In the business of drug development, deals can be just as important as scientific breakthroughs. Many of today's most influential medicines, from the life-saving cancer treatment Keytruda to the anti-inflammatory agent Humira, might not have become so without mergers and acquisitions.
Over the last few years, pharmaceutical M&A hit record highs as larger companies turned again and again to young biotechs for innovation. Often, these deals focused on cancer, rare diseases and immune system disorders — areas of drug research that were seeing major victories in clinical trials and huge profits for treatments that made it to market.
These deals haven't come cheap, however. Biotech companies have had an easy time raising huge sums of money from private investors and, until recently, the public markets. That funding can make them less receptive to a buyout offer and force would-be acquirers to offer more to lock down deals. Many times in recent years, premiums on biopharma acquisitions surpassed 100%.
While M&A was plentiful in 2018 and 2019, and even held up during a year gripped by the coronavirus pandemic, 2021 was much quieter. In fact, the second quarter hit a five-year low in both the value and number of biopharma transactions. This year, too, has seen only a small amount of activity thus far, though analysts believe a resurgence is likely. Whether this down trend in M&A activity continues, or reverts back to pre-pandemic levels, will have a significant effect on which drug programs get funded and advanced.
BioPharma Dive is tracking these deals below. The database, which shows drugmaker acquisitions that happened since 2018 and were valued at $50 million or more in upfront consideration, will be regularly updated.
Click on an acquiring company to pull up more information, and scroll to the bottom of the page to read how this information was collected and organized. If there's anything we've missed, or any additional information you'd like to see, please reach out and let us know.
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DATABASE
SUMMARY TABLES
FILTER BY DATE OF DEAL:
ACQUIRER
COMPANY ACQUIRED
▼
DATE OF DEAL
TOTAL CONSIDERATION
PRICE PER SHARE
PREMIUM
Eagle Pharmaceuticals
Acacia Pharma
3/28/22
€95M
€0.90
N/A
Therapeutic focus:
Other
Financial advisors:
William Blair & Company, Greenhill & Co. International, Jefferies International
Legal advisors:
Cooley; NautaDutilh; Sullivan & Cromwell; Eubelius CVBA
Additional consideration:
23 million euros of upfront consideration paid in Eagle Pharma common stock. Eagle also guaranteed 25 million euros of Acacia Pharma debt
AbbVie
Syndesi Therapeutics
3/1/22
$130M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
Lazard
Legal advisors:
Cleary Gottlieb Steen & Hamilton; Goodwin Procter; Deloitte Legal, Belgium
Additional consideration:
Conditional milestone payments worth up to $870 million
Biohaven Pharmaceutical
Channel Biosciences
2/25/22
$100M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
$65 million of upfront consideration paid in Biohaven common stock. Conditional milestone payments worth up to $1.1 billion
Collegium
Biodelivery Sciences
2/14/22
$604M
$5.60
54%
Therapeutic focus:
Other
Financial advisors:
Jefferies, Moellis & Company
Legal advisors:
Troutman Pepper Hamilton Sanders; Goodwin Procter
UCB
Zogenix
1/19/22
$1,900M
$26.00
66%
Therapeutic focus:
Rare
Financial advisors:
Lazard, Barclays, Bank of America Securities, SVB Leerink
Legal advisors:
Covington & Burling; Latham & Watkins
Additional consideration:
Contingent value rights worth $2 per share
Novartis
Gyroscope
12/22/21
$800M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to $700 million
Sanofi
Amunix Pharmaceuticals
12/21/21
$1,000M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Centerview Partners
Legal advisors:
Weil, Gotshal & Manges; Fenwick & West
Additional consideration:
Conditional milestone payments worth up to $225 million
CSL Ltd
Vifor Pharma
12/14/21
$11,700M
$179.25
19%
Therapeutic focus:
Other
Financial advisors:
