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1、Outsourced Pharma Services&Pharma Tech Sector Update Harris Williams|Q1 2023Outsourced Pharma Services and Pharma Tech|Q1 2023Biopharmaceutical companies increasingly rely on technology and service vendors to accelerate research and development and time to market as well as optimize commercial succe
2、ss of therapies.Outsourced Pharma Services and Pharma Tech:Observations and Key TrendsDiscoveryResearch&DevelopmentLaunchPost-Launch/In-MarketAs target populations reduce in size and cost of commercialization increases,pharma is increasingly focused on solutions that keep patients engaged and adhere
3、nt to their course of care.Targeting AdherenceThe indications that pharma is targeting for new therapies are becoming increasingly complex and focused,resulting in higher overall discovery and development costs.These therapeutics,which are more frequently large molecule,are targeting significantly s
4、maller,more complex patient populations,making it more difficult and costly to recruit and retain patients in clinical trials.Increasing Complexity and Cost of R&D ProcessReal-world evidence(RWE)and data is playing an increasingly crucial role in clinical and commercialization stages of development,
5、helping pharma manufacturers quickly and effectively bring therapies to market and identify and prove out additional indications.Focus on RWEAs pharmaceutical products become increasingly specialized and more costly,payors are pushing back and requiring robust outcomes evidence to support reimbursem
6、ent.Challenges With PayorsLegacy Commercialization Approaches Are No Longer EffectiveAs many blockbuster pharmaceuticals approach the end of their patented life and face generic competition,pharma manufacturers are targeting growth through niche opportunities with smaller addressable markets.Effecti
7、vely commercializing these therapies requires robust services and technology solutions that enable companies to identify key HCP influencers,find affected individuals,and change behavior.Commercialization partners are increasingly needing to specialize their service offerings to accommodate niche th
8、erapeutic areas,patient populations,and specific clinician groups.With significant manufacturing capacity in India and China,global supply chain concerns have impacted pharmaceutical companies,which depend on specialized networks to bring finished product to market.Pharma is looking to solutions tha
9、t either enhance supply chain visibility and enable detailed tracking and monitoring of all stages of the process or bring manufacturing onshore.Supply Chain VisibilityTech Implementation and Evolving Sites of Care Driving Efficiency in Clinical TrialsIncreasing development costs are driving a focus
10、 on tech and specialized clinical trial sites to create efficiencies,provide cost savings,and allow pharma the ability to manage narrow available patient populations.COVID-19 has accelerated the pace of change toward remote and decentralized testing,as well as how and where patients receive care.Eff
11、ectively managing trials and messaging requires technology solutions and service vendors that are able to find and meet stakeholders where they already are.Pharmaceutical companies,under pressure to increase efficiencies,maximize returns on approved therapies,and accelerate development cycles,are lo
12、oking to optimize every portion of the development and commercialization life cycle.Service and technology partners that accelerate time to market and streamline commercialization drive significant value in the increasingly competitive marketplace.2Outsourced Pharma Services and Pharma Tech|Q1 2023P
13、erspectives on Pharma Services and Pharma TechServices and technology tools that enable commercialization of therapiesTools and services allowing pharma to remain compliant with various regulatory requirementsDevelopment and manufacturing services for pharmaceutical products from preformulationand f
14、ormulation development through clinical trials and commercial productionSales Force Engagement Patient Engagement Healthcare Provider Engagement Payer Engagement Pharmacy Engagement Pharmacovigilance Compliance,Quality,and Regulatory Regulatory AffairsDevelopmentAPI Production Formulation Packaging
15、Large Molecule Small Molecule Pharma companies data aggregation capabilities are maturing,using RWE not only to demonstrate the value of their products but increasingly to address regulatory requirements,drive drug development,support outcomes-based contracts,and reduce products time to marketTherap
