SRS Acquiom has provided professional and financial services on over 230 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. Based on our experience working on these transactions as post-closing shareholder representative, this study analyzes the following topics:
From over 160 life sciences deals that have earnouts, we present milestone achievement data and experience from 130 transactions that have been closed more than one year and have significant post-closing experience, including:
- Over 770 individual milestones
- Over $33B in potential defined earnout/milestone payments (plus uncapped payments, royalties, etc.)
- Over 460 individual milestones (over $14.0B potential) originally expected to be hit or missed by May 2019.