Pharmaceutical Sector Sees $65 Billion in M&A Activity in Q1 2023
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 27 2026
0mins
Source: Fool
- M&A Activity Resurgence: According to PwC, the pharmaceutical and life sciences sector saw over $65 billion in mergers and acquisitions in Q1 2023, marking the best quarter since 2020 and indicating a robust recovery in the industry.
- Major Deal Examples: In Q2, Sun Pharmaceuticals announced its acquisition of Organon for $11.75 billion, while AbbVie reported its acquisition of Apogee Therapeutics for $10.9 billion in June, reflecting large pharma's strong interest in biotech companies and enhancing market activity.
- Market Potential of Legend Biotech: Legend Biotech's Carvykti therapy generated $597 million in sales in Q1, up 62% year-over-year, with projected annual sales potentially exceeding $5 billion, showcasing its competitive strength in the oncology treatment landscape.
- Financial Attractiveness of BioNTech: Despite a 35.4% year-over-year revenue decline to €118.1 million, BioNTech holds €16.8 billion in cash and equivalents, making it an appealing acquisition target, particularly with its mature oncology portfolio and upcoming clinical trials.
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Analyst Views on LEGN
Wall Street analysts forecast LEGN stock price to rise
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 28.040
Low
48.00
Averages
68.10
High
90.00
Current: 28.040
Low
48.00
Averages
68.10
High
90.00
About LEGN
Legend Biotech Corporation is a global biopharmaceutical company. The Company is engaged in the discovery, development, manufacturing and commercialization of cell therapies for oncology and other indications. Its lead product candidate, ciltacabtagene autoleucel (cilta-cel), referred to as LCAR- B38M, is an autologous chimeric antigen receptor (CAR-T) cell therapy that targets the B-cell maturation antigen (BCMA), which is a highly expressed protein in several hematologic malignancies, including multiple myeloma (MM). In addition to cilta-cel, the Company has a portfolio of earlier-stage autologous CAR-T product candidates targeting various cancers, including Non-Hodgkins Lymphoma, acute lymphoblastic leukemia, gastric cancer, esophageal cancer, pancreatic cancer, colorectal cancer, small cell lung cancer, and non-small cell lung cancer. It is also engaged in developing an allogeneic gamma delta CAR-T product candidate and an allogeneic CAR-NK product candidate targeting BCMA for MM.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Biotech M&A Surge Resumes with Major Deals
- M&A Market Revival: According to a PwC report, the pharmaceutical and life sciences sector saw over $65 billion in mergers and acquisitions in Q1 2023, marking the best quarter since 2020 and indicating a significant uptick in market activity.
- Legend Biotech's Growth Potential: Legend Biotech's Carvykti therapy generated $597 million in sales in Q1, a 62% year-over-year increase, with projections suggesting annual sales could exceed $5 billion, making it an attractive acquisition target for larger pharmaceutical companies.
- BioNTech's Clinical Trial Progress: Despite a 35.4% year-over-year revenue decline to €118.1 million, BioNTech is running over 25 phase 2 and phase 3 clinical trials, showcasing a mature oncology portfolio that could attract acquisition interest.
- Acquisition Risks and Opportunities: Although both Legend Biotech and BioNTech have seen their shares drop over 13% in the past year, their unique technologies and product lines present significant potential upside for large pharmaceutical companies facing patent cliffs, making acquisitions a strategic consideration.
See More
Pharmaceutical Sector Sees $65 Billion in M&A Activity in Q1 2023
- M&A Activity Resurgence: According to PwC, the pharmaceutical and life sciences sector saw over $65 billion in mergers and acquisitions in Q1 2023, marking the best quarter since 2020 and indicating a robust recovery in the industry.
- Major Deal Examples: In Q2, Sun Pharmaceuticals announced its acquisition of Organon for $11.75 billion, while AbbVie reported its acquisition of Apogee Therapeutics for $10.9 billion in June, reflecting large pharma's strong interest in biotech companies and enhancing market activity.
- Market Potential of Legend Biotech: Legend Biotech's Carvykti therapy generated $597 million in sales in Q1, up 62% year-over-year, with projected annual sales potentially exceeding $5 billion, showcasing its competitive strength in the oncology treatment landscape.
- Financial Attractiveness of BioNTech: Despite a 35.4% year-over-year revenue decline to €118.1 million, BioNTech holds €16.8 billion in cash and equivalents, making it an appealing acquisition target, particularly with its mature oncology portfolio and upcoming clinical trials.
See More
Calidi Biotherapeutics Appoints New Independent Director
- New Board Member: Calidi Biotherapeutics announced the appointment of Corsee Sanders as an independent director effective June 17, 2026, leveraging her 23 years of leadership experience at Genentech/Roche to provide strategic guidance.
