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?
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