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[Related: Pharma M&A resurgence: An overview of recent deal-making trendsd]
Astellas aims to pick up Iveric Bio
Astellas Pharma, the second largest Japanese pharma firm after Takeda, intends to acquire the biopharma Iveric Bio for roughly $1.7 billion. Iveric focuses on developing novel therapies for retinal diseases.
Astellas believes the acquisition of Iveric Bio will bolster its standing in the ophthalmology market, by adding the latter’s pipeline products to its portfolio.
Pfizer plans to acquire Seagen
New York City–based Pfizer has recently been on a shopping spree, scooping up Trillium Therapeutics, Biohaven, Global Blood Therapeutics, and Arena Pharmaceuticals. Now, the company has unveiled its plans to acquire Seagen (Nasdaq:SGEN), a Seattle biotech firm focused on oncology. The proposed acquisition, valued at $43 billion, awaits regulatory approval. Pfizer plans to offer $229 per share for Bothell, Washington-based Seagen, which was founded in 1997 as Seattle Genetics.
The acquisition has the potential to bolster Pfizer’s standing in oncology. Seagen is a frontrunner in the development of a class of medication known as antibody-drug conjugates (ADCs). ADCs employ antibodies to ferry small molecule drugs directly to tumors, potentially mitigating side effects and enhancing efficacy.
Last year, Seagen generated more than $2 billion in revenue.
While Pfizer’s revenue has soared in recent years, its stock has eroded as investors worry about the company’s reliance on COVID-19 products, as Zacks notes.
Sanofi plans to scoop up Provention Bio for close to $3B
French pharmaceutical giant Sanofi has agreed to acquire Provention Bio (Nasdaq:PRVB)., a U.S.-based biopharma focused on intercepting and preventing immune-mediated diseases such as type 1 diabetes. The deal is valued at $2.9 billion, or $25.00 per share in cash. The deal would add a novel diabetes drug known as Tzield to Sanofi’s cardiometabolic portfolio. A full course of the drug has a wholesale cost of close to $200,000.
On March 13, Provention Bio shares skyrocketed 260% after Sanofi announced the news.
Chiesi offers to buy Amryt in all-cash deal worth $1.5B
On January 9, privately-held biopharma Chiesi Farmaceutici revealed its intent to purchase Amryt Pharma, a biopharma firm specializing in rare diseases. The proposed all-cash transaction is valued at up to $1.47 billion. The closing of the deal entails an upfront consideration of roughly $1.25 billion, with an additional $225 million in contingent value rights (CVRs) as potential further compensation.
AstraZeneca agrees to acquires CinCor for $1.8 billion
British-Swedish conglomerate AstraZeneca announces $1.8 billion acquisition of CinCor Pharma
AstraZeneca has announced the $1.8 billion acquisition of CinCor Pharma, which is focused on resistant and uncontrolled hypertension and chronic kidney disease. The acquisition would thus strengthen AstraZeneca’s cardiorenal pipeline. CinCor’s lead asset is baxdrostat, a highly selective, oral small molecule inhibitor of aldosterone synthase for hypertension.
Amgen’s pending $27.8B acquisition of Horizon Therapeutics
One of the pharma M&A deals slated to close in 2023 is Amgen’s pending $27.8 billion acquisition of Horizon Therapeutics (Nasdaq:HZNP), which focuses on rare and rheumatic diseases. In 2022, Horizon generated $3.6 billion in revenue. Horizon’s chief revenue driver is Tepezza, a drug to treat thyroid eye disease. Other notable drugs in its portfolio include Krystexxa, Ravicti, Procysbi, Actimmune and Uplizna.
According to Jefferies, the deal could help Amgen counteract a potential $30 billion sales shortfall it could face in the coming years due to biosimilar competition.
The acquisition is not a done deal, however. In February, the companies disclosed that it has received a second request for information from the FTC. DOJ and FTC have vowed to step up antitrust enforcement. While FTC is taking longer to review proposed M&A activity, it isn’t clear whether the federal government is increasingly obstructing such transactions, according to Evaluate.
Filed Under: Drug Discovery and Development