- Extensive Industry Background: Sanders previously served as Executive Vice President of Development Operations at Juno and acted as a strategic advisor to the Chief Medical Officer post-Celgene acquisition, highlighting her deep expertise in the biopharmaceutical sector.
- Current Board Positions: Currently, Sanders holds board positions at Legend Biotech, Ultragenyx Pharmaceutical, and AltruBio, further enhancing her influence within the biotechnology industry.
- Stock Price Fluctuation: Calidi's stock has traded between $0.12 and $19.20 over the past year, closing at $0.1560, indicating a cautious market sentiment regarding the company's future prospects.
See More
Stock Futures Rise Modestly; Rumble and Others Show Strong Performance
- Rumble's New Business Unit: Rumble (RUM) shares surged 17% after the company launched a new business unit following its acquisition of Northern Data AG, with FY revenue outlook raised by approximately 30% to between €170 million and €190 million, enhancing its competitive position in the market.
- Smith & Wesson's Strong Earnings: Smith & Wesson Brands (SWBI) saw a 14% increase in shares after reporting a quarterly performance that exceeded expectations, with net sales up nearly 27% year-over-year and adjusted EBITDAS rising 31.7%, while planning investments in its Springfield facility for FY 2027 to boost capacity and operational efficiency.
- Spero Therapeutics Drug Approval: Spero Therapeutics (SPRO) shares rose 11% following FDA approval of Utebzi, developed in partnership with GSK, marking the first oral carbapenem therapy for complicated urinary tract infections, which is expected to significantly increase its market share.
- D-Wave's Quantum Computing Simulator: D-Wave Quantum (QBTS) shares gained 4% after unveiling its first gate-model quantum computing simulator designed for error-aware programming, representing a technological advancement that may attract more developers to its innovative solutions.
See More
Legend Biotech Prices Public Offering of 7.7M ADSs
- Offering Size: Legend Biotech has announced the pricing of 7.7 million American Depositary Shares (ADSs) at $29.35 each, with total gross proceeds expected to be approximately $226 million, which will significantly bolster the company's capital structure.
- Underwriter Arrangement: Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities are acting as joint book-running managers for the transaction, indicating strong market confidence in the company's financing capabilities and laying the groundwork for future capital operations.
- Overallotment Option: Legend Biotech has granted underwriters a 30-day overallotment option to purchase up to an additional 1.16 million ADSs at the public offering price, providing the company with flexibility for further financing.
- Market Reaction: Following the announcement of the offering, Legend Biotech's shares fell 6% in after-hours trading on Wednesday, reflecting a cautious market sentiment regarding the financing, which may impact the company's short-term stock performance.
See More
Legend Biotech Prices Public Offering at $29.35 per ADS
- Offering Size: Legend Biotech has priced its public offering of 7.7 million American Depositary Shares (ADSs) at $29.35 each, raising approximately $226 million in gross proceeds before underwriting discounts and expenses, indicating strong demand in the capital markets.
- Underwriter Arrangement: The offering is managed by Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities, with underwriters granted a 30-day option to purchase an additional 1.155 million ADSs at the offering price, which enhances market confidence in the transaction.
- Transaction Timeline: The offering is expected to close on June 23, 2026, subject to customary closing conditions, providing investors with a clear timeline that aids in market transparency and planning.
- Market Performance: Over the past year, LEGN shares have traded between $16.24 and $45.30, closing at $33.52, although they fell 5.43% to $31.70 in overnight trading, yet the overall performance reflects a degree of market vitality.
See More
Biotech M&A Surge Resumes with Major Deals
- M&A Market Revival: According to a PwC report, the pharmaceutical and life sciences sector saw over $65 billion in mergers and acquisitions in Q1 2023, marking the best quarter since 2020 and indicating a significant uptick in market activity.
- Legend Biotech's Growth Potential: Legend Biotech's Carvykti therapy generated $597 million in sales in Q1, a 62% year-over-year increase, with projections suggesting annual sales could exceed $5 billion, making it an attractive acquisition target for larger pharmaceutical companies.
- BioNTech's Clinical Trial Progress: Despite a 35.4% year-over-year revenue decline to €118.1 million, BioNTech is running over 25 phase 2 and phase 3 clinical trials, showcasing a mature oncology portfolio that could attract acquisition interest.
- Acquisition Risks and Opportunities: Although both Legend Biotech and BioNTech have seen their shares drop over 13% in the past year, their unique technologies and product lines present significant potential upside for large pharmaceutical companies facing patent cliffs, making acquisitions a strategic consideration.
See More
Pharmaceutical Sector Sees $65 Billion in M&A Activity in Q1 2023
- M&A Activity Resurgence: According to PwC, the pharmaceutical and life sciences sector saw over $65 billion in mergers and acquisitions in Q1 2023, marking the best quarter since 2020 and indicating a robust recovery in the industry.
