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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,includingcontingentconsideration,ofallM&AA1.1.DEA1.S20222023CHANGEAggregatevalue
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