《艾昆纬-IQVIA制药交易2023年回顾（英）-2024.docx》由会员分享，可在线阅读，更多相关《艾昆纬-IQVIA制药交易2023年回顾（英）-2024.docx（22页珍藏版）》请在三一办公上搜索。
1、WhitePaperIQVIAPharmaDealsReviewof20231.UCYHAGGERTY,Analyst,GlobalMarketInsights,IQVIAAYUSHSAXENA,SeniorInsightsAssociate,GlobalMarketInsights,IQVIATASKINAHMED,AssociateDirector,GlobalMarketInsights,IQVIATableofcontentsIntroductionContinuingmarketuncertaintiesfocusesdealmakingwithrisingdealvaluation
2、sM&Adealvaluesholdup4Merck&Co.retainstitleofprolificdealmaker81.icenseesdrivedealvolumedownbutvaluesup11CNSdiseasesjumpuptherankingsasoncologystillleads16R&Dallianceactivityslows17Outlookfor202421Abouttheauthors22IntroductionContinuingmarketuncertaintiesfocusesdealmakingwithrisingdealvaluationsAggre
3、gatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthistotal.37%INCREASEINM&ASPENDA代erreachingamultiyearlowin2022,dealactivityinthelifesciencessectorcontinuedtoslowin2023aschallengingheadwindspersisted,deterringcompaniesfromsigningM&A,licensingan
4、dcollaborativeR&Ddealsoverthecourseoftheyear.M&Aactivitycontinueditsdeclinefrom2022to2023asthefragilemacroeconomicenvironmentandenhancedantitrustscrutinykeptdealvolumesdown.Nevertheless,aggregatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthis
5、total.1.icensingdealflowforlifesciencecompaniesremainedbelowpre-pandemiclevelsin2023aslicenseeswereselectiveinthetypesofassetstheyin-licensedastheyreprioritizedtheirportfolios.Afterashifttoearlierstagedealmakingin2022,clinicalstagedealsaccountedforagreaterproportionoftherapeuticlicensingactivityin20
6、23asriskaversecompanieslookedtoinvestinmoreestablishedproducts.Whiletheaggregatelicensingdealspendwassomewhatmaintainedfrom2022to2023,averagedealvaluesincreasedthankstoahandfulofhigh-valuedmulti-programlicensingdeals.Inastarkcontrastto2022,averageupfrontpaymentssoaredin2023ascompaniesweremorewilling
7、tocommitlargesumsofbiodollarstopromisingorde-riskedlate-stageassets,suggestingareturntoblockbusterlicensefeesinthesector.Merck&Co.wastheleadingpharmaceuticaldealmakerintermsofdealvolumewhilePfizercommittedtothehighesttotaldealspend.Intermsofdealvolume,oncologywasagaintheleadingtherapeuticareaforpart
8、neringdeals,butdealmakinginnearlyalltherapyareaswassuppressedrelativeto2022.Despitetheneedtodrivelong-termgrowth,collaborativeR&Dactivityplummetedin2023askeyplayersinthelifesciencessectornarrowedtheirtherapeuticareasoffocus,seekingonlyinnovativetherapiesandtechnologiesthatcomplementedtheirexistingpo
9、rtfolios.M&AdealvaluesholdupAlike2022,dealactivityinthelifesciencessectorremainedmutedin2023ascontinuedmacroeconomicchallenges,soaringinflationandregulatoryscrutinydeterredrisk-aversecompaniesfromenteringcertaintransactions.Excludingstandaloneresearchgrants,thetotalnumberofagreementssignedinthelifes
10、ciencessectorfellby27%from2022to2023accordingtotheIQVIAPharmaDealsdatabaseofpubliclydiscloseddealactivity(Figure1).Followingtheusualpattern,totaldealvolumewashighestinQl2023andsteadilyslowedastheyearprogressedwhereasM&Aactivitywasmorestablethroughouttheyear(Figure2).Biotechfinancingoptionscontinuedt