Centerview Partners, PJT Partners, Bank of America, Goldman Sachs, Credit Suisse
Legal advisors:
Homburger AG; Simpson Thacher & Bartlett; Allens
Pfizer
Arena Pharmaceuticals
12/13/21
$6,700M
$100.00
100%
Therapeutic focus:
Immune
Financial advisors:
Bank of America, Centerview Partners, Guggenheim Securities, Evercore
Legal advisors:
Ropes & Gray; Arnold & Porter Kaye Scholer; Cooley
Recordati
EUSA Pharma
12/3/21
€750M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Aquisition price of 750 million euros reflects enterprise value of EUSA Pharma
Blueprint Medicines
Lengo Therapeutics
11/29/21
$250M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Goldman Sachs, Centerview Partners
Legal advisors:
Goodwin Procter; Cooley
Additional consideration:
Conditional milestone payments worth up to $215 million
Twist Biosciences
Abveris
11/22/21
$150M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
Edgemont Partners
Legal advisors:
Nutter, McClennen & Fish
Additional consideration:
Conditional payments worth up to $50 million in cash and Twist common stock
Vifor
Sanifit
11/22/21
€205M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to 170 million euros
Novo Nordisk
Dicerna
11/18/21
$3,300M
$38.25
80%
Therapeutic focus:
Other
Financial advisors:
Evercore
Legal advisors:
Davis Polk & Wardwell
Organon
Forendo Pharma
11/11/21
$75M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Debt and conditional milestone payments worth up to $879 million
Supernus Pharmaceuticals
Adamas Pharmaceuticals
10/11/21
$400M
$8.10
76%
Therapeutic focus:
CNS
Financial advisors:
Jefferies, Lazard
Legal advisors:
Saul Ewing Arnstein & Lehr; Cooley
Additional consideration:
Contingent value rights worth $1 per share
Pacira Biosciences
Flexion Therapeutics
10/11/21
$425M
$8.50
47%
Therapeutic focus:
CNS
Financial advisors:
J.P. Morgan, Lazard, Goldman Sachs
Legal advisors:
Cooley; Perkins Cole
Additional consideration:
Contingent value right worth $8 per share
Merck & Co.
Acceleron
9/30/21
$11,500M
$180.00
3%
Therapeutic focus:
Rare
Financial advisors:
Credit Suisse, Goldman Sachs, Centerview Partners, J.P. Morgan Securities
Legal advisors:
Covington & Burling; Gibson, Dunn & Crutcher; Ropes & Gray
AstraZeneca
Caelum Biosciences
9/29/21
$150M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to $350 million
Hikma Pharmaceuticals
Custopharm
9/27/21
$375M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth $50 million
Grifols
Biotest
9/17/21
€1,086M
€43.00
23%
Therapeutic focus:
Other
Financial advisors:
Nomura Securities International, UBS Europe
Legal advisors:
Osborne Clarke Spain Germany and UK; Proskauer Rose
Additional consideration:
Grifols to acquire Tiancheng Pharmaceutical Holdings' stake in Biotest, representing 90% of Biotest ordinary shares and 1% of preferred shares.
Sanofi
Kadmon Holdings
9/8/21
$1,900M
$9.50
79%
Therapeutic focus:
Other
Financial advisors:
Cantor Fitzgerald, Moelis & Company
Legal advisors:
Weil, Gotshal & Manges; DLA Piper
Pfizer
Trillium Therapeutics
8/23/21
$2,260M
$18.50
204%
Therapeutic focus:
Cancer
Financial advisors:
Bank of America, Centerview Partners
Legal advisors:
Ropes & Gray; Norton Rose Fulbright Canada; Goodwin Procter; Baker McKenzie
Bayer
Vividion Therapeutics
8/5/21
$1,500M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Credit Suisse, Centerview Partners
Legal advisors:
Baker McKenzie; Cooley
Additional consideration:
Conditional milestone payments worth up to $500 million
Sanofi
Translate Bio
8/3/21
$3,200M
$38.00
30%
Therapeutic focus:
Other
Financial advisors:
Morgan Stanley, Centerview Partners, Evercore, MTS Health Partners
Legal advisors:
Weil, Gotshal & Manges; Paul, Weiss, Rifkind, Wharton & Garrison
Amgen
TeneoBio
7/27/21
$900M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Goldman Sachs
Legal advisors:
Latham & Watkins; Gunderson Dettmer Stough Villeneuve Franklin & Hachigian
Additional consideration:
Conditional milestone payments worth up to $1.6 billion
UniQure
Corlieve Therapeutics
6/22/21
€46M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
