Biopharma firms raised a total of $22.94 billion in the second quarter (Q2) of 2024. Although a 51% decline from Q1's $47.25 billion, with more than $70 billion raised in the first half of the year, financings in 2024 are already approaching 2023’s full-year total of $70.97 billion.

The U.S. FDA approved 28 new drugs in June, marking the third-highest month in BioWorld’s records, following March 2024’s 30 approvals and June 2020's 29 approvals, and a significant increase from May’s 11 FDA drug approvals. For context, the FDA approved an average of around 16 drugs per month in 2023, 12.5 per month in 2022, and 17 per month in both 2021 and 2020.

In the first half of 2024 (1H24), biopharma deal and M&A values have outpaced those of last year. Deal values reached $97.59 billion through June this year, marking an 11% increase from 1H23 and setting a new record for the highest amount raised in the first half of any year, according to BioWorld. Additionally, biopharma M&As more than doubled, soaring from $29.59 billion in the first half of 2023 to $67.44 billion in the same period this year.

The U.S. FDA approval won in June by Argenx SE of subcutaneously given Vyvgart Hytrulo (efgartigimod alfa and hyaluronidase) for adults with chronic inflammatory demyelinating polyneuropathy (CIDP) sparked interest in other prospects taking aim at the rare disease. Some – including Argenx – are going after generalized myasthenia gravis and multifocal motor neuropathy with their compounds.

A schizophrenia drug in Cerevel Therapeutics Inc.’s lineup understandably stole much of the thunder during coverage of Abbvie Inc.’s takeover late last year to the tune of $8.7 billion, but much further back in the pipeline awaits another potentially lucrative prospect: a kappa opioid receptor antagonist (KORA) for major depressive disorder (MDD).

The U.S. FDA approved 28 new drugs in June, marking the third-highest month in BioWorld’s records, following March 2024’s 30 approvals and June 2020's 29 approvals, and a significant increase from May’s 11 FDA drug approvals. For context, the FDA approved an average of around 16 drugs per month in 2023, 12.5 per month in 2022, and 17 per month in both 2021 and 2020.