Biopharma merger and acquisition (M&A) activity in 2021 so far is showing signs of returning to typical levels following the disruption of the pandemic. Although there have been no mega-mergers, most of the top 10 M&As in biopharma by deal value up to August 2021 had a value greater than $1 billion (Table 1; data provided by DealForma). The largest value acquisition took place in February 2021, as Jazz Pharmaceuticals acquired GW Pharmaceuticals for $7.2 billion, gaining its approved therapy Epidiolex (cannabidiol), which is indicated for seizures associated with rare forms of epilepsy, as well as a pipeline of cannabinoid-based drug candidates.
The success of mRNA vaccines for COVID-19 has provided a boost to the wider field of mRNA-based products. In the second-highest-value M&A, Sanofi recently acquired long-term partner and clinical mRNA therapeutics company Translate Bio for $3.2 billion. The deal includes two vaccine candidates for which development was initiated through a 2018 deal between the two companies. This acquisition is the second mRNA-focused deal this year for Sanofi, which acquired Tidal Therapeutics and its mRNA technology platform for in vivo profiling of immune cells for $470 million in April 2021.
Table 1 | Top ten mergers and acquisitions by total deal value in 2021
Seller |
Buyer |
Date |
Total deal value ($ million) |
Upfront payment and cash equity ($ million) |
Stage at deal announced |
Assets involved |
GW Pharmaceuticals |
Jazz Pharmaceuticals |
February 2021 |
$7,200 |
$7,200 |
Approved |
Approved: Epidiolex. |
Translate Bio |
Sanofi |
August 2021 |
$3,200 |
$3,200 |
Phase 2 |
Phase 2: MRT5005, an inhaled mRNA for CF; phase 1: MRT5500, an mRNA vaccine for COVID-19 already partnered with Sanofi. |
Viela Bio |
Horizon Therapeutics |
February 2021 |
$3,050 |
$3,050 |
Approved |
Approved: Uplizna, a B cell-depleting humanized mAb for rare neuromyelitis optica spectrum disorder; phase 2: VIB4920 and VIB7734; phase 1: VIB1116. |
TeneoBio |
Amgen |
July 2021 |
$2,500 |
$900 |
Phase 1 |
Phase 1: TNB-585, a bispecific T cell engager for metastatic castrate-resistant prostate cancer. |
Five Prime Therapeutics |
Amgen |
March 2021 |
$1,900 |
$1,900 |
Phase 3 |
Phase 3: bemarituzumab, an anti-FGFR2b antibody. |
Pandion Therapeutics |
Merck & Co. |
February 2021 |
$1,850 |
$1,850 |
Phase 1 |
Phase 1: PT101; TALON technology. |
Constellation Pharmaceuticals |
MorphoSys |
June 2021 |
$1,700 |
$1,700 |
Phase 3 |
Phase 3: pelabresib, a BET inhibitor for myelofibrosis; phase 2: CPI-0209, a second-generation EZH2 inhibitor for hematological and solid tumors. |
Kymab Group |
Sanofi |
January 2021 |
$1,500 |
$1,100 |
Phase 2 |
Phase 2a: KY1005, a human mAb targeting immune system regulator OX40L for moderate to severe atopic dermatitis. |
Protomer Technologies |
Eli Lilly and Co. |
July 2021 |
$1,000 |
$1,000 |
Platform |
Peptide and protein engineering platform. |
Arvelle Therapeutics |
Gruppo Angelini |
January 2021 |
$960 |
ND |
Approved |
Approved: Cenobamate. |