SVB Leerink
Legal advisors:
Morgan Lewis; McDermott, Will & Emery
Additional consideration:
Conditional milestone payments worth up to 204 million euros
MorphoSys
Constellation Pharma
6/2/21
$1,700M
$34.00
68%
Therapeutic focus:
Cancer
Financial advisors:
Goldman Sachs, Centerview Partners
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom; Wachtell, Lipton, Rosen & Katz
Xeris Pharmaceuticals
Strongbridge BioPharma
5/24/21
$267M
$2.72
13%
Therapeutic focus:
Rare
Financial advisors:
SVB Leerink, MTS Health Partners
Legal advisors:
Goodwin Proctor; A&L Goodbody; Skadden, Arthur & Cox
Additional consideration:
Contingent value right worth $1.00 per share
Relay Therapeutics
ZebiAI
4/16/21
$85M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to $85 million
Sanofi
Tidal Therapeutics
4/9/21
$160M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to $310 million
Amgen
Rodeo Therapeutics
3/30/21
$55M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
N/A
Legal advisors:
Cooley, Gundersen Dettmer
Additional consideration:
Conditional milestone payments worth up to $666 million
Amgen
Five Prime Therapeutics
3/4/21
$1,900M
$38.00
79%
Therapeutic focus:
Cancer
Financial advisors:
Goldman Sachs, Lazard
Legal advisors:
Sullivan & Cromwell; Cooley
Merck & Co.
Pandion Therapeutics
2/25/21
$1,850M
$60.00
134%
Therapeutic focus:
Immune
Financial advisors:
Credit Suisse, Centerview Partners
Legal advisors:
Covington & Burling; Skadden, Arps, Slate, Meagher & Flom
Beam Therapeutics
Guide Therapeutics
2/23/21
$120M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional "technology and product success" milestones worth up to $320 million
Jazz Pharmaceuticals
GW Pharma
2/3/21
$7,200M
$220.00
50%
Therapeutic focus:
Rare
Financial advisors:
Evercore, Guggenheim Securities, Bank of America, J.P. Morgan, Goldman Sachs, Centerview Partners
Legal advisors:
Watchell, Lipton, Rosen & Katz; Macfarlanes; Arthur Cox; Cravath, Swaine & Moore; Slaughter and May
Horizon Pharmaceuticals
Viela Bio
2/1/21
$3,050M
$53.00
53%
Therapeutic focus:
Rare
Financial advisors:
Morgan Stanley, Goldman Sachs
Legal advisors:
Cooley; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo
Sanofi
Kymab
1/11/21
$1,100M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
J.P. Morgan
Legal advisors:
Weil, Gotshal & Manges; Goodwin Proctor
Additional consideration:
Conditional milestone payments worth up to $350 million
Chimerix
Oncoceutics
1/8/21
$78M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Evercore
Legal advisors:
Cooley; Morgan Lewis
Additional consideration:
Conditional milestone payments worth up to $360 million
Angelini Pharma
Arvelle Therapeutics
1/4/21
$610M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
Centerview Partners
Legal advisors:
Sidley Austin; NautaDutih; White & Case
Additional consideration:
Conditional milestone payments worth up to $350 milion
Novartis
Cadent Therapeutics
12/17/20
$210M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to $560 million
Eli Lilly
Prevail Therapeutics
12/15/20
$880M
$22.50
80%
Therapeutic focus:
CNS
Financial advisors:
Lazard, Centerview Partners
Legal advisors:
Weil, Gotshal & Manges; Ropes & Gray; Cooley
Additional consideration:
Contingent value right worth $4.00 per share
AstraZeneca
Alexion Pharmaceuticals
12/12/20
$39,000M
$175.00
45%
Therapeutic focus:
Rare
Financial advisors:
Evercore, Centerview Partners, Ondra, Morgan Stanley, J.P. Morgan, Goldman Sachs, Bank of America
Legal advisors:
Freshfields Bruckhaus Deringer; Wachtell, Lipton, Rosen & Katz
Gilead
Myr Pharmaceuticals
12/10/20
$1,200M
N/A
N/A
Therapeutic focus:
Infectious
Financial advisors:
Goldman Sachs, UBS
Legal advisors:
Gibson, Dunn & Crutcher; Mayer Brown; Flick Gocke Schaumburg; Freshfield Bruckhaus Deringer
Additional consideration:
Conditional milestone payments worth up to $360 million
Sumitomo Dainippon
Urovant
11/13/20
$584M
$16.25
N/A
Therapeutic focus:
Other
Financial advisors:
Citi, Lazard
Legal advisors:
O'Melveny & Myers; Jones Day
Merck & Co.
