Deal Library / Pharma BD Deal Intelligence

Immunology Deals

The Pharma Closeout tracks 81 deals, $387.9B in disclosed deal value, 42 with a post-close Outcome Score for Immunology.

Median Critic Score: 75  ·  Median Outcome Score: 60

Best outcome: Amgen Inc. / Immunex Corporation (92)  ·  Weakest outcome: Astellas Pharma Inc. / Maxygen, Inc. (Perseid Therapeutics stake) (11)

All 81 deals

• Amgen Inc. / Immunex Corporation — 2002 · $16.0B · Worked — the deal delivered on its rationale.
• PerkinElmer, Inc. / EUROIMMUN Medizinische Labordiagnostika AG — 2017 · $1.3B · Worked — the deal delivered on its rationale.
• Vertex Pharmaceuticals Inc. / Alpine Immune Sciences — 2024 · $4.9B · Worked — the deal delivered on its rationale.
• Travere Therapeutics, Inc. / Everest Medicines Limited — 2026 · $1.1B · Largely worked — most objectives met.
• AbbVie Inc. / Apogee Therapeutics, Inc. — 2026 · $10.9B · Largely worked — most objectives met.
• Amgen Inc. / Horizon Therapeutics plc — 2022 · $27.8B · Largely worked — most objectives met.
• Johnson & Johnson / Momenta Pharmaceuticals Inc. — 2020 · $6.5B · Largely worked — most objectives met.
• Roche Holding AG / Genentech, Inc. — 2009 · $46.8B · Largely worked — most objectives met.
• Horizon Therapeutics plc / Viela Bio Inc. — 2021 · $3.0B · Largely worked — most objectives met.
• Sanofi SA / Provention Bio Inc. — 2023 · $2.9B · Largely worked — most objectives met.
• GSK plc / Human Genome Sciences — 2012 · $3.6B · Largely worked — most objectives met.
• Gilead Sciences Inc. / Nurix Therapeutics Inc. — 2019 · $2.3B · Largely worked — most objectives met.
• Biogen Inc. / Human Immunology Biosciences — 2024 · $1.1B · Largely worked — most objectives met.
• Sanofi SA / Ablynx NV — 2018 · $4.8B · Largely worked — most objectives met.
• Grifols SA / Talecris Biotherapeutics Holdings Corp. — 2010 · $3.4B · Largely worked — most objectives met.
• Pfizer Inc. / Pharmacia Corporation — 2002 · $60.0B · Largely worked — most objectives met.
• Sanofi SA / Sino Biopharmaceutical Ltd. — 2026 · $1.5B · Largely worked — most objectives met.
• Pharmacia & Upjohn Inc. / Monsanto Company — 1999 · $27.0B · Largely worked — most objectives met.
• Spero Therapeutics, Inc. / Innovent Biologics, Inc. — 2026 · $1.1B · Largely worked — most objectives met.
• Amgen Inc. / ChemoCentryx Inc. — 2022 · $3.7B · Largely worked — most objectives met.
• Sanofi SA / Kadmon Holdings Inc. — 2021 · $1.9B · Largely worked — most objectives met.
• Roche Holding AG / Poseida Therapeutics — 2024 · $1.5B · Largely worked — most objectives met.
• Bristol-Myers Squibb Company (via Celgene Corporation) / Dragonfly Therapeutics Inc. — 2017 · $475M · Largely worked — most objectives met.
• United Therapeutics Corporation / Thymmune Therapeutics, Inc. — 2026 · $300M · Mixed — partial payoff, real shortfalls.
• Novartis AG / Monte Rosa Therapeutics Inc. — 2025 · $5.8B · Mixed — partial payoff, real shortfalls.
• Boulevard Bio, Inc. / METiS TechBio — 2026 · $1.6B · Mixed — partial payoff, real shortfalls.
• Cartesian Therapeutics, Inc. / WestGene Biopharma Co., Ltd. — 2026 · Mixed — partial payoff, real shortfalls.
• Biogen Inc. / RayThera Inc. — 2026 · $1.0B · Mixed — partial payoff, real shortfalls.
• Merck & Co. Inc. / Pandion Therapeutics — 2021 · $1.9B · Mixed — partial payoff, real shortfalls.
• Merck & Co. Inc. / Modifi Biosciences — 2024 · $1.3B · Mixed — partial payoff, real shortfalls.
• Merck & Co. Inc. / Protillion Biosciences, Inc. — 2026 · $510M · Mixed — partial payoff, real shortfalls.
• SK Biopharmaceuticals Co., Ltd. / Insilico Medicine Inc. — 2026 · $2.5B · Mixed — partial payoff, real shortfalls.
