{"id":2737,"date":"2025-10-09T12:27:05","date_gmt":"2025-10-09T10:27:05","guid":{"rendered":"https:\/\/steinbeis-finance.de\/en\/?p=2737"},"modified":"2025-10-11T15:18:50","modified_gmt":"2025-10-11T13:18:50","slug":"pharma-biotech-ma-market-the-latest-data-for-2025","status":"publish","type":"post","link":"https:\/\/steinbeis-finance.de\/en\/insights\/pharma-biotech-ma-market-the-latest-data-for-2025-2737","title":{"rendered":"Pharma &amp; Biotech M&amp;A Market: The latest data for 2025"},"content":{"rendered":"\n<p>A brief overview of the latest market data for the current year: The Pharma and Biotech industry in the DACH region continues to show high transaction activity, albeit with a recent downward trend. In addition to the number and value of the deals, we now complement the picture with the corresponding valuation multiples from our partner FINANCE Magazin.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"963\" height=\"1024\" src=\"https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-963x1024.png\" alt=\"\" class=\"wp-image-2738\" srcset=\"https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-963x1024.png 963w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-282x300.png 282w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-768x817.png 768w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-1444x1536.png 1444w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-1_EN-1926x2048.png 1926w\" sizes=\"auto, (max-width: 963px) 100vw, 963px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading text-blue-600 has-text-color has-link-color text-xl wp-elements-478e424f96aa6e3f661f4bb9493b0702\">At this point, we would like to highlight some major observations:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>On average more than 80 deals per year, with a lower activity in Q2-2025 as a reflection that deal-making has gotten chewy<\/li>\n\n\n\n<li>Majority of deals involved strategic buyers, whilst the financial investor share climbed over 40% in H1-2025<\/li>\n\n\n\n<li>In H1-2025, three out of four deals were cross-DACH-border<\/li>\n\n\n\n<li>Major deals in H1-2025 were Taiho-Araris (inbound), BioNTech-Curevac (intra-DACH) and Novartis-Anthos (outbound), showing again a big Swiss contribution<\/li>\n\n\n\n<li>Local deals by Bayer (remaining stake in dietary supplement play Natsana), Merz (WindStar OTC business) and PE-backed CDMO 1Q Health (4 acquisitions)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading text-blue-600 has-text-color has-link-color text-xl wp-elements-eb2088d5e917af94b391e07e37e710e8\">New FINANCE Multiples for Pharma in the DACH region<\/h2>\n\n\n\n<p>To complement the deal information, we are including the recently launched DACH-specific FINANCE multiples for Pharma, which also cover Biotech. (Note: Steinbeis M&amp;A is a member of the Expert Panel of FINANCE Magazin, which is part of F.A.Z. Publishing Group).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"567\" src=\"https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-1024x567.png\" alt=\"DACH Pharma multiples: July-September 2025\" class=\"wp-image-2739\" srcset=\"https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-1024x567.png 1024w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-300x166.png 300w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-768x425.png 768w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-1536x850.png 1536w, https:\/\/steinbeis-finance.de\/en\/wp-content\/uploads\/sites\/2\/2025\/10\/Pharma-2_EN-2048x1134.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading text-blue-600 has-text-color has-link-color text-xl wp-elements-5369833caeb189bc53ee978df5816215\">Our conclusions in a nutshell:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Expected correlation between company size and EBITDA multiple<\/li>\n\n\n\n<li>EBITDA multiples in range of 6 to 12, with averages in a relatively narrow bandwidth caused by the downward trend of Mid Cap and, particularly, Large Cap multiples<\/li>\n\n\n\n<li>Thus, multiples have come under pressure, in particular larger ones<\/li>\n\n\n\n<li>Sales multiples, however, tend to increase within range of 1.3 to 3 (not shown above)<\/li>\n\n\n\n<li>High variance of multiples underlines the importance of strategic positioning, sound equity story and good deal preparation<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading text-blue-600 has-text-color has-link-color text-xl wp-elements-8adb63faf46c50d6de6a4824d744cc10\">Upshot:<\/h2>\n\n\n\n<p>The M&amp;A market in Pharma and Biotech remains fundamentally dynamic, but it is not immune to the current global political and economic challenges. The general decline in valuation levels may bring balance to the current seller\u2019s market: From a buyer\u2019s perspective, this may provide a chance to look for opportunities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading text-blue-600 has-text-color has-link-color text-xl wp-elements-22ca4e19950723b50ce68e4aa4caa2a2\">Questions? How can we support you?<\/h2>\n\n\n\n<p>Our Healthcare Practice Team, consisting of Dr. Christopher Klein, Magnus H\u00f6fer, and Christoph Osterbrink, will be happy to support you in the following activities:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Acquisitions (entire companies, product lines or production sites, also buy-and-build)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Divestitures (e.g., succession planning, also spin-offs and carve-out)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Finance raisings (equity and\/or debt)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Company valuation<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Business Development &amp; Licensing<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A brief overview of the latest market data for the\u2026<\/p>\n","protected":false},"author":11,"featured_media":2742,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-misc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pharma &amp; 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