11、obeconstrainedin2023asthetightcapitalenvironmentcausedinvestorappetitetocoolconsiderably.Biotechindicesperformedpoorlyoverthecourseoftheyear,despiteamodestreboundinthefourthquarter;theNasdaqBiotechIndex,forexample,endedtheyearonlyslightlyabovewhereitbegan.AccordingtoJPMorgan,s2023AnnualBiopharma1.ic
12、ensingandVenturereport,afterpeakingin2021,venturecapital(VC)fundinginthebiopharmaceuticalsectorremainedmutedin2023asVCfirmsweremoreselectiveinwheretodedicatetheirinvestments.Inturn,IPOsinthelifesciences2019Figure1:Numberofdeals(excludingfundingawards),2019-2023Source:IQVIAPharmaDeals.Oo,05,OooOooOoo
13、4t3,2,S-BpjoBqEnN1,0000202I20222023Alldealsexcl.funding6,000Figure2:Dealssignedin2023bymonthAlldealsM&AS-BBPJoJBqEnNSource:IQVIAPharmaDeals.sectorremainedsidelinedin2023,withonlyahandfulofcompaniesmakingtheirpublicdebut.Afterhavingtheupperhandin2020and2021,biotechswereheavilyreliantonprospectivepart
14、nersandbuyerstohelpraisecashandstayafloat.Theongoingchallengesforcedsomebiotechstoshutdownordivestprogramstofocusonmoreadvancedassetsorupthepaceoflay-offsinthehopetoextendtheircashrunways.Afteradownturnin2022,M&Aactivityremainedslowinthelifesciencessectorin2023ascontinuedmarketvolatilityandtherising
15、costofcapitaldiscouragedcompaniesfromenteringtransactionsperceivedasrisky.Despitetheannouncementofthefirstmega-mergersince2019,bigpharmacontinuedtooptformodestlypricedbolt-onacquisitionsopposedtohigh-tickettransformationaldeals,asthethreatofincreasedregulatoryscrutinymeantmega-mergerswouldbepotentia
16、llysubjecttoprolongedtimelines.Assuch,thevolumeoflifescienceM&Adeals(definedhereasMergers,BusinessAcquisitionsandDivestments,signedbutnotnecessarilycompleted)announcedin2023fell27%from2022,inlinewiththeslowdowninoveralldealactivitytoreacha5-yearlow(Figure3).However,atUS$198B,theaggregatetotalvalue,i
17、ncludingcontingentconsideration,ofallM&AA1.1.DEA1.S20222023CHANGEAggregatevalueofallM&AdealsUS$144,016MUS$198,039M+37%MeandealvalueUSS738MUS$1,214M+64%MediandealvalueUS$122MUSSllOM-10%Table1:Aggregate,meanandmedianvaluesofM&Adeals,2022vs.2023Source:IQVIAPharmaDealsFigure3:Numberandaggregatetotalvalu
18、eofM&Adeals,2019-2023Source:IQVIAPharmaDeals.Figure4:MeantotaldealvalueofM&Adeals,2019-2023dealssignedin2023wasup37%comparedtothefigureachievedin2022.Inparallel,themeantotaldealvalueforM&Adealsincreased64%fromUS$738Min2022toUSSl.2Bin2023,alsoexceedingtheaveragedealvaluesrecordedin2020and202lwhentheC
19、OVID-19pandemicraged(Figure4).However,itmustbenotedthatthesevaluesareheavilyinfluencedbyPfizer,sUS$43BtakeoverofSeagen.Therefore,themediantotaldealvalue,whichremovesanydistortingeffectsfromoutliers,fell10%fromUS$122Min2022toUS$110Min2023.Afterbeingmostlyoffthetablepost-pandemic,2023sawthereturnofmeg
20、a-mergers,withthelargestbiopharmaM&AdealannouncedsinceBristolMyersSquibb,sUS$74BpurchaseOfCeIgenein2019(Dealno.89733).InMarch,Pfizerannounceditsplannedtakeoverofantibody-drugconjugate(ADC)specialist,Seagen,ata33%premiumandtotaldealvalueofUS$43B(Dealno.118119).WithaforecastedsteepfallinsalesofitsCOVI