VelosBio
11/5/20
$2,750M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
J.P. Morgan, Centerview Partners
Legal advisors:
Gibson, Dunn & Crutcher; Cooley
Sanofi
Kiadis Pharma
11/2/20
€308M
€5.45
272%
Therapeutic focus:
Cancer
Financial advisors:
PJT Partners, Moelis & Co.
Legal advisors:
NautaDutih, Allen and Overy
Bayer
Asklepios Biopharmaceuticals
10/26/20
$2,000M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
Credit Suisse, J.P. Morgan
Legal advisors:
Baker McKenzie; Ropes & Gray
Additional consideration:
Conditional milestone payments worth up to $2 billion
Retrophin
Oprhan Technologies
10/22/20
$90M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
Barclays, Cantor Fitzgerald
Legal advisors:
Cooley; Hogan Lovells
Additional consideration:
Conditional milestone payments worth up to $427 million
Endo International
Biospecifics
10/19/20
$540M
$88.50
45%
Therapeutic focus:
Other
Financial advisors:
PJT Partners
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom
Bristol Myers Squibb
Myokardia
10/5/20
$13,100M
$225.00
61%
Therapeutic focus:
Other
Financial advisors:
Gordon Dyal, Centerview Partners, Guggenheim Securities
Legal advisors:
Kirkland & Ellis; Goodwin Procter
Covis Group
AMAG Pharma
10/1/20
$647M
$13.75
46%
Therapeutic focus:
Other
Financial advisors:
Goldman Sachs
Legal advisors:
Goodwin Procter; Paul, Weiss, Rifkind, Wharton and Garrison
Roche
Inflazome
9/21/20
€380M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
Lazard
Legal advisors:
Goodwin Procter; Byrne Wallace
Additional consideration:
Unspecified conditional milestone payments
Gilead
Immunomedics
9/13/20
$21,000M
$88.00
108%
Therapeutic focus:
Cancer
Financial advisors:
Lazard, Morgan Stanley, Centerview Partners, Bank of America, Cowen
Legal advisors:
Davis Polk & Wardwell; Watchell, Lipton, Rosen & Katz
Nestle
Aimmune Therapeutics
8/31/20
$2,160M
$34.50
174%
Therapeutic focus:
Other
Financial advisors:
J.P. Morgan, Lazard
Legal advisors:
Latham & Watkins
Ionis Pharmaceuticals
Akcea Therapeutics
8/31/20
$500M
$18.15
60%
Therapeutic focus:
Rare
Financial advisors:
Goldman Sachs, Stifel, Nicolaus & Company, Cowen
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom; Ropes & Gray
Acadia Pharmaceuticals
CerSci Therapeutics
8/25/20
$53M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
Bank of America, Evercore
Legal advisors:
Paul Hastings; Skadden, Arps, Slate, Meagher & Flom
Additional consideration:
Conditional milestone payments worth up to $887 million
Johnson & Johnson
Momenta Pharmaceuticals
8/19/20
$6,500M
$52.50
70%
Therapeutic focus:
Immune
Financial advisors:
Goldman Sachs, Centerview Partners
Legal advisors:
Latham & Watkins; Skadden, Arps, Slate, Meagher & Flom
Sanofi
Principia Biopharma
8/17/20
$3,680M
$100.00
10%
Therapeutic focus:
