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1、Outsourced Pharma Services&Pharma Tech Sector BriefHarris Williams|Q4 2024$2.2$22.4$13.1$33.4$50.5$28.1$9.9$56.8$16.1$17.914212621232625312226Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Total Deal ValueNumber of Deals2The pharma services space has received continual interest from sponsors over

2、 the last several years and,even though a full recovery hasnt happened in 2024,strong tailwinds will build momentum despite current softness.Key Considerations and Drivers for Pharma Services in the Second Half of 2024CDMOs Have Doubled-Down on Expanding Capacity3,4Biopharma M&A Is Steady Through 20

3、245,6Likelihood of phase transition over time$in billions and deal count in actuals1)Source:Norstella Why are clinical development success rates falling?2)Source:Citeline Pharma R&D Annual Review 20243)Source:PharmaCompass CDMO Activity Tracker4)Source:Deloitte 2024 Global Life Sciences Sector Outlo

4、ok 5)Source:JP Morgan 2024 Annual Biopharma Licensing and Venture Report6)Source:Fierce Pharma Biopharma M&A More Than Doubled in Q1Outsourced Pharma Services and Pharma Tech|Q4 2024The CDMO space is primed for strong growth over the next few years,notably in specific areas of high unmet demand(e.g.

5、,ADCs,oligonucleotide,GLP-1,and vaccines),and major players in the space are focusing on expanding their capacity Particularly,expansion into large commercial operations,with a particular focus on injectables,and fill-finish capacity have taken center stage in 2024Mega-mergers,like Novos acquisition

6、 of Catalent,will further drive activity and outsourcing to fill demand as incumbent players compete for limited space Additionally,onshoring in the face of regulatory pressure will independently support M&A activity,as international CDMOs face a competitive disadvantage in comparison to their domes

7、tic counterpartsIn the first half of 2024,while the number of biopharma deals was nearly identical compared to the same period last year,YTD-2024 median deal value fell to$608M,compared to$680M last yearLarge pharma is also facing an extensive patent cliff,which potentially risks up to$200 billion i

8、n revenue through 2030,further driving interest in acquisitions to replace indications that will face competition and branch off into new therapeutic areas Further,deals involving small-cap biopharma have increased as an overall share of transactions,with additional focus on late-stage biologicsThis

9、 flock to safer,higher-likelihood assets is common strategy by large pharma to reduce uncertainty regarding their pipelineIn public markets,IPOs,while very strong in Q1-24,have fallen back closer to 2023 levelsDateInvestorCommentaryApr.24Invested an additional$1.2B to expand its large-scale cell cul

10、ture CDMO business in North Carolina,with a total investment of$3.2B Mar.24Acquired a$1.2B facility in California from Roche,focused on clinical-stage projects and commercial manufacturingFeb.24Opened a new sterile drug facility in Singapore,focused on the Asia-Pacific market,with the goal of provid

11、ing rapid vaccine fill-finish capabilitiesFeb.24Acquired Catalent for$16.5B,acquiring all of its fill-finish sites to add capacity for Novo Nordisks blockbuster drugs:Ozempic and WegovyDevelopment Has Softened but Will Recover1,2Success rates for clinical trials have continued to decline over time,d

12、riven by growing complexity and rising costsRecent trends have furthered this through shortages of critical medicines used in trials12,300 13,719 14,872 15,267 16,181 17,737 18,582 20,109 21,292 201520162017201820192020202120222023R&D Drug Pipeline SizeHowever,the overall drug pipeline remains stron

13、g,with continual growth in the number of assets entering trialsWhile short-term softness has persisted,new launches,especially in emerging therapeutic areas,can reverse this trend 76%33%55%61%29%60%40%25%46%Phase IPhase IIPhase III2006-20082012-20142021-20233While 2024 saw improvements and the indus

14、try is propelled by sustainable long-term tailwinds,the pharma services market has faced short-term challenges over the prior years.The Pharma Services Market Has Faced Headwinds in 2023 and 2024Outsourced Pharma Services and Pharma Tech|Q4 2024Several pharma players have announced significant R&D c

15、uts on the back of impending patent cliff and impacts from the IRA,including Pfizer,Bristol-Myers,and ModernaClinical trial starts have been on a downward trajectory post-COVID.In 2023,they were down 15%from 2022,and they were down 22%when compared to 2021GLP-1 therapies remain an exception.Sales of

16、 GLP-1 medications such as Novo Nordisks Wegovy and Ozempic and Eli Lillys Mounjaro and Zepbound are surging and are constrained only by the ability of manufacturers to meet demandFrom 2023 to 2030,the 18 largest pharmaceutical companies will face the expiration of patents for 169 commercialized dru

17、gsNearly$400B of revenue is at risk of erosion by new market entrantsBiologics constitute 66%of exposed revenue,compared to 34%for small molecule drugsThe patent cliff represents an upside for small and midsize pharma providers,as large pharmaceutical companies will look to enter deals to solidify t

18、heir pipelines with the aim to recover earnings from expiring patentsDrug pricing under Medicare Parts B and D has come under scrutiny by the U.S.Department of Health and Human ServicesPharma companies are now required to negotiate prices for high-spend Medicare Part B and D drugs directly with the

