Licensing deals rack up in 2021

Biotech investors might be longing for an uptick in M&A to lift spirits, but at least licensing deal activity remains healthy. More than $9bn in up-front fees has changed hands so far this year, and 2021 is not yet over.

Only this week Astrazeneca paid $200m for rights for a phase 3 amyloidosis project from Ionis, with a further $485m contingent on approvals. The terms looks rich considering that this disease area is already competitive, with projects from both Pfizer and Alnylam on sale and others in late-stage trials. But, as this analysis shows, the licensing deal market has not been immune to price inflation.