Top 10 Global Pharma Deals of 2024 | Novartis Goes on a Buying Spree; Hengrui, Boway, and Lixon Make the List

2024 is nearing its end, and looking back, global biopharmaceutical transactions remain robust. Accordingly, bioSeedin has compiled the annual Global Top 10 Deals list—hoping that global innovative drug transactions will reach new heights in 2025. From the acquirer’s perspective, MNCs such as GSK, BMS, Merck & Co., and Novartis continue to dominate, with Novartis alone accounting for five deals—topping the list. From the licensor side, three Chinese pharmaceutical companies—Hengrui Medicine, Boway Pharma, and Lixon Therapeutics—are featured, underscoring the growing voice of domestic firms on the global innovation stage. In terms of modality, ADCs did not make the list; instead, radiopharmaceutical drug conjugates (RDCs) appeared. Among immune cell engagers, the much-discussed autoimmune-targeting T-cell engager (TCE) bispecific antibodies—which surged in popularity during H2—were absent, while earlier-stage myeloid-cell-recruiting bispecifics did appear. Additionally, two major deals were struck in the oligonucleotide space, and BMS continued ramping up its investment in T-cell therapies... Note: This list excludes M&A transactions; deals such as the strategic realignment between IGM Biosciences and Sanofi are also excluded. If any omissions are noted, please leave a comment for correction. 01 Novartis’ Global Shopping Spree Novartis reported a 10% year-on-year increase in Q3 revenue and a 20% rise in core operating profit. It raised its full-year revenue guidance three times in 2024—a standout performance among MNCs. This strong showing stems largely from Novartis’ diversified, balanced growth strategy: its four key therapeutic areas—cardiovascular-renal-metabolic (CVRM), immunology, neuroscience, and oncology—all posted double-digit year-on-year growth in the first three quarters. As a result, even without a single blockbuster generating over $10 billion annually, Novartis’ portfolio—including multiple drugs each generating over $2 billion—has secured its position with full-year revenues firmly above $20 billion. Diversification helps mitigate risks associated with overreliance on a single therapeutic area or technology platform—but patent cliffs remain an unavoidable core challenge. Entresto, Novartis’ CVRM blockbuster, posted a 28% YoY growth in the first three quarters—but its Q3 sequential decline signals looming headwinds. Cosentyx, another immunology flagship, continues growing thanks to its newly approved intravenous formulation and expanded indication for hidradenitis suppurativa—but its own patent cliff is also approaching. Thus, although Novartis has repeatedly raised its revenue guidance, the impending patent expirations of Entresto and Cosentyx loom like the Sword of Damocles. Whether the commercial ramp-up of radiopharmaceuticals, the approval of Kisqali for early breast cancer, or the launch of the long-acting lipid-lowering therapy Leqvio can fill the resulting revenue gap remains to be validated by the market. Accordingly, Novartis chose to intensify its collaborative investments in 2024—embarking on a global shopping spree, securing the top spot in total deal value. Focusing specifically on the five deals included in this Top 10 list, all align closely with Novartis’ longstanding multi-pronged growth strategy. In cardiovascular care—post-Entresto—Novartis had already positioned itself early with the siRNA therapy Leqvio, which generated $531 million in cumulative sales in the first three quarters of 2024. Building on this direction, Novartis further deepened its commitment in early 2024 by partnering with Boway Pharma on multiple cardiovascular RNAi therapeutics, with a total deal value exceeding $4 billion.

MNC Giants Post Strong Results, Pointing the Way Toward De-Competition in Novel Drug Development

On the evening of November 28, at its R&D Day, the Swiss giant Novartis raised its medium-term sales growth outlook (2024–2027), revising its target for annual sales growth through 2027 upward from 4% to 5%. Notably, Novartis also aims to achieve approximately 40% core operating margin by 2027—up from 35% in 2022. Additionally, at the end of October, Novartis once again raised its full-year 2023 financial guidance: net sales are now expected to grow at a high-single-digit rate, and core operating profit is projected to increase by 14–19% (previously 10–14%). This marks Novartis’ third upward revision of its 2023 profitability forecast—attributed to cost-cutting measures and higher-than-expected pricing for a multiple sclerosis (MS) drug. In fact, among all pharmaceutical MNCs, Novartis stands out as a particularly instructive case study for domestic Chinese pharma companies—especially traditional firms undergoing transformation and upgrading. This latest round of guidance upgrades stems directly from Novartis’ ‘Five-Year Commitment’ and its ‘pure business development’ strategy. Over the past five years, Novartis has undertaken a series of bold reforms to sharpen its focus on innovation—including exiting consumer health and medical devices, spinning off Alcon, divesting its Roche shares, overhauling its global organizational structure, streamlining its innovative drug clinical pipeline, and demerging its generics business Sandoz. These moves have concentrated the company’s efforts on four core therapeutic areas: cardiovascular-renal-metabolic care, immunology, neuroscience, and oncology/hematology—while simultaneously investing in cutting-edge platforms such as radioligand therapy (RLT), cell and gene therapy (CGT), and xRNA technologies—aiming to prioritize innovative medicines with the highest profit potential. Such decisive divestitures, sharp innovation focus, and willingness to endure short-term pain for long-term, high-quality growth merit deep reflection by domestic pharma companies. Likewise, Novartis’ earnings resilience stems from the strong performance of several key products—and the underlying market potential embedded in these drugs offers valuable insights for domestic innovative biotechs, especially amid today’s increasingly saturated and competitive R&D environment. Analyzing its most recent Q3 results, the main growth drivers were: • Entresto (Entresto®): $1.485 billion (+31% YoY) • Kisqali (ribociclib): $562 million (+76% YoY) • Ofatumumab: $657 million (+124% YoY) • Pluvicto: $256 million (+217% YoY) (Data source: Company announcements; CKI Industry Research Institute) The strong commercial success of these core Novartis products points toward viable ‘de-competition’ pathways—not only for innovative biotechs currently navigating uncertainty, but also for investors focused on the innovative drug sector. 1. Innovation in Cardiovascular and Cerebrovascular Therapeutics Slowing R&D progress and bottlenecks in cardiovascular innovation have become widely accepted market trends. Contributing factors include disease complexity, widespread generic competition, heightened safety requirements, and greater clinical trial difficulty. Between 2012 and 2020, cardiovascular drugs accounted for less than 10% of all FDA-approved novel drugs across indications—far below the share for oncology drugs. Over the past decade, cardiovascular innovation has been dominated by incremental improvements—particularly new formulations. From 2010 to 2020, the U.S. FDA approved 12 new formulations or delivery systems for hypertension and heart failure drugs, 3 for hyperlipidemia, 2 for pulmonary arterial hypertension, and 4 for other indications.

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