Vertex carries M&A uptick into H2, IPOs and VC raises also grow, FDA on pace despite turmoil

The biopharma industry experienced significant activity in the first half of 2024, highlighted by Vertex’s $10 billion acquisition of Cryonetics Pharmaceuticals, a major move in the endocrinology space. M&A activity remains robust, with companies like Novartis, Gilead, and GSK actively pursuing deals, though Eli Lilly leads the sector with nine acquisitions totaling $25 billion. IPO performance shows a stark divide, exemplified by Viradermix’s 650% surge since its February debut, while early-stage companies continue to struggle for funding. FDA decision-making remains resilient despite leadership turnover, with 26 novel approvals recorded in the first half of 2024. Regulatory experts express optimism for the second half of the year, particularly regarding rare disease drug approvals, as companies resubmit applications following positive alignment with the agency.