Pharma BD Deal Intelligence
Nine years after paying $1.1B for a single Parkinson's asset, the drug still had no US approval, had taken two FDA rejections, and had already been beaten to market by a direct competitor.
Full analysis, sources & comparables →Mitsubishi Tanabe agreed to acquire NeuroDerm for $1.1B in cash at $39/share, a 79% premium over the unaffected price, betting on ND0612 as a less-invasive…
Viceroy Research argued that the $1.1B NeuroDerm acquisition would be value-destructive, predicting a complete write-off of NeuroDerm's ~$970M enterprise value…
FDA issued a Complete Response Letter for ND0612 in June 2024 citing facility-related concerns rather than clinical issues, delaying market entry roughly seven…
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All 5 sources with sentiment breakdown →
Mitsubishi Tanabe agreed to acquire NeuroDerm for $39.00/share in cash, total transaction value approximately $1.1B (79% premium over June 9 unaffected price). NeuroDerm's lead asset ND0612 is a late-stage continuous subcutaneous levodopa/carbidopa formulation for Parkinson's disease motor fluctuations, with peak sales potential of ~$1.7B. Largest Japan-Israel pharma deal at the time.
Nine years after paying $1.1B for a single Parkinson's asset, the drug still had no US approval, had taken two FDA rejections, and had already been beaten to market by a direct competitor.
Assessment window: 5yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Mitsubishi Tanabe Pharma Corporation / NeuroDerm Ltd. (this deal) | 2017 | $1.1B | 36 |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Teva Pharmaceutical Industries Ltd. / Auspex Pharmaceuticals | 2015 | $3.5B | 86 |
| Teva Pharmaceutical Industries Ltd. / Biogal Pharmaceutical | 1995 | — | 82 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
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More: 2017 deals · Neurology deals