Biotech M&A Jumps in First Half

According to a new report focused on M&A activity, 18 biotech companies were sold during the first half of this year for total upfront values of $51.6 billion.

A new report from private equity group HBM Partners says the M&A activity for venture-backed biotech companies during the first half of this year hit its highest mark since the second half of 2006.

According to the report, 18 biotech companies were sold during the first half of this year for total upfront values of $51.6 billion. That figure positions deal activity this year to potentially surpass the $67 billion total for full-year 2010.

Investors made out well with the sales of cancer drug developer Plexxikon to Daiichi Sankyo and Advanced Biohealing to Shire--deals that were estimated to provide 10x returns to VCs, HBM Partners reported.