The 2023 SRS Acquiom Life Sciences M&A Study offers insights from 383 life sciences transactions (aggregate deal value of $70.6B up-front plus $74.1B earnout potential), including milestone achievement data on 211 deals with at least one milestone due by mid-2023. With new data by industry sector, up-front value, closing year, and product stage, this new study presents 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?

This year’s study presents proprietary insights, including:

  • Earnout achievement for Bio/Pharma deals is at the lowest reported rate in the last 15 years.
  • More recent Diagnostics and Research Technologies deals with less consideration are tied to earnouts than prior periods.
  • Earnout disputes exist in 28% of deals, 56% of which have been renegotiated.

Since 2008, SRS Acquiom has supported life sciences M&A transactions involving biotech/pharmaceutical products (Bio/Pharma), medical devices, diagnostics, and life sciences tools and technologies.

Download the 2023 SRS Acquiom Life Sciences M&A Study below.

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