19、U.S.DHHS annually,which the Congressional Budget Office forecasts will result in$100 billion of total savings by 2030The majority of the targeted Medicare spend is concentrated among large pharma,which is driving the industry to revise long-term forecasts and adjust spending accordingly“Were finding

20、 large pharma pretty much en masse cutting back their spending and hence pausing some drugs that they should have or wanted to file INDs for and emphasize in the clinic big time.its patent cliff,its IRA,its the overall economy.Its sort of gaps in the portfolio,its sort of all the above.”James Foster

21、(CEO,Charles River,Sept.24)Medicare part D spending and drug count by company valuation($In billions;drug count in actuals)Drug patent expirations and associated revenue exposure1,2($In billions;drug count in actuals)1)Sources:WSJ,RSM,IQVIA2)Note:Includes data from only the top 18 largest pharmaceut

22、ical companiesBig Pharma R&D CutsPatent CliffInflation Reduction Act$55$34$44$30$37$115$59$21251721182025241920232024202520262027202820292030Associated Revenue Exposure($B)Drug Patent Expirations$28$27$26$1122,5081,059275699$10B$10B-$50B$50B-$100B$100B+Pharma Company ValuationMedicare Part D Spend($

23、B)Drug Count4While the number of clinical trials starts in 2024 remained similar to 2023,acceleration is expected from 2025 onward.Data from Projects a Recovery in Trial StartsOutsourced Pharma Services and Pharma Tech|Q4 2024Source:Clearview Healthcare Partners Despite increased financing and R&D e

24、xpenditure in 2024,trial starts remained at 2023 levels,suggesting a lag between R&D increases and trial starts Large pharma shows a preference for acquiring agents over in-house development,with 40%50%of Phase III agents being acquired,leading to fewer Phase I and Phase II trials sponsored by large

25、 pharma In 2024 YTD,recovery is concentrated in SMid Pharma and Emerging Pharma,with recovery in Large Pharma beginning in early 2025 and in Emerging Pharma as exit options(M&A and IPO)improveNew trial start forecast by phasePharma R&D investment(global,$in billions)145150160170183195210245251282201

26、4A2015A2016A2017A2018A2019A2020A2021A2022A2023ALarge PharmaSMid PharmaEmerging Pharma6.1%9.7%7.1%CAGR3,3973,4064,0933,7643,1923,1923,2993,4103,5243,6412019A2020A2021A2022A2023A2024F2025F2026F2027F2028FPhase IIIPhase IIPhase I+3%3%Phase 14%Phase 23%Phase 3Trial CAGR(24 28)CAGRHistorically,Growth in R

27、&D Investment Was Driven By Large Pharmaand Trial Starts Are Expected to Accelerate From 20255CDMOs are receiving strong attention from pharma and sponsors alike as supply chain shifts,capacity shortages,and potential changes to the regulatory landscape place an additional premium on their services.

28、Key Themes and Growing Focus on CDMOs Outsourced Pharma Services and Pharma Tech|Q4 2024Growing Focus on Securing Production Capacity1,2Major CDMO players have continued a string of expansionary investments through 2024,with a particular focus on injectables As widely available,complex biologics con

29、tinue to launch,CDMOs of scale will need to compete for blockbuster launchesAdditionally,mega-mergers like Novos acquisition of Catalent encourage further M&A activity by showing proof of concept for deals at scale and potentially lowering access other players have to CDMO services This follows broa

30、der industry focus toward acquiring scaled operations rather than just specialized CDMOs,especially as diabetes and obesity assets enter the market,given their incredibly wide commercial baseSupply Chain and Regulatory Pressure Favor Onshoring3Since COVID-19 lead to wide-scale disruptions to supply

31、chains,onshoring in the U.S.and EU has begun to riseHowever,movement has been slow,as U.S.and EU pharma companies are still reliant on major CDMOs in China and India,such as WuXi App Tec and Cipla,respectivelyCurrently,80%of U.S.Pharma companies have at least one contract with a Chinese CDMO or Chin

32、ese-owned manufacturerOne additional driver of onshoring was introduction of the BIOSECURE Act in January.If passed,the act would heavily limit collaboration between domestic pharma companies that receive government funding and a number of key Chinese CDMOsWhile enforcement would not begin until Jan

33、.1,2032,many large pharma players have already begun looking for alternatives,especially those in the U.S.,given the time required to rebuild supply chains The CDMO Space Is Supported by Short-and Long-Term TailwindsWith a Total Market Projected to Grow Faster Than Pharma4,51)Source:Contract Pharma

34、The Road Ahead for CDMOs in 20242)Source:Global Data Pharma CDMO M&A Activity Shifts Focus to Scaling3)Source:Pharmaceutical Technology BIOSECURE Act Gains Momentum$146.3$157.0$168.4$180.7$193.9$208.1$223.3$239.62023A2024E2025P2026P2027P2028P2029P2030PCDMO Market Size$in billions4)Source:B ioSpace P

35、harmaceutical CDMO Industry Is Rising Rapidly5)Source:Clearview Healthcare Partners6)Source:Outsourced Pharma Why Outsourcing to CDMOs Doubled Continued Outsourcing Will Create Further M&A Activity6Robust Growth Into the Future CDMOs will continue to grow above industry expectations as more biologic

