I&I buying spree continues

This month’s $3.2 billion offer for Morphic Holding Inc. (NASDAQ:MORF) by Eli Lilly and Co. (NYSE:LLY) is evidence that pharmas remain hungry for immunology and inflammation companies. The first seven months of 2024 brought six I&I acquisitions worth north of $1 billion, more than in each of the last four full years. 

None of the 2024 deals have been for companies with marketed products, with four of the target companies in Phase II. The most advanced fetched the second-highest price. Gilead Sciences Inc. (NASDAQ:GILD) paid $4.3 billion for CymaBay Therapeutics Inc. with seladelpar under review to treat primary biliary cholangitis. The PDUFA date is August 14; Gilead also expects a decision from the European Commission in 1Q25...