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Deals in Depth: February 2024

 
• By Deanna Kamienski and Maureen Riordan

Just one $1bn+ alliance was penned in February, compared to ten in the previous month. In the top alliance by deal value, Neomorph and Novo Nordisk entered into a potential $1.46bn agreement for the discovery, development, and commercialization of molecular glue degraders (MGDs) for cardiometabolic and rare diseases. The collaboration brings together Novo Nordisk's expertise in those disease areas with Neomorph's MGD discovery platform. Neomorph will lead discovery and preclinical activities against selected targets with Novo Nordisk having the right to exclusively pursue further clinical development and commercialization of the compounds.

Deals In Depth

In the top M&A, NYSE-listed CDMO Catalent entered into a merger agreement with life sciences investor Novo Holdings, under which the latter will acquire Catalent in an all-cash transaction that values Catalent at $16.5bn on an enterprise value basis. Catalent is focused on delivery technologies and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products. Post-merger, Catalent’s shares will no longer trade on the NYSE and will become a private company. Financing reached $9.3bn in biopharma, $836.2m in device, and $488.8m in diagnostics.

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