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.
| 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
6 / 9
Acquisition EV, USD
USD 44B
Investment EV, USD
-
Median EV / revenue
4.4x
Selected comparison set
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9 shown of 9 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 | ||
| Kelonia Therapeutics Control | 2026-04-20 | Eli Lilly and Company | Undisclosed | Undisclosed | - | - | United States | 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 | ||
| 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 | ||
| Celgene Control | 2019-01-03 | Bristol-Myers Squibb | Undisclosed Enterprise Value | Undisclosed | - | - | United States | Confirmed 2 sources | ||
| Adams Respiratory Therapeutics Inc. Control (100%) | 2007-12-11 | Reckitt Benckiser Group plc | USD 2.3B Consideration | 2,300 | 6.4x | 30.4x | United States | Confirmed 1 source | ||
| DuPont Nutrition & Biosciences Control | 2005-07-01 | International Flavors & Fragrances (IFF) | USD 26B Consideration | 26,200 | 4.3x | 18.9x | United States | Estimated 2 sources |