16、eutics are targeting increasingly complex indications that feature smaller patient populations treated by more diverse physician specialists who desire to more deeply understand a therapys scientific dataPhysician resistance to sales rep visits in office is requiring new ways to communicate informat
17、ion to prescribersNew phase of consolidation in commercialization services is creating platforms that aim to be a one-stop shopLarger companies are working to manage capacity and avoid the capital expenditure involved in building new manufacturing capacitySmall to midcap organizations particularly b
18、iotech and specialty pharma businesses are striving to be nimble and focus on drug discovery and commercialization rather than investing in development or manufacturing infrastructureThe increasing use of large molecule therapies active drugs with bacterial and viral components and cell and gene the
19、rapy also creates an opportunity for CDMOsPharma and biotech regulatory and commercial compliance requirements are becoming more complex,requiring global coordination with local requirements across numerous functionsPharma companies are increasingly outsourcing pharmacovigilance services to achieve
20、process efficiencies while accessing specific expertise in a flexible,cost-effective mannerEmphasis on outsourcing key functions across marketing,digital enablement,commercialization,market access,and data analytics has driven development of a diverse and well-funded ecosystem of solution providersP
21、latforms are accelerating consolidation as they seek to provide a one-stop shop for their pharma clients,widening the scope of offerings while deepening their insight capabilities through acquisition of unique data assets or best-in-class analytical enginesManufacturers and service providers are loo
22、king for technology solutions that add robust data and analytics functions to their commercialization efforts,enabling faster and more efficient targeting of patients,providers,and key stakeholdersGrowing volumes of virtual trials require capabilities for increasingly specific trial designs,requirin
23、g solutions that are capable of enhanced patient targeting,trial management,patient adherence,and agile response and data collectionKey TrendsKey TrendsKey TrendsComputational Chemistry Medicinal Chemistry Lead Optimization Safety&ToxicologyR&D WorkflowResearch Model ServicesIntegrated drug discover
24、y and optimization models are reducing time and cost to clinic as providers aim to offer end-to-end servicesIncreasingly sophisticated discovery and preclinical development models are providing greater certainty as novel drug candidates enter the clinical landscape,aiming to reduce risk and overall
25、development costsKey TrendsTools and services that facilitate target validation,lead optimization,and R&D processesLead Optimization Safety&ToxicologyR&D Workflow End-to-End Clinical Solutions Trial Design,Management,and Administration Patient and Site Recruitment RTSM,IRT,IWRS EDC,ePRO,eCOA,eSource
26、,ETMF Pharmacovigilance Compliance,Quality,and RegulatoryKeyTrendsKeyTrendsCollect,analyze,and distribute data from patient experienceMonitoring and Aggregation Data Marketplaces and RegistriesTechnology tools that accelerate development and time to market across the entire product life cycle RWETec
27、hnologySolutionseCOA:Electronic Clinical Outcome Assessment EDC:Electronic Data Capture ePRO:Electronic Patient Reported Outcome eSource:Electronic Data Source ETMF:Electronic Trial Master File IRT:Interactive Response Technology IWRS:Interactive Web Response System RTSM:Randomization&Trial Supply M
28、anagementContract Research Organizations End-to-End Clinical Solutions Trial Design,Management,and Administration Patient and Site RecruitmentDiscovery and development partners are becoming increasingly integral to successful,efficient,and timely pharmaceutical and biotech R&D while ensuring data qu
29、ality and uniformity across complex trialsClinical trials are evolving and becoming increasingly decentralized and patient-centric,with more critical activities taking place at remote sitesKey TrendsTools and services that facilitate research and development in the clinicCommercializationCDMOPharmac
30、eutical Safetyand Risk ManagementDiscovery and Preclinical DevelopmentClinical Trials3Outsourced Pharma Services and Pharma Tech|Q1 2023Pharma Services and Pharma Tech Market LandscapeTO DISCUSS MARKET LANDSCAPE,PLEASE CONTACT:PharmaServicesandT4Outsourced Pharma Services and Pharma Tech|Q1 2023What
