1、Outsourced Pharma Services&Pharma Tech Sector Update Harris Williams|Q4 2022Outsourced Pharma Services and Pharma Tech|Q4 2022Biopharmaceutical 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.2Outsourced 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 adher

3、ent 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

4、smaller,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 reimburse

6、ment.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.Effect

7、ively 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 t

8、herapeutic 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 th

9、at 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 focu

10、s 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.Ef

11、fectively 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 l

12、ooking 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.Outsourced Pharma Services and Pharma Tech|Q4 20223

13、Perspectives on Pharma Services and 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 formula

14、tion 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 Large

15、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 marketTherapeutics

16、 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 information to

17、 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 biotech

18、 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 therapy a

19、lso 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 proces

20、s 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 providersPlatfor

21、ms 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 looking f

22、or 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,requiring solu

23、tions 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 discovery and

24、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 develo

25、pment 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,ETMF

26、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 RWETechnolog

27、ySolutionseCOA: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 Managem

28、entContract 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 quality

29、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 clinicCommercializationCDMOPharmaceutica

30、l Safetyand Risk ManagementDiscovery and Preclinical DevelopmentClinical TrialsOutsourced Pharma Services and Pharma Tech|Q4 20224Pharma Services and Tech Market LandscapeTO DISCUSS MARKET LANDSCAPEPLEASE CONTACT:PharmaServicesandTOutsourced Pharma Services and Pharma Tech|Q4 20225What Were ReadingR

31、ecent Harris Williams PublicationsClinical Trial Technology:Emerging Trends and OpportunitiesLink to ReadIT TransformationA convergence of new technologies is unlocking more efficient drug development and driving better patient outcomes and engagement,and growth for manufacturers.Although pharma lea

32、ders overwhelmingly agree on the value and impact of these advances and are strategically aligned with digitization,88%believe they are happening in siloes that prevent broad digitization across the enterprise.Read the full article here.Accenture|Driving Digitization in Biopharma R&D:Which Direction

33、 Should You Take?Development and ManufacturingChemistry,manufacturing,and controls(CMC)is a critical step in developing safe and effective therapies but has lagged adjacent development processes in its digitization journey.This legacy approach has begun to falter as the pace and complexity of develo

34、pment increases and data volumes increase,creating an imperative to adopt technology solutions capable of enhancing data accessibility,interoperability,and usability.Read the full article here.McKinsey|Out of the Shadows:A Brighter Future for Pharma Technical DevelopmentClinical TrialsTrial sponsors

35、 are increasingly concerned with site relationships,as site constraints increase competition for capacity and established relationships become core to trial success.As distributed functions and decentralization have become more prevalent following COVID,sponsors have heightened their focus on and in

36、vestment in recruitment,engagement,and retention to ensure trials are executed as designed.Read the full article here.LEK|Clinical and eClinical Pharma Services SurveyFunding and AcquisitionsWhile 2022 funding and acquisition activity has fallen relative to the historic levels of 2021,macro factors

37、and demographic trends continue to serve as tailwinds for new investments out of an unprecedentedly large pool of dry powder.However,as manufacturers face short-term macro pressures,the imperative to adopt efficiency-enhancing technologies increases and blurs the line between tech and life sciences.

38、Read the full article here.Deloitte|Road to Next:Despite Market Volatility,Dealmaking in Life Sciences Remains HealthyProfessionals from HWs Pharma Services and Technology team review how paradigm shifts in pharmaceutical development are driving innovation across clinical trial technology.HW Sector

39、UpdatesPerspectives,Commentary,and Market ActivityQ3-22 HCIT Sector UpdateTechnology GroupLinkAccess All HW Insights HereSector Spotlight:Pharmaceutical PackagingHealthcare and Life Sciences GroupLinkOutsourced Pharma Services and Pharma Tech|Q4 2022While the capital markets are currently more risk

40、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.6What Were SeeingSource:Evaluate and IQIVIA Global Trends in R&D1)Emergi

41、ng biopharma companies are defined as companies having an estimated R&D expenditure of less than$200 million and less than$500 million annual revenueIPO Count and Amount Raised,Q1 2017 Q1 2022$in billionsLife Sciences IPOs by Quarter on North American and European ExchangesPublic sector investments

42、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 IndependentlyCompanies Originating and Filing FDA Regulatory Submissions for NASs and Percent of Launches by NAS

43、 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 commercialization,driving a new wave of customer

44、s 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 undervalued versus our survey results

45、 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 2017 2018 2019 2020 2021%of EBP Ori

