IMS PharmaDeals Half-Year Review of 2015

Abstract

Despite a significant downturn in overall deal activity in the life sciences sector, appetite for M&A remained reasonably high in the first half of 2015. Big pharma involvement was somewhat subdued compared to the same period the previous year, however, and concerns surfaced over the emergence of a biotech bubble as a number of purchasers faced accusations of overpaying. Speciality pharma takeovers comprised a sizeable proportion of the top 10 M&A deals of H1 2015 as ranked by total deal value. Mean licensing upfront payments and deal values decreased markedly as compared to H1 2014, in part owing to the absence of deals with record-breaking upfront payments. AstraZeneca retained its title as the most prolific dealmaker in H1 2015, being party to deals with some of the largest upfront payments of the period, although Johnson & Johnson (J&J) was not far behind thanks to a plethora of early-stage R&D collaborations. Oncology once again dominated the dealmaking landscape, with partnering in immuno-oncology in particular reaching new heights in parallel with the evolution of the field.