Strategic investors at the forefront of operations in the global pharmaceutical sector
In the global healthcare sector, strategic investors are positioned at the forefront of deal activity, with a clear focus on acquiring both capacity and innovation. During the first half of 2024, a slight decrease in global mergers and acquisitions (M&A) activity was observed compared to the second half of 2023. This behavior reflects a cautious M&A environment, with investors preferring to wait for potential interest rate cuts before committing to significant transactions.
Despite this caution, EBITDA trading multiples increased compared to the previous half-year, driven by relevant industry trends. This phenomenon highlights the resilience of the sector and its ability to adapt to macroeconomic challenges.
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Dynamics in the Iberian region
In the Iberian pharmaceutical sector, there was significant activity on the part of private equity funds. One of the most significant transactions in fiscal 2024 was the acquisition of a minority stake in Grifols by Flat Footed, a US investment management firm. This deal, valued at approximately 111 million euros, underlines the continued attractiveness of healthcare assets in the region for international investors.
In terms of EV/EBITDA valuation multiples, the healthcare sector averaged 12x, while the veterinary sector stood at 10.5x for fiscal 2024, reflecting differences in market dynamics and growth expectations within the two segments.
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