36、s enter the market and large pharma faces continued capacity constraintsInnovate modalities are a large contributor to the growing demand for CDMOs and are expected to grow at 4x the rate of small molecules through 2028Proportion of biopharmaceutical facilities that outsource servicesNew Opportuniti

37、es for ProductionContinual outsourcing of services by large pharma will expand the number of players in the CDMO space and number of transactionsOutsourcing will also diversify the therapeutic areas served,encouraging CDMOs to differentiate their offerings44.4%47.5%55.4%53.8%64.7%55.8%67.3%69.0%70.3

38、%200720092011201320152017201920212023Outsourcing RateOutsourced Pharma Services and Pharma Tech|Q4 2024There has been significant private equity activity in the broader pharma services space in 2020-2021,which is expected to result in 40+notable platforms through 2024 and into 2025.Private Equity Fu

39、nding Cycle Predicts a Flurry of M&A Activity6202020212022Wave of 2020 2021 deals sets the stage for strong activity in 2024 2025 202320247Perspectives on Pharma Services and Pharma TechServicesandtechnologytools thatenablecommercialization of therapiesToolsandservicesallowingpharmatoremaincompliant

40、 with various regulatory requirementsSales Force EngagementPatient EngagementHealthcare Provider EngagementPayer EngagementPharmacy EngagementPharmacovigilanceCompliance,Quality,andRegulatory Regulatory AffairsDevelopmentand manufacturingservices forpharmaceutical products from preformulationand for

41、mulation developmentthroughclinicaltrials and commercialproductionDevelopment APIProductionFormulationPackagingLarge MoleculeSmall Molecule Pharmacompanies data aggregationcapabilities arematuring,using RWEnotonly todemonstrate thevalue of their products,but also increasingly toaddressregulatory req

42、uirements,drive drugdevelopment,supportoutcomes-basedcontracts,and reduce products timetomarketTherapeutics are targeting increasinglycomplex indications thatfeature smallerpatientpopulations treated bymorediversephysician specialists whodesire tomoredeeply understand atherapysscientific dataPhysici

43、an resistance tosales repvisits in-office is requiring new ways tocommunicateinformation toprescribersA newphase ofconsolidation incommercialization services iscreatingplatforms that aim tobe aone-stop shopLargercompanies areworking tomanagecapacity andavoid thecapital expenditureinvolved in buildin

44、g new manufacturingcapacitySmalltomidcap organizations particularlybiotech andspecialty pharmabusinesses arestriving tobe nimble and focus on drugdiscovery and commercialization rather thaninvesting indevelopment ormanufacturinginfrastructureTheincreasing uses oflarge moleculetherapies active drugsw

45、ith bacterial andviral components and cell and genetherapy also createan opportunity forCDMOsPharmaand biotech regulatory andcommercialcompliance requirements arebecomingmorecomplex,requiring globalcoordination withlocal requirements acrossnumerous functionsPharmacompanies areincreasinglyoutsourcing

46、 pharmacovigilance servicestoachieve process efficiencies while accessingspecific expertise in aflexible,cost-effectivemannerAn emphasisonoutsourcing keyfunctions acrossmarketing,digital enablement,commercialization,marketaccess,and data analytics has driven development of adiverse and well-fundedec

47、osystemof solution providersPlatformsareaccelerating consolidation asthey seektoprovide aone-stop shop for their pharmaclients,widening thescope of offerings while deepening their insight capabilities throughacquisition of unique data assetsorbest-in-class analytical enginesManufacturers andservice

48、providers arelooking for technology solutions thatadd robustdata and analytics functions totheir commercialization efforts,enabling faster and moreefficienttargeting of patients,providers,and key stakeholdersGrowingvolumes ofvirtual trials require capabilities for increasingly specific trial designs

49、,requiring solutions thatarecapable of enhanced patient targeting,trial management,patientadherence,and agileresponse anddata collectionKey TrendsKey TrendsKey TrendsComputational ChemistryMedicinal ChemistryLeadOptimizationSafety and ToxicologyR&DWorkflowResearchModel ServicesIntegrateddrugdiscover

50、y and optimizationmodels are reducing timeand costtoclinicas providers aim to offer end-to-end servicesIncreasinglysophisticated discoveryandpreclinical development modelsareproviding greatercertainty asnovel drugcandidates enter theclinical landscape,aimingtoreduce riskand overalldevelopment costsK

51、ey TrendsToolsandservicesthatfacilitate targetvalidation,leadoptimization,andR&DprocessesKeyTrendsKeyTrendsTechnologytools that accelerate developmentandtimetomarketacross theentireproductlife cycleLead OptimizationSafety and ToxicologyR&DWorkflowEnd-to-End Clinical SolutionsTrial Design,Management,

52、andAdministrationPatient and Site Recruitment RTSM,IRT,IWRS EDC,ePRO,eCOA,eSource,ETMFPharmacovigilanceCompliance,Quality,and RegulatoryCollect,analyze,anddistributedatafrompatientexperienceMonitoring and AggregationData Marketplaces and RegistriesRWETechnology SolutionseCOA:Electronic Clinical Outc

53、ome Assessment EDC:Electronic Data Capture ePRO:Electronic Patient Reported OutcomeSource ETMF:Electronic Trial Master File IRT:Interactive Response Technology IWRS:Interactive Web Response SystemRTSM:Randomization andTrialSupply ManagementeSource:Electronic DataContract Research OrganizationsEnd-to

