M&A advisory for biotech companies
Biotech transactions follow a cadence the rest of healthcare does not share. Large pharma's patent cliff schedule - the wave of biologic LoEs through the late 2020s - sets structural buyer demand, while clinical readouts and regulatory submissions trigger the timing of individual deals. Activity ranges from option-and-licence structures on single programmes through to full company acquisitions, and Phase 2 efficacy data, Phase 3 readouts and FDA approvals are the largest determinants of value. Buyers price programme-by-programme NPV, weighing scientific differentiation, IP position and CMC readiness against clinical and commercial risk.
The active buyer set in biotech is the large pharma cohort facing patent cliffs through the late 2020s - Pfizer, Roche, Merck, Novartis, J&J, GSK, AstraZeneca, Sanofi, Lilly, AbbVie, Bristol-Myers Squibb and Gilead - each running structured corp dev and BD coverage against specific modalities and therapeutic gaps, alongside the PE platforms increasingly active in CRO, CDMO and specialty pharma roll-ups. Flow has direct access into corp dev and BD at the major strategics and runs structured outreach across the modality and indication fit for each programme.
Flow team has relevant sector experience and has worked with biotech companies across small-molecule and biologics developers, cell and gene therapy operators, platform and discovery-stage biotechs, diagnostics-linked therapeutics and CRO and CDMO businesses.
"Biotech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing biotech M&A targets
Cash runway
Quarterly R&D burn
Active programmes
Programmes in clinic
Next clinical milestone
IND / BLA / NDA progress
Patients enrolled
Partnership revenue
Grant funding secured
G&A as % of opex
Biotech valuations in May 2026
Public biotech comps trade at 4.3x EV/Revenue. Median revenue multiple across biotech M&A deals was 3.0x in the last 12 months.
4.3x
Median EV/Revenue as of May 2026 for public biotech companies
15x
Eli Lilly is the highest valued public biotech company based on EV/Revenue (excluding outliers)
3.0x
Median EV/Revenue across biotech M&A deals in the last 12 months
21x
Median EV/Revenue across biotech VC rounds in the last 12 months
Key recent biotech M&A deals
$21B acquisition of Exact Sciences by Abbott was the largest biotech M&A transaction completed in the last year.
See all biotech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Exact Sciences |  | Exact Sciences, headquartered in Madison, Wisconsin, provides cancer screening and diagnostic test products in the United States and internationally. Exact’s Cologuard screening test is a noninvasive stool-based DNA test for colorectal cancer. The company also competes in the precision oncology market with Oncotype DX, a suite of tissue-based genomic tests for estimating recurrence risk and likelihood of benefit from chemotherapy for breast and colon cancer, and OncoExTra, a liquid-based comprehensive genomic profiling test. It also has a pipeline of blood-based tests for molecular residual disease, colorectal cancer screening, and multicancer screening. | Abbott | $21B | 7.7x | |
Oct-25 | Hologic | | Hologic manufactures proprietary products for the healthcare needs of women. The company operates in four segments: diagnostics (44% of total sales), breast health (38%), surgical (16%), and skeletal health (2%). While the company traditionally focused on breast health, the acquisition of Gen-Probe put greater emphasis on commercial diagnostics. The United States accounts for the largest portion of the firm's revenue (69%), followed by Europe (20%), Asia (8%), and other international markets (3%). Hologic is headquartered in Bedford, Massachusetts. | Blackstone | $18B | 4.6x | |
Jul-25 | B | Becton, Dickinson and Company (biosciences and diagnostics solutions unit) | | - | Waters | $18B | - |
Jan-26 | Penumbra | | Domiciled in the US, Penumbra designs, manufactures, and markets an array of thrombectomy and embolization devices and equipment to mechanically remove blood clots. The firm sells mainly to hospitals and physicians. These minimally invasive devices are primarily used in the acute care setting for patients with stroke, pulmonary embolism, deep vein thrombosis, cranial aneurysms, and other vascular diseases. | Boston Scientific | $15B | 11x | |
Oct-25 | Avidity Biosciences | | Atrium Therapeutics Inc is a biopharmaceutical firm focused on developing RNA-based therapeutics for cardiac conditions, including cardiomyopathies. Its platform technology is designed to enable targeted delivery of RNA therapeutics to heart tissue by combining ligand-based targeting approaches with oligonucleotide-based therapies. The company's development pipeline includes programs targeting genetically associated forms of cardiomyopathy, specifically involving the PRKAG2 and PLN genes. | Novartis | $12B | - | |
