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  • Jonathan Poyer

Nearly $7B in M&A Transactions for February. The Search for Diversification Continues

Updated: Apr 11

The S&P Select Biotech Index continues to hold above the 50-day moving average as investors were treated to another M&A Monday as Gilead announced the acquisition of Cymabay Therapeutics for $4.3B or $32.50/share representing a ~25% premium prior to close. The deal was generally well received and values the company at 4-8x peak sales of Cymabay's lead drug seladelpar.

Capital Markets Environment Highlights

Week ending February 9th, 2024:

  • Biotech: 12 Transactions (2 IPOs, 4 Follow-Ons, 4 PIPEs and 2 Registered Directs) totaling just under $2 Billion

  • Med Tech: No Current Week Transactions

2024 YTD:

  • 46 Biotech transactions just totaling just over $8 Billion v. 2023 YTD: 20 Biotech transactions totaling just over $2 Billion

  • 2 Med Tech transactions totaling just under $200 Million v. 2023 YTD: 5 Med Tech transactions totaling just over $400 Million

Private Transactions:

  • Biotech: 22 US Transactions / 12 European Transactions

  • Med Tech: 20 US Transactions / 7 European Transactions

Latest Transactions:


Gilead acquired CymaBay for $4.3B or $32.50/share

Novartis acquired Morphosys for 2.7B Euros or 68 Euros/share


Sanofi acquired Inhibrx for $1.7B or $30/share

Sun Pharma acquired Taro Pharma for $348M or $43/share

GSK acquired Aiolos Bio for $1B

Johnson & Johnson acquired Ambrx Biopharma for $2B, or $28/share

Merck & Co. acquired Harpoon Thera for $680M or $23/share

Novartis acquired Calypso for $250M

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