54、-End ClinicalSolutionsTrial Design,Management,andAdministrationPatient and Site RecruitmentDiscovery anddevelopment partnersarebecomingincreasingly integral tosuccessful,efficient,andtimelypharmaceutical andbiotech R&Dwhile ensuring dataquality anduniformity acrosscomplex trialsClinical trials areev

55、olving and becomingincreasingly decentralized andpatient-centric,withmorecritical activities takingplace atremotesitesKey TrendsToolsandservices thatfacilitate researchanddevelopmentin theclinicCommercializationCDMOPharmaceuticalSafety and Risk ManagementDiscoveryand PreclinicalDevelopmentClinical T

56、rialsOutsourced Pharma Services and Pharma Tech|Q4 20248Pharma Services and Pharma Tech Market LandscapeSelect MarketParticipantsSelect MarketParticipantsSelect MarketParticipantsSelectMarketParticipantsSelectMarketParticipantsRWETechnology SolutionsDiscovery and Preclinical DevelopmentClinical Tria

57、ls and ApprovalPost-Approval Constituent EngagementCDMOPharmaceuticalSafety and Risk ManagementOutsourced Pharma Services and Pharma Tech|Q4 2024Discoveryand PreclinicalDevelopmentSelect MarketParticipantsClinical Trial Site BusinessesClinical TrialsCommercializationSelect MarketParticipantsToview t

58、hecomplete market mapplease contact:PharmaServicesandTRecent Harris WilliamsPublicationsOutsourced Pharma Commercialization:Growth in a Dynamic TimeHere,senior members of the Harris Williams Healthcare&Life Sciences Group discuss key factors related to outsourced pharma commercializationLinkto ReadH

59、arris Williams Analysis:U.S.Presidential Elections,the Economy,and M&AWhile distractions are a certainty,our analysis shows limited sustained impacts to U.S.M&A from the presidential election cycleLinkto ReadHW Sector UpdatesPerspectives,Commentary,and Market ActivityReturnon Innovation:An Eight-Par

60、tSeriesLink to Read9What Were ReadingMarketDynamicsGoing into 2024,hopes were moderately high for dealmaking and the wider financial landscape in pharma.M&A and IPOs were picking up,offeringinvestors the exit opportunities they need.But the second quarter of the year took several steps back,with fai

61、rly significant drops in the number andvalue of deals taking place,and just three companies hitting the public marketsReadthefullarticlehere.Evaluate|Quarterly Round Up:One Step Forward,Q2 Steps BackPwC|2024 Mid-Year Outlook:Global M&A Trends in Health IndustriesInnovationLatest estimates indicate t

62、hat the number of patients affected by cancer will increase dramatically through the middle of the century across all regions of the world.At the same time,the innovation ecosystem that discovers,develops,and delivers breakthrough therapies in entire new areas of science is operating near peak level

63、s.Rising incidence,increasing numbers of treated patients,and the resulting expected growth in spending in this area will trigger an array of complex challenges over the next several yearsReadthefullarticlehere.IQVIA|Global Oncology Trends 2024:Outlook to 2028DigitalIntegrationThe transformative pow

64、er of generative AI(gen AI)will likely reshape the healthcare industry over time,and organizations are beginning to take action.Inour Q1 2024 survey,more than 70%of respondents from healthcare organizationsincluding payers,providers,and healthcare services and technology(HST)groupssay that they are

65、pursuing or have already implemented gen AI capabilitiesRead the full article here.McKinsey|Generative AI in Healthcare:Adoption Trends and Whats NextAccessAll HW InsightsHereOutsourced Pharma Services and Pharma Tech|Q4 2024Market Dynamics Dealmakers are eager to get deals done in 2024 as they grow

66、 more comfortable navigating an environment of elevated interest rates and regulatory pressure.Competition for truly innovative assets remains intense.At the same time,companies are continually reviewing their portfolios for divestiture candidates that could unlock value and provide capital to deplo

67、y on new acquisitionsReadthefullarticlehere.$1.9$1.8$1.1$2.0$0.6$1.3$1.5$3.3$4.7$3.2$4.9$4.6$3.0$2.0$0.8$0.3$0.2$0.3$0.4$0.6$1.0$0.6$1.4$0.5Q3-18Q1-19Q3-19Q1-20Q3-20Q1-21Q3-21Q1-22Q3-22Q1-23Q3-23Q1-24While the capital markets are currently more risk-averse for life sciences investments,Harris Willia

68、ms believes that small pharma and biotech,not large pharma,will continue to drive innovation and thus,in the long run,attract capital to fund research and development activities.What Were SeeingIPOcount andamount raised,Q32018 Q2 2024$in billionsLife Sciences IPOsby Quarter on North American and Eur

69、opean Exchanges1Across the board,biotech investments have experienced a flight to quality.After a peak in 2020 and bottoming out in 2022,trends have begun to restabilizeEarly-Stage Investment Into Biotech Is Returning to Pre-Pandemic Levels2,3Total biopharma VC investment in dollars and deals$in bil