31、 Were ReadingRecent Harris Williams PublicationsClinical Trial Technology:Emerging Trends and OpportunitiesLink to ReadOperationsAs pharmasemerge from triaging COVID-19 response,there is an opportunity to address operations strategies that have taken a back seat to more pressing priorities.Despite i
32、ndustry-specific and global trends increasing operational complexity for pharmas,the advancement of digital and analytical tools is a clear tailwind driving not just cost savings and quality,but delivering increased resiliency in the face of mounting pressures.Read the full article here.McKinsey|Eme
33、rging from Disruption:The Future of Pharma Operations StrategyDigital IntegrationCOVID-19s reshaping of the pharma value chain and the corresponding investment in digital and data tools has left some organizations still determining how to fully integrate new systems.Organizations that successfully l
34、everage their digital and data investments have adopted parallel internal and partnership paths,in addition to incorporating digital leadership and strategy at the highest levels of decision making.Read the full article here.BCG|Biopharma Is Betting Big on Digital and Data.Are Companies Organized fo
35、r Success?CommercializationOmnichannel engagement has accelerated,especially as COVID-19 reduced the number of traditional in-person engagements between sales teams and physicians.Although omnichannel strategies are now viewed as a necessity,challenges remain as organizations grapple with effectivel
36、y organizing strategy across functional areas,integrating data across channels,and meeting and understanding customer expectations.Read the full article here.LEK|Realising the Promise of Omnichannel EngagementPharmacovigilanceIncreasing post-launch adverse event reports alongside a rising consumer e
37、xpectation of personalized,preventative,predictive,and participatory medicine creates an opportunity to leverage advances in AI to increase safety and enhance patient experiences.By applying AI to RWE,pharmascan create real-time and predictive post-launch monitoring and trigger faster interventions
38、and personalized patient experiences.Read the full article here.Deloitte|Intelligent Post-Launch Patient Support:Enhancing Patient Safety with AIProfessionals from HWs Pharma Services and Technology team review how paradigm shifts in pharmaceutical development are driving innovation across clinical
39、trial technology.HW Sector UpdatesPerspectives,Commentary,and Market ActivityAccess All HW Insights Here2023 HCLS OutlookHealthcare&Life Sciences GroupLinkReturn on Innovation:Seven-Part Outsourced Pharma Services Whitepaper SeriesLink5Outsourced Pharma Services and Pharma Tech|Q1 2023While the capi
40、tal markets are currently more risk averse for life sciences investments,Harris Williams 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 SeeingSource:Evaluate and
41、IQVIA Global Trends in R&D1)Emerging biopharma companies are defined as companies having an estimated R&D expenditure of less than$200 million and less than$500 million annual revenueIPO Count and Amount Raised,Q1 2017 Q4 2022$in billionsLife Sciences IPOs by Quarter on North American and European E
42、xchangesPublic sector investments in life sciences have returned to long-term historical levels as public markets have reverted to a risk-off postureEmerging Biopharma Companies(EBP)Are Increasingly Launching New Products Independently1Companies Originating and Filing FDA Regulatory Submissions for
43、NASs and Percent of Launches by NAS Launch YearOf new drugs launched in 2021 were originated by emerging biopharma companies53%Drugs in preclinical or clinical development worldwide,a 10%YoY increase18k+Small pharma and biotech companies are increasingly leading novel compounds through commercializa
44、tion,driving a new wave of customers for outsourced pharma services and tech providers“According to our latest investor survey,66%think that biotech will outperform the broader market in 2022 and 58%plan to increase their exposure to the sector.The majority of investors(64%)also see the sector as un
45、dervalued versus our survey results from the second half of 2021,where only 49%thought biotech was undervalued.”RBC Capital Markets,March 21,20220070802012 2013 2014 2015 2016 2017 2018 2019 2020 2021Number of NASsEBP OriginatedNon-EBP Originated0%20%40%60%80%100%2012 2013 2014 2015 2016
46、2017 2018 2019 2020 2021%of EBP Originated NASEBP Originated and Another Company LaunchedEBP Originated and LaunchedOf FDA regulatory submissions for novel active substances(NAS)in 2021 were originated and launched by emerging biopharma companies76%$0.5$1.0$1.0$1.4$1.2$2.3$1.9$1.8$1.1$2.0$0.6$1.3$1.