- Major Deal Examples: In Q2, Sun Pharmaceuticals announced its acquisition of Organon for $11.75 billion, while AbbVie reported its acquisition of Apogee Therapeutics for $10.9 billion in June, reflecting large pharma's strong interest in biotech companies and enhancing market activity.
- Market Potential of Legend Biotech: Legend Biotech's Carvykti therapy generated $597 million in sales in Q1, up 62% year-over-year, with projected annual sales potentially exceeding $5 billion, showcasing its competitive strength in the oncology treatment landscape.
- Financial Attractiveness of BioNTech: Despite a 35.4% year-over-year revenue decline to €118.1 million, BioNTech holds €16.8 billion in cash and equivalents, making it an appealing acquisition target, particularly with its mature oncology portfolio and upcoming clinical trials.
See More
Calidi Biotherapeutics Appoints New Independent Director
- New Board Member: Calidi Biotherapeutics announced the appointment of Corsee Sanders as an independent director effective June 17, 2026, leveraging her 23 years of leadership experience at Genentech/Roche to provide strategic guidance.
- Extensive Industry Background: Sanders previously served as Executive Vice President of Development Operations at Juno and acted as a strategic advisor to the Chief Medical Officer post-Celgene acquisition, highlighting her deep expertise in the biopharmaceutical sector.
- Current Board Positions: Currently, Sanders holds board positions at Legend Biotech, Ultragenyx Pharmaceutical, and AltruBio, further enhancing her influence within the biotechnology industry.
- Stock Price Fluctuation: Calidi's stock has traded between $0.12 and $19.20 over the past year, closing at $0.1560, indicating a cautious market sentiment regarding the company's future prospects.
See More
Stock Futures Rise Modestly; Rumble and Others Show Strong Performance
- Rumble's New Business Unit: Rumble (RUM) shares surged 17% after the company launched a new business unit following its acquisition of Northern Data AG, with FY revenue outlook raised by approximately 30% to between €170 million and €190 million, enhancing its competitive position in the market.
- Smith & Wesson's Strong Earnings: Smith & Wesson Brands (SWBI) saw a 14% increase in shares after reporting a quarterly performance that exceeded expectations, with net sales up nearly 27% year-over-year and adjusted EBITDAS rising 31.7%, while planning investments in its Springfield facility for FY 2027 to boost capacity and operational efficiency.
- Spero Therapeutics Drug Approval: Spero Therapeutics (SPRO) shares rose 11% following FDA approval of Utebzi, developed in partnership with GSK, marking the first oral carbapenem therapy for complicated urinary tract infections, which is expected to significantly increase its market share.
- D-Wave's Quantum Computing Simulator: D-Wave Quantum (QBTS) shares gained 4% after unveiling its first gate-model quantum computing simulator designed for error-aware programming, representing a technological advancement that may attract more developers to its innovative solutions.
See More
Legend Biotech Prices Public Offering of 7.7M ADSs
- Offering Size: Legend Biotech has announced the pricing of 7.7 million American Depositary Shares (ADSs) at $29.35 each, with total gross proceeds expected to be approximately $226 million, which will significantly bolster the company's capital structure.
- Underwriter Arrangement: Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities are acting as joint book-running managers for the transaction, indicating strong market confidence in the company's financing capabilities and laying the groundwork for future capital operations.
- Overallotment Option: Legend Biotech has granted underwriters a 30-day overallotment option to purchase up to an additional 1.16 million ADSs at the public offering price, providing the company with flexibility for further financing.
- Market Reaction: Following the announcement of the offering, Legend Biotech's shares fell 6% in after-hours trading on Wednesday, reflecting a cautious market sentiment regarding the financing, which may impact the company's short-term stock performance.
See More
Legend Biotech Prices Public Offering at $29.35 per ADS
- Offering Size: Legend Biotech has priced its public offering of 7.7 million American Depositary Shares (ADSs) at $29.35 each, raising approximately $226 million in gross proceeds before underwriting discounts and expenses, indicating strong demand in the capital markets.
- Underwriter Arrangement: The offering is managed by Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities, with underwriters granted a 30-day option to purchase an additional 1.155 million ADSs at the offering price, which enhances market confidence in the transaction.
- Transaction Timeline: The offering is expected to close on June 23, 2026, subject to customary closing conditions, providing investors with a clear timeline that aids in market transparency and planning.
- Market Performance: Over the past year, LEGN shares have traded between $16.24 and $45.30, closing at $33.52, although they fell 5.43% to $31.70 in overnight trading, yet the overall performance reflects a degree of market vitality.
See More