70、lions;deal count in actualsOf biopharma VC investments focused on molecules in either Phase I or II clinical trials 91%“Capital is flowing back into the biotech sector.The M&A market is rallying as pharma companies go on an acquisition spree in an attempt to replace expiring patents.Biopharma is beg

71、inning to show increased health across all therapeutic areas and modalities,notes RBC Capital Markets Nol Brown.”RBC Capital Markets,July 8,2024Count ofIPOsLarge-Cap Pharma Has Shifted Investment Into Later Stages4,5Total invested capital for in-licensing of clinical compounds by stage$In millions1)

72、Source:Evaluate Quarterly Round Up:One Step Forward,Q2 Steps Back2)Source:SVB Healthcare Investments and Exits Mid-Year Report 20243)Source:Pitchbook Q2 2024 Biopharma Report4)Note:Large-cap pharma includes companies with market cap above$50B5)Source:JP Morgan Q2 2024 U.S.Biopharma Licensing and Ven

73、ture ReportOf biopharma venture deals are paid via license agreements94%Phase III transactions by large-cap pharma were completed in H1-2024302013132171491826233129231910333445393Average increase in deal value in 1H-2024 as compared to 202045%Outsourced Pharma Services and Pharma Tech|Q4 202410$70.0

74、$100.0$75.0$100.0$310.0$70.0$50.0$73.0$200.0Phase IPhase IIPhase III20222023H1-2024$21.3$15.3$16.1$11.1$9.3$11.3$15.3H1-21H2-21H1-22H2-22H1-23H2-23H1-242021$36.8/8452022$27.2/7102023$20.6/6482024$15.3/351Genstars Acquisition of Flourish Clinical ResearchSept.18,2024Purchase Price Not DisclosedFlouri

75、sh research is a clinical trial multisite operator with expertise in a variety of therapeutic areas and locations in Alabama,California,Florida,Illinois,North Carolina,Pennsylvania,Maryland,and TexasThe investment from Genstar will help Flourish in the next phase of growthTargetBuyerHealth Unions Ac

76、quisition of Adfire HealthSept.10,2024Purchase Price Not DisclosedAdfire Health is a provider of data-driven digital market solutions targeted at healthcare providers on behalf of companies in the pharmaceutical,medical device,and healthcare supply chain industriesAs a result of the acquisition,Adfi

77、re will initially operate as a distinct unit as it integrates to enhance the collective services of the new enterpriseTargetBuyer11Select Recent Pharma Services TransactionsSources:S&PCapital IQ,Pitchbook,HWProprietary InformationOutsourced Pharma Services and Pharma Tech|Q4 2024Aug.19,2024Purchase

78、Price Not DisclosedDanahers Acquisition of GenedataTargetBuyerGenedata is a provider of innovate software solutions,using biopharma R&D domain knowledge to aid in automationThe acquisition by Danaher will allow Genedata to expand into new therapeutic areas and offer new capabilities Telemos Capitals

79、 Investment Into Helios Global Group Oct.1,2024Purchase Price Not DisclosedHelios is a UK-based provider of healthcare communications,along with health economic and market access solutions The investment by Telemos will support Helios in its future exposure goals into additional service lines,use of

80、 new technology,and continuing to scaleTargetBuyerCardinal Healths Acquisition of Integrated Oncology NetworkSept.20,2024EV:$1.1BIntegrated Oncology Network is a provider of complete and integrated diagnostic testing,radiation oncology,medical oncology urology,and other ancillary services for hospit

81、als and providersThe acquisition by Cardinal will bring Integrated Oncology into Cardinals Pharmaceutical and Specialty Solutions segment and improve its reach and offeringsTargetBuyerSept.25,2024Purchase Price Not DisclosedSynerlab is a CDMO with manufacturing and development expertise across multi

82、ple dosage forms with six operating facilities in France and SpainThe transaction will allow Blue Wolf to combine the offerings of both businesses to create a leading CDMO platform with both geographical and offering rangeBlue Wolfs Platform Creation With Recipharm and SynerlabTargetBuyer12Select Re

83、cent Pharma Services Transactions(Cont.)Sources:S&PCapital IQ,Pitchbook,HWProprietary InformationOutsourced Pharma Services and Pharma Tech|Q4 2024Agilents Acquisition of BioVectraJuly 22,2024EV:$925MBioVectra is a leading pharmaceutical CDMO that specializes in clinical-to-commercial scale producti

84、on capabilities The investment by Agilent will be used to expand Agilents range of offerings and geographical presence TargetBuyerJuly 3,2024Purchase Price Not DisclosedGTP Bioways is a leading French CDMO specializing in R&D services,process development,and the development of enzymes,proteins,and n

85、anodrugsThe acquisition by Olon Biotech will allow GTP to focus on enhancing its technological capabilities,phases supported for research,and overall service offeringsOlons Acquisition of GTP BiowaysTargetBuyerJuly 19,2024Purchase Price Not DisclosedVistrias Acquisition of OraTargetBuyerOra is a lea

86、ding ophthalmology-focused CRO,offering on preclinical research,animal toxicology,and compound identification servicesThe acquisition by Vistria will allow Ora to focus on expanding its current service offerings,depth of expertise,and scaleMipharms Acquisition of Doppel Pharma July 24,2024Purchase P