47、5$3.3$4.7$3.2$4.9$4.6$3.0$2.0$0.8$0.3$0.2$0.3Q1-17Q3-17Q1-18Q3-18Q1-19Q3-19Q1-20Q3-20Q1-21Q3-21Q1-22Q3-22808262333Count of IPOs6Outsourced Pharma Services and Pharma Tech|Q1 2023TargetJanuary 13,2023 Purchase Price Not DisclosedSpectrum is an operator of a media agen
48、cy serving the healthcare and science industry.The company offers integrated marketing,communications,media solutions and other related services to its clientsKnox Lanes acquisition will help position the company to broaden its service capabilities and continue cultivating key talent to deliver its
49、value proposition to clients Knox Lanes Pending Acquisition of Spectrum ScienceBuyerSelect Recent Pharma Services TransactionsSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationTargetDecember 29,2022EV:$1.3BPharmalex is a leading,global provider of technology-enabled services for clients in
50、the highly regulated pharmaceutical/biotech industry.Pharmalex guides clients from early planning and nonclinical requirements through clinical development,regulatory processes,and post-approval/maintenance post-launch activitiesThe transaction will broaden AmerisourceBergens portfolio of solutions
51、to support its manufacturer partnersAmerisourceBergen Acquisition of PharmalexBuyerTargetJanuary 3,2023EV:$2.0BAlcami is a contract development and manufacturing organization headquartered in North CarolinaThe partnership will further support its strategic transformation that has enhanced the growth
52、 profile of the business.Major initiatives include having acquired TriPharm Services,a world-class sterile fill-finish operation,and Masy Bioservices,a premier cGMP biostorage and pharma services businessGHO and The Vistria Groups Acquisition of AlcamiBuyerTargetNovember 3,2022EV:$680MCelerion is a
53、clinical research organization that provides comprehensive clinical trial solutions to pharmaceutical and biotechnology clients conducting early clinical research throughout North America,Europe,and AsiaThe transaction brings capital allowing Celerion to continue building its global footprint while
54、delivering its industry-leading customer serviceHIGs Acquisition of CelerionBuyerTargetNovember 1,2022Purchase Price Not DisclosedTaconic specializes in genetically engineered research models and services,specifically murine models for use in drug discovery research and non-clinical safety testingTh
55、e acquisition provides additional capital and resources that will enable the company to accelerate Taconics strategic priorities both organically and through acquisitionsAvista Capitals Acquisition of TaconicBuyerTargetDecember 12,2022Purchase Price Not DisclosedAlphaGroup provides a focused set of
56、scientific and medical communications solutions centered on key medical activities throughout a products life cycleThe acquisition brings new clients and an extended service line to the combined businessOpen Healths Acquisition of CM GroupBuyer7Outsourced Pharma Services and Pharma Tech|Q1 2023Selec
57、t Recent Pharma Tech TransactionsSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationTargetOctober 27,2022Purchase Price Not DisclosedAutoCruitment provides a digital patient screening platform intended to recruit qualified patients for clinical trials and research studies,enabling clients to
58、 increase patient acquisition and retentionAutoCruitments partnership with QHP will help the company scale and leverage its digital platforms and workflows to recruit diverse populations of patients across numerous therapeutic areasQHP Capitals Acquisition of AutoCruitmentInvestorOctober 18,2022Purc
59、hase Price Not DisclosedOncology Information Service(OIS)is a provider of health economics and outcomes research for the European oncological market,enabling access to clinical insights into patient characteristics and healthcare structuresThe acquisition will add deep,regulatory-grade transferable
