Above is an overview of recent industry M&A activity. For additional information, see the charts below or follow the link to the left to download complete transaction tables broken out by industry subsectors.
See below for additional information about industry trading comps and transaction relevant articles from the past week.
Galapagos & MorphoSys Ink Deal With Novartis For $1.111 Billion+
The agreement is built around MOR106, an IgG1 monoclonal antibody that was created in a collaboration between MorphoSys and Galapagos.
Under the terms of the deal, Novartis will handle all future research, development, manufacturing and commercialization costs for the compound. Those costs include the ongoing Phase II IGUANA clinical trial in atopic dermatitis in addition to a planned Phase I trial to determine the safety and efficacy of a subcutaneous formulation of MOR106 in healthy patients and atopic dermatitis patients.
MorphoSys and Galapagos will run additional trials in support of the compound in atopic dermatitis, while Novartis will research the antibody in other indications. In addition to the funding of the research programs, Novartis will pay the two companies jointly an upfront fee of $111 million. Additional milestone payments of up to $1 billion (U.S.) are on the table, as well as tiered royalties on net commercial sales in the low-teens to low-twenties. Under a 2008 deal, Galapagos and MorphoSys will split the payments equally.
PureTech Health And Roche Sign Collaboration Deal Worth $1 Billion-Plus
The companies signed a multi-year collaboration deal to advance PureTech's milk-derived exosome platform technology for oral dosing of Roche's antisense oligonucleotide platform.
Under the terms of the agreement, Roche will pay PureTech up to $36 million in upfront payments, research support, and early preclinical milestones. PureTech will also be eligible for development milestones worth more than $1 billion, as well as more sales milestones and royalties for an undisclosed number of products.
PureTech's platform allows for the oral administration of complex drug payloads, such as nucleic acids, peptides, and small molecules. The exosomes used for this platform are believed to move by way of lymphatic circulation, which opens up the possibility of targeting immune cells in new ways. Also, drugs that can be taken orally generally have a competitive advantage over drugs that require injections or infusions. "We are excited to accelerate the development of this promising technology from our internal lymphatic and immune cell trafficking programs," said Daphne Zohar, PureTech's co-founder and chief executive officer, in a statement. "The expertise and resources that Roche is bringing to the collaboration will help us to potentially address one of the biggest challenges in olignonucleotide-based therapeutic development: oral administration of nucleic acids."
Below are summaries and charts with the past week's transactions from the different healthcare sectors. For a detailed table showing data for each industry transaction click on any of the charts or use the download link above. Total transaction values are provided in USD millions.
Each week, we provide updated trading comps for leading comp-
anies from numerous healthcare subsectors.
To the right you will see a high-level breakdown of median revenue and EBITDA multiples for each of the specific sub sectors.
For a complete trading comp analysis (including the individual equities that comprise the sub sectors), click on the table to the right or use the download link from the top of this newsletter.
Note: data reflects prior week close.
RECENT INDUSTRY HEADLINES
A Sampling of Relevant Industry Headlines from the Last Week
Below are snippets from relevant industry news articles from the past week. For additional information or the article's complete text, click the headline link to view the original publication.
