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Are Companies Bought, Not Sold? Rethinking M&A In Life Sciences
The well-worn adage “good companies are bought, not sold” suggests that top-tier businesses, especially in high-growth industries like life sciences, do not need to seek buyers; instead, buyers pursue them. While some high-profile examples grab headlines, they are the exception, not the norm — especially in life sciences. As specialists in life science transactions, we advise management and boards to challenge this myth. Believing “good companies are bought, not sold” can be dangerously misleading and does not reflect the reality of the overwhelming majority of acquisitions in this sector.
Successful Sellers Seek to Maximize Acquirer Value
Buyer perception of business risk is a key determinant of successful medtech M&A, yet many companies fail to appreciate a potential acquirer’s perspective and how it perceives value. We outline the steps that leaders of earlier-stage companies can take to improve their understanding of what prospective acquirers truly want and thus increase the likelihood of a successful transaction.
A Shifting Market Environment and Strategies Fueling Innovation in Prostate Cancer Treatment
Blockbuster drug patent expiration, advances in enabling technology, and the emergence of personalized medicine for prostate cancer treatment create a landscape worth examining.
The Case for Hiring an Investment Bank: Adding Value to Your Value Proposition
The “right” investment banker for you with the appropriate experience can not only tell you what your company is worth, they can also utilize their expertise to establish and run an appropriate, bespoke transaction process that will serve to reduce risk and maximally benefit you and your company’s future potential, valuation or even sale price – and they should be equally willing and able to.
The Winding Journey of Biotech Capital Raising: Deciphering the Jargon
Ensuring biotech companies are sufficiently capitalized to propel innovation and development remains a central focus for management. In this article, we draw on our broad perspective interacting with venture capitalists to offer thoughts on investor feedback. Understanding venture capitalists’ mindsets and investment theses will increase the probability of securing needed capital.
Financing Diagnostics in the Post-COVID World
During the COVID-19 pandemic, the US government imposed sweeping pandemic measures on the nation allowing millions of Americans to receive free tests, vaccines, and treatments aimed to prevent spread of a potentially life-threatening, highly contagious disease. These COVID-19 emergency declarations will end on May 11, marking a close to the US response to the global pandemic. With the end of the pandemic, the in vitro diagnostics (IVD) industry is confronting a reckoning-one that was predicable but is still painful.
Orthopedic Industry Outlook Prompts Positive Market Sentiment
Amid a deteriorating macroeconomic backdrop, orthopedic industry stocks have shown resiliency relative to the broader public markets. This enables management teams to breathe a sigh of relief, driven in part by expectations for a long-awaited pickup in procedure volumes, as they and investors have watched valuations tumble over recent years due to COVID-19 headwinds, supply-chain backlogs, and other industry forces.
Optimizing Medtech Pricing Flexibility in a Digital World: Subscription Versus CapEx
As medtech companies modify their business practices and pricing models to draw out the maximum value of their integrated digital and medical device offerings and respond to customers’ concerns about high up-front costs of adopting new technologies, they need to discern the trade-offs and proper use cases.
Orthopedic Industry Exhibits Steady Transactional Activity and Value, Despite Maturity
Outcome Capital argues that the orthopedic segment, and ortho in particular, remains highly attractive, as it offers investors stability, healthy multiples, and opportunities for innovation.
Dx IPO Window Widens in 2021 as COVID-19 Testing Provides Jumping Off Point
Sustained investor interest in the diagnostics industry in light of the continuing COVID-19 pandemic drove initial public offerings in the Dx space in 2021, leading to more than three times as many IPOs in the space last year as in 2020.
Diagnostics M&A Deals Skyrocket in 2021 as Companies Have COVID-19 Cash to Burn
As many diagnostics companies continued to benefit from high volumes of COVID-19testing, cash burned a hole in the pockets of many in the industry, and major players and smaller newbies alike picked up new businesses.
Diagnostic Financings Are Robust, Fueled by COVID-19 and Precision Medicine
Private investors poured more than $8 billion into diagnostics companies between January 2020 and September 30, 2021, envisioning myriad opportunities for innovative COVID-19 testing technologies and precision medicine tests that help optimize individual treatment regimens.
Make, Buy Or Partner: Strategic Alliances Continue To Fuel Biopharma Growth
The biopharma market has been highly active throughout the COVID-19 pandemic with a substantial focus on strategic alliances between 2020-H1 2021. Partnership deals present exciting liquidity and risk mitigation opportunities for early-stage companies. Small molecules still comprise the largest segment of partnered drugs, but alliances for other modalities are on the rise.
Pharma Services Sector Poised for Continued Growth and Consolidation
Outcome Capital has been following the pharma services market dynamics for the past 5 years. The authors believe that this fragmented segment will give way to greater consolidation by both financial buyers looking to roll up smaller players and larger contract research organizations seeking to expand into value-added specialty service areas. Adding to this consolidation is a tepid fund-raising environment, opening the door for financial buyers to play a role in consolidating many niche players.
The Diagnostics Industry Post-Covid: A Revival or Return to Baseline?
The COVID-19 crisis shifted unprecedented resources to the diagnostics industry and presented a substantial growth opportunity for test manufacturers. A multitude of companies and entrepreneurs quickly pivoted toward developing innovative COVID tests, but whether they can survive post-pandemic exceptionalism remains to be seen.
Intense Transactional Activity Continues To Propel Biopharma Growth
Due to the risks, costs, and required specialization associated with research and development, acquisitions and partnerships have become powerful and frequently used tools for large pharmaceutical companies to ensure continued growth. Outcome Capital’s analysis of M&A by the largest pharmaceutical companies over the past three-and-a-half-years reveals some important trends.
7 Elements of a Successful Biotech Funding Plan
CEOs must accept the reality that the success of their company is largely dependent on segment dynamics, in addition to the technology or their management skills
Immuno-Oncology: Unicorns, China And The Perfect Storm
Are we in the midst of a transformational inflection point in scientific progress leading to meaningful improvements in clinical outcomes or are we witnessing irrational exuberance by investors and strategic players leading to unduly escalated asset values? Time will tell.
Strategy First, Execution Second: Why Life Science Entrepreneurs Should Adopt a Top-Down Mindset Early
Management teams should adopt a top-down approach by developing a clear path to liquidity aligned with sector-specific market characteristics
Neurovascular Device Market Poised For Growth
Not long ago, tPA was the only front-line treatment for acute ischemic stroke. But a second generation of mechanical thrombectomy devices, including stent retrievers and aspiration-based reperfusion devices, has demonstrated significant efficacy against ischemic stroke, providing the impetus for renewed device innovation and new care delivery strategies.
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