Fierce Biotech's Quarterly IPO and M&A Roundup: Q2'24

Biopharma deal activity plummeted down to Earth in the second quarter, with just a handful of M&A transactions and IPOs studding the mostly dark skies.

The slow quarter follows an exciting first one in which pharma finally spent some of the trillions in cash hanging around for such transactions. 

Standouts of the second quarter M&A activity were Novartis’ acquisition of Mariana Oncology, a no-brainer deal from the leading radiopharma company. Novartis is shelling out $1 billion upfront for Mariana to tuck in some additional radioligand assets to its roster that includes Pluvicto and Lutathera. The Swiss pharma specifically wanted to get its hands on Mariana due to its focus on the radioactive metallic element actinium, which would provide differentiation.

The deal followed a number of Big Pharma forays into radiopharma in previous quarters, including biotech buyouts executed by Eli Lilly and Bristol Myers Squibb.

Another big ticket in the second quarter was Biogen’s $1.15 billion acquisition of Human Immunology Biosciences (HI-Bio). With CEO Chris Viehbacher hungry to diversify Biogen’s future, HI-Bio brings an anti-CD38 monoclonal antibody that is soon to enter phase 3 trials in multiple rare immune-mediated indications.

See last quarter's report here: Fierce Biotech's Quarterly IPO and M&A Roundup: Q1'24

Merck & Co. signed the largest deal of the quarter, buying ophthalmology-focused Eyebiotech for $3 billion. The deal features $1.3 billion in cash upfront and $1.7 billion in potential milestones.

Over on the IPO markets, the second quarter saw a total of four biotechs prepare to jump to the Nasdaq. Actuate Therapeutics unveiled plans for a $50 million IPO, while Rapport Therapeutics closed its own offering to the tune of $136 million—which rose to $174 million once underwriters took up their option to buy additional shares. The third was immune-mediated disease biotech Alumis, which downsized its plans for a $274 million IPO in the final days of June to eventually comprise $250 million spread across both an IPO and private placement.

On the same day Alumis went public, NK cell therapy biotech Artiva Biotherapeutics also revealed that it is planning an IPO, although details remain limited at this stage.

And then there was Telix Pharmaceuticals, which yanked its offering at the very last minute. The radiopharma-focused biotech, which has been listed on the Australian Securities Exchange since 2017, had been due to join the Nasdaq on June 14. The IPO had been expected to draw $183 million—or $211 million if underwriters took up their full option.

Instead, the company walked it back, stating: “Given the proposed Nasdaq listing was not predicated on the need to raise capital, Telix’s management and board of directors have decided not to move forward with the transaction at the terms provided under current market conditions.”