46、ginated 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$1.5$3.3$4.7$3.2$4.9$4.6$3.0$2.0$0.8$0

47、.3$0.1 010203040Amount RaisedCountOutsourced Pharma Services and Pharma Tech|Q4 20227Select Recent Pharma Services TransactionsTargetAnnounced:June 13,2022Purchase Price Not DisclosedAdvarra is the largest institutional review board(IRB)in the U.S.and advances drug commercialization through clinical

48、 research review that ensures trials are safe for participants and comply with regulatory requirementsBlackstone and CPPs investment will advance Advarras strategic growth plans through investment in talent,expanding its base of scientific expertise,and building additional clinical trial technologie

49、sBlackstone and CPPs Pending Majority Investment in AdvarraBuyerSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationTargetJune 20,2022EV:$350MAvania provides contract research services focused exclusively on the medical device marketThe transaction brings capital to strengthen Avanias infrast

50、ructure,M&A arm,and provides additional support for continued growthAstorgs Acquisition of AvaniaBuyerTargetJune 21,2022EV:$900MEmmes is an operator of a full-service clinical research organization(CRO)dedicated to supporting the advancement of human health and biopharmaceutical innovationThe acquis

51、ition provides additional capital and resources that will enable the company to grow capabilities,expand its footprint,and cultivate key talentNew Mountain Capitals Acquisition of EmmesBuyerTargetJuly 28,2022HW ConfidentialCM Group is an integrated commercialization platform whose product offerings

52、enable biopharmaceutical manufacturers to build market insights and disseminate scientific information to providers and patientsThe strategic partnership provides CM group with a significant scientific communications offering and expands the platforms global reachOpen Healths Acquisition of CM Group

53、BuyerTargetAnnounced Sept.12,2022EV:$1.3BPharmaLex is a leading,global provider of technology-enabled services for clients in the highly regulated pharmaceutical/biotech industry.PharmaLex guides clients from early planning and nonclinical requirements through clinical development,regulatory process

54、es,and post-approval/maintenance post-launch activitiesThe transaction will broaden AmerisourceBergens portfolio of solutions to support its manufacturer partnersAmerisourceBergen Acquisition of PharmalexBuyerTargetMarch 15,2022Purchase Price Not DisclosedReaction Biology specializes in biochemical(

55、kinase and epigenetic)and cell-based assay services,thereby helping clients accelerate the drug discovery processThe partnership further enhances the companys ability to meet the evolving needs of its biopharmaceutical customers,including the provider and patient communities they ultimately serveCob

56、epas Acquisition of Reaction BiologyBuyerOutsourced Pharma Services and Pharma Tech|Q4 20228Select Recent Pharma Tech TransactionsSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationTargetJuly 27,2022Purchase Price Not DisclosedRevHealth provides science-focused,omnichannel healthcare communi

57、cations and advertising through promotional medical education and payer services,medical affairs,and patient engagement and activation Windroses investment will be used to accelerate growth across new customers and through expanded solutions and servicesWindrose Health Investors Recapitalization of

58、RevHealthBuyerJune 28,2022Purchase Price Not DisclosedNorstella(WCAS)provides solutions for managing drugs across their life cycle though its Evaluate,MMIT,Panalgo,and Dedham Group brands;Citeline(Warburg Pincus)provides data and intelligence for drug developmentThe merger creates an end-to-end plat

59、form of life science solutions with complementary data assets and technology solutions addressing complex clinical and commercial needsCitelines Merger with NorstellaTargetSeptember 19,2022EV:$875MRx Savings Solutions(RxSS)provides a SaaS-based healthcare platform leveraging claim data and analytics

60、 to increase member engagement,deliver recommendations to optimize therapies,and reduce plan costsThe acquisition accelerates McKessons growth into biopharma services and solutions and expands differentiated medication access for patientsMcKessons Acquisition of Rx Savings SolutionsBuyerTargetJuly 2

61、6,2022Purchase Price Not DisclosedRockpointe provides science-based continuing education for healthcare professionals(HCPs)in primary care and specialty practice areas including cardiology,dermatology,and oncologyThe acquisition enhances CEAs access to specialty therapeutic areas and represents an e

62、ntrance into primary care,expanding CEAs ability to aggregate information and trends across HCPs interest areasCEAs Acquisition of RockpointeInvestorTargetSeptember 12,2022Capital Raised:$40MPurpleLabs commercial data and analytics platform leverages claims data and customer analytics,enabling trial