60、oncology data from Europe to TriNetX and will enhance its global footprintTriNetXs Acquisition of Oncology Information Service(OIS)TargetJanuary 4,2023Purchase Price Not DisclosedVyasa is a provider of deep-learning software that enables life sciences organizations to perform predictions and answer
61、complex questions across structured and unstructured biomedical informationThe acquisition will enhance Certaras software platforms and expand capabilities by bringing artificial intelligence(AI)capabilities to its end-to-end platformCertaras Acquisition of VyasaBuyerPlatformJuly 26,2022Purchase Pri
62、ce Not DisclosedGTCR,a leading private equity firm,announced in October of 2022 that it entered into a partnership with Steve Powell and Mary Mattes to form Harpula Health HoldingsHarpula will seek to acquire companies and assets in the technology-enabled pharmaceutical solutions industry as part of
63、 a strategy to become a market leader in improving the efficiency of drug research and developmentGTCRs Launch of HarpulaInvestorTargetDecember 23,2022Purchase Price Not DisclosedCalyx is a provider of clinical technology solutions including web-based portal services and tracking tools,electronic da
64、ta capture,medical imaging,and clinical trial management systems(CTMS)The transaction will expand CapVest Partners GLO Healthcare platform and its offerings,as Calyx joins GLOs development and delivery of diagnostic testing for major cancers and other diseasesGLO Healthcares Acquisition of CalyxInve
65、storDecember 7,2022Purchase Price Not DisclosedComplion is a provider of electronic regulatory solutions for clinical research sites,academic medical centers(AMCs),hospitals,health systems,sponsors,and contract research organizations(CROs)The partnership of RealTime and Complion bolsters the combine
66、d organizations position as a leading provider of eClinical solutions to make clinical research processes more efficient and compliantRealTime Software Solutions Acquisition of ComplionTargetBuyerBuyerTargetHarpula Health Holdings,LLC8Outsourced Pharma Services and Pharma Tech|Q1 20238.0 x10.0 x12.0
67、 x14.0 x16.0 x18.0 x20.0 x22.0 x24.0 x26.0 x28.0 xDec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22EV/LTM EBITDARecent Pharma Services and Pharma Tech TransactionsTransactions Trading at Record ValuationsLegend=/12.0 x&=/16.0 xSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationLTM
68、 Median Multiple 20.0 x9Outsourced Pharma Services and Pharma Tech|Q1 2023(50%)50%150%250%350%450%550%650%(60%)(50%)(40%)(30%)(20%)(10%)-10%20%Public Company Stock Performance 5 YearsIndexed Stock Price Performance for the Period December 2021 December 2022Indexed Stock Price Performance for the Per
69、iod December 2017 December 2022 Public Company Trended Stock PerformancePublic Company Stock Performance Last 12 Months-20%-43%-29%-8%+42%+214%+94%-12%Pharma TechS&P 500S&P Pharmaceuticals Select Industry IndexCROsPharma TechCROsDefinitive Healthcare IPOSchrodinger IPOGoodRX IPOCertara IPOExscientia
70、 IPOCDMOsCDMOs-30%+83%Source:S&P Capital IQ10Outsourced Pharma Services and Pharma Tech|Q1 2023Public Company Operating and Valuation MetricsMedian EV/LTM RevenueMedian EV/NTM RevenueMedian EV/LTM EBITDAMedian EV/NTM EBITDAMedian LTM Revenue GrowthMedian NTM Revenue GrowthMedian LTM EBITDA MarginMed
71、ian LTM Rule of 40(Growth+Margin)Public Company Operating MetricsPublic Company Valuation MetricsCROsCDMOsSource:S&P Capital IQ17.8%9.5%28.1%24.0%19.8%23.0%10.8%5.4%16.2%45.0%30.7%49.9%6.2x3.0 x5.9x28.3x14.5x19.2x5.4x2.9x5.1x22.3x13.2x16.1xPharma Tech11Outsourced Pharma Services and Pharma Tech|Q1 2
72、02312GLOBAL M&A ADVISOROur Healthcare&Life Sciences(HCLS)Group and Technology Group collaborate to advise leading Outsourced Pharma Services&Pharma Tech companies worldwide.Collaborative Efforts to Advise Outsourced Pharma Services&Pharma Tech CompaniesLearn more about our experience advising premie
73、r Outsourced Pharma Services&Pharma Tech companies.Paul HepperManaging Director,HCLS(804)887-6026Dr.Julian Feneley|Managing Director,HCLS+44 20 7518 8924Andrey Dvorkin|Director,HCLS+44 20 7518 8912Rebecca Herter|Vice President,T(617)654-2131Lucas Scholl|Vice President,HCLS(415)217-3442Dan LinsalataM