Immune
Financial advisors:
Evercore, Centerview Partners, Bank of America
Legal advisors:
Weil, Gotshal & Manges; Cooley
Bayer
KaNDy Therapeutics
8/11/20
$425M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
Morgan Stanley, Goldman Sachs
Legal advisors:
Linklaters; Goodwin Procter
Additional consideration:
Conditional milestone payments worth up to $450 million
Ligand Pharmaceuticals
Pfenex
8/10/20
$438M
$12.00
57%
Therapeutic focus:
Other
Financial advisors:
William Blair, Barclays
Legal advisors:
Wilson Sonsini Goodrich & Rosati; Latham & Watkins
Additional consideration:
Contingent value right worth $2.00 per share
Novo Nordisk
Corvidia Therapeutics
6/11/20
$725M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
J.P. Morgan
Legal advisors:
Davis Polk & Wardwell; Goodwin Procter
Additional consideration:
Conditional milestone payments worth up to $1.375 billion
UCB
Engage Therapeutics
6/5/20
$125M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
Lazard, BMO Capital Markets
Legal advisors:
Covington & Burling; Morgan, Lewis & Brockius
Additional consideration:
Conditional milestone payments worth up to $145 million
Alexion Pharmaceuticals
Portola Pharmaceuticals
5/5/20
$1,440M
$18.00
132%
Therapeutic focus:
Other
Financial advisors:
RBC Capital Markets, Centerview Partners
Legal advisors:
Cooley
Menarini Group
Stemline Therapeutics
5/4/20
$677M
$11.50
163%
Therapeutic focus:
Cancer
Financial advisors:
Goldman, PJT Partners, Bank of America
Legal advisors:
Fried, Frank, Harris, Shriver & Jacobson; Skadden, Arps, Slate, Meagher & Flom; Alston & Bird
Additional consideration:
Contingent value right worth $1.00 per share
Gilead
Forty Seven
3/2/20
$4,900M
$95.50
81%
Therapeutic focus:
Cancer
Financial advisors:
Citi, J.P. Morgan, Centerview Partners
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom; Cooley
BioNTech
Neon Therapeutics
1/16/20
$67M
$2.18
77%
Therapeutic focus:
Cancer
Financial advisors:
Ondra Partners
Legal advisors:
Covington & Burling; Goodwin Procter
Eli Lilly
Dermira
1/10/20
$1,100M
$18.75
2%
Therapeutic focus:
Immune
Financial advisors:
Evercore, Citi, SVB Leerink
Legal advisors:
Weil, Gotshal & Manges; Fenwick & West
Sanofi
Synthorx
12/9/19
$2,500M
$68.00
172%
Therapeutic focus:
Cancer
Financial advisors:
Morgan Stanley, Centerview Partners
Legal advisors:
Weill, Gotshal & Manges; Cooley
Merck & Co.
ArQule
12/9/19
$2,700M
$20.00
107%
Therapeutic focus:
Cancer
Financial advisors:
Bank of America, Centerview Partners
Legal advisors:
Covington & Burling; Skadden, Arps, Slate, Meagher & Flom
Astellas Pharma
Audentes Therapeutics
12/2/19
$3,000M
$60.00
110%
Therapeutic focus:
Rare
Financial advisors:
Morgan Stanley, Centerview Partners
Legal advisors:
Covington & Burling; Fenwick & West
Novartis
The Medicines Co.