63、 sponsors to better target HCPs and boost brand performancePrimus Capitals investment will accelerate PurpleLabs development of tools to serve clinical trial sponsors as manufacturers increasingly seek to leverage differentiated sources to reach providers and market new therapiesPrimus Capitals Inve

64、stment in PurpleLabInvestorAugust 8,2022EV:100MPharmaspectra provides medical affairs solutions through product development and data science for the pharmaceutical industry leveraging Insightmeme,the worlds largest database of scientific meetings and abstractsThe acquisition expands IQVIAs goal of p

65、roviding differentiated insights to its customer base through Pharmaspectras database of 16M+meeting presentations,28M+abstracts,and 417K+clinical trial test resultsIQVIAs Acquisition of PharmaspectraTargetBuyerOutsourced Pharma Services and Pharma Tech|Q4 2022EV/LTM EBITDARecent Pharma Services and

66、 Tech Transactions9Transactions Trading at Record ValuationsLegend=/12.0 x&=/16.0 xSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationLTM Median Multiple 20.5x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 x22.0 x24.0 x26.0 x28.0 xAug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19Aug-20Aug-21Aug-22Outsourc

67、ed Pharma Services and Pharma Tech|Q4 2022(50%)50%150%250%350%450%550%650%750%(60%)(50%)(40%)(30%)(20%)(10%)-10%20%Public Company Stock Performance 5 YearsIndexed Stock Price Performance for the Period September 2021 September 2022Indexed Stock Price Performance for the Period September 2017 Septemb

68、er 2022 Public Company Trended Stock PerformancePublic Company Stock Performance Last 12 Months10-17%-49%-34%-7%+41%+265%+74%-16%Pharma TechS&P 500S&P Pharmaceuticals Select Industry IndexCROsPharma TechCROsDefinitive Healthcare IPOSchrodinger IPOGoodRX IPOCertara IPOExscientia IPOClarivate IPOCDMOs

69、CDMOs-25%+101%Source:S&P Capital IQExscientia IPOOutsourced Pharma Services and Pharma Tech|Q4 202224.1x12.8x17.1x5.8x2.7x5.0 x6.8x2.9x6.0 x28.6x14.7x20.5x45.3%33.8%49.9%15.2%6.2%9.5%24.5%19.4%24.3%25.6%13.6%28.1%11Public Company Operating and Valuation MetricsMedian EV/LTM RevenueMedian EV/NTM Reve

70、nueMedian EV/LTM EBITDAMedian EV/NTM EBITDAMedian LTM Revenue GrowthMedian NTM Revenue GrowthMedian LTM EBITDA MarginMedian LTM Rule of 40(Growth+Margin)Public Company Operating MetricsPublic Company Valuation MetricsPharma TechCROsCDMOsSource:S&P Capital IQOutsourced Pharma Services and Pharma Tech

71、|Q4 202212Harris Williams:At a GlanceThe Harris Williams Technology Group MinneapolisWashington,D.C.LondonBostonSan FranciscoFrankfurtClevelandRichmondDedicated HW Asia-Pacific Coverage Team Technology Coverage Areas30 years and thousands of deals closed100%of revenue is from M&A advisory10 industry

72、 groups with deep sector expertise92%of revenue from sell-side M&A70%of revenue from repeat clients8 offices across the U.S.and EuropeHarris Williams ContactsPaul HepperManaging Director,HCLS(804)932-1326Dan LinsalataManaging Director,T(617)654-2122Lucas SchollVice President,HCLS(415)217-3442Stephan

73、 DoeringDirector,HCLS+49 69 3650638 14Dr.Julian FeneleyManaging Director,HCLS+44 20 7518 8924Rebecca HerterVice President,T(617)654-2131The Harris Williams Healthcare&Life Sciences GroupArchitecture,Engineering,and Construction ComplianceeCommerce&RetailEducation Human Capital ManagementPharma Gover

74、nment&Public SectorIndustrial Legal Real Estate&PropertyHealthcareOffice of the CFOSupply Chain&LogisticsHCLS Coverage AreasClinical Lab ServicesLife Sciences ToolsMedical Products and DevicesProvider,Pharma,&Device DistributionProvidersPayors and Payor ServicesPharmacyOutsourced Pharma ServicesOuts

75、ourced Pharma Services and Pharma Tech|Q4 202213Harris Williams Pharma Services and Technology Transaction SpotlightsJan.4,2022Company Background:Medical Knowledge Group(MKG)is an integrated,analytics-driven commercialization platform delivering healthcare provider targeted solutions on behalf of bi

76、opharmaceutical 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 wholly owned by Novo Nordisk,will bolster MKGs growth through its deep expertise and

