In September 2024, the pharmaceutical industry reported 112 deals with a total value of $4.2 billion. This represents a 45.4 per cent decline compared to the same period in 2023. Despite the drop in deal value, the number of deals surpassed the last 12-month average, which stood at 92 deals, although the average deal value during the same timeframe, from September 2023 to August 2024, was much higher at $17.7 billion.
Significant deals in September 2024 included Organon & Co’s acquisition of Dermavant Sciences, a biopharmaceutical company, for approximately $1.2 billion. Genentech USA Inc. also made a notable contribution by acquiring Regor’s portfolio of next-generation CDK inhibitors for breast cancer treatment for $850 million. Additionally, Haleon plc acquired a 33 per cent equity interest in Tianjin TSKF Pharmaceutical Co. Ltd. from its partners for $636.3 million. These three deals collectively accounted for 64 per cent of the total deal value for the month.
Venture capital (VC) investment within the pharma industry saw a minor decline of 4.8 per cent in September 2024 compared to the same month in 2023. The industry recorded 110 VC deals worth $2.9 billion in September 2024, compared to the last 12-month average of 102 deals worth $2.6 billion from September 2023 to August 2024.
Candid Therapeutics Inc., a biotechnology company, raised $370 million in financing to evaluate transformative autoimmune therapies. Arsenal Biosciences, Inc., a clinical-stage programmable cell therapy company, secured $325 million in a series C round to advance its cell therapy programs. eGenesis Inc., a biotech firm developing human-compatible engineered organs to address the global organ shortage, raised $191 million in series D funding to further its kidney transplant program.
These major VC deals in September 2024 reflect the ongoing investment focus within the pharmaceutical industry on innovative therapies and technology-driven healthcare solutions.