We help buy or sell companies, portfolios of products, or individual assets in the healthcare sector.
Our clients want to disburse technology platforms, subsidiary businesses, geographic operations, business functions, single products, or their entire company.
Moreover, our clients want to access new technology platforms, enter new therapeutic areas or business verticals, reach into new markets, or strengthen their geographic footprint.
Specifically, our clients wish to ensure a transaction gets consummated; and are looking for highly personalized service that aligns with their values, ethics and working style. Our clients demand a dedicated seasoned team providing senior attention from start to finish. At the core, they are keen to understand what their options are, which is most likely to be executable, what risks are involved, and how to maximize value.
For those clients, we provide multi-disciplinary Mergers & Acquisitions (M&A) advice on sell-side and buy-side assignments. We work hard to understand the transaction perimeter, its scientific and commercial underpinning, transaction participants, and market environment from 360 degrees, enabling us to implement the optimal transaction solution for our clients, which others are often unable to see.
Typical workstreams in a sale process we advise on include (but are not limited to):
- defining the transaction perimeter (i.e. what is being sold, potentially including an analysis of most likely alternatives) and transaction objectives
- preparing the transaction perimeter in anticipation of diligence
- crafting an attractive investment thesis for potential buyers to engage
- identifying potential purchasers
- assessing the drivers of each purchaser to engage
- approaching the purchasers in a tailored way with a view to maximize transaction likelihood
- managing the transaction process, e.g. including the staged release of information, responding to diligence requests, analysing and understanding offers received, and representing information internally within our client to appropriate committees
- negotiating the purchase price and other transaction terms
- overseeing the closing of the transaction
Our buy-side work employs a particular emphasis on positioning our clients as best buyers, aiming to achieve the pole position in a competitive bid situation or ideally deriving a bilateral process; and on ascertaining our clients do not overpay for an asset. This includes careful engagement with the stakeholders on the other side.
Typical workstreams in an acquisition process we advise on include (but are not limited to):
- defining the transaction objectives
- identifying potential acquisition targets, and assessing each opportunity against the defined objectives from various perspectives that include e.g. strategic value, commercial potential, financial impact, cultural fit, and transactability
- tailoring the approach to each target with a view to maximize transaction likelihood
- positioning our client for a successful bid
- advising on process tactics, including value of offers and competitive dynamics (e.g. prevent our clients from being used as a “stalking horse”)
- managing the transaction process, e.g. including the gathering of disclosure, formulating diligence requests, conducting various types of analyses, and representing findings internally to appropriate committees
- the negotiation of purchase price and other transaction terms; as well as in overseeing the closing of the transaction
We create differentiated outcomes for clients through the following:
- Value. We enable value maximization through optimal preparation and execution. We help our clients achieve and successfully implement the one transaction solution that delivers the best value, from across a range of potential counterparties and structural alternatives, while avoiding protracted negotiations or false promises.
- Clarity. We provide a candid assessment of what is feasible, and of steps required to achieve greatest value.
- Certainty. We minimize execution risks that may materialize across a variety of areas, including internal, transaction perimeter, and counterparty related; as well as market or industry factors. We address these through bespoke preparation, focused on the transaction perimeter and the potential counterparty. We help avoid fallacies and pitfalls and derive multiple executable transaction alternatives in parallel to retain a viable alternative if the preferred opportunity cannot be consummated. We know the difference between professional interest and strategic imperative driving review of an opportunity.
- Efficiency. We instil focused transaction discipline throughout the project. Transactions require a period of time to prepare thoroughly and to execute efficiently. However, we operate well under even the tightest of timelines and understand the multifaceted pressures facing a company’s transaction team. We execute our work swiftly, and in anticipation of decision-making nodes. Both externally and internally, we drive processes towards rapid completion.
- Accountability. Trusted partners with a “hired principal” mentality, providing a “one stop shop” service that leverages our seasoned investment banking, operational leadership and strategic capabilities into a comprehensive offering. We intimately understand the assets we assist on, which minimizes ramp-up times. We manage work flows with other advisors where required. Interactions with our clients are focused and structured, with discussion topics and agenda items proposed in advance. We can also take the lead on internal communications as well as reporting on the transaction process, quarter-backing the deal team within their organisation.
- Complementary capabilities. Our firm is built on the complementary capabilities of our highly cohesive, yet diverse team which are rooted in their scientific, medical, consulting, leadership, and financial expertise across the healthcare universe. We leverage this unique experience set into a comprehensive understanding of the transaction perimeter, market dynamics, and potential counterparties. For example, for pharmaceutical assets, we see through and incorporate into our transaction advice the entire chain of value generation from scientific rationale over medical relevance and practitioner uptake to payor support.
- Unique approach. We pride ourselves on engaging in a comprehensive, results-focused preparation phase, identifying and surfacing potential gating items which may arise along the transaction process and putting in place a plan on how to navigate them more effectively. Leveraging our strategic as well as operational capabilities, we may be able to support the closing of identified gaps hands on or oversee the corresponding process for you.
- Leading network. Our team has built a trusted reputation over decades of work, creating a far-reaching network of contacts and relationships through which we are able to access decision-makers and transaction constituents that our clients may not have accessible in-roads to.
- Resource. We make available a full project team of healthcare sector natives comprising both experienced and skilled senior, mid-level and junior staff, where clients benefit from both decades of deal-making experience and the literal “horsepower” required to be successful over the course of a transaction process. We do not let our clients down. There is no “handing down” of the execution to juniors, rather our seniors are a core part of each execution team.
- Perspective. We are candid and diligent advisors that will stand firm even when challenged. We provide a valuable neutral viewpoint from the outside that is based on having seen transactions succeed or fail across market cycles and geographies.
We have three major hubs. Our work is predominantly focused on the US market, with significant activities in Europe and Latin America. We also have a strong reach into Asia.
We provide multi-disciplinary M&A advice. We work to understand the transaction perimeter, transaction participants, and market environment from 360 degrees, enabling us to implement transaction solutions which others are unable to see. This 2-minute survey will help us understand to what extent our International M&A offering is right for you.