insights

2025 Life Sciences M&A Earnout Achievement: Key Findings by Industry Sector

Kip Wallen

Senior Director, Thought Leadership

Explore key earnout achievement insights from the 2025 SRS Acquiom Life Sciences M&A Study, including a focused look at life sciences M&A milestone achievement broken down by:

  • Industry sector: Biotechnology & Pharmaceuticals, Medical Devices, and Diagnostic Research Technologies
  • Structure: Commercial vs. development milestones
  • Timing: Impact when performance periods run longer

This info sheet draws on our expansive 2025 Life Sciences M&A Study, which features data-driven insights from 466 private-target life sciences transactions, including 342 with an earnout and 242 that had at least one milestone due by mid-2025. Based on a mature, 15-year data set, the study explores how often earnouts pay, which factors might influence milestone success, and more.

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Kip is a senior director leading the SRS Acquiom thought leadership practice, the mission of which is to share resourceful content built from SRS Acquiom expertise and proprietary data. In addition to facilitating scores of interactive presentations at M&A conferences and law firms, Kip authors a plethora of articles and data studies regularly utilized by the market. 

Previously, Kip was a part of the SRS Acquiom Transactional Group, where he collaborated with clients and counsel to negotiate M&A documents including purchase, escrow, payments, and other transactional agreements. Before joining SRS Acquiom, he was an attorney with a Denver-based boutique business law firm working on middle-market M&A deals.  

Kip holds J.D. and M.S. (Econometrics) degrees and is a member of the Colorado bar. 

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