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.

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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.

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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.

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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

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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.

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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

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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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Recurring Mistakes (And Remedies) For Life Sciences M&A

Life science management teams fall victim to recurring mistakes and entrapments.  This article discusses avoidable missteps in M&A transactions and their respective remedies.

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Attracting Venture Capital in the Life Sciences Industry: a Data-driven Approach

Seeking venture capital (VC) financing for a young life sciences company is often a difficult and frustrating job, sometimes taking many months and too often ending fruitlessly.

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How Cognitive Bias Undermines Value Creation in Life Sciences M&A

Life Sciences mergers and acquisitions are typically based on perceived future value rather than objective financial parameters.

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Who’s Driving the Liquidity Event?

In a hard-hitting expert view piece, Dr Oded Ben-Joseph and Dr Shawn Manning, from investment bank Outcome Capital, advise on how life science companies can achieve shareholder objectives without falling into some common traps.

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Platforms versus Products in the Life Sciences Sector

In an expert view piece, Dr Oded Ben-Joseph and Dr Shawn Manning, from investment bank Outcome Capital, advise on how life sciences companies can curtail risk by allocating time and money in a capital-efficient manner.

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Where the Bodies Lie

As members of a life sciences advisory and investment banking group, my partners and I have often noted that life sciences companies fall victim to the same mistakes and misconceptions, repeated again and again. These failures mostly hinge upon company management misunderstanding the fundamentals of market dynamics and failing to appreciate the importance of the exit…

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Business Success in the Life Sciences: an Investment Banker’s Perspective

We spent considerable time talking with biotech and pharma companies as well as academic research labs throughout the UK. Our aim was to get a more in-depth understanding of the local industry, its strengths, weaknesses and particular needs…

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Market Insights

Biology & Digital Technology Merger Gives Rise to Spatial Biology

As a highly specialized life science advisory and investment banking firm, Outcome Capital looks to identify emerging trends that effect how researchers and clinicians understand, diagnose, and treat disease.

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Shining the Light on Diagnostic Shortcomings During the COVID Pandemic Reveals a Stronger Path for the Future

Outcome Capital sat down and spoke with Dr. Cathy Petti to get her perspective on the shortcomings of COVID diagnosis and how to carve out a stronger path for the future. 

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Grabbing Hold of the COVID-19 Pandemic as a Diagnostic Company

Outcome Capital sat down and spoke with Chuck Morrison to get his thoughts on the effects of the current COVID-19 pandemic on diagnostic transactional activity in 2020 and how best to weather the economic environment.

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In Vitro Diagnostic Market Insight: Continued Growth and Consolidation

The In Vitro Diagnostic market values established companies with regulatory approval and market traction. This is demonstrated by premiums paid for acquisitions of companies that offer the opportunity to quickly capture market share and IPOs of companies with significant revenues.

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ServiceNow Space… an Active M&A Market

ServiceNow is a cloud computing company that licenses a ready-built IT Service Management (ITSM) platform for streamlining and automating IT services

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Update in Immuno-Oncology: Multiplicity of Drug In-Licensing Opportunities to Expand Your Pipeline

This market update captures assets currently in development and recent partnering/in-licensing transactions which can catalyze development and improve valuation for companies.

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Ophthalmology Market: Opportunity for Growth Remains

The ophthalmology market values innovation approaches, demonstrated by premiums paid for acquisition of  first-in-class therapies and public market support of ophthalmology gene therapy companies.

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Cell-based Therapies: A Maturing Market Poised for Growth

The cell-based therapy market will grow significantly, supported by recent clarity in the FDA pathway, improved clinical outcomes as well as market entry by big pharma.  

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A Historical Perspective on the Fundamental Drivers of Government Services M&A

Most of the commentary about the M&A market for Government Services firms tends to be about recent transactions or recent trends. The purpose of this article is to provide longer term context in this cyclical market.

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In the News

Biotech Startups: How to Succeed in a COVID-19 World

Navigating uncharted waters, biotech investors, executives and entrepreneurs are finding unique challenges (and opportunities) in a COVID-19 world. Contributing author, Outcome Capital’s Dr. Oded Ben-Joseph, Managing Director and Co-Founder of the Life Sciences Practice.

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BIO18: Pfizer’s Bourla on Volume vs. Value & a Little Dealmaking Advice from Outcome Capital

Partnerships and the move to value dominated the chatter at the BIO International Convention’s 25th annual partnering meeting on Monday in the life science hub of Boston.

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Active VCs vs. Zombies: Dysfunctional Boards That Mess With M&A

Investors want to know: Will Big Pharma go bargain hunting, do a little M&A? Will it lift my biotech portfolio out of the gutter? Multiple factors are always at work. At the most basic level, pharma still needs to acquire new products to stay afloat. Little biotechs who create things need to be acquired, or go public, to reward their investors. Those facts never change. But there’s another powerful, and dark, force creating havoc in many biotech boardrooms. People who have witnessed it don’t like to talk about it. When they do, it’s in hushed tones…

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5 Things Every IT Services CEO Should Know

Information technology consulting and services companies come in all sizes and have a broad range of capabilities, making them a very attractive segment of the market. While these companies may be getting a lot of attention from investors, many business owners struggle with communicating what makes their company uniquely valuable and poised for growth.