11/24/19
$9,700M
$85.00
24%
Therapeutic focus:
Other
Financial advisors:
Goldman Sachs, J.P. Morgan
Legal advisors:
Paul, Weiss, Rifkind, Wharton & Garrison
Alkermes
Rodin Therapeutics
11/18/19
$100M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
N/A
Legal advisors:
WilmerHale; Goodwin Procter
Additional consideration:
Conditional milestone payments worth up to $850 million
Roche
Promedior
11/15/19
$390M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
N/A
Legal advisors:
Goodwin
Additional consideration:
Conditional milestone payments worth up to $1 billion
Alexion Pharmaceuticals
Achillion Pharmaceuticals
10/16/19
$930M
$6.30
73%
Therapeutic focus:
Immune
Financial advisors:
Centerview Partners
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom
Additional consideration:
Contingent value right worth $2.00 per share
UCB
Ra Pharma
10/10/19
$2,100M
$48.00
111%
Therapeutic focus:
Rare
Financial advisors:
Bank of America, Lazard, Centerview Partners
Legal advisors:
Covington & Burling; Latham & Watkins
Swedish Orphan Biovitrum (Sobi)
Dova Pharmaceuticals
9/30/19
$868M
$27.50
36%
Therapeutic focus:
Other
Financial advisors:
Morgan Stanley
Legal advisors:
Cravath, Swaine & Moore; Mannheimer Swartling Advokatbyrå
Additional consideration:
Contingent value right worth $1.50 per share
Lundbeck
Alder Biopharmaceutical
9/16/19
$2,000M
$18.00
79%
Therapeutic focus:
CNS
Financial advisors:
MTS Health Partners, PJT Partners, Centerview Partners
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom; Baker McKenzie; Cooley
Additional consideration:
Contingent value right worth $2.00 per share
Vertex
Semma Therapeutics
9/3/19
$950M
N/A
N/A
Amgen
Otezla
8/26/19
$13,400M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
Dyal, Goldman Sachs
Legal advisors:
Sullivan & Cromwell
Zogenix
Modis Therapeutics
8/26/19
$250M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
SVB Leerink
Legal advisors:
Lantham & Watkins; Fenwick & West
Additional consideration:
Conditional milestone paymnets worth up to $150 million
Bayer
Bluerock Therapeutics
8/8/19
$240M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
N/A
Legal advisors:
Orrick
Additional consideration:
Conditional milestone payments worth up to $360 million
AbbVie
Allergan
6/25/19
$63,000M
$120.30
45%
Therapeutic focus:
Other
Financial advisors:
Morgan Stanley, PJT Partners, J.P. Morgan
Legal advisors:
Kirkland & Ellis; McCann FitzGerald; Wachtell, Lipton, Rosen & Katz and Arthur Cox
Pfizer
Array Biopharma
6/17/19
$11,400M
$48.00
62%
Therapeutic focus:
Cancer
Financial advisors:
Guggenheim Securities, Morgan Stanley, Centerview Partners
Legal advisors:
Wachtell, Lipton, Rosen & Katz; Skadden, Arps, Slate, Meagher & Flom
Vertex
Exonics
6/6/19
$245M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth approximately $755 million
Merck & Co.
Peloton Therapeutics
5/21/19
$1,050M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
Credit Suisse, Centerview Partners
Legal advisors:
Covington & Burling; Wilson, Sonsini, Goodrich & Rosati
Additional consideration:
Conditional milestone payments worth up to $1.15 billion
Pfizer
Therachon Holding
5/8/19
$340M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
Goldman Sachs
Legal advisors:
Cooley; Homburger; Arnold & Porter; Lenz & Staehelin
Additional consideration:
Conditional milestone payments worth up to $470 million
Novartis
Xiidra
5/8/19
$3,400M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
Evercore
Legal advisors:
Davis, Polk & Wardwell
Additional consideration:
Conditional milestone payments worth up to $1.9 billion
Lundbeck
Abide Therapeutics
5/6/19
$250M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
Credit Suisse, Bank of America
Legal advisors:
Baker McKenzie; Goodwin Proctor
Additional consideration:
Conditional milestone payments of worth to $150 million
Novartis
IFM Tre
4/1/19
$310M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
N/A
Legal advisors:
Hogan Lovells
Additional consideration:
Conditional milestone payments of worth to $1.265 billion
Biogen
Nightstar Therapeutics
3/4/19
$800M
$25.50
68%
Therapeutic focus:
Rare
Financial advisors:
Goldman Sachs, Centerview Partners
Legal advisors:
Ropes & Gray; Skadden, Arps, Slate, Meagher & Flom
Sarepta Therapeutics
Myonexus Therapeutics
2/27/19
$165M
N/A
N/A
Therapeutic focus:
CNS
Financial advisors:
William Blair
Legal advisors:
Thompson Hine; Fenwick & West
Roche
Spark Therapeutics
2/25/19
$4,800M
$114.50
122%
Therapeutic focus:
Rare
Financial advisors:
Citi, Centerview Partners, Cowen
Legal advisors:
Davis Polk & Wardwell; Goodwin Proctor
Ipsen
Clementia Pharmaceuticals
2/25/19
$1,040M
$25.00
67%
Therapeutic focus:
Rare
Financial advisors:
Centerview Partners, Morgan Stanley
Legal advisors:
Goodwin Proctor; Davies, Ward, Phillips & Vineberg; Davies; Skadden, Arps, Slate, Meagher & Flom; Stikeman Elliott
Additional consideration:
Contingent value right worth $6.00 per share
Merck & Co.
