The top 10 biopharma M&A deals of 2023

Source: Fierce Pharma

While the biopharma industry’s dealmaking totals have yet to eclipse the heady highs of 2019, mergers and acquisitions were back on the menu in a big way in 2023.

Last year, the value of the top 10 M&A deals in the biopharma industry came to $115.8 billion, outranking prior sums from 2022, 2021 and 2020, which came to $65 billion, $53 billion and $97 billion, respectively. 

While 2023 didn’t bring buyouts on the scale of Bristol Myers Squibb’s massive Celgene acquisition or AbbVie’s $63 billion buyout of Allergan, the industry appears to have shaken off some of the caution of the last few years.

Topping the 2023 list is Pfizer’s $43 billion merger with Seagen. That deal, announced in mid-March, came amid a flurry of interest in the booming field of antibody-drug conjugates (ADCs), which was also reflected in AbbVie’s proposed $10.1 billion takeover of ImmunoGen.

While other top deals came in at considerably less cost than Pfizer’s acquisition, the year played host to multiple sizable M&A moves, including BMS’ $14 billion bid for neuroscience specialist Karuna Therapeutics.

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Speaking of neuroscience, the field—much like ADCs—caught considerable interest over the past year, as evinced not only by BMS’ Karuna buy but AbbVie’s $8.7 billion takeover of Cerevel Therapeutics, too.

Besides those agreements, Bristol made two other agreements that earned spots on this report. Roche and Biogen each made plays to bolster their presence in key disease areas.

Astellas, meanwhile, inked a buyout that’s already provided the Japanese drugmaker with an important new launch.

Five deals included in this report feature drugs that were previously approved or that gained approvals in 2023. Bristol’s Karuna buy, meanwhile, could provide the pharma giant with a launch opportunity by the end of 2024.

1. Pfizer and Seagen

Deal value: $43 billion
Premium: 33% above previous closing price
Date announced: March 13

2. Bristol Myers Squibb and Karuna Therapeutics

Deal value: $14 billion
Premium: 53% above previous closing price
Date announced: December 22

3. Merck and Prometheus Biosciences

Deal value: $10.8 billion
Premium: 75% above previous closing price
Date announced: April 16

4. AbbVie and ImmunoGen

Deal value: $10.1 billion
Premium: 95% above previous closing price
Date announced: November 30

5. AbbVie and Cerevel Therapeutics

Deal value: $8.7 billion
Premium: 26% above previous closing price
Date announced: December 6

6. Biogen and Reata Pharmaceuticals

Deal value: $7.3 billion
Premium: 59% above previous closing price
Date announced: July 28

7. Roche and Telavant Holdings

Deal value: $7.1 billion
Premium: N/A
Date announced: October 23

8. Astellas and Iveric Bio

Deal value: $5.9 billion
Premium: 22% over previous closing price
Date announced: April 30

9. Bristol Myers Squibb and Mirati Therapeutics

Deal value: $4.8 billion (plus $1 billion contingent value right)
Premium: 52% above 30-day average ending October 4
Date announced: October 8

10. Bristol Myers Squibb and RayzeBio

Deal value: $4.1 billion
Premium: 104% above previous closing price
Date announced: December 26

Complete report can be read here

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