• Sanofi SA / Principia Biopharma — 2020 · $3.7B · Underwhelmed — fell short of the thesis.
• Sanofi SA / Ablynx NV — 2017 · $2.7B · Underwhelmed — fell short of the thesis.
• Amgen Inc. / Kinetix Pharmaceuticals Inc. — 2000 · $170M · Underwhelmed — fell short of the thesis.
• GlaxoSmithKline plc / 23andMe, Inc. — 2018 · $300M · Underwhelmed — fell short of the thesis.
• Amgen Inc. / Tularik Inc. — 2004 · $1.3B · Underwhelmed — fell short of the thesis.
• AbbVie Inc. / Shire plc — 2014 · $54.0B · Underwhelmed — fell short of the thesis.
• Bristol-Myers Squibb Company / Padlock Therapeutics, Inc. — 2016 · $600M · Did not work — the deal failed to deliver.
• Bristol-Myers Squibb Company / Exelixis, Inc. (TGR5 + ROR programs) — 2010 · $565M · Did not work — the deal failed to deliver.
• Mallinckrodt plc / Questcor Pharmaceuticals, Inc. — 2014 · $5.6B · Did not work — the deal failed to deliver.
• Astellas Pharma Inc. / Maxygen, Inc. (Perseid Therapeutics stake) — 2011 · $76M · Did not work — the deal failed to deliver.
• Sanofi SA / Kali Therapeutics, Inc. — 2026 · $1.2B
• Zydus Lifesciences Limited / Assertio Holdings, Inc. — 2026 · $166M
• GlaxoSmithKline plc / Frontier Biotechnologies Inc. — 2026 · $1.0B
• UCB S.A. / Candid Therapeutics, Inc. — 2026 · $2.2B
• Novartis AG / Excellergy, Inc. — 2026 · $2.0B
• Incyte Corporation / Genesis Molecular AI, Inc. — 2026 · $1.0B
• Cue Biopharma, Inc. / Ascendant Health Sciences Ltd. (Ascendant-221) — 2026 · $692M
• Eli Lilly and Company / Orna Therapeutics, Inc. — 2026 · $2.4B
• Bristol-Myers Squibb Company / Orbital Therapeutics, Inc. — 2025 · $1.5B
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.8B
• Sanofi SA / Dren Bio, Inc. — 2025 · $1.9B
• Sanofi SA / Blueprint Medicines Corporation — 2025 · $9.5B
• AbbVie Inc. / Capstan Therapeutics, Inc. — 2025 · $2.1B
• Pfizer Inc. / Adaptive Biotechnologies Corp. — 2025 · $890M
• AstraZeneca PLC / Harbour BioMed (Nottingham) Ltd. — 2025 · $4.6B
• Novartis AG / Kyorin Pharmaceutical Co., Ltd. — 2025 · $833M
• Sanofi SA / Earendil Labs, Inc. — 2025 · $1.8B
• Bristol-Myers Squibb Company / Repertoire Immune Medicines Inc. — 2024 · $1.9B
• Takeda Pharmaceutical Company Limited / Degron Therapeutics Ltd. — 2024 · $1.2B
• Amneal Pharmaceuticals Inc. / Kashiv BioSciences LLC — 2024
• Otsuka Pharmaceutical Co., Ltd. / Jnana Therapeutics Inc. — 2024 · $1.1B
• Biogen Inc. / Neomorph Inc. — 2024 · $1.4B
• AstraZeneca PLC / Quell Therapeutics Limited — 2023 · $2.1B
• AstraZeneca PLC / Cellectis SA — 2023 · $605M
• AbbVie Inc. / Aldeyra Therapeutics, Inc. — 2023 · $400M
• Sanofi SA / Exscientia plc — 2022 · $5.3B
• Sanofi SA / IGM Biosciences Inc. — 2022 · $6.2B
• Sanofi SA / Skyhawk Therapeutics Inc. — 2022 · $2.1B
• Roivant Sciences Ltd. / Pfizer Inc. / Priovant Therapeutics — 2021 · $300M
• Eli Lilly and Company / Rigel Pharmaceuticals, Inc. — 2021 · $960M
• Bayer AG / Vividion Therapeutics, Inc. — 2021 · $2.0B
• Amgen Inc. / Rodeo Therapeutics Corporation — 2021 · $721M
• Nestle S.A. / Aimmune Therapeutics, Inc. — 2020 · $2.6B
• Swedish Orphan Biovitrum AB (Sobi) / Apellis Pharmaceuticals, Inc. — 2020 · $1.0B
• UCB S.A. / Ra Pharmaceuticals, Inc. — 2019 · $2.1B
• Eli Lilly and Company / ImmuNext Inc. (anti-VISTA license) — 2019 · $350M
• Eli Lilly and Company / Hanmi Pharmaceutical Co., Ltd. (HM71224 program) — 2015 · $690M
• AstraZeneca PLC / Rigel Pharmaceuticals, Inc. (Fostamatinib license) — 2010 · $1.2B
• Aventis Pharma AG / Millennium Pharmaceuticals Inc. — 2000 · $450M

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