87、rice Not DisclosedDoppel is a technology-focused CDMO targeting branded and generic pharmaceutical products by producing oral dosage,solid parenteral,high-activity solids and liquidsThe acquisition will provide Doppel with the resources for international expansion and expand its current R&D services

88、TargetBuyerMidEuropas Acquisition of FAMARJuly 24,2024Purchase Price Not DisclosedFAMAR is a leading CDMO,offering services for pharmaceutical companies related to sterile,solids,semi-solids,and R&D services,along with consumer care productsThe acquisition by MidEuropa will help FAMAR in its next ph

89、ase of growth,expanding its scale and servicesTargetBuyerAvantors Divesture of Its Clinical Services Business to AudaxAug.16,2024EV:$650MAvantor is a global provider of mission-critical products to life sciences customers,with its clinical services business focusing on kitting,biorepository,and rela

90、ted equipment servicesThe divesture to Audax will allow for the growth of the new company,along with allowing Avantor to improve its own operational capacityTargetBuyer5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xNov-14Nov-15Nov-16Nov-17Nov-18Nov-19Oct-20Oct-21Oct-22Oct-23Oct-24Growing Need to Support New Lau

91、nches LTMMedianMultiple21.0 x13Continued Interest in Pharma Outsourcing and TechValuations Continue to Fetch a PremiumEV/LTMEBITDARecent Pharma Services and Pharma TechTransactionsTransaction Valuations Continue to RiseLegend=/12.0 x&=/16.0 xSources:S&PCapital IQ,Pitchbook,HWProprietary InformationO

92、utsourced Pharma Services and Pharma Tech|Q4 2024Despite tightening of public and private markets writ large,A+assets continue to trade at ever-growing premiums,supported by their scarcity,as pharma faces pressure from patent expiry and price negotiations.Given rising R&D costs and patent cliffs,lar

93、ge pharma is investing more into newly launched products,driving valuations for premier assets that will supplement the commercialization and development of their products.Increased complexity of regulatory requirements and pressure on pharma companies(e.g.,due to large LOE and low returns on R&D)to

94、 outsource more to specialized vendors and adopt new technologies have encouraged greater M&A activity.(50%)50%150%250%(20%)(10%)-10%20%30%40%50%IndexedStock Price Performancefor thePeriod September 2023 September 2024IndexedStock Price Performancefor thePeriod September2019 September2024Public Comp

95、any Trended Stock Performance+133%Source:S&PCapital IQOutsourced Pharma Services and Pharma Tech|Q4 202414+46%+16%+193%+108%(6)%+12%1%+32%+24%Pharma TechS&P 500 Select Pharmaceuticals IndexCROsDrug DeliveryS&P 500CDMOs+87%+12%Public Company Valuation MetricsPublic Company Operating MetricsPharmaTech

96、CROsCDMOsDrug DeliveryPublic Company Operating and ValuationMetricsPublic Company Valuation MetricsPublic Company Operating MetricsAs of Sept.24,2024As of Sept.24,2024Source:S&PCapital IQOutsourced Pharma Services and Pharma Tech|Q4 202415PharmaTechCROsCDMOsDrug DeliveryMedian EV/LTM RevenueMedian E

97、V/NTM EBITDAMedian EV/NTM RevenueMedian EV/LTM EBITDAMedianNTM RevenueGrowthMedian LTM Rule of 40(Growth+Margin)Median LTM EBITDA MarginMedian LTM Revenue Growth4.0%4.3%5.5%4.0%11.3%5.6%15.2%8.6%19.9%20.4%28.8%22.1%30.3%23.8%33.0%25.8%5.0 x3.5x6.4x5.0 x31.3x18.0 x27.9x22.4x4.4x3.4x5.6x4.6x13.4x14.3x

98、23.2x17.8xLearn More About Our Experience Advising Premier Outsourced Pharma Services&Pharma Tech Companies.Additional Pharma Services and Pharma Tech ContactsGLOBAL INVESTMENT BANK16Outsourced Pharma Services and Pharma Tech|Q4 2024Stephan Dring|Director,HCLS+49 17 0203 8148Rob Crampton|Vice Presid

99、ent,HCLS804-290-9549Nathan Robertson|Director,HCLS804-887-6135Our Healthcare&Life Sciences(HCLS)Group and Technology Group collaborate to advise leading outsourced pharma services and pharma tech companies worldwide.Collaborative Efforts to Advise Outsourced Pharma Services&Pharma Tech CompaniesDan

100、LinsalataManaging Director,T617-654-2122Paul HepperManaging Director,HCLS804-887-6026Andrey Dvorkin Director,HCLS+44 20 7518 8912Dr.Julian FeneleyManaging Director,HCLS+44 20 7518 8924HarrisWilliamsPharma Services and Pharma Tech Transaction SpotlightsSource:S&PCapital IQOutsourced Pharma Services a

101、nd Pharma Tech|Q4 202417CompanyBackground:K2 Medical Research is a leading provider of clinical research facility services for conducting multiphasic trials related to liver diseases,CNS,cardiovascular,autoimmune disorders,and more.SuccessfulOutcome:The transaction delivered a successful outcome for

102、 both K2 and TPG.The completion of the acquisition will allow K2 to receive the support and expertise of TPG as it continues to expand.HarrisWilliams served as the exclusive buy-side financial adviser to TPG Growth in their acquisition of K2 Medical.CompanyBackground:Integrichain is a provider of te

