MoFo Biometer, Volume 6, Issue 1

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2016 Biometer Shows Strength in Early and Late Stage Deals but Cracks Beneath the Surface -

The 2016 BioMeter showed strength at both ends of the drug-development spectrum, with extremely strong results for pre-clinical/discovery transactions and approved product transactions. The average BioMeter value for the entire year across all transactions reporting up-front payments and stage of development was $55.0 million, up from $48.8 million in 2015 and very close to 2014’s figure of $58.7 million. There were 114 transactions reporting up-front payments and stage of development in 2016, down from 127 transactions in 2015 but still up dramatically from 79 transactions in 2014, reflecting a healthy amount of deal activity across the industry.

Pre-clinical and discovery stage transactions achieved a record setting BioMeter value of $43.2 million in 2016, compared to $30.5 million in 2015 and $28.1 million in 2014. As in 2015, several mega transactions with BioMeter values exceeding $100 million led the way, including Celgene’s $200 million up-front payment to Agios for access to its metabolic immuno-oncology program and its $225 million up-front payment to Jounce for a separate immuno-oncology program, Baxalta’s $175 million up-front payment to Symphogen and its $105 million payment to Precision BioSciences in two more immuno-oncology transactions, Genentech’s $310 million in payments to BioNTech for mRNA-based cancer vaccines, Novartis’ $150 million up-front payment to Xencor for bi-specific immuno-oncology antibodies and other technologies, and Merck’s $200 million up-front payment to Moderna for personalized cancer vaccine technology. Excluding these seven transactions, all of which were in “hot” oncology fields, the BioMeter value for pre-clinical and discovery stage transactions was $15.7 million, down slightly from the 2015 value of $16.9 million when mega-transactions were excluded.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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