74、anaging Director,T(617)654-2122Additional Pharma Services and Pharma Tech ContactsOutsourced Pharma Services and Pharma Tech|Q1 2023Harris Williams Pharma Services and Pharma Tech Transaction SpotlightsJan.4,2022Company Background:Medical Knowledge Group(MKG)is an integrated,analytics-driven commerc
75、ialization platform delivering healthcare provider targeted solutions on behalf of biopharmaceutical customers to maximize the commercial potential of their brands.Successful Outcome:The transaction delivered a successful outcome for MKG and Court Square Capital Partners.Novo,a life science investor
76、 wholly owned by Novo Nordisk,will bolster MKGs growth through its deep expertise and network across life sciences.Harris Williams served as financial advisor to MKG,a portfolio company of Court Square Capital Partners,in this transaction.Harris Williams previously served as exclusive financial advi
77、sor to MKG,a portfolio company of Windrose Health Investors,in their 2019 acquisition by Court Square Capital Partners.2xMay 17,2021Company Background:Transaction Data Systems(TDS)comprehensive solution suite powers the“last mile”of healthcare,enabling independent,retail,chain,and specialty pharmaci
78、es to manage all aspects of their clinical and financial operations from dispensing to point of sale and increase operational efficiency.Successful Outcome:The transaction delivered a successful outcome for TDS and GTCR.The acquisition will support TDSs strategy of expanding its network of independe
79、nt and community pharmacies across the U.S.Harris Williams served as financial advisor to TDS,a portfolio company of GTCR,in this transaction.April 30,2021Company Background:Velocity Clinical Research,headquartered in Durham,North Carolina,is a leading integrated site organization for clinical trial
80、s,offering dedicated site capabilities to help biopharmaceutical and contract research organization customers find the right patients for their studies.The company has 16 sites across the United States.Successful Outcome:The transaction delivered a successful outcome for Velocity and NaviMed Capital
81、.The acquisition positions Velocity for its next phase of growth and will allow it to continue accelerating its rate of patient recruitment in an effort to get drugs and vaccines to market more quickly.Harris Williams served as financial advisor to Velocity Clinical Research,a portfolio company of N
82、aviMed Capital Partners,in this transaction.April 2,2021Company Background:Kantar Health,a division of Kantar,provides data,analytics,and research to the life sciences industry.As real-world evidence and commercialization partners,Kantar Health enables clients to bring safe and effective treatment t
83、o patients around the world across myriad therapy areas,including oncology and rare diseases.Successful Outcome:The transaction delivered a successful outcome for Velocity and NaviMed Capital.The acquisition positions Velocity for its next phase of growth and will allow it to continue accelerating i
84、ts rate of patient recruitment to get drugs and vaccines to market more quickly.Harris Williams served as financial advisor to Velocity Clinical Research,a portfolio company of NaviMed Capital Partners,in this transaction.Dec.29,2022Company Background:PharmaLex is a leading provider of specialized s
85、ervices for the pharma,biotech,andmedtechindustries worldwide.The company provides strategic assistance and regulatory support throughout the entire product life cycle.Successful Outcome:The transaction is set to deliver a successful outcome for PharmaLex and AUCTUS Capital Partners.The acquisition
86、will enable PharmaLex to expand its international footprint and build upon AmerisourceBergens expertise in pharmaceutical supply and manufacturer services.Harris Williams served as financial advisor to PharmaLex,a portfolio company of AUCTUS Capital Partners,in this transaction.July 19,2022Company B