77、 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 advisor to MKG,a portfolio company of Windrose Health Investors,in their 2019 acquisition

78、 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 pharmacies to manage all aspects of their clinical and financial operations from dispensing t

79、o 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 independent and community pharmacies across the U.S.Harris Williams served as financial adviso

80、r 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 trials,offering dedicated site capabilities to help biopharmaceutical and contract researc

81、h 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.The acquisition positions Velocity for its next phase of growth and will allow it to

82、 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 NaviMed Capital Partners,in this transaction.April 2,2021Company Background:Kantar Hea

83、lth,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 to patients around the world across myriad therapy areas,including oncology and rare d

84、iseases.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 its rate of patient recruitment to get drugs and vaccines to market more quickly.Harri

85、s Williams served as financial advisor to Velocity Clinical Research,a portfolio company of NaviMed Capital Partners,in this transaction.PendingCompany Background:PharmaLex is a leading provider of specialized services for the pharma,biotech,andmedtechindustries worldwide.The company provides strate

86、gic 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 will enable PharmaLex to expand its international footprint and build upon AmerisourceBer

87、gens expertise in pharmaceutical supply and manufacturer services.Harris Williams is serving as financial advisor to PharmaLex,a portfolio company of AUCTUS Capital Partners,in this transaction.July 19,2022Company Background:Jordi Labs is a provider of laboratory testing services intended to serve t

88、he 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 Outcome:The transaction delivered a successful outcome for Jordi Labs and will create signi

89、ficant 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 international provider of regulatory,quality,and compliance consulting services for m

90、edical 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 a successful outcome for RQM+,DFW Capital Partners,and Chartwell Investments.The acq

91、uisition 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 investments,in this transaction.Sept.5,2022Company Background:The CM Group is an integrated c

92、ommercialization platform enabling biopharmaceutical manufacturers to build market insights and to disseminate scientific information to healthcare providers(HCPs)and patients,supporting brand strategy and execution throughout the product life cycle.Successful Outcome:The transaction delivered a suc

93、cessful 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 served as financial advisor to The CM Group,a portfolio company of NaviMed Capital,in this

94、 transaction.has entered a definitive agreement to be acquired byOutsourced Pharma Services and Pharma Tech|Q4 202214IndustrialsSpecialty DistributionBusiness ServicesConsumerBuilding Products&MaterialsAerospace,Defense&Government ServicesEnergy,Power&InfrastructureHealthcare&Life SciencesTechnology

95、Transportation&LogisticsHarris Williams has a broad range of industry expertise,which creates powerful opportunities.Our clients benefit from our deep-sector experience,integrated industry intelligence and collaboration across the firm,and our commitment to learning what makes them unique.For more i

96、nformation,visit our website at .Office LocationsBostonOne International PlaceSuite 2620Boston,Massachusetts 02110Phone:+1(617)482-7501Cleveland1900 East 9th Street25th FloorCleveland,Ohio 44114Phone:+1(216)689-2400Minneapolis222 South 9th StreetSuite 3350Minneapolis,Minnesota 55402Phone:+1(612)359-

97、2700Richmond1001 Haxall Point9th FloorRichmond,Virginia 23219Phone:+1(804)648-0072FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone:+49 069 3650638 00London25 Savile Row4th FloorLondon,England W1S 2ERPhone:+44 020 7518 8900San FranciscoOne Market Plaza,Steuart Tower11th FloorSan Fra

98、ncisco,California 94105Phone:+1(415)288-4260Washington,D.C.800 17th St.NW2nd FloorWashington,D.C.20006Phone:+1(202)207-2300United StatesEuropeHarris Williams Capabilities and LocationsOutsourced Pharma Services and Pharma Tech|Q4 2022Sources and Disclosures15Disclosures and DisclaimersSources1.S&P C

99、apital IQ2.Pitchbook3.Evaluate4.IQIVIA Global Trends in R&DInvestment banking services are provided by Harris Williams LLC(Harris Williams).Harris Williams is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporated under English law wi

100、th 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&Co.Ltd is authorized and regulated by the Financial Conduct Authority.Harris Williams&Co.Corporate Finance Advi

101、sors 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 am Main,Germany(email address:).Geschftsfhrer/Directors:Jeffery H.Perkins,Paul Poggi.(VAT No.DE321666994).Harri

102、s 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 in this presentation have been prepared in part by Harris Williams.This presentation does not purport to be co

103、mprehensive 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 is defined by applicable law and regulations and is provided for informational purposes only.Any and all inform