Immune Design
2/21/19
$300M
$5.85
312%
Therapeutic focus:
Cancer
Financial advisors:
Credit Suisse, Lazard
Legal advisors:
Gibson, Dunn & Crutcher; Cooley
Eli Lilly
Loxo Oncology
1/7/19
$8,000M
$235.00
68%
Therapeutic focus:
Cancer
Financial advisors:
Deustche Bank, Goldman Sachs
Legal advisors:
Weil, Gotshal & Manges; Fenwick & West
Bristol Myers Squibb
Celgene
1/3/19
$74,000M
$102.43
54%
Therapeutic focus:
Cancer
Financial advisors:
Morgan Stanley, Citi, Evercore, Dyal, J.P. Morgan
Legal advisors:
Kirkland & Ellis; Wachtell, Lipton, Rosen & Katz
Additional consideration:
Contingent value right worth $9.00 per share (terminated)
GlaxoSmithKline
Tesaro
12/3/18
$5,100M
$75.00
62%
Therapeutic focus:
Cancer
Financial advisors:
PJT Parners, Bank of America, Citi, Centerview Partners
Legal advisors:
Shearman & Sterling; Slaughter and May; Hogan Lovells; Ropes & Gray
Roche
Jecure Therapeutics
11/27/18
CHF150M
N/A
N/A
Novartis
Endocyte
10/18/18
$2,100M
$24.00
54%
Therapeutic focus:
Cancer
Financial advisors:
Centerview Partners, Jefferies
Legal advisors:
Faegre Baker Daniels
Roche
Tusk Therapeutics
9/27/18
€70M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
N/A
Legal advisors:
N/A
Additional consideration:
Conditional milestone payments worth up to 585 million euros
Alexion Pharmaceuticals
Syntimmune
9/26/18
$400M
N/A
N/A
Therapeutic focus:
Immune
Financial advisors:
N/A
Legal advisors:
Foley Hoag; Goodwin Proctor; Sullivan & Cromwell
Additional consideration:
Conditional milestone payments worth up to $800 million
Amicus Therapeutics
Celenex
9/20/18
$100M
N/A
N/A
Therapeutic focus:
Rare
Financial advisors:
RBC
Legal advisors:
Skadden, Arps, Slate, Meagher & Flom; Fenwick & West
Additional consideration:
Conditional milestone payments worth up to $352 million
Boehringer Ingelheim
ViraTherapeutics
9/13/18
$210M
N/A
N/A
Therapeutic focus:
Cancer
Financial advisors:
N/A
Legal advisors:
Gleiss Lutz
Additional consideration:
The total transaction value is based on an option and share purchase agreement signed in August 2016
Emergent Biosolutions
Adapt Pharma
8/28/18
$635M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
Morgan Stanley, Bank of America
Legal advisors:
Covington & Burling; Mayer Brown
Additional consideration:
Conditional milestone payments worth up to $100 million
Sangamo Therapeutics
TxCell
7/23/18
$80M
$2.99
177%
Otsuka
Visterra
7/11/18
$430M
N/A
N/A
Akebia Therapeutics
Keryx Biopharmaceuticals
6/28/18
$528M
N/A
N/A
Therapeutic focus:
Other
Financial advisors:
MTS Health, Evercore, J.P. Morgan Perella Weinberg Partners
Legal advisors:
Lantham & Watkins; Goodwin Proctor
Eli Lilly
AurKa Pharma
5/14/18
$110M
N/A
N/A
Eli Lilly
Armo Biosciences
5/10/18
$1,600M
$50.00
68%
Therapeutic focus:
Cancer
Financial advisors:
Credit Suisse, Centerview Partners, Jefferies
Legal advisors:
Wachtell, Lipton, Rosen & Katz; Gunderson Dettmer
Takeda
Shire
5/7/18
$62,000M
$30.33
27%
Therapeutic focus:
Rare
Financial advisors:
Evercore, JP Morgan, Nomura, Goldman Sachs, Citi, Morgan Stanley
Legal advisors:
Linklaters; Nishimura & Asahi; Ogier; Slaughter and May; Davis, Polk & Wardwell; Nagashima Ohno & Tsunematsu; Mourant Ozannes
Johnson & Johnson
BeneVir Biopharm
5/2/18
$140M
N/A
N/A
United Therapeutics
SteadyMed
4/30/18
$141M
$4.46
68%
Therapeutic focus:
Rare
Financial advisors:
Wedbush PacGrow
Legal advisors:
Gibson, Dunn & Crutcher; Herzog, Fox & Neeman; Cooley; Yigal Arnon & Co.