21、D-19products,thedealwillstrengthenPfizer,sproductofferingwiththeadditionofSeagen,sADCtechnologyaswellasitsportfol100fmarketedmedicinesacrosssolidtumorsandhematologicmalignancies,includingthreeADCs:Adcetris*(brentuimabvedotin),Padcev*(enfortumabvedotin)andTivdake(tisotumabvedotin).Sinceitsannouncemen
22、t,thedealfacedintenseantitrustscrutinyandwassubjecttotwodocumentationrequestsfromtheFederalTradeCommission(FTC).However,thecompaniesmanagedtosuccessfullyclosethedealninemonthsaftertheannouncementinDecember.Asidefromthistransformativedeal,bigpharmashowedacontinuedinterestinbolt-ontransactionsdrivenby
23、revenue-generatinglate-stageormarketedassets.InanattempttodiversifyawayfromKeytrudar(pembrolizumab),whichisrapidlyapproachingpatentexpiry,Merck&Co.agreedtopayUS$200pershareapremiumof75%toacquirePrometheusBiosciencesanditsanti-T1.1Amonoclonalantibody,PRA023fonthebackofsuccessfulPhaseIlresultsinulcera
24、tivecolitis(Dealno.118667).Withitsbreadthofpotentialindications,MerckisbettingUS$10.8BontheblockbusterpotentialofPRAO23ininflammatoryboweldiseaseandsystemsclerosis.SimilarlylookingtoextenditsgrowthrunwayandtopotentiallycompensateitsdecliningsalesofXtandi*(enzalutamide),AstellasagreedtoacquireIvericB
25、ioforUS$5.9B(Dealno.118864)toaccessthelatter,scomplementC5proteininhibitor,avacincaptadpegol,whichwasunderFDAreviewatthetime.Threemonthsafterthedealannouncement,theassetwasgrantedUSapprovalforgeographicatrophysecondarytoage-relatedmaculardegenerationunderthebrandnameIzervay.Withsomeofitskeytop-selli
26、ngdrugs,suchasRevlimidandOpdivo,strugglingtomeetsalesexpectationsandwithpatentexpiriesonthehorizon,BristolMyersSquibb(BMS)wasparticularlybusyonthedealmakingfrontinthefourthquarterof2023.InOctober,thecompanyannounceditsacquisitionofMiratiTherapeuticsforUS$58pershareincash,representinga52%premiumandto
27、talequityvalueofUS$4.8B(Dealno.121554).AfterswirlingrumorsofapotentialtakeoverbySanofi,itwasBMSthatsealedthedealandpickedupaccesstoMirati,smarketedlungcancertherapy,Krazati(adagrasib),aswellasthreeotheroncologycandidatesinearlystageandclinicalstagedevelopment,includingKRASCl2Dinhibitor,MRTXll33andSO
28、Slinhibitor,MRTX0902.Twomonthslater,BMScommittedafurtherUS$14BtotakeoverKarunaTherapeuticsanditsportfol100fmuscarinicagonists,whichofferuniqueandmechanisticallydifferentiatedtreatmentoptionstoeasesymptomsofmooddisorderswithoutcommonsideeffects(Dealno.122845).Karunasleadasset,KarXT(xanomeline-trospiu
29、m),iscurrentlyunderUSFDAreviewforthetreatmentofschizophreniainadults,withapprovalexpectedinSeptember2024.TheBMS-KarunadealmarkedthesecondmajorneuroscienceM&AdealinDecember,asonlyafewweeksprior,AbbViepaidUS$8.7BtoacquireCerevelTherapeuticsanditsneurologypipeline(Dealno.122565).AfterbeingspunoutofPfiz
