If you’re tracking where Big Pharma deployed capital in 2024, $1B+ biopharma M&A is the cleanest signal. Below is a scannable tracker of 2024 $1B+ deals (public + private targets), using announced equity value or stated “up to” total consideration.
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What counts (methodology)
Included:
Announced in calendar 2024
Biopharma / biotech / therapeutics (drug assets, platforms, clinical-stage companies)
Deal value > $1B (equity value or stated “up to” total consideration)
Excluded:
Medtech devices, diagnostics-only, pure services/CDMO deals
Partnerships/licensing unless they are structured as acquisitions
2024 biopharma M&A deals > $1B (public + private)
Key: Deal Value = announced equity value or maximum potential value (“up to”). Upfront shown when explicitly disclosed in the announcement.
Announced (2024) | Target | Acquirer | Reported deal value >$1B | Structure / notes |
|---|---|---|---|---|
2024-01-08 | Ambrx Biopharma | Johnson & Johnson | ~$2.0B | All-cash; often cited as ~$2.0B equity value (with ~$1.9B net of cash in some disclosures). |
2024-01-09 | Aiolos Bio | GSK | Up to ~$1.4B | $1.0B upfront + up to $0.4B milestones. |
2024-01-23 | Inhibrx (INBRX-101 / transaction) | Sanofi | Up to ~$2.2B | Complex spin + CVR/contingent components (headline “up to” varies by source). |
2024-02-05 | MorphoSys | Novartis | €2.7B | All-cash public takeover offer (€68/share; €2.7B aggregate). |
2024-02-05 | Catalent | Novo Holdings | ~$16.5B | Take-private; Catalent is a CDMO (manufacturing). Related: Novo Nordisk to acquire 3 fill-finish sites from Novo Holdings for $11B. |
2024-02-12 | CymaBay Therapeutics | Gilead | $4.3B | All-cash; total equity value $4.3B. |
2024-03-14 | Amolyt Pharma | AstraZeneca | Up to $1.05B | $800M upfront + $250M contingent (regulatory milestone). |
2024-03-19 | Fusion Pharmaceuticals | AstraZeneca | ~$2.4B | $21/share cash + $3 CVR (reported transaction value ~$2.4B). |
2024-03-25 | Cardior Pharmaceuticals | Novo Nordisk | Up to €1.025B | Upfront + development/commercial milestones (up to €1.025B). |
2024-04-03 | ProfoundBio | Genmab | $1.8B | All-cash ($1.8B). |
2024-04-10 | Alpine Immune Sciences | Vertex | ~$4.9B | $65/share cash; ~$4.9B total equity value. |
2024-04-29 | Deciphera Pharmaceuticals | Ono Pharmaceutical | ~$2.4B | All-cash; widely reported as ~$2.4B. |
2024-05-02 | Mariana Oncology | Novartis | Up to ~$1.75B | $1.0B upfront + up to $0.75B milestones. |
2024-05-22 | HI-Bio | Biogen | Up to ~$1.8B | $1.15B upfront + up to $0.65B milestones. |
2024-05-28 | Calliditas Therapeutics | Asahi Kasei | ~SEK 11.8B | Total equity value ~SEK 11.8B (often cited as ~$1.1B). |
2024-05-29 | EyeBio | Merck (MSD) | Up to $3.0B | $1.3B upfront + up to $1.7B milestones. |
2024-07-08 | Morphic Holding | Eli Lilly | ~$3.2B | $57/share cash; aggregate ~$3.2B. |
2024-07-29 | Nerio Therapeutics | Boehringer Ingelheim | Up to $1.3B | “Up to $1.3B” reported. |
2024-09-18 | Dermavant Sciences | Organon | Up to $1.2B | Reported “up to $1.2B” acquisition. |
2024-10-14 | Longboard Pharmaceuticals | Lundbeck | ~$2.6B | Total transaction value ~$2.6B equity value. |
2024-10-23 | Modifi Biosciences | Merck | Up to $1.3B | $30M upfront + milestones up to $1.3B. |
2024-10-28 | Aliada Therapeutics | AbbVie | $1.4B | All-cash $1.4B (reported). |
2024-11-21 | Kate Therapeutics | Novartis | ~$1.1B | Combination of upfront + milestone payments reported. |
2024-11-26 | Poseida Therapeutics | Roche | Up to ~$1.5B | $9/share cash + CVR up to $4/share; premium referenced to 25 Nov close in some materials. |
What the 2024 $1B+ tape is really saying
A few patterns jump out:
1) Big Pharma paid up for modality platforms, not just single assets.
Radioligands (Novartis–Mariana; AZ–Fusion), RNA/CV biology (Novo–Cardior), and differentiated biologics (GSK–Aiolos) reinforce that “platform leverage” still commands premium checks.
2) Milestones are back as a risk-transfer tool.
Multiple 2024 deals lean heavily on contingent value and “up to” math—buyers keep headline size while pushing real payout behind clinical/regulatory proof (e.g., Mariana, HI-Bio, EyeBio, Modifi).
3) Therapeutic “gravity wells” stayed consistent: oncology, immunology, and rare disease.
Even with noisy macro, the biggest checks clustered where probability-adjusted revenue still pencils: oncology (including radiopharma), immune-mediated disease, and specialty/rare categories.
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