87、ackground:Jordi 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 get analytical services for regulatory,investigative,and quality control analysis.Successful Outcom
88、e:The transaction delivered a successful outcome for Jordi Labs and will create significant synergies to help accelerate the growth of the combined platform.Harris Williams served as financial advisor to Jordi Labs,a second-generation family business.Aug.16,2021Company Background:RQM+is the leading
89、international provider of regulatory,quality,and compliance consulting services for medical device and diagnostics manufacturers.The company delivers transformative solutions by providing unrivaled collective expertise fueled by passion for client success.Successful Outcome:The transaction delivered
90、 a successful outcome for RQM+,DFW Capital Partners,and Chartwell Investments.The acquisition will accelerate RQM+s growth strategy of expanding its suite of end-to-end capabilities.Harris Williams served as financial advisor to RQM+,a portfolio company of DFW Capital Partners and Chartwell investme
91、nts,in this transaction.Sept.5,2022Company Background:The CM Group is an integrated commercialization platform enabling biopharmaceutical manufacturers to build market insights and to disseminate scientific information to healthcare providers(HCPs)and patients,supporting brand strategy and execution
92、 throughout the product life cycle.Successful Outcome:The transaction delivered a successful outcome for The CM Group and NaviMed Capital.The acquisition will support The CM Groups growth through partnership with Open Healths existing commercialization partnerships and platform.Harris Williams serve
93、d as financial advisor to The CM Group,a portfolio company of NaviMed Capital,in this transaction.13Outsourced Pharma Services and Pharma Tech|Q1 202314Harris Williams is a global investment bank specializing in M&A advisory services.Clients worldwide rely on us to help unlock value in their busines
94、s and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries and geographies to uncover the unique story of each company.Energy,Power&InfrastructureTransportation&LogisticsBusiness ServicesIndustrialsAerospace
95、,Defense&Government ServicesHealthcare&Life SciencesConsumerTechnologyDeep Industry ExperienceRevenue from repeat clients70%Managing directors promoted fromwithin the firm 83%Year history30+GLOBAL M&A ADVISOROffices:Boston|Cleveland|Frankfurt|London|Minneapolis|Richmond|San Francisco|Washington,DCOu
96、tsourced Pharma Services and Pharma Tech|Q1 2023Sources and DisclosuresDisclosures and DisclaimersSources1.S&P Capital IQ2.Pitchbook3.Evaluate4.IQVIA Global Trends in R&DInvestment banking services are provided by Harris Williams LLC(Harris Williams).Harris Williams is a registered broker-dealer and
97、 member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporated under English law with its registered office at 8th Floor,20 Farringdon Street,London EC4A 4AB,UK,registered with the Registrar of Companies for England and Wales(registration number 07078852).Harris Williams&
98、Co.Ltd is authorized and regulated by the Financial Conduct Authority.Harris Williams&Co.Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main,Germany,under HRB 107540.The registered address is Bockenheimer Landstrasse 33-35,60325 Frankfurt
99、am Main,Germany(email address:).Geschftsfhrer/Directors:Jeffery H.Perkins,Paul Poggi.(VAT No.DE321666994).Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.The information and views contained
100、 in this presentation have been prepared in part by Harris Williams.This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate any investment or potential transaction.This presentation is not a research report,as such term
101、is defined by applicable law and regulations,and is provided for informational purposes only.Any and all information,including estimates,projections and other forward-looking statements,presented in this document may involve various assumptions and significant elements of subjective judgment and ana
