Healthcare industry reported 84 deals worth $38.6 billion, in Dec 2023

Deal value increased by 4.4 per cent in Dec 2023, compared to Dec 2022

In December 2023, the healthcare industry reported 84 deals worth $38.6 billion, compared to the last 12-month average (December 2022 to November 2023) of 83 deals worth $19.2 billion.

Bristol-Myers Squibb Co, a biopharma company, acquiring Karuna Therapeutics, a biopharma company, for an equity value of approximately $14 billion; AbbVie Inc, to acquire Cerevel Therapeutics Holdings, a biopharma company, for a total equity value of approximately $8.7 billion; Bristol-Myers Squibb Co, to acquire RayzeBio, a radiopharma therapeutics company, for a total equity value of approximately $4.1 billion were the three major deals that contributed 69.3 per cent of the total deal value during December 2023.

Deal Date

Acquirer (s)

Target

Deal Value ($M)

22-Dec-23

Bristol-Myers Squibb Co (US)

Karuna Therapeutics Inc (US)

14,000.0

6-Dec-23

AbbVie Inc (US)

Cerevel Therapeutics Holdings Inc (US)

8,700.0

26-Dec-23

Bristol-Myers Squibb Co (US)

RayzeBio Inc (US)

4,100.0

3-Dec-23

F. Hoffmann-La Roche Ltd (Switzerland)

Carmot Therapeutics Inc (US)

3,100.0

26-Dec-23

AstraZeneca Plc (UK)

Gracell Biotechnologies Inc (China)

1,200.0

VC investments decreased by 29.2 per cent in Dec 2023, compared to Dec 2022

The healthcare industry reported 89 venture capital (VC) deals worth $2 billion in December 2023, compared to the last 12-month average (December 2022 to November 2023) of 121 deals worth $2.4 billion.

Bicara Therapeutics, a clinical-stage biotechnology company, raising $165 million in series C financing to support the continued advancement of its lead product candidate, BCA101, a first-in-class bifunctional EGFR/TGF-β inhibitor that is currently in clinical development for multiple cancer types; Avistone Biotechnology Co, an innovative anti-tumour drug company raising $141.3 million in series B financing to promote commercialisation of Wanbirui and R&D of anti-tumour drugs; Seismic Therapeutic, a biotechnology company, raising $121 million in series B round of financing to advance its two lead programs through clinical proof-of-mechanism, as well as enabling continued growth of its biologics pipeline and expansion of its IMPACT platform; were the three major VC deals reported in December 2023.

Deal Date

Acquirer (s)

Target

Deal Value ($M)

12-Dec-23

Aisling Capital; Braidwell; Deerfield Management Co LP; Fairmount Bank; The Rise Fund; TPG Capital LP; Undisclosed

Bicara Therapeutics Inc (US)

165.0

28-Dec-23

Bain Capital LP; Cathay Capital Company Limited; CMG-SDIC Capital Management Co Ltd; IDG Capital; Yanchuang Capital

Avistone Biotechnology Co Ltd (China)

141.3

4-Dec-23

Alexandria Venture Investments, LLC; Amgen Ventures LLC; Bessemer Venture Partners; Boxer Capital LLC; Codon Capital; Gaingels, LLC; GC&H Investments, LLC; GV Management Co LLC; Lightspeed Management Company, L.L.C; Polaris Partners LLC; Samsara BioCapital LLC; Timothy A. Springer; Undisclosed

Seismic Therapeutic Inc (US)

121.0

20-Dec-23

Enavate Sciences; Eventide Asset Management, LLC; Frazier Life Sciences; Monograph Capital Advisors (UK) LLP; Sanofi Ventures; Surveyor Capital Ltd; TPG; Velosity Capital

Sudo Biosciences Inc (US)

116.0

5-Dec-23

Ab Magnitude Ventures Group LLC; Alexandria Venture Investments, LLC; Ascenta Capital; BlackMars Capital GmbH; Catalio Capital Management LP; Colt Ventures; Creacion Ventures; Fidelity Management & Research Company; Foresite Capital Management LLC; General Catalyst Partners LLC; Global BioAccess Fund; HBM Healthcare Investments Ltd; KB Investment Co Ltd; OrbiMed Capital, LLC; Racing Beach Ventures LLC; SR One Ltd; T Rowe Price Associates Inc; The Healthcare Innovation Investment Fund LLC; Walleye Capital; Woodline Partners

Odyssey Therapeutics Inc (US)

101.0

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