Deals in Depth: July 2024

Executive Summary

Three $1bn+ alliances were penned in July. In the top alliance by deal value, Dren Bio teamed up with Novartis for the discovery and development of therapeutic bispecific antibodies for cancer using Dren Bio’s proprietary targeted myeloid engager and phagocytosis platform. The deal could be worth up to $3bn. The companies will collaborate to advance selected targeted myeloid engager programs in oncology through clinical candidate selection, at which point Novartis will assume full responsibility for all remaining development, manufacturing, regulatory and commercialization activities. In the top M&A, Eli Lilly penned a definitive agreement to acquire Morphic Therapeutic for $57 per share or approximately $3.2bn. Morphic's pipeline includes integrin therapies for autoimmune and fibrotic diseases and cancer and is led by Phase IIb candidate MORF-057. The selective oral small molecule inhibitor of α4β7 integrin is being evaluated for ulcerative colitis and Crohn's disease. It could provide Lilly with a strong competitor to Takeda Pharmaceuticals' marketed IBD therapy Entyvio (vedolizumab). Financing reached $4.6bn in biopharma, $769m in devices, and $373m in diagnostics.