Ernst and Young’s (EY) annual Pulse of the Industry report released today provided proof of med tech’s strong rebound from the disruption of the pandemic. Research and development investment soared, deal activity hit new highs, venture capital poured $9.1 billion into the sector, IPOs doubled, and more than 9 out of 10 of commercial leaders reported increased revenues.

In a deal that could total about $602 million, Syndax Pharmaceuticals Inc. will collaborate with Incyte Corp. to develop and develop axatilimab, Syndax’s anti-CSF-1R monoclonal antibody. Syndax is to receive $117 million up front, a $35 million equity investment and could bring in another $350 million in regulatory, development and commercial milestone payments.

Illumina Inc.’s troubled takeover of Grail Inc. is facing further backlash from the European Commission (EC) after the regulator issued a statement of objections to the companies following their alleged breach of the EU Merger Regulation. Illumina’s acquisition of Grail has faced scrutiny from regulators since it was first announced due to concerns the deal could curb innovation and competition.

While 2020 is certainly a hard year to beat, 2021 has so far recorded a respectable amount of biopharma deals and is on track to exceed every other year. The number this year, including licensings, collaborations and joint ventures, is trailing 2020 by only 3%. BioWorld has recorded 1,447 deals valued at $131.75 billion in 2021 vs. 1,488 worth $141.56 billion last year. That puts 2021 about 7% behind 2020 on deal values.

Boston Scientific Corp. grabbed the remaining shares of Devoro Medical Inc. and its Wolf thrombectomy platform in a transaction valued at $269 million. Freemont, Calif.-based Devoro stands to gain an additional $67 million if the company achieves undisclosed clinical and regulatory milestones. Boston Scientific began investing in Devoro in 2019 and currently holds 16% of Devoro. The deal, the Marlborough, Mass.-based company’s fourth major transaction since the start of the second quarter, is expected to close by the end of the year. It follows the acquisitions of Preventice Solutions Inc., of Rochester, Minn., for $1.225 billion in April, which added to the company’s cardiac wearables, and Menlo Park, Calif.-based Farapulse Inc. for $295 million in June, to build out its cardiac ablation position. Boston Scientific purchased Yokneam, Israel-based Lumenis Ltd. for $1.07 billion, in a transaction that just closed three weeks ago.

Merck KGaA has signed an agreement with French company Biocorp SA to develop a version of its Mallya smart device for monitoring human growth hormone (HGH) treatment. Mallya is a clip-on device for pen injectors that collects the dose and time of each injection and transfers the information in real time to a companion software using Bluetooth technology. The device is CE marked (Class IIb) and was first launched in France in 2020.

With one completed med-tech merger ranking within the BioWorld Top 10 list for highest value, and two others set to join the list in coming months, 2021 is turning out to be the strongest M&A year for the industry to date.