2024-09-23-艾昆纬-艾昆纬年IQVIA医药交易半年回顾（英）_17页_1mb

IQVIA Pharma Deals H1 2024 Summary

Overview of Deal Activity

• Overall Deal Count: Deal volume decreased by 20% compared to H1 2023, with companies prioritizing quality over quantity amidst macroeconomic uncertainty.
• Aggregate Deal Value Decline (Excluding Mega-Deal): When excluding the Pfizer/Seagen mega-deal (US$43B), the aggregate and mean deal values for M&A significantly increased (54%) in H1 2024, while the median rose sharply (307%).
• Big Deals Was Still Off: Despite increased values, large ($1B+) transactions remained rare due to regulatory scrutiny, with only two deals exceeding US$10M in value.
• Therapeutic Area Focus: Oncology retained its lead in dealmaking volume, while licensing deal spend rose for the first time in years.

Key Developments & Trends

• M&A Activity: Despite lower volume, deal values increased significantly due to companies focusing on bolt-on deals for pipeline enhancement and avoiding high-risk mega-deals.
• Licensing Agreements: Licensing deal volume decreased by 24% compared to H1 2023. However, deal values increased (+22%) driven by higher upfront payments and a shift towards later-stage assets.
  • Top Deal Findings: Significant upfront payments reached US$500M, median upfront payments doubled.
• Pharma Giants Activity (M&A):
  • Janssen (J&J) emerged as the most active dealmaker in H1 2024 (20 deals), focusing on oncology and immunology assets, acquiring a portfolio of pipeline assets.
  • Other major players (Novo Nordisk, AbbVie, Sanofi, Gilead) engaged heavily in acquisitions and partnerships for key assets (e.g., Alzheimer's investing, obesity-focused partnerships).
• Therapeutic Areas: Oncology maintained its position as the top therapeutic area for deal volume. R&D collaborations involving partnerships like CRISPR therapeutics and platforms also saw activity.

Outlook & Challenges

• Market Uncertainty: Macro-economic factors and regulatory concerns continue to moderate deal activity.
• Insect Pharmaceuticals: Large, transformative deals remain discouraged despite a redirection towards targeted bolt-ons for pipeline enhancement.
• Patent Cliff: The expiration of blockbuster drugs puts pressure on legacy pharma companies to invest heavily.

Conclusion

H1 2024 saw slightly reduced deal volume in the pharma sector but significantly higher valuations for the deals that occurred. Oncology and immunology remain key focus areas. While M&A remains crucial, licensing deals showed renewed strength in values. Companies continue to navigate a cautious investment environment driven by macroeconomic and regulatory pressures.