30、erin2018(Dealno.96835)andgoingpublicin2020throughamergerwithaspecialpurposeacquisitioncompany(SPAC)thatraisedUS$445M(Dealno.102096).Cereveldevelopedapipelineofneurologycandidatestargetingschizophrenia,Parkinsonsdisease(PD)andmooddisorders.Thefocalpointofthedealislatestagecandidateemraclidine,which,S
31、imilartoKaruna,sKarXT,isamuscarinicM4selectivepositiveallostericmodulatorforthetreatmentofschizophreniawhichisunderinvestigationintwoPhaseIltrials.OnlyaweekpriortotheCereveldeal,AbbVieannounceditsacquisitionOfImmunoGenforUS$10.1B1gainingaccesstoitsFDA-approvedADCElahere(mirvetuximabsoravtansine-gynx
32、),forthetreatmentofplatinum-resistantovariancancerandpipelineofinvestigationalADCs(Dealno.122422).Forlate-stageandmarketedassets,bigpharmacontinuedtooptforM&Aoverlicensingin2023togainnear-termrevenuegeneratorsatdiscountedprices.Afteraturbulentfewyearsforthecompany,BiogencommittedtospendUS$7.3Btotake
33、overrarediseasespecialist,ReataPharmaceuticals(Dealno.120454).TheadditionofReata,sSkyclarys(omaveloolone),thefirstandonlyFDAapprovedtreatmentforFriedreichsataxiaintheUS,willhelptostrengthenBiogensmarketedportfolio,asitfacesdecliningsalesforitsmultiplesclerosistreatments.Inadealthatisabusinessacquisi
34、tioninformbutaproductacquisitioninsubstance,RochepaidUS$7.1BupfronttoacquireRoivant,sTelavantHoldingsSubsidiaryanditsT1.lA-directedantibody,RVT-31Ol,indevelopmentforpeoplesufferingfrominflammatoryboweldisease(Dealno.121806).Thedeal,whichalsoincludesanear-termmilestonepaymentofUS$150M,marksasignifica
35、ntmilestoneforRoivant,sbusinessmodelwhichaimstobuildsubsidiariesor*Vants,foritsin-houseorlicensedmedicinesthatcaneventuallybespunofforsold.Privateequityinterestinthelifesciencessectorremainedhighin2023,withaconsortiumofprivateinvestmentfirmaffiliatescomposedofElliottInvestmentManagement,PatientSquar
36、eCapitalandVeritasCapitalacquiringthecontractresearchorganization,SyneosHealth,forUS$43pershareincashinatransactionvaluedatapproximatelyUS$7.1B,includingoutstandingdebt(Dealno.119144).TOTA1.DEA1.IVA1.UEjCOMPANIESIIDEA1.DRIVERUS$43BPfizer,SeagenAntibody-drugconjugate(ADC)technologyandfourapprovedonco
37、logymedicinesUS$14BBristolMyersSquibb,KarunaTherapeuticsKarXT(xanomeline-trospium),apotentialfirst-in-classM1M4muscarinicreceptoragonistforschizophreniaUSS10.8BMerck&Co.,PrometheusBiosciencesInvestigationalmonoclonalantibody,PRAO23,ahumanizedmonoclonalantibodydirectedtotumornecrosisfactor(TNF)-Iikel
38、igandIA(T1.lA),atargetassociatedwithintestinalinflammationandfibrosisUS$10.1BAbbVie,ImmunoGenElahere*(mirvetuimabsoravtansine-gynx),afirst-in-classADCapprovedforplatinum-resistantovariancancer(PROC)US$8.7BAbbVie,CerevelTherapeutics1.ate-Stageassetemraclidine,apositiveallostericmodulator(PAM)ofthemus
39、carinicM4receptorforschizophreniaUS$7.3BBiogen,ReataPharmaceuticalsSkyclarys*(omaveloolone),approvedintheUSasthefirstandonlytreatmentforFriedreichsataxiaUS$7.25BRoche,TelavantHoldingsPhaseIll-readyRVT-301,forthetreatmentOfinflammatoryboweldisease,includingulcerativecolitisandCrohn,sdiseaseUSS7.1BSyn
