2019 Life Sciences M&A Study

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SRS Acquiom has provided professional and financial services on over 227 life sciences M&A transactions since 2008, involving biotech/pharmaceutical products, medical devices, diagnostics, and life sciences tools and technologies. Very few of these agreements are available publicly, nor is information on post-closing outcomes.

From over 160 life sciences deals that have earnouts, we present milestone achievement data and experience from 131 transactions that have been closed more than one year and have significant post-closing experience, including:

  • Over 725 individual milestones
  • Over $30B in potential defined earnout/milestone payments (plus uncapped payments, royalties, etc.)
  • Over 425 individual milestones (over $13B potential) originally expected to be hit or missed by May 2019.

With this study, you will gain access to proprietary insights including:

  • How much earnout potential is in near-term milestones versus long-term “biodollars"?
  • How much do parties typically negotiate for milestones at each phase of development?
  • Which milestones actually get paid, and when?

Don Morrissey

Head of Life Sciences 303.250.8936

Don advises life science clients on M&A deal negotiations and post-closing milestones and earnouts. He is principal author of our life science studies and a frequent speaker at industry events.

Before joining SRS Acquiom, Don spent more than a decade helping to grow two venture-backed life science start-up companies through IPOs. He has been responsible for many strategic transactions involving licensing, partnering and M&A, as well as financings with leading venture capital and private equity firms. He was formerly SVP, Corporate Development and General Counsel for Replidyne, an antibiotic drug development company, and VP, Legal Affairs and Business Development for Caliper Life Sciences, a microfluidics company. He began his career as a business attorney with Cooley LLP.

Don holds a law degree from USC and a BA in Molecular, Cellular and Developmental Biology from the University of Colorado.

Gain the SRS Acquiom edge on your next deal.

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