Sector file
Life Science: the sector file
614 recorded Life Science transactions, 2014-09 to 2025-06, bought by 397 named acquirers. Median EV/EBITDA 17.5x (n=21); median EV/Revenue 3.8x (n=92); median deal value $114m (n=614).
Sector file 5 of 42. From our archive of deals 2014-09-02 to 2025-07-01; published 2026-11-04. Archive statistics, not new transactions.
What the disclosed deals priced at
Every figure comes from recorded transactions with a disclosed deal value between $1m and $1bn. Most deals close without a published multiple, so each median states how many deals it rests on, and a median resting on fewer than 5 deals is withheld.
| Measure | Median | Middle half (IQR) | Deals behind it |
|---|---|---|---|
| EV/EBITDA | 17.5x | 12.6x to 35.8x | 21 |
| EV/Revenue | 3.8x | 2.4x to 7.0x | 92 |
| Deal value | $114m | $30.0m to $362m | 614 |
By size
Across the bands where the collection window does not bind, the median EV/EBITDA runs from 24.4x at $3m to $10m (n=7) to 27.3x at $10m to $30m (n=7). Deals above $1bn and below $1m were never collected. That bends multiples down for the largest companies and up for the smallest, so the size effect is read only between $1m and $30m of EBITDA, where neither limit binds.
| Implied EBITDA | Median EV/EBITDA | IQR | Deals | Note |
|---|---|---|---|---|
| Under $1m EBITDA | withheld | n/a | 0 | limited by the $1m deal floor; not comparable |
| $1m to $3m EBITDA | withheld | n/a | 1 | |
| $3m to $10m EBITDA | 24.4x | n/a | 7 | |
| $10m to $30m EBITDA | 27.3x | n/a | 7 | |
| $30m EBITDA and over | 14.0x | n/a | 6 | limited by the $1bn deal ceiling; not comparable |
Most active acquirers
| Acquirer | Deals in this sector |
|---|---|
| Allergan | 11 |
| Charles River Laboratories International | 11 |
| Ligand Pharmaceuticals | 11 |
| Merck | 10 |
| Horizon Therapeutics | 7 |
| Astellas Pharma | 6 |
| Lilly | 6 |
| Roche | 6 |
| Bristol-Myers Squibb | 5 |
| Sartorius Stedim Biotech | 5 |
Deals by year
| Year | Deals |
|---|---|
| 2014 | 20 |
| 2015 | 71 |
| 2016 | 80 |
| 2017 | 56 |
| 2018 | 52 |
| 2019 | 51 |
| 2020 | 59 |
| 2021 | 82 |
| 2022 | 62 |
| 2023 | 33 |
| 2024 | 30 |
| 2025 | 18 |
Most recent deals with a disclosed multiple
| Date | Target | Acquirer | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| 2025-06-23 | dne pharma - Business | Navamedic | $27.2m | n/d | 3.6x |
| 2025-05-01 | Kronos Bio | Concentra Biosciences | $35.0m | n/d | 3.6x |
| 2025-02-20 | Mayne Pharma | Cosette Pharmaceuticals | $430m | 35.8x | 1.7x |
| 2024-12-30 | Marinus | Immedica Pharma | $151m | n/d | 4.9x |
| 2024-08-07 | G1 Therapeutics | Pharmacosmos | $405m | n/d | 4.9x |
| 2024-07-22 | BioVectra | Agilent | $925m | n/d | 8.2x |
| 2024-06-24 | Alimera Sciences | ANI Pharmaceuticals | $381m | 38.1x | 4.7x |
| 2024-04-08 | Societal CDMO | CoreRx | $130m | 24.4x | 1.4x |
| 2023-12-12 | Evofem | Aditxt | $100m | n/d | 5.9x |
| 2023-10-05 | Orchard Therapeutics | Kyowa Kirin | $478m | n/d | 68.2x |
| 2023-09-27 | Novan | Ligand Pharmaceuticals | $12.2m | n/d | 0.5x |
| 2023-08-17 | Bruker Cellular Analysis | Bruker | $108m | n/d | 1.4x |
Every recorded deal in this sector, with its acquirer
Source: the FairlyValued comparables archive (recorded transactions with a disclosed deal value), plus deals added from public SEC filings where linked. Built by a fixed script from the stored figures; no figure is estimated or filled in.