In an Endpoints News article, life sciences licensing partner Hannah England and mergers & acquisitions partner Matt Byron discussed biopharmaceutical industry single-asset dealmaking structures as markets have tightened and companies have gotten more creative.
The article profiles four life sciences single-asset deals that Ropes & Gray represented. Pfizer’s $11.6 billion acquisition of Biohaven Pharmaceuticals in 2022 served as the blueprint with Pfizer retaining the approved migraine drug Nurtec OTC and spinning out the majority of the drug pipeline into a new company that retained the same name Biohaven. In January 2025 the firm advised Eli Lilly in the acquisition of Scorpion Therapeutics in a deal valued up to $2.5 billion including an oral therapy in trials for breast cancer and other advanced solid tumors. In March 2025 the firm represented Sanofi in the acquisition of Dren Bio’s biospecific antibody-based program in immunology in a deal worth up to $1.9 billion.
Most recently on August 25 Hannah and Matt advised Gilgamesh Pharmaceuticals in the single-asset sale of its Phase 2 psychedelic major depression disorder program to AbbVie for up to $1.2 billion.
The article notes that many acquisitions start as discussions on collaborations, licensing deals or other partnerships. Biotech companies with multiple assets or a platform that can be applied to many therapeutic areas often want to continue developing them.
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