Sep-25 | STADA Arzneimittel AG |  | STADA Arzneimittel AG is a Bad Vilbel, Germany-headquartered pharmaceutical company focusing on generics and over-the-counter medicines. Listed on the Frankfurt Stock Exchange since 2004, it markets 3,000 products in 60 countries through subsidiaries in Europe and Asia. STADA generates €3.5 billion in annual revenue, supplying brands like Grippostad and Bionorica. | CapVest | $12B | 2.7x | |
Jul-25 | Verona Pharma |  | Verona Pharma is a clinical-stage biopharmaceutical company developing inhaled therapies for respiratory conditions including cystic fibrosis, asthma, and COPD. London-headquartered and Nasdaq-listed as VRNA, it launched Ohtuvayre (ensifentrine) in 2024 as the first dual PDE3/4 inhibitor approved by the FDA for maintenance treatment of COPD. Founded in 2005, the firm advances nebulized and dry powder formulations through partnerships with Nuance Pharma in China. | Merck | $10B | 45x | |
Jun-25 | Blueprint Medicines | | Blueprint Medicines is a Cambridge, Massachusetts-headquartered biopharmaceutical company that develops kinase-targeted therapies for genomically defined cancers and rare blood disorders. Founded in 2011 and listed on Nasdaq as BPMC, its approved products include Ayvakit for systemic mastocytosis and GIST with PDGFRA exon 18 mutations, and Ayvakyt for pediatric applications. The pipeline features BLU-701 for EGFR-driven lung cancers and BLU-945, advancing precision oncology through mutant-selective inhibitors. | Sanofi | $9.5B | 17x | |
Nov-25 | C | Cidara Therapeutics | - | Merck | $9.2B | - | |
Oct-25 | Clario | | Clario is a provider of integrated clinical trial technologies encompassing cardiac safety monitoring through ECG services, electronic clinical outcome assessments via the MyCap platform, medical imaging core lab analysis, respiratory endpoints with handheld spirometers, and precision motion tracking using wearable sensors. The company delivers software platforms, connected devices, and AI-driven analytics to support site-based, hybrid, and decentralized trial models worldwide. Clario serves pharmaceutical sponsors, biotechnology firms, and contract research organizations across therapeutic areas including oncology, neurology, and cardiology. Headquartered in Basel, Switzerland, with key offices in Philadelphia, London, and Singapore, it maintains regulatory compliance in over 100 countries and operates a global network of over 50 sites for data collection and evidence generation. | Thermo Fisher Scientific | $8.9B | 7.1x | |
Sep-25 | Merus |  | Merus NV is a clinical-stage immuno-oncology company. It develops bispecific antibody therapeutics. The company is developing full-length human multispecific antibody therapeutics, referred to as Biclonics. Merus has only one reportable segment comprising the discovery and development of bispecific therapeutics. Some of its products in the pipeline include MCLA-128; MCLA-117; MCLA-158 and others. | Genmab | $8.0B | - | |
Mar-26 | Centessa Pharmaceuticals | | Centessa Pharmaceuticals PLC is a clinical-stage pharmaceutical company. The company's pipeline assets include: SerpinPC for Hemophilia A, B; LB101 for Solid Tumors; ORX750 for Narcolepsy Type 1 (NT1) and other sleep disorders; MGX292 Pulmonary Arterial Hypertension (PAH); and Undisclosed for Solid Tumors. | Eli Lilly | $7.8B | - | |
Feb-26 | Arcellx | | Arcellx Inc a clinical-stage biotechnology company reimagining cell therapy through the development of immunotherapies for patients with cancer and other incurable diseases. Its pipeline includes Multiple Myeloma, Acute Myeloid Leukemia, Non-Oncology, and Solid Tumors. | Gilead Sciences | $7.8B | 217x | |
Mar-26 | Terns Pharma | | Terns Pharmaceuticals Inc is a clinical-stage biopharmaceutical company. The company is developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, NASH, and other chronic liver diseases. Its product candidates include TERN-701, TERN-601, TERN-501 and TERN-800. | Merck | $6.7B | - | |
Mar-26 | Apellis Pharmaceuticals | | Apellis Pharmaceuticals Inc is a commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs through the inhibition of the complement system, which is an integral component of the immune system, at the level of C3, the central protein in the complement cascade. Currently it has two marketed drugs that target C3, the central protein in the complement cascade: SYFOVRE (pegcetacoplan injection) and EMPAVELI (pegcetacoplan). | Biogen | $5.6B | 8.1x |
Most active buyers of biotech companies
Eli Lilly, Boston Scientific and Novartis are the most active acquirers of biotech companies in the last three years.