103、chnology,data,consulting,and outsourcing solutions for life sciences companies.It has a fully integrated platform,which improves the commercialization of pharmaceutical products by enchaining operational and recurring activities.SuccessfulOutcome:Thetransaction delivered a successful outcomefor Inte

104、grichain and Accel-KKR.The completion of the acquisition created significant synergies tohelp accelerate thegrowthof thecombined platform.Harris Williams served as financial adviser to Integrichain,aportfolio company of Accel-KKR.CompanyBackground:PharmaLexisaleading provider of specialized services

105、 forthepharma,biotech,andmedtechindustries worldwide.Thecompany provides strategicassistance andregulatory supportthroughout theentire product life cycle.SuccessfulOutcome:Thetransaction delivered asuccessful outcome for PharmaLexand AUCTUSCapitalPartners.Theacquisition will enable PharmaLextoexpand

106、 itsinternational footprint and build uponAmerisourceBergens expertise in pharmaceutical supply and manufacturing services.Harris Williams served as financial adviser to PharmaLex,a portfolio company of AUCTUS Capital Partners,in this transaction.CompanyBackground:Alliance Clinical Networkis aleadin

107、g comprehensive clinical site platform servingpatients,pharmaceutical sponsors,and contractresearch organizations in several clinical therapeutic areas,including dermatology,gastroenterology,neurology,pain management,vaccines,and womenshealth.SuccessfulOutcome:Thetransaction delivered asuccessful ou

108、tcome for Alliance Clinical Networkand AmuletCapital.Theacquisition will enable Alliance toexpand its strategicfootprint throughde novo development andstrategicacquisitions,while building onitsstrongpresence in vaccines andother therapeutic areas.Harris Williams served as financial adviser to Amulet

109、 Capital,a founder-owned business established in 2014.Company Background:Celerion is a leading global CRO focused on providing early-stage clinical trial and bioanalytical services.The company also has offerings in clinical trial design,clinical site management,and data management,with locations in

110、the U.S.,Canada,and Europe.SuccessfulOutcome:Thetransaction delivered asuccessful outcomefor Celerion and Court Square.The acquisition will aid Celerion in deepening its expertise in supporting clinical trials,along with further expanding its product offerings.Harris Williams served as financial adv

111、iser to Celerion,a portfolio company of Court Square,in this transaction.Company Background:TheCMGroup is an integrated commercialization platform enabling biopharmaceuticalmanufacturers tobuild marketinsights andtodisseminate scientific information tohealthcare providers(HCPs)and patients,supportin

112、g brand strategyandexecution throughout theproduct life cycle.SuccessfulOutcome:Thetransaction delivered asuccessful outcomeforTheCMGroup and NaviMed Capital.Theacquisition will support TheCMGroups growththroughpartnership withOpen Healths existingcommercialization partnerships andplatform.Harris Wi

113、lliams served as financial adviser to The CM Group,a portfolio company of NaviMed Capital,in this transaction.CompanyBackground:Medical Knowledge Group(MKG)is anintegrated,analytics-driven commercializationplatform delivering healthcare provider targetedsolutions onbehalf of biopharmaceutical custom

114、erstomaximizethecommercialpotential of their brands.SuccessfulOutcome:Thetransaction delivered asuccessful outcome forMKGand CourtSquareCapital.Novo,a lifescience investor wholly owned byNovo Nordisk,will bolster MKGsgrowththrough itsdeep expertise and networkacrosslife sciences.Harris Williams serv

115、ed as financial adviser to MKG,a portfolio company of Court Square Capital,in this transaction.Harris Williams previously served as exclusive financial adviser to MKG,a portfolio company of Windrose Health Investors,in their 2019 acquisition by Court Square Capital Partners.2xCompany Background:Jord

116、i Labs is a provider of laboratory testing services intended to serve the polymers,medical devices,and pharma industries.The companys proprietary testing methods enable clients to easily getanalytical services forregulatory,investigative,and quality control analysis.Successful Outcome:The transactio

117、n delivered a successful outcome for Jordi Labs and will create significantsynergies tohelp accelerate thegrowthof thecombined platform.Harris Williams served as financial adviser to Jordi Labs,a second-generation family business.Harris Williams is a global investment bank specializing in M&A and pr

118、ivate capital advisory services.Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries,service offerings,and geographies.GLOBAL INVESTMEN

119、T BANKProven ExpertiseCore Values That Drive SuccessDeep Industry ExperienceBoston|Chicago|Cleveland|Frankfurt|London|Minneapolis|New York|Richmond|San Francisco|Washington,D.C.Aerospace,Defense&Government ServicesBusiness ServicesConsumerEnergy,Power&InfrastructureTransportation&LogisticsTechnology

120、IndustrialsHealthcare&Life SciencesM E R G E R S&A C Q U I S I T I O N SP R I M A R Y F U N D P L A C E M E N TP R I V A T E C A P I T A L S O L U T I O N SRevenue from repeat clients75%Managing Directors promoted from within87%Year history30+Outsourced Pharma Services and Pharma Tech|Q4 202418Impor

121、tant DisclosuresHarris Williams LLC is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporated under English law with its registered office at 13th floor,One Angel Court,London EC2R 7HJ,U.K.,registered with the Registrar of Companies f

