Investment and M&A transaction comps
Biotech & Pharma Investment & M&A Transaction Comps
Biotech, pharma, therapeutics, platform technology and life-sciences asset transactions. Revenue and EBITDA multiples are shown where meaningful; milestone, royalty, stage and asset-basis notes matter more for many pre-commercial deals.
31
Reviewed transactions
16
With price data
4.5x
Median EV or valuation / revenue
13.5x
Median EV or valuation / EBITDA
| Year | Transactions | Priced | Median EV or valuation / revenue | Median EV or valuation / EBITDA |
|---|---|---|---|---|
| 2026 | 16 | 7 | 6.0x | - |
| 2022 | 3 | 2 | 4.4x | 17.1x |
| 2021 | 3 | 2 | - | 11.9x |
Sortable transaction comps
Biotech transaction table
Rows with reported value
12 / 25
Acquisition EV, USD
USD 31B
Investment EV, USD
-
Median EV / revenue
5.2x
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25 shown of 31 matching transactions. Click any transaction row for more detail.
Values are 100% enterprise values. Multiples divide EV by full-company revenue or EBITDA. Reported prices are assumed to be EV; explicit partial-stake prices are grossed up as estimates. Amounts paid are tracked separately.
| Select for comparison | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sofie Biosciences Control | 2026-10-05 | GE HealthCare | USD 945M Enterprise Value | 945 | - | - | United States | Confirmed 3 sources | ||
| ITM Isotope Technologies Munich SE Control (100%) | 2026-09-20 | Telix Pharmaceuticals Limited | USD 1.6B Enterprise Value | 1,650 | 6.0x | - | Germany | Confirmed 3 sources | ||
| AtaiBeckley Control | 2026-09-11 | Eli Lilly and Company | USD 2.8B Enterprise Value | 2,800 | - | - | - | Confirmed 2 sources | ||
| Dersimelagon rights Control | 2026-08-18 | LEO Pharma | USD 435M Consideration | 435 | - | - | Denmark / Japan | Confirmed 3 sources | ||
| E-Pharma Trento Control (100%) | 2026-08-07 | Wise Equity | Undisclosed | Undisclosed | - | - | Italy | Confirmed 1 source | ||
| 2026-07-20 | Eurofins | Undisclosed | Undisclosed | - | - | North America | Confirmed 1 source | |||
| 2026-07-13 | Servier | Undisclosed | Undisclosed | - | - | - | Confirmed 2 sources | |||
| Myricx Bio Control | 2026-07-06 | Novartis | USD 1.5B Consideration | 1,500 | - | - | United Kingdom | Confirmed 2 sources | ||
| 2026-07-06 | Altaris LLC | USD 600M Consideration | 600 | - | - | - | Confirmed 1 source | |||
| Bio-Techne Control | 2026-06-25 | Merck KGaA, Darmstadt, Germany | Undisclosed | Undisclosed | - | - | United States / Germany | Confirmed 1 source | ||
| 4E Therapeutics Control | 2026-06-16 | Eli Lilly and Company | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Tubulis Control | 2026-05-21 | Gilead Sciences | Undisclosed | Undisclosed | - | - | Germany | Confirmed 1 source | ||
| 2026-04-27 | Astorg | USD 1.1B Consideration | 1,075 | - | - | - | Confirmed 1 source | |||
| XOMA Control | 2026-04-27 | Ligand | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Kelonia Therapeutics Control | 2026-04-20 | Eli Lilly and Company | Undisclosed | Undisclosed | - | - | United States | Confirmed 1 source | ||
| CrossBridge Bio Control | 2026-04-14 | Eli Lilly | Undisclosed Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Clario Holdings, Inc. Control | 2025-10-29 | Thermo Fisher Scientific | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Tianjin TSKF Pharmaceutical Co., Ltd. Control (12%) | 2025-06-27 | Haleon plc | Undisclosed | Undisclosed | - | - | China | Confirmed 9 sources | ||
| Oyster Point Pharma Control | 2022-11-07 | Viatris | Undisclosed | Undisclosed | - | 20.7x | - | Confirmed 1 source | ||
| Aerie Pharmaceuticals, Inc. Control (100%) | 2022-08-22 | Alcon Research, Ltd. | USD 750M Enterprise Value | 750 | 4.4x | - | United States | Estimated 1 source | ||
| Biohaven Pharmaceutical Control | 2022-05-10 | Pfizer | USD 12B Consideration | 11,600 | - | 13.5x | United States | Confirmed 1 source | ||
| Flexion Therapeutics Control | 2021-10-11 | Pacira BioSciences | Undisclosed | Undisclosed | - | 11.0x | United States | Confirmed 1 source | ||
| Rodeo Therapeutics Corporation Control (100%) | 2021-03-30 | Amgen Inc. | USD 55.0M Consideration | 55 | - | - | Seattle, Washington, United States | Confirmed 1 source | ||
| GW Pharmaceuticals Control | 2021-02-03 | Jazz Pharmaceuticals | USD 7.2B | 7,200 | - | 12.9x | - | Confirmed 1 source | ||
| Aimmune Therapeutics Control | 2020-08-31 | Sociétés des Produits Nestlé S.A. / Nestlé Health Science | USD 2.6B | 2,600 | - | - | United States | Estimated 1 source |
FundComb transaction comps are informational only. Prices are shown as estimated enterprise value where available, with USD used as the default sorting currency; revenue and EBITDA multiples are shown where available. Values may be estimated, rumored, incomplete or derived from public information and should not be relied upon as financial, investment or valuation advice.