#JPM23 kicks off with an acquisition as Chiesi inks all-cash $1B+ … – Endpoints News

As many of the industry’s bigwigs arrive in the Bay Area to hash out deals, Chiesi Farmaceutici is showing up with an all-cash acquisition in the bag.

The Italian drug developer said Sunday it is buying rare disease biotech Amryt Pharma for $1.25 billion. Amryt is the maker of four approved rare disease drugs, including some of the most expensive prescriptions on the market.

Chiesi’s buy marks what is likely to be one of multiple deals highlighted at the drug development industry’s largest annual confab, which is being held this week. M&A remained quite low in 2022 for an industry reeling from a pandemic boon, as more than 100 biotechs laid off employees, some shuttered and others found an exit by out-licensing assets or selling. Despite all that, the year concluded with the largest deal of 2022 in Amgen’s $28 billion consumption of Horizon Therapeutics in December.

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