艾昆纬-IQVIA制药交易2023年回顾（英）-2024.docx

WhitePaperIQVIAPharmaDealsReviewof20231.UCYHAGGERTY,Analyst,GlobalMarketInsights,IQVIAAYUSHSAXENA,SeniorInsightsAssociate,GlobalMarketInsights,IQVIATASKINAHMED,AssociateDirector,GlobalMarketInsights,IQVIATableofcontentsIntroductionContinuingmarketuncertaintiesfocusesdealmakingwithrisingdealvaluationsM&Adealvaluesholdup4Merck&Co.retainstitleofprolificdealmaker81.icenseesdrivedealvolumedownbutvaluesup11CNSdiseasesjumpuptherankingsasoncologystillleads16R&Dallianceactivityslows17Outlookfor202421Abouttheauthors22IntroductionContinuingmarketuncertaintiesfocusesdealmakingwithrisingdealvaluationsAggregatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthistotal.37%INCREASEINM&ASPENDA代erreachingamultiyearlowin2022,dealactivityinthelifesciencessectorcontinuedtoslowin2023aschallengingheadwindspersisted,deterringcompaniesfromsigningM&A,licensingandcollaborativeR&Ddealsoverthecourseoftheyear.M&Aactivitycontinueditsdeclinefrom2022to2023asthefragilemacroeconomicenvironmentandenhancedantitrustscrutinykeptdealvolumesdown.Nevertheless,aggregatespendingonM&Arose37%toUS$198Bwiththehelpofthefirstmega-mergerannouncedsince2019whichaccountedfor21%ofthistotal.1.icensingdealflowforlifesciencecompaniesremainedbelowpre-pandemiclevelsin2023aslicenseeswereselectiveinthetypesofassetstheyin-licensedastheyreprioritizedtheirportfolios.Afterashifttoearlierstagedealmakingin2022,clinicalstagedealsaccountedforagreaterproportionoftherapeuticlicensingactivityin2023asriskaversecompanieslookedtoinvestinmoreestablishedproducts.Whiletheaggregatelicensingdealspendwassomewhatmaintainedfrom2022to2023,averagedealvaluesincreasedthankstoahandfulofhigh-valuedmulti-programlicensingdeals.Inastarkcontrastto2022,averageupfrontpaymentssoaredin2023ascompaniesweremorewillingtocommitlargesumsofbiodollarstopromisingorde-riskedlate-stageassets,suggestingareturntoblockbusterlicensefeesinthesector.Merck&Co.wastheleadingpharmaceuticaldealmakerintermsofdealvolumewhilePfizercommittedtothehighesttotaldealspend.Intermsofdealvolume,oncologywasagaintheleadingtherapeuticareaforpartneringdeals,butdealmakinginnearlyalltherapyareaswassuppressedrelativeto2022.Despitetheneedtodrivelong-termgrowth,collaborativeR&Dactivityplummetedin2023askeyplayersinthelifesciencessectornarrowedtheirtherapeuticareasoffocus,seekingonlyinnovativetherapiesandtechnologiesthatcomplementedtheirexistingportfolios.M&AdealvaluesholdupAlike2022,dealactivityinthelifesciencessectorremainedmutedin2023ascontinuedmacroeconomicchallenges,soaringinflationandregulatoryscrutinydeterredrisk-aversecompaniesfromenteringcertaintransactions.Excludingstandaloneresearchgrants,thetotalnumberofagreementssignedinthelifesciencessectorfellby27%from2022to2023accordingtotheIQVIAPharmaDealsdatabaseofpubliclydiscloseddealactivity(Figure1).Followingtheusualpattern,totaldealvolumewashighestinQl2023andsteadilyslowedastheyearprogressedwhereasM&Aactivitywasmorestablethroughouttheyear(Figure2).Biotechfinancingoptionscontinuedtobeconstrainedin2023asthetightcapitalenvironmentcausedinvestorappetitetocoolconsiderably.Biotechindicesperformedpoorlyoverthecourseoftheyear,despiteamodestreboundinthefourthquarter;theNasdaqBiotechIndex,forexample,endedtheyearonlyslightlyabovewhereitbegan.AccordingtoJPMorgan,s2023AnnualBiopharma1.icensingandVenturereport,afterpeakingin2021,venturecapital(VC)fundinginthebiopharmaceuticalsectorremainedmutedin2023asVCfirmsweremoreselectiveinwheretodedicatetheirinvestments.Inturn,IPOsinthelifesciences2019Figure1:Numberofdeals(excludingfundingawards),2019-2023Source:IQVIAPharmaDeals.Oo,05,OooOooOoo4t3,2,S-B<pjoBqEnN1,0000202I20222023Alldealsexcl.funding6,000Figure2:Dealssignedin2023bymonthAlldealsM&AS-BBPJoJBqEnNSource:IQVIAPharmaDeals.sectorremainedsidelinedin2023,withonlyahandfulofcompaniesmakingtheirpublicdebut.Afterhavingtheupperhandin2020and2021,biotech'swereheavilyreliantonprospectivepartnersandbuyerstohelpraisecashandstayafloat.Theongoingchallengesforcedsomebiotechstoshutdownordivestprogramstofocusonmoreadvancedassetsorupthepaceoflay-offsinthehopetoextendtheircashrunways.Afteradownturnin2022,M&Aactivityremainedslowinthelifesciencessectorin2023ascontinuedmarketvolatilityandtherisingcostofcapitaldiscouragedcompaniesfromenteringtransactionsperceivedasrisky.Despitetheannouncementofthefirstmega-mergersince2019,bigpharmacontinuedtooptformodestlypricedbolt-onacquisitionsopposedtohigh-tickettransformationaldeals,asthethreatofincreasedregulatoryscrutinymeantmega-mergerswouldbepotentiallysubjecttoprolongedtimelines.Assuch,thevolumeoflifescienceM&Adeals(definedhereasMergers,BusinessAcquisitionsandDivestments,signedbutnotnecessarilycompleted)announcedin2023fell27%from2022,inlinewiththeslowdowninoveralldealactivitytoreacha5-yearlow(Figure3).However,atUS$198B,theaggregatetotalvalue,includingcontingentconsideration,ofallM&AA1.1.DEA1.S20222023CHANGEAggregatevalue