Pharma BD Deal Intelligence
Merck bought a $1.25B chronic-cough bet in gefapixant; the FDA rejected it twice, Merck wrote off $779M, and the US application was withdrawn for good.
Full analysis, sources & comparables →Merck agreed to acquire Afferent for up to $1.25B, securing AF-219 as a potential first-in-class P2X3 antagonist for refractory chronic cough, a…
The FDA issued a CRL for gefapixant citing effectiveness concerns from mixed Phase 3 data, dealing a setback to Merck's $1.25B Afferent thesis and potentially…
Merck suffered a second FDA rejection of gefapixant after an advisory committee voted against approval, calling into question the commercial viability of the…
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Merck acquired clinical-stage Afferent Pharmaceuticals for $500M cash upfront plus up to $750M tied to clinical and commercial milestones (~$1.25B total). Lead asset AF-219, a selective P2X3 antagonist in Phase 2b for refractory chronic cough and Phase 2 in IPF cough. Closed Q3 2016. Later renamed gefapixant (MK-7264).
Merck bought a $1.25B chronic-cough bet in gefapixant; the FDA rejected it twice, Merck wrote off $779M, and the US application was withdrawn for good.
Assessment window: 5yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co., Inc. / Afferent Pharmaceuticals, Inc. (this deal) | 2016 | $1.2B | 23 |
| Merck & Co., Inc. / IOmet Pharma Ltd. | 2016 | $400M | 23 |
| Merck & Co., Inc. / cCAM Biotherapeutics Ltd. | 2015 | $605M | 17 |
| Vertex Pharmaceuticals Incorporated / Concert Pharmaceuticals, Inc. | 2017 | $250M | 85 |
| Madison Dearborn Partners / Ikaria, Inc. | 2013 | $1.6B | 85 |
| AstraZeneca PLC / Amgen Inc. | 2020 | $2.3B | 84 |
| GlaxoSmithKline plc / Theravance, Inc. | 2012 | $213M | 82 |
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More: 2016 deals · Merck & Co., Inc. deals · Respiratory deals