Deals In Depth: February 2023

 
• By Deanna Kamienski and Maureen Riordan

Two $1bn+ alliances were penned in February. Topping the list was a potential $1.16bn deal between AstraZeneca and KYM Biosciences (a joint venture company of Keymed Biosciences and Lepu Biopharma, of which Keymed owns 70%). Under the exclusive global agreement, AstraZeneca will develop, manufacture and commercialize CMG901, a Phase I antibody drug conjugate for the treatment of Claudin 18.2-positive solid tumors including gastric cancers.

Deals In Depth

In the top February M&A by deal value, Abbott entered into a definitive agreement to acquire Cardiovascular Systems for $20 per share (a 44% premium), or $890m. Founded in 1989, Cardiovascular Systems is a medical device company focused on the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease. The company's orbital atherectomy system treats calcified and fibrotic plaque in arterial vessels throughout the leg and heart and addresses many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives. CSI also has an early-stage pipeline of complementary vascular intervention devices in development. Financing reached $3.9bn in biopharma, $296m in device, and $108m in diagnostics.

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