The top 10 biopharma M&A deals of 2023

05 Feb 2024
www.fiercepharma.com
AcquisitionADC
The top 10 biopharma M&A deals of 2023
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Source: FiercePharma
Biopharma dealmakers appear to have shaken off some of the caution associated with M&A in recent years.
While the biopharma industry's dealmaking totals have yet to eclipse the heady highs of 2019, mergers and acquisitions were back on the menu in a big way in 2023.
Last year, the value of the top 10 M&A deals in the biopharma industry came to $115.8 billion, outranking prior sums from 2022, 2021 and 2020, which came to $65 billion, $53 billion and $97 billion, respectively.
While 2023 didn’t bring buyouts on the scale of Bristol Myers Squibb's massive Celgene acquisition or AbbVie’s $63 billion buyout of Allergan, the industry appears to have shaken off some of the caution of the last few years.
Topping the 2023 list is Pfizer’s $43 billion merger with Seagen. That deal, announced in mid-March, came amid a flurry of interest in the booming field of antibody-drug conjugates (ADCs), which was also reflected in AbbVie’s proposed $10.1 billion takeover of ImmunoGen.
While other top deals came in at considerably less cost than Pfizer’s acquisition, the year played host to multiple sizable M&A moves, including BMS’ $14 billion bid for neuroscience specialist Karuna Therapeutics.
Speaking of neuroscience, the field—much like ADCs—caught considerable interest over the past year, as evinced not only by BMS’ Karuna buy but AbbVie’s $8.7 billion takeover of Cerevel Therapeutics, too.
Besides those agreements, Bristol made two other agreements that earned spots on this report. Roche and Biogen each made plays to bolster their presence in key disease areas.
Astellas, meanwhile, inked a buyout that's already provided the Japanese drugmaker with an important new launch.
Five deals included in this report feature drugs that were previously approved or that gained approvals in 2023. Bristol's Karuna buy, meanwhile, could provide the pharma giant with a launch opportunity by the end of 2024.
Editor's note: Fierce Pharma ranked 2023's top M&A deals based on dollar values excluding any potential milestones or contingent value rights. Those portions of the deals, if applicable, are noted in the individual profiles.
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