104、ation,including estimates,projections and other forward-looking statements,presented in this document may involve various assumptions and significant elements of subjective judgment and analysis which may or may not be correct.Harris Williams has not independently verified,and neither Harris William

105、s 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 information contained in this document is made as of the date hereof unless stated otherwise.Harris Williams doe

106、s not expect to update or otherwise revise this document nor provide any additional information,nor correct any inaccuracies herein which may become apparent.The information contained herein is believed by Harris Williams to be reliable,but Harris Williams makes no representation or warranty as to t

107、he 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 analysis which may or may not be correct.Opinions,estimates and projections contained herein constitute Harris Wil

108、liams 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 instruments or to participate in any particular transaction,nor shall this presentation form the basis of any contrac

109、t.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 or by any means,or redistributed,without Harris Williams prior written consent.AppendixOutsourced Pharma Serv

110、ices and Pharma Tech|Q4 202217Public Market Operational and Valuation MetricsSource:S&P Capital IQNote:“NM”stands for“Not Meaningful”As of September 30,2022$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/For ChartsCompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM R

111、evenueLTM EBITDANTM EBITDAPharma TechVeeva Systems Inc.$25,602,799$22,747,16450.3%72.2%25.5%11.4x9.9x44.7x25.2xClarivate PLC6,324,076 12,946,476 36.6%65.1%34.3%5.5x4.7x16.0 x11.3xCertara Inc.2,123,460 2,234,981 29.2%59.8%23.6%7.1x6.4x30.2x18.2xGoodRx Holdings Inc.1,859,251 1,829,168 9.8%93.1%8.4%2.3

112、x2.3x27.0 x10.0 xSchrdinger Inc.1,778,392 1,364,134 41.7%50.6%NM8.4x7.3xNMNMDefinitive Healthcare Corp.1,561,943 2,082,629 34.0%88.3%15.1%10.7x8.3xNM27.7xModel N Inc.1,267,896 1,233,961 91.9%55.7%NM5.8x5.3xNM34.0 xExscientia PLC1,005,402 282,125 27.0%32.6%NM6.5x3.6xNMNMSimulations Plus Inc.985,249 8

113、58,418 71.8%79.9%32.1%15.9x14.2x49.7x36.9xOptimizeRx Corporation267,102 179,986 14.9%60.1%NM2.8x2.6xNM23.0 xMedian$1,670,168$1,596,65135.3%62.6%24.5%6.8x5.8x30.2x24.1xCROsIQVIA Holdings Inc.$33,644,947$44,936,94763.4%34.7%19.3%3.1x3.0 x16.3x12.8xLaboratory Corporation of America Holdings18,350,976 2

114、4,231,076 64.6%31.4%20.7%1.6x1.6x7.7x8.9xICON Public Limited Company14,982,960 19,606,280 58.7%27.7%16.3%2.6x2.4x15.9x12.7xCharles River Laboratories International Inc.10,009,899 13,268,261 43.8%37.4%26.7%3.6x3.3x13.5x12.8xMedpace Holdings Inc.4,875,149 5,141,736 68.0%62.7%20.3%3.7x3.6x18.4x19.1xSyn

115、eos Health Inc.4,840,090 7,823,193 45.3%23.7%13.2%1.4x1.4x10.9x8.9xMedian$12,496,430$16,437,27161.1%33.1%19.8%2.9x2.7x14.7x12.8xCDMOsSamsung Biologics Co.Ltd.$39,998,211$39,265,50183.5%44.8%41.6%24.7x18.4xNM48.3xLonza Group AG36,760,448 36,805,479 62.4%38.7%22.2%6.0 x5.6x27.1x17.5xWuXi AppTec Co.Ltd

116、.29,831,895 29,344,031 45.7%36.5%24.9%6.0 x5.1x24.1x18.2xCatalent Inc.13,017,269 16,780,269 51.5%34.0%24.3%3.5x3.3x14.3x12.4xSiegfried Holding AG3,180,225 3,605,048 79.8%24.8%21.8%2.8x2.8x12.9x12.8xMedian$29,831,895$29,344,03162.4%36.5%24.3%6.0 x5.1x19.2x17.5xTotal Comp Set Median$4,875,149$7,823,19350.3%44.8%22.2%5.5x3.6x16.3x17.5xOutsourced Pharma Services and Pharma Tech|Q4 202218Precedent TransactionsSources:S&P Capital IQ,Pitchbook,HW Proprietary InformationTO DISCUSS PRECEDENT TRANSACTIONSPLEASE CONTACT:PharmaServicesandT