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Winning Matters

At Outcome Capital, getting you to exit and getting your technology to patients matters to us. When we engage, we don’t go to participate; we don’t go to try hard; we go to win, because winning matters.

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Bringing Polymath Power to Biotech Banking

Success in identifying strategic partnerships and transacting M&As deal in the knowledge-intensive and highly complex Biotech industry requires a multi-disciplinary approach from investment banking firms. The scientist-bankers at Boston-based Outcome Capital define a step-up from the ordinary.

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Caught By Surprise: The Diagnostic Industry in The Time of COVID

World markets are looking to the diagnostic industry to rapidly diagnose and monitor the COVID -19 pandemic but the segment received limited venture support over the past several years. The COVID-19 crisis has shown that pandemics are real, their impacts on health and the economy are devastating, and it is through renewed innovation that we find relief.

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Tainting the Market: Why Early & Widespread Market Outreach Can Hurt

As a specialized life science advisory and investment banking group, Outcome Capital is often in the unique position to see companies who have gone to market prematurely and consequently have been unsuccessful in either raising capital or seeking an acquisition partner. What management often does not realize is that the failure of these first-time efforts can leave the market with a tainted impression of their company

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Outcome’s Digital Health Practice Takeaways from MassBio’s Life Science Entrepreneurs Impact Summit

As the digital health segment is rapidly gaining momentum, entrepreneurs are advised to focus on technologies that clearly demonstrate improved clinical outcomes, or quickly and capital-efficiently integrate into hospital workflows toward reduce cost reduction.

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Board Dysfunction and the CEO

Boards should consist of two key stakeholders: Investors, who have the financial ability to support the company and industry experts, who could provide domain expertise, external perspective, as well as a deep network.

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Top Five Recurring Mistakes (And Remedies) In Life Science M&A

Given that M&A transactions are pivotal in moving innovation from the laboratory to the patient, it is imperative that management teams understand that the selling of a company is an arduous, time-consuming, and a high-risk process. As members of a specialized life sciences investment banking group focused on private equity financing and M&A, we often note that life science management teams fall victim to recurring mistakes and entrapments.  Below is a list of avoidable missteps in M&A transactions and their respective remedies:

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Pitching Your Company: On the Importance of Seeking Dialogue and Avoiding Monologue

The idea of CEOs “pitching” their company evokes images of detailed PowerPoint presentations and exuberant speeches. While intricate presentations given with dramatic flare might seem like an appealing route for entrepreneurs to take, seasoned CEOs leverage the opportunity to discuss their company, form relationships and receive invaluable feedback.

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Pitching Your Company: Key Distinctions to Make When Meeting With Potential Investors or Acquirers

Whether in the early stages of attracting capital, or engaging in discussions with strategic acquirers, successful life science management teams are careful to make important distinctions when “pitching” their company. Below, are topics that are occasionally confused to the detriment of otherwise marketable technologies and companies.

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The Liquid Biopsy Segment Is Coming Into Its Own

Beginning with Roche’s acquisition of the balance of Foundation Medicine for $2.4 billion this past June, the long championed (yet unrealized) promise of the liquid biopsy market has begun to take shape. Investments and acquisitions in the space are undoubtedly only just beginning, and we look forward to seeing this market continue to mature and grow.

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Biotech 2018 IPO Mania – NASDAQ to Hong Kong

The public capital markets for life science IPOs today are in a fairly unique place.  In Europe, the IPO market has remained relatively flaccid, characterized by an ongoing lack of tradable volume, limited ‘pools of capital’, and continuing wariness from institutional investors who have limited knowledge of the life sciences sector and therefore little appetite for such stocks. New Europe-wide financial market regulations (the now infamous ‘MiFID-II’) carry with them the prospect of an up to 75% decline in trading commissions, and the number of smaller stocks that are likely to be covered by Europe’s (few) remaining biotechnology analysts is limited and likely to remain that way. Thus, it is perhaps unsurprising that companies and shareholders are increasingly looking across the globe, to the United States and now beyond, for IPO opportunities.

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Anti-infectives: Addressing Market Dynamics that Challenge New Entrants to the Sector

Big pharma flight from anti-infective R&D will create significant challenges for early-stage biotech companies seeking to develop novel and much needed drugs in this sector, as opportunities for partnerships, joint R&D relationships, and merger/acquisition transactions are diminishing.  

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June Healthcare M&A Eclipses Recent Biotech IPO Surge

Big guns may have been fired up this week in the financing world with 6 of 12 Biotech IPOs debuting and raising more than $460M dollars. This figure however is dwarfed by the multi-billion dollar value of Merger & Acquisitions announced or offers made within healthcare during June to date — and the month isn’t quite over yet!

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5 Things Every Life Sciences Entrepreneur Should Know

Many life sciences entrepreneurs have the mistaken belief that good technology is enough to gain funding, and ultimately commercial success. Interesting technology and research excellence provide a strong foundation; however, the aim of a successful business is not good science but achieving a tangible return to its shareholders. 

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Welcome to the Outcome Blog

Welcome to our blog dedicated to passing on the wealth of knowledge we have gained through our many years of advising and working with companies to carve out and follow their best path to success.

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