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125、ts subsidiaries and affiliates and their agents(collectively,“PNC”),engages in a broad range of businesses.PNC may have had,and may currently or in the future have,business with or ownership in the Company and its related persons,potential parties to the proposed transaction and their related person

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133、s document may otherwise lawfully be communicated or caused to be communicated(all such persons in(b)to(d)together being referred to as“Relevant Persons”).This document must not be acted on or relied on by persons who are not Relevant Persons.In the U.K.,any investment or investment activity to whic

134、h this document relates is only available to,and will be engaged with,relevant persons.Outsourced Pharma Services and Pharma Tech|Q4 202419AppendixAs of Sept.24,2024$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/CompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM Re

135、venueLTM EBITDANTM EBITDAPharma TechCertara,Inc.$1,721,510$1,804,43853.8%59.0%19.5%5.0 x4.4x25.5x13.7xClarivate Plc4,945,883 9,310,383 71.1%66.0%38.1%3.6x3.5x9.4x8.5xDefinitive Healthcare Corp.509,486 711,788 41.0%85.4%10.8%2.8x2.9x25.5x9.7xExscientia plc660,495 317,504 64.6%NMNM12.0 x8.0 xNMNMGoodR

136、x Holdings,Inc.2,565,103 2,747,581 73.0%93.1%8.6%3.5x3.3x41.3x10.1xOptimizeRx Corporation138,147 159,274 45.3%62.0%NM1.9x1.5xNM13.5xSchrdinger,Inc.1,376,582 1,123,222 49.8%65.5%NM5.6x5.0 xNMNMSimulations Plus,Inc.628,402 609,153 61.2%61.6%12.9%8.7x6.9x67.6x24.5xVeeva Systems Inc.33,667,658 28,836,67

137、4 87.8%73.4%24.4%11.2x10.1x46.0 x24.7xMedian$1,376,582$1,123,22261.2%65.8%16.2%5.0 x4.4x33.4x13.5xCROsCharles River Laboratories International,Inc.$10,358,157$13,070,48973.0%36.0%23.5%3.2x3.3x13.6x13.0 xICON Public Limited Company24,473,900 27,587,030 85.3%29.5%20.6%3.3x3.1x16.0 x14.3xIQVIA Holdings

138、 Inc.43,673,611 55,588,611 91.5%35.1%18.3%3.7x3.5x20.0 x14.4xMedpace Holdings,Inc.11,034,523 10,677,354 77.4%68.6%20.2%5.3x4.7x26.1x22.9xMedian$17,754,211$20,328,75981.3%35.5%20.4%3.5x3.4x18.0 x14.3xPublic Market Operational and Valuation MetricsSource:S&PCapital IQNote:“NM”stands for“not meaningful

139、”Outsourced Pharma Services and Pharma Tech|Q4 202421TO DISCUSS PUBLIC MARKET VALUATIONS,PLEASE CONTACT:PharmaServicesandTPublic Market Operational and Valuation Metrics(Cont.)Source:S&PCapital IQNote:“NM”stands for“not meaningful”Outsourced Pharma Services and Pharma Tech|Q4 202422As of Sept.24,202

140、4$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/CompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDACDMOsBachem Holding AG$6,228,005$6,035,55176.7%31.0%28.8%9.4x7.4x32.6x25.3xDottikon ES Holding AG4,149,633 4,038,107 94.1%63.6%33.5%10.9x8.

141、8x32.6x23.8xLonza Group AG45,606,826 47,655,568 90.6%36.0%27.5%6.4x5.7x23.3x20.2xPolyPeptide Group AG1,185,675 1,257,825 84.9%5.3%0.1%3.6x3.1xNM28.3xSamsung Biologics Co.,Ltd.57,916,419 57,998,390 98.7%49.9%45.0%19.0 x17.2x42.1x37.1xSiegfried Holding AG5,792,306 6,198,415 96.1%25.9%20.7%4.3x4.0 x20.

142、9x17.6xWuXi AppTec Co.,Ltd.17,454,709 16,474,221 45.4%40.8%31.5%3.1x2.7x9.8x7.9xMedian$6,228,005$6,198,41590.6%36.0%28.8%6.4x5.7x27.9x23.8xDrug DeliveryAptarGroup,Inc.$10,398,417$11,333,78098.6%37.6%20.8%3.2x3.0 x15.3x14.3xGerresheimer AG3,752,841 5,053,544 87.6%29.1%19.1%2.3x2.1x11.9x9.5xStevanato

143、Group S.p.A.5,552,598 5,808,551 57.2%28.9%22.1%5.0 x4.7x22.6x18.4xWest Pharmaceutical Services,Inc.22,429,926 22,297,726 74.9%34.9%26.3%7.8x7.5x29.5x28.9xYpsomed Holding AG6,924,296 7,126,040 98.1%34.5%24.2%11.7x9.2x48.4x27.0 xMedian$6,924,296$7,126,04087.6%34.5%22.1%5.0 x4.7x22.6x18.4xTotal Comp Set Median$5,792,306$6,198,41576.7%39.2%21.4%5.0 x4.4x25.5x17.6xTO DISCUSS PUBLIC MARKET VALUATIONS,PLEASE CONTACT:PharmaServicesandT