MoFo BioMeter - Vol. 2, Issue 4, November 2013 - Q3 BioMeter Shows Strong Early Stage Deals

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The average BioMeter value in the third quarter of 2013 was $30.4 million, an increase from the $22.2 million value in the second quarter. Like last quarter, Phase 1 and Phase 2 transactions showed very strong results, with the BioMeter value for Phase 1 transactions increasing to $54.0 million in the third quarter from $39.3 million in the second quarter, and the BioMeter value for Phase 2 transactions increasing to $67.3 million in the third quarter from $38.1 million in the second quarter. Phase 2 results were influenced by the $175 million up-front payment from AbbVie to Ablynx for the experimental drug ALX-061 to treat rheumatoid arthritis and lupus. Excluding this transaction, the BioMeter for Phase 2 transactions in the third quarter would have been $31.4 million, down slightly from last quarter. Phase 1 results were influenced by the MorphoSys/Cellgene transaction, which included a $92 million up-front payment.

The BioMeter value for pre-clinical and discovery transactions also increased to $22.3 million in the third quarter from $10.5 million in the second quarter, across twelve transactions, and was the largest category of transactions. Leading the way in pre-clinical and discovery transactions were the $100 million up-front payment from Biogen to Isis and the $45 million upfront payment from AbbVie to Galapagos. These transactions demonstrate the value of proprietary platform technologies.

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