Pharma & Biotech M&A Market: Data 2025 – Outlook 2026
As specialized M&A advisors in the Healthcare sector, we would like to share with you a brief overview of the latest market data related to DACH (Germany, Austria, Switzerland) and an outlook for 2026. The Pharma & Biotech industry continues to show consistently high transaction activity whilst deal valuations are trending upward.
At this point, we would like to highlight some major observations:
- Strategic acquirers increasingly dominant, driven by large pharma companies executing pipeline-driven acquisitions
- Major deals 2025 were the secondary of Stada to CapVest, the merger BioNTech-Curevac (intra-DACH), as well as three major Basle acquisitions by Roche (Poseida, 89bio) and Novartis (Anthos, Tourmaline)
- Yet inbound dominance, DACH Pharma & Biotech sector overwhelmingly net recipient of foreign capital
Our conclusions in a nutshell:
- EBITDA multiples range from 6 to 12, with upward trend
- Range of sales multiples 1.3 – 3.0 (not shown above)
- High variance of multiples underlines the importance of the equity story and good exit/deal preparation
Upshot:
The M&A market in Pharma & Biotech remains fundamentally dynamic, but it is not immune to geo-political and economic challenges. The recent increase in valuation levels may provide tailwind to potential sellers.
Do you have any questions? How can we support you?
Our Healthcare Practice Team – consisting of Dr. Christopher Klein, Magnus Höfer, and Christoph Osterbrink – will be happy to support you in the following activities:
- Acquisitions (entire companies, product lines, production sites, buy-and-build)
- Divestitures (also succession planning, spin-offs, carve-outs)
- Finance raisings (equity, debt)