40、eosHealth,VeritasCapital/PatientSquare/ElliotInvestmentClinicalresearchandcommercializationservicesUS$5.9BAstellastIvericBioComplementC5inhibitor,avacincaptadpegol,forgeographicatrophysecondarytoage-relatedmaculardegenerationUS$5.8BBristolMyersSquibb,MiratiTherapeuticsKrazati(adagrasib),abest-in-cla
41、ssKRASGl2CinhibitorapprovedintheUSforthetreatmentofpatientswithadvancednon-smallcelllungcancer(NSC1.C)Table2:Topacquisitionsof2023rankedbytotaldealvalueCombined,thetopM&Adealsof2023,asrankedbytotalpotentialdealvalueandrecordedintheIQVIAPharmaDealsdatabase,hadatotalvalueofUS$119.95B,equivalentto61%of
42、theaggregatevalueofallM&Adealssignedduringtheyear(Table2).Thetop10M&Adealsof2022hadacombinedvalueofUS$84.9Bandaccountedforasmallerproportionoftheyear,stotalaggregatevalue(59%).Fourofthetop10acquisitionsof2023wereworthinexcessofUS$10B,upfromthreein2022,andallbutoneofthedealsin2023concernedtherapeutic
43、sOrvaccinessimilarlytothepreviousyear.Moreover,whileonlytwoM&Adealsin2022hadavalueofbetweenUS$5BandUS$10B,afurthersevendealswereinthispricebracketin2023.Figure5:M&Adealsin2023bytargetcompanyterritorySource:IQVIAPharmaDeals.Onceagain,theM&AlandscapewasdominatedbytheUS,withacquisitionsofUS-basedcompan
44、iesaccountingfor46%ofalllifescienceM&Adealssignedin2023(Figure5).Witha21%volumeshare,companieslocatedinoneofEuropesfivelargestmarkets(France,Germany,Italy,SpainandtheUK)comprisedthesecondlargestgroupofacquiredparties.OftheEU5M&Adeals,38%involvedtheacquisitionofcompanieslocatedintheUKand25%involvedGe
45、rmanfirms.ThevastmajorityofthedealsfortargetcompanieslocatedinBRICMTcountries-namelyBrazil,Russia,India,China,MexicoandTurkeyinvolvedIndian(54%)orChinese(38%)companiesbeingacquired.TheM&AlandscapewasdominatedbytheUSjwithacquisitionsofUS-basedcompaniesaccountingfor46%ofalllifescienceM&Adealssignedin2
46、023.Merck&Co.retainstitleofprolificdealmakerDespitea27%reductioninitsdealvolumeyear-on-year,Merck&Co.retaineditspositionasthemostprolificdealmakerinthelifesciencessectorin2023with40publiclydiscloseddeals,onemorethansecondplaceJ&J(Figure6).Fallingoneplaceinthedealactivityrankings,Rochewasthethirdmost
47、activedealmakerintermsofdealvolumeinjointplacewithAstraZeneca.Sanofirecordedthehighestpercentagedeclineindealvolumeofthetop15dealmakerswithitsnumberofdiscloseddealsfalling38%from37in2022to23in2023.TogivesomecontexttoMerck&Co.,shighlevelofdealmaking,justover40%ofthedealsthatthecompanysignedin2023were
48、clinicaltrialcollaborationspairingKeytruda*(pembrolizumab)withthird-partyoncologyassets,thusbolsteringthealreadysizeableportfol100fco-developmentdealscenteredonthisassetthatthecompanyhasaccumulatedinrecentyears.However,withKeytruda,spatentexpiryfastapproachingin2028,Mercklookedtodeployitscashonexter
49、nalinnovationtosecurefuturerevenuedrivers.AsidefromitsUS$10.8BtakeoverofPrometheusBiosciences(Dealno.118667)andinitsonlyotherM&Adealoftheyear,MerckbolstereditsneurologyportfoliowiththeUS$610MacquisitionofCarawayTherapeuticsanditspipelineofinvestigationalassetstargetingneurodegenerativediseases(Dealno.122287).Merckwasp
