Companies in the life science industry – consisting of MedTech, Pharmaceuticals and service providers in the healthcare sector – represent one of the main pillars of the Swiss economy. In recent years, they have even been the most important growth driver for Switzerland as a business location.
The ongoing digitalisation in the Healthcare sector offers new opportunities. The interaction between Healthcare service providers and patients can be simplified by technical tools. In the future, new diagnosis and care options are to be created in this way. On the one hand, patients can be monitored cost-effectively, while on the other hand the high availability of personalised data opens the possibility for more individualised treatments.
Informed consumers are driving real change in the healthcare ecosystem and we are seeing a new era of consumer-centric health systems emerge. Patients are becoming consumers of healthcare devices and services which is driving demand for more convenient, transparent, and personalised healthcare services. The established firms are adapting through innovation and acquisitions. However, the changing consumer behaviour has also provided opportunities for new entrants in the Life Science sector as e.g. consumer companies such as Nestlé.
Big Data and analytic capabilities will be essential for success in the pharma, healthcare and medtech industry as it enables more efficient diagnostics, helps to understand diseases, and supports to train artificial intelligence engines within healthcare institutions to increase physician efficiency. Recent collaborations between pharma and tech companies show that life science companies are actively seeking partners in the tech industry.
On 29 September 2020 Siegfried group reached an agreement with Novartis to acquire two pharmaceutical production facilities in Spain. This will considerably expand capacity and technological capabilities of Siegfried and thereby increases the potential for profitable growth of the group. At the same time, Siegfried has agreed a close cooperation with Novartis.
On 10 October 2020 Nestlé announced the successful takeover of Aimmune Therapeutics. Aimmune Therapeutics is specialised in the development and marketing of drugs to counteract life-threatening food allergies. Nestlé already held a stake in the company before the transaction.
Vifor Pharma sells OM Pharma, among others, to Etienne Jornod, the long-standing CEO of the Galenica group. OM Pharma is mainly active in the field of microbial-derived immune-therapeutics. The sale of the division is part of a portfolio streamlining and continued focus on the group’s core activities in the field of nephrology.
At the end of 2021, EnBiotix Inc. carried out a reverse takeover of Polyphor AG, which is listed on the SIX Swiss Exchange. As part of this transaction, EnBiotix Inc. changed its accounting standard to IFRS, which required a revaluation of various options and convertible notes. IFBC was mandated by EnBiotix to perform these valuations as an independent valuation expert.
EnBiotix is a US biotech company active in the field of rare respiratory diseases. The company is building a rare disease pipeline through a combination of in-house programs and strategic acquisitions.
OM Pharma was integrated into the Galenica Group in 2009. As a part of Vifor Pharma it was separated from Galenica in 2017 and acquired by a Swiss group, Optimus Holding Ltd, in 2020. According to IFRS, a Purchase Price Allocation (PPA) had to be performed after the transaction was completed. IFBC was engaged with the implementation of the PPA as well as the development of a standardized impairment model.
Founded in 1937 in Geneva, OM Pharma is a globally positioned biopharmaceutical company.
IFBC was mandated by the board of directors of Vifor Pharma to prepare a Fairness Opinion assessing the public takeover offer made by CSL Behring AG from a financial point of view. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions.
Vifor Pharma is a globally active Swiss pharmaceutical company listed on the SIX Swiss Exchange. The company focuses on the development, manufacturing and marketing of pharmaceutical products in the areas of iron deficiency, nephrology and cardio-renal therapies.
IFBC was mandated by the board of directors of Cassiopea to prepare a Fairness Opinion assessing the public exchange offer made by Cosmo Pharmaceuticals NV from a financial point of view. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions.
Cassiopea S.p.A. is an Italian specialty pharmaceutical company listed on the SIX Swiss Exchange focusing on the development and commercialization of innovative prescription drugs for the treatment of highly prevalent skin diseases.
The following graphs analyse the life science and healthcare industry over the past five years. The graphs show the development of the average semi-annual transaction multiples as well as a comparison between the trading multiples of listed companies in individual sub-sectors and per region as of the end of June 2020. The analysis is based on the Bloomberg database. In terms of size, a distinction is made between companies/transactions with a market capitalization of below (low-mid market) or above (large companies) USD 150 million.