See all biotech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Eli Lilly | | Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Zepbound, Jardiance, Trulicity, Humalog, and Humulin for cardiometabolic; and Taltz and Olumiant for immunology. | Ajax TherapeuticsKelonia TherapeuticsCrossBridge Bio+2 | 18 | |
Boston Scientific | | Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts. It manufactures products for use in angioplasty, blood clot filtration, kidney stone management, cardiac rhythm management, catheter-directed ultrasound imaging, upper gastrointestinal tract diagnostics, interventional oncology, neuromodulation for chronic pain, and treatment of incontinence. The firm markets its devices to healthcare professionals and institutions globally. Foreign sales account for roughly 36% of the firm's total sales. | PenumbraValencia TechnologiesNalu Medical+2 | 11 | |
Novartis |  | Novartis develops and manufactures innovative drugs. Key areas of drug development are oncology, immunology, neuroscience, respiratory, and cardiovascular, renal, and metabolic. It also has an established medicines business, which includes off-patent franchises. The company sells its products globally, with the United States constituting close to one-third of total revenue. | Avidity BiosciencesTourmaline BioRegulus Therapeutics+2 | 10 | |
Asker Healthcare Group |  | Asker Healthcare Group AB is a provider of medical products and solutions that drive progress in the European healthcare sector. The company is engaged in building and acquiring companies to support the healthcare system to improve patient outcomes, reduce the total cost of care, and ensure a fair and sustainable value chain. The company also offers a range of value-added solutions to support its suppliers and customers in, for example, market access, efficiency, and sustainability. | InnoMedicusnovus medoudshoorn chirurgische techniek+2 | 9 | |
Johnson & Johnson | | Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States. | Atraverse MedicalHalda TherapeuticsOBaris+2 | 9 | |
Merck | | Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform, led by Keytruda, is a major contributor to overall sales. The company also has a substantial vaccine business aimed at preventing pediatric diseases, as well as Gardasil for human papillomavirus. Additionally, Merck sells animal health-related drugs. From a geographical perspective, 47% of the company's sales are generated from US human health (pharmaceuticals and vaccines). | Terns PharmaCidara TherapeuticsVerona Pharma+2 | 8 | |
ArchiMed |  | ArchiMed is a Paris-headquartered private equity firm specializing in healthcare investments across Europe. Established in 2011, it deploys capital into healthcare services such as hospitals and diagnostic laboratories, alongside pharmaceuticals and medical devices. The firm manages dedicated funds backed by European and US institutional investors, as well as private healthcare entrepreneurs. Its portfolio encompasses over 40 platform companies operating in France, the United Kingdom, Germany, Italy, Spain, and the Netherlands. ArchiMed pursues buyouts, growth capital, and strategic add-ons, completing more than 100 transactions to date. | ARK DiagnosticsExcellGeneMagellan Biologics & Consulting+2 | 7 | |
Sanofi | | Sanofi develops and markets drugs with a concentration in immunology, vaccines, and rare diseases. Although the company offers a diverse array of drugs, its highest revenue generator, Dupixent, accounts for approximately 30% of total sales. Profits for this immunology blockbuster drug are shared with Regeneron. About 45% of total revenue comes from the United States, 20% from Europe, and 6% from China. | DynavaxVicebioBlueprint Medicines+2 | 7 | |
AstraZeneca | | A merger between Astra of Sweden and Zeneca Group of the United Kingdom formed AstraZeneca in 1999. The firm sells branded drugs across a number of major therapeutic areas, including oncology (about 40% of total revenue), cardiovascular, renal, and metabolic (25%), rare disease (17%), and respiratory and immunology (15%). The majority of sales comes from international markets, with the United States representing close to one third of its sales. | SixPeaks BioEsoBiotecFibroGen China+2 | 7 | |
AbbVie | | AbbVie is a pharmaceutical firm with a strong exposure to immunology (with Humira, Skyrizi, and Rinvoq) and oncology (with Imbruvica and Venclexta). The company was spun off from Abbott in early 2013. The 2020 acquisition of Allergan added several new products and drugs in aesthetics, including Botox. The 2024 acquisitions of Cerevel (neuroscience) and ImmunoGen (oncology) help supplement AbbVie's portfolio. | Capstan TherapeuticsNimble TherapeuticsAliada Therapeutics+2 | 7 |
Founders and investors we've worked with
We've supported winning builders across biotech and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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