and there throughout the quarter. The last to head for the public markets in the quarter was Contineum Therapeutics, a J&J-allied company developing a candidate in idiopathic pulmonary fibrosis and progressive multiple sclerosis. The total transaction value of the IPO was $158.4 million with net proceeds not yet available.

Boundless Bio also wrapped things up at the beginning of March, raising a modest $100 million for its precision oncology work. The company priced the 6.25 millioContineum Therapeutics, right in the middle of the $15 to $17 planned ridiopathic pulmonary fibrosis progressive multiple sclerosis

Boundless Bioc.flourish.studio/visualisation/17397483/