102、lysis that may or may not be correct.Harris Williams has not independently verified,and neither Harris Williams nor any other person will independently verify,any of the information,estimates,projections or forward-looking statements contained herein or the assumptions on which they are based.The in
103、formation contained in this document is made as of the date hereof unless stated otherwise.Harris Williams does not expect to update or otherwise revise this document nor provide any additional information,nor correct any inaccuracies herein that may become apparent.The information contained herein
104、is believed by Harris Williams to be reliable,but Harris Williams makes no representation or warranty as to the accuracy or completeness of such information,and information contained herein that is based on material prepared by others may involve significant elements of subjective judgment and analy
105、sis that may or may not be correct.Opinions,estimates and projections contained herein constitute Harris Williams judgment and are subject to change without notice.This presentation is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instrumen
106、ts or to participate in any particular transaction,nor shall this presentation form the basis of any contract.It does not constitute and should not be construed as an endorsement or recommendation of any entities products or services.No part of this material may be copied or duplicated in any form o
107、r by any means,or redistributed,without Harris Williams prior written consent.15AppendixOutsourced Pharma Services and Pharma Tech|Q1 2023Public Market Operational and Valuation MetricsSource:S&P Capital IQNote:“NM”stands for“Not Meaningful”As of December 31,2022$in ThousandsMarketEnterprise%of 52-W
108、eekLTMLTMEnterprise Value/For ChartsCompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDAPharma TechVeeva Systems Inc.$25,125,004$22,164,33962.6%72.0%24.0%10.7x9.5x44.5x24.7xClarivate Plc5,623,285 12,148,285 33.6%64.5%42.0%4.8x4.7x11.4x11.4xCertara,Inc.2,5
109、65,945 2,658,908 55.3%59.9%27.2%8.2x7.4x30.1x20.9xVeradigm Inc.1,927,343 1,653,553 75.9%50.6%7.5%1.1x2.6x14.3x8.7xGoodRx Holdings,Inc.1,846,244 1,815,909 14.1%92.3%8.6%2.3x2.4x26.5x9.8xModel N,Inc.1,530,519 1,489,205 95.5%55.7%NM6.8x6.1xNM37.7xSchrdinger,Inc.1,331,428 953,732 50.2%52.1%NM5.6x4.5xNMN
110、MDefinitive Healthcare Corp.1,154,830 1,625,044 36.5%88.4%12.0%7.8x6.6xNM23.7xSimulations Plus,Inc.743,451 613,212 54.1%79.9%26.8%11.5x10.0 x42.7x31.4xExscientia plc654,942 37,234 21.5%NMNM1.4x1.4xNMNMOptimizeRx Corporation288,166 209,622 26.2%61.6%NM3.3x2.8xNM30.4xMedian$1,688,381$1,639,29852.1%64.
111、5%24.0%6.2x5.4x28.3x22.3xCROsIQVIA Holdings Inc.$38,056,273$49,348,27372.5%34.7%19.3%3.4x3.3x17.9x13.8xLaboratory Corporation of America Holdings20,863,528 26,826,128 75.0%31.4%20.7%1.8x1.8x8.5x10.4xICON Public Limited Company15,859,596 20,267,414 62.2%28.2%18.3%2.6x2.5x14.4x12.7xCharles River Labor
112、atories International,Inc.11,086,460 14,289,499 57.8%37.4%26.0%3.8x3.5x14.5x13.8xMedpace Holdings,Inc.6,588,601 6,855,188 90.1%62.7%20.3%5.0 x4.2x24.6x21.2xSyneos Health,Inc.3,774,519 6,635,973 35.7%23.8%13.4%1.2x1.3x9.1x9.0 xMedian$13,473,028$17,278,45667.4%33.1%19.8%3.0 x2.9x14.5x13.2xCDMOsSamsung
113、 Biologics Co.,Ltd.$46,464,205$46,007,74889.0%48.0%42.6%26.6x17.1xNM42.0 xLonza Group AG36,353,612 36,398,644 58.9%38.7%22.2%5.9x5.1x26.8x16.1xWuXi AppTec Co.,Ltd.34,762,061 34,274,197 67.2%36.5%24.9%7.0 x5.3x28.1x19.0 xCatalent,Inc.8,100,161 11,972,161 35.1%32.6%23.0%2.5x2.5x10.8x9.4xSiegfried Hold
114、ing AG2,817,487 3,242,310 68.1%24.8%21.8%2.5x2.3x11.6x10.8xMedian$34,762,061$34,274,19767.2%36.5%23.0%5.9x5.1x19.2x16.1xTotal Comp Set Median$5,623,285$6,855,18858.9%49.3%22.0%4.8x4.2x16.2x13.8x17Outsourced Pharma Services and Pharma Tech|Q1 2023Precedent TransactionsSource:S&P Capital IQ,Pitchbook,HW Proprietary InformationTO DISCUSS PRECEDENT TRANSACTIONS,PLEASE CONTACT:PharmaServicesandT18