Contract Pharma M&A Report H1 2025
CRO & CDMO deal flow as a proxy for strategic rewiring
The H1 2025 edition of our Healthcare Series focuses on the Contract Pharma sector. CRO and CDMO transactions serve as a barometer for strategic repositioning in a market increasingly shaped by specialization, scale, and regulatory trust. The report provides in-depth insights into global trends, DACH-specific developments, and valuation dynamics — highlighting how investors and strategists can seize opportunities in the current environment.
Key insights at a glance:
- Stable deal activity: CRO and CDMO transactions are normalizing after the 2021–2022 peak.
- Growing private equity presence: In H1 2025, PE and PE-backed buyers accounted for 51% of deal flow.
- Strong appeal of the DACH region: More than half of buyers targeting companies in DACH came from abroad.
- Valuations remain high: Despite a slight decline, multiples stay at elevated levels, partly driven by a higher share of smaller transactions.
Read the full report.
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Completed M&A transactions in the healthcare sector