Product Code: DMKC0152639
Key to predicting future trends in Big Pharma deal-making is reviewing the peer set's most recent activity. Between 2011 and 2015, Big Pharma - a peer set of approximately 16 firms across the world with large R&D and sales organizations, and sales valued at $10bn or more - signed over 1,100 drug-focused deals, growing at a compound annual growth rate of 10%. Overall, Big Pharma represented the majority of the monetary value of all biopharma partnerships: the peer group was responsible for $133bn of deal-making during the five-year period versus the $254bn in all comparable biopharma alliances (including the Big Pharma peer set).
As of mid-2015, Big Pharma companies had in the pipeline for cancer approximately 279 candidates, which is well over two times that of any other therapeutic area. This was reflected in deal-making; between 2011 and 2015, nearly two-thirds of Big Pharma's in- and out-licensing deals were in oncology, and immuno-oncology was the key driver of oncology in-licensing.
This report addresses the following questions:
- Who are the top Big Pharma dealmakers by volume, and how does their in-licensing activity compare with out-licensing?
- How has the emergence of immuno-oncology affected overall oncology dealmaking and values?
- Besides oncology, what therapeutic areas are driving Big Pharma dealmaking and why?
- What therapeutic areas and deal structures are driving Big Pharma out-licensing?
- At what stages of development does the Big Pharma peer set tend to partner, and what are the average payments per phase?
TABLE OF CONTENTS
KEY POINTS AND OVERALL TOTALS
- 1. Deal volume increased but Big Pharma's overall share was small
- 2. Big Pharma represented the majority of deal-making spend
- 3. 2014 and 2015 were stand-out years in Big Pharma deal-making
- 4. Bibliography
COMPANY ANALYSIS AND CASE STUDIES
- 5. AstraZeneca was the leading dealmaker by overall volume within the Big Pharma peer set
- 6. Johnson & Johnson signed key cancer deals and formed an innovation initiative
- 7. Roche continued oncology momentum but deal-making showed importance of other therapeutic areas
- 8. Pfizer's in-licensing fluctuated while out-licensing efforts increased
- 9. Overall, out-licensing increased by 42% and Amgen and Eli Lilly evenly split in- and outlicensing
- 10. Bibliography
THERAPY AREA ANALYSIS
- 11. Oncology dominated Big Pharma deal volume
- 12. Infectious disease agreements declined, but there is potential for a turnaround
- 13. Endocrine, metabolic, and genetic disorders gained speed
- 14. Oncology also led in terms of partnership dollar values
- 15. Oncology was also the focus of most out-licensing deals
- 16. Bibliography
- 17. Johnson & Johnson was the top dealmaker by dollars spent within the Big Pharma peer set
- 18. Payment metrics on deals generally increased
- 19. Average deal values increased
- 20. A higher proportion of deal value was still locked up in milestones
- 21. There were more than two-dozen billion-dollar deals between 2011 and 2015
- 22. Early-stage candidates dominated partnerships
- 23. Marketed drugs and Phase II candidates led in aggregate up-front payments
- 24. Phase II and marketed drugs tended to have higher average up-fronts
GEOGRAPHIC BREAKDOWN OF DEAL-MAKING
- 25. Regional deal-making took off
- 26. Bibliography
- 27. R&D was the most common component of deal structures
- 28. Option-based deal-making decreased
- 29. Bibliography
- 30. About the author
- 31. Scope
- 32. Methodology