IQVIA Pharma 交易

WhitePaper IQVIAPharmaDeals Reviewof2023 LUCYHAGGERTY,Analyst,GlobalMarketInsights,IQVIA AYUSHSAXENA,SeniorInsightsAssociate,GlobalMarketInsights,IQVIA TASKINAHMED,AssociateDirector,GlobalMarketInsights,IQVIA 2|IQVIAPharmaDeals–Reviewof2023 Tableofcontents Introduction—Continuingmarketuncertaintiesfocusesdealmaking3 withrisingdealvaluations M&Adealvaluesholdup4 Merck&Co.retainstitleofprolificdealmaker8 Licenseesdrivedealvolumedownbutvaluesup11 CNSdiseasesjumpuptherankingsasoncologystillleads16 R&Dallianceactivityslows17 Outlookfor202421 Abouttheauthors22 Introduction Continuingmarketuncertaintiesfocusesdealmakingwithrisingdealvaluations Afterreachingamultiyearlowin2022,dealactivityinthelifesciencessectorcontinuedtoslowin2023aschallengingheadwindspersisted,deterringcompaniesfromsigningM&A,licensingandcollaborativeR&Ddealsoverthecourseoftheyear.M&Aactivitycontinueditsdeclinefrom2022to2023asthefragilemacroeconomicenvironmentandenhancedantitrustscrutinykeptdealvolumesdown.Nevertheless,aggregatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthistotal. Licensingdealflowforlifesciencecompaniesremainedbelowpre-pandemiclevelsin2023aslicenseeswereselectiveinthetypesofassetsthey INCREASEINM&ASPEND 37% in-licensedastheyreprioritizedtheirportfolios.Afterashifttoearlierstagedealmakingin2022,clinicalstagedealsaccountedforagreaterproportionoftherapeuticlicensingactivityin2023asriskaversecompanieslookedtoinvestinmoreestablishedproducts.Whiletheaggregatelicensingdealspendwassomewhatmaintainedfrom2022to2023,averagedealvaluesincreasedthankstoahandfulofhigh-valuedmulti-programlicensingdeals.Inastarkcontrastto2022,averageupfrontpaymentssoaredin2023ascompaniesweremorewillingtocommitlargesumsofbiodollarstopromisingorde-riskedlate-stageassets,suggestingareturntoblockbusterlicensefeesinthesector. AggregatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthistotal. Merck&Co.wastheleadingpharmaceuticaldealmakerintermsofdealvolumewhilePfizercommittedtothehighesttotaldealspend.Intermsofdealvolume,oncologywasagaintheleadingtherapeuticareaforpartneringdeals,butdealmakinginnearlyalltherapyareaswassuppressedrelative to2022.Despitetheneedtodrivelong-termgrowth,collaborativeR&Dactivityplummetedin2023as keyplayersinthelifesciencessectornarrowedtheirtherapeuticareasoffocus,seekingonlyinnovativetherapiesandtechnologiesthatcomplementedtheirexistingportfolios. M&Adealvaluesholdup Alike2022,dealactivityinthelifesciencessectorremainedmutedin2023ascontinuedmacroeconomicchallenges,soaringinflationandregulatoryscrutinydeterredrisk-aversecompaniesfromentering certaintransactions.Excludingstandaloneresearchgrants,thetotalnumberofagreementssignedinthelifesciencessectorfellby27%from2022to2023accordingtotheIQVIAPharmaDealsdatabaseofpubliclydiscloseddealactivity(Figure1).Followingtheusualpattern,totaldealvolumewashighestinQ12023andsteadilyslowedastheyearprogressed whereasM&Aactivitywasmorestablethroughouttheyear(Figure2). Biotechfinancingoptionscontinuedtobeconstrainedin2023asthetightcapitalenvironmentcausedinvestorappetitetocoolconsiderably.Biotechindicesperformedpoorlyoverthecourseoftheyear,despiteamodestreboundinthefourthquarter;theNasdaqBiotechIndex,forexample,endedtheyearonly slightlyabovewhereitbegan.AccordingtoJPMorgan’s2023AnnualBiopharmaLicensingandVenturereport,afterpeakingin2021,venturecapital(VC)fundinginthebiopharmaceuticalsectorremainedmutedin2023asVCfirmsweremoreselectiveinwheretodedicatetheirinvestments.Inturn,IPOsinthelifesciences Figure1:Numberofdeals(excludingfundingawards),2019–2023 6,000 5,000 Numberofdeals 4,000 3,000 2,000 1,000 0 20192020202120222023 Alldealsexcl.funding Source:IQVIAPharmaDeals. Figure2:Dealssignedin2023bymonth 350 300 Numberofdeals 250 200 150 100 50 JanuaryFebruaryMarchAprilMayJune JulyAugustSeptemberOctoberNovember December 0 AlldealsM&A Source:IQVIAPharmaDeals. sectorremainedsidelinedin2023,withonlyahandfulofcompaniesmakingtheirpublicdebut.Afterhavingtheupperhandin2020and2021,biotech’swereheavilyreliantonprospectivepartnersandbuyerstohelpraisecashandstayafloat.Theongoingchallengesforcedsomebiotechstoshutdownordivestprogramstofocusonmoreadvancedassetsorupthepaceof lay-offsinthehopetoextendtheircashrunways. Afteradownturnin2022,M&Aactivityremainedslowinthelifesciencessectorin2023ascontinuedmarketvolatilityandtherisingcostofcapitaldiscouragedcompaniesfromenteringtransactionsperceivedasrisky.Despitetheannouncementofthefirst mega-mergersince2019,bigpharmacontinuedtooptformodestlypricedbolt-onacquisitionsopposedtohigh-tickettransformationaldeals,asthethreatofincreasedregulatoryscrutinymeantmega-mergerswouldbepotentiallysubjecttoprolongedtimelines. Assuch,thevolumeoflifescienceM&Adeals(definedhereasMergers,BusinessAcquisitionsandDivestments,signedbutnotnecessarilycompleted)announcedin2023fell27%from2022,inlinewiththeslowdowninoveralldealactivitytoreacha5-yearlow(Figure3).However,atUS$198B,theaggregatetotalvalu