Additional consideration:
Conditional milestone payment worth $2.63 per share, or a total of $75 million
Alexion Pharmaceuticals
Wilson Therapeutics
4/11/18
$855M
$28.00
N/A
Therapeutic focus:
Rare
Financial advisors:
Bank of America, Deutsche Bank, DNB Markets, Lazard
Legal advisors:
Advokatfirman Cederquist; Ropes & Gray; Vinge
Novartis
AveXis
4/9/18
$8,700M
$218.00
88%
Therapeutic focus:
CNS
Financial advisors:
Goldman Sachs, Centerview Partners, Dyal
Legal advisors:
Cravath, Swaine and Moore; Cooley
Merck & Co.
Viralytics
2/21/18
$394M
$1.37
185%
Therapeutic focus:
Cancer
Financial advisors:
Credit Suisse, Lazard
Legal advisors:
Baker & McKenzie; McCullough Robertson
SeaGen
Cascadian Therapeutics
1/31/18
$614M
$10.00
69%
Therapeutic focus:
Cancer
Financial advisors:
Leerink Partners, Barclays, J.P. Morgan Perella Weinberg Partners
Legal advisors:
Sullivan & Cromwell; Reed Smith; Goodwin Procter
Sanofi
Ablynx
1/29/18
$4,800M
$56.00
21%
Therapeutic focus:
Rare
Financial advisors:
Lazard, J.P. Morgan, Morgan Stanley
Legal advisors:
Weil, Gotshal & Manges; NautaDutilh; Eubelius CVBA; Goodwin Procter; Linklaters
Sanofi
Bioverativ
1/22/18
$11,600M
$105.00
64%
Therapeutic focus:
Rare
Financial advisors:
Lazard, Guggenheim Securities, J.P. Morgan
Legal advisors:
Weil, Gotshal & Manges; Paul, Weiss, Rifkind, Wharton & Garrison
Celgene
Juno Therapeutics
1/22/18
$9,000M
$87.00
29%
Therapeutic focus:
Cancer
Financial advisors:
J.P. Morgan, Morgan Stanley
Legal advisors:
Proskauer Rose; Hogan Lovells; Skadden, Arps, Slate, Meagher and Flom
Takeda
TiGenix
1/4/18
€520M
€1.78
82%
Therapeutic focus:
Other
Financial advisors:
Centerview Partners, Cowen & Co.
Legal advisors:
Osborne Clarke CVBA; Davis, Polk & Wardwell; DLA Piper
*Premiums are calculated from the closing price of the acquired company's shares on the previous trading day.
For this story, BioPharma Dive looked only at companies developing human medicines. The mergers and acquisitions included in the database are limited by certain criteria, namely that they must be for an entire company — not for product licensings, options to acquire or for partial equity stakes.
Two exceptions: Amgen's $13.4 billion acquisition of the psoriasis medicine Otezla and Novartis' $3.4 billion acquisition of the dry eye drug Xiidra, which are included for their notable size and importance to the acquirer.
Additionally, the database is limited to deals valued at a minimum of $50 million upfront. Total consideration can reflect both cash and equity offered upfront in exchange for the acquired company’s shares, but deals in which the upfront payment was not specified, or was less than $50 million, were not included.
Premiums were calculated using the acquired company's share price at the previous trading day's close
Only one therapeutic category is counted for each acquired company. For those with multiple focuses, the chosen therapeutic area is based on lead asset or, lacking one that's distinctly identified, the company is classified under "other."
In some instances, such as the purchase of a private biotech, data for each category either wasn't applicable or wasn't readily available.
https://www.biopharmadive.com/news/biotech-pharma-deals-merger-acquisitions-tracker/604262/
