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2024 Historical·Also see:2026 M&A Tracker (live)Q1 2026 Report

2024 Biopharma M&A: All Deals Over $1B

A complete reference tracker of 2024 biopharma and biotech control transactions with announced values above $1B — covering deal value, structure, therapeutic area, and what the tape signalled about where Big Pharma is deploying capital.

Calendar year 2024 · Source data: company press releases and SEC filings

Deals tracked
24
>$1B biopharma, 2024
Largest deal
$16.5B
Catalent / Novo Holdings
Largest pure biopharma
~$4.9B
Alpine / Vertex
Milestone or CVR deals
13
3 with CVR · 7 milestone-only
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 structured as acquisitions

All 2024 Transactions — $1B+

24 deals · $1B minimum
◆Includes CVR
●Milestone-gated upside
DateTargetAcquirerDeal valueUpfrontTherapeutic areaStructure / notes
8 Jan 2024Ambrx BiopharmaJohnson & Johnson~$2.0B—Oncology (ADC)All-cash; ~$2.0B equity value.
9 Jan 2024Aiolos Bio●GSKUp to ~$1.4B$1.0BImmunology / Pulmonology$1.0B upfront + up to $0.4B milestones.
23 Jan 2024Inhibrx (INBRX-101)◆SanofiUp to ~$2.2B—Rare disease (alpha-1 AT)Complex spin + CVR/contingent components; headline "up to" varies by source.
5 Feb 2024MorphoSysNovartis€2.7B—Oncology (hematology)All-cash public takeover at €68/share.
5 Feb 2024CatalentNovo Holdings~$16.5B—Drug delivery / CDMOTake-private of a contract drug manufacturer. Novo Nordisk subsequently acquired 3 fill-finish sites from Novo Holdings for $11B.
12 Feb 2024CymaBay TherapeuticsGilead$4.3B—Hepatology (MASH)All-cash; total equity value $4.3B.
14 Mar 2024Amolyt Pharma●AstraZenecaUp to $1.05B$800MRare disease (hypoparathyroidism)$800M upfront + $250M contingent regulatory milestone.
19 Mar 2024Fusion Pharmaceuticals◆AstraZeneca~$2.4B—Oncology (radioligand)$21/share cash + $3 CVR; total reported ~$2.4B.
25 Mar 2024Cardior Pharmaceuticals●Novo NordiskUp to €1.025B—Cardiovascular (heart failure)Upfront + development and commercial milestones up to €1.025B.
3 Apr 2024ProfoundBioGenmab$1.8B—Oncology (ADC)All-cash; $1.8B total.
10 Apr 2024Alpine Immune SciencesVertex~$4.9B—Immunology / Autoimmune$65/share cash; ~$4.9B total equity value.
29 Apr 2024Deciphera PharmaceuticalsOno Pharmaceutical~$2.4B—Oncology (GIST / solid tumors)All-cash; widely reported as ~$2.4B.
2 May 2024Mariana Oncology●NovartisUp to ~$1.75B$1.0BOncology (radioligand)$1.0B upfront + up to $0.75B milestones.
22 May 2024HI-Bio●BiogenUp to ~$1.8B$1.15BImmunology / Nephrology$1.15B upfront + up to $0.65B milestones (felzartamab).
28 May 2024Calliditas TherapeuticsAsahi Kasei~$1.1B—Nephrology (IgA nephropathy)All-cash public takeover; ~SEK 11.8B total equity (~$1.1B).
29 May 2024EyeBio●Merck (MSD)Up to $3.0B$1.3BOphthalmology$1.3B upfront + up to $1.7B milestones.
8 Jul 2024Morphic HoldingEli Lilly~$3.2B—Immunology / Cardiovascular$57/share cash; ~$3.2B aggregate.
29 Jul 2024Nerio Therapeutics●Boehringer IngelheimUp to $1.3B—Oncology"Up to $1.3B" reported.
18 Sep 2024Dermavant Sciences●OrganonUp to $1.2B—Dermatology (tapinarof)"Up to $1.2B" acquisition.
14 Oct 2024Longboard PharmaceuticalsLundbeck~$2.6B—CNS / EpilepsyTotal transaction value ~$2.6B equity value.
23 Oct 2024Modifi Biosciences●MerckUp to $1.3B$30MOncology (epigenetics)$30M upfront + milestones up to $1.3B; milestone-heavy structure.
28 Oct 2024Aliada TherapeuticsAbbVie$1.4B—CNS / Alzheimer'sAll-cash $1.4B.
21 Nov 2024Kate Therapeutics●Novartis~$1.1B—Gene therapy / Rare diseaseUpfront + milestone payments; reported ~$1.1B (muscular dystrophy program).
26 Nov 2024Poseida Therapeutics◆RocheUp to ~$1.5B—Gene therapy / Oncology$9/share cash + CVR up to $4/share; structured as tender offer + back-end merger.

What the 2024 Tape Is Really Saying

1

Big Pharma paid up for modality platforms, not just single assets

Radioligands (Novartis–Mariana, AZ–Fusion), RNA and cardiovascular biology (Novo–Cardior), and differentiated biologics (GSK–Aiolos) reinforce that "platform leverage" still commands premium checks. Buyers are not underwriting one mechanism — they are buying a pipeline generation engine.

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 and regulatory proof. EyeBio ($1.3B upfront vs $3.0B headline), Modifi ($30M upfront vs $1.3B headline), and Mariana ($1.0B vs $1.75B) are the clearest examples. CVR structures also appeared in Fusion, Inhibrx, and Poseida.

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 (Fusion, Mariana, ProfoundBio, Deciphera, Modifi), immune-mediated disease (Alpine, Morphic, HI-Bio, Aiolos), and specialty or rare categories (Inhibrx, Amolyt, Cardior, Kate). The modality mix within oncology shifted notably toward radioligand therapy and ADCs.