CRO market report...3) The Business Research Company, Contract Research Organizations Global Market...

www.lumos-research.com

July 2018

Specialised services to the pharmaceutical industry and the development of new drugs

CRO Market Report


Market Report

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Table of contents

1. Market landscape

1. Introduction to the CRO market 3

2. CRO services and therapeutic areas 4

3. Clinical and pre clinical markets 5

4. Competitive landscape 6

2. Public firms

1. Selection of public comparable companies 7

2. Market performance 8

3. Current multiples overview 9

3. Latest transactions 10

4. Company profiles

1. IQVIA 16

2. Labcorp 18

3. PRA 20

4. ICON 22

5. Syneos 24

6. Evotec 26

7. Charles River 28

8. Medpace 30

9. Syngene 32

10. Biotelemetry 34

SummaryContract research organizations (CROs) offer testing and consulting services for every stageof the drug R&D process for commercial manufacturers, such as pharmaceutical andbiopharmaceutical companies and medical device firms.

The CRO industry value is expected to reach $44.4 billion by 2021, at a compound annualgrowth rate of 12%.

Since July 2017, our CRO Index has risen 18% compared to an 15% increase in the S&P 500.Public CRO have been trading at 4.4x Revenue TTM and 29.5x EBITDA TTM while recenttransactions multiples are 3.7x and 14.4x, respectively.

In response to intense competition and the need to offer a comprehensive portfolio ofservice offerings, the CRO industry has been undergoing significant consolidation in recentyears.

Should you need further information or details, please contact:

Dario Faiella

Founding Partner at Lumos Research

[email protected]

Ortensio Foglia

Founding Partner at Lumos Research

[email protected]

Or visit


mailto:[email protected]

mailto:[email protected]

42%

31%

21%

6%

47%

21%

27%

5%

0

2

4

6

8

10

12

14

North America Asia Pacific Western Europe Rest of the World

US

D B

illi

on

CRO Production and Consumption in 2017 by Region

% of Global Production % of Global Consumption

12.9%

11.6%

6.6%6.2%

5.8%5.2%

3.5%

1.5%1.1% 0.9% 0.8%

0.1%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

US

D B

illi

on

Top 12 public CROs worldwide by market share

28.2

44.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2017A 2021E

US

D B

illi

on

CRO Market Size• Contract research organizations (CROs) offer testing andconsulting services for every stage of the drug R&D processfor commercial manufacturers such as pharmaceutical andbiopharmaceutical companies and medical device firms.

• Declining growth in the pharmaceutical market is affecting theCRO industry, though not in the obvious way. Pharmaceuticaland biotechnology companies have been confronted with theneed to lower their drug production and development costs.This has led many of them to evaluate cost-saving optionssuch as outsourcing clinical trials.

• With the increasing number of patents expiring, increasingnumber of partnerships to identify biologics and newcompounds and growing R&D costs, drug maker and sponsorcompanies are under pressure to replace the revenue lossspecifically due to generics, which has further made drugdevelopment more expensive and complex.

• Even government organizations are outsourcing their clinicaltrial activities to CROs so that they can carry out the clinicaltrials with the required infrastructure, expertise, and minimizecost and timelines.

• The CRO services market(1) is valued at $28.2 Billion in2017 and projected to reach to $44.4 Billion by 2021, at aCAGR of 12%.

• Historically, the CRO market was highly fragmented, butincreasing M&A activity has led to consolidation. Five CROshold over 27.4% of the global market(2).

• IQVIA is the largest CRO with a 12.9% share of the market,followed by Laboratory Corporation of America Holdings, PRAICON, and PAREXEL.

• The companies tend to specialize, however, so that anothercompany, not in the overall top five, is the largest in the pre-clinical studies segment. That is Charles River Laboratories,which in 2017 had 17% of that part of the market(1).

• North America(1) is the largest region for the production ofCRO services, at $11.9 billion, while CRO consumption inNorth America is worth $13.2 billion, or about 47% of theglobal total.

• The large North American market size is due to the presenceof many pharmaceutical companies and extensive drugdevelopment activity in the region, especially in the US. Theproduction/consumption difference results from the use by USpharmaceutical firms of lower-cost offshore locations for someCRO activities, although most US outsourced activity remainswithin the country.

• At 31% of the total, Asia Pacific(1) has the second largestshare of the CRO production market, though its share of theconsumption market is only two-thirds of that.

• This is due to pharmaceutical and biotechnology companiesin the United States and Western Europe increasinglyoutsourcing their core research activities to CROs indeveloping countries in order to contain costs.

• In Western Europe(1), as in North America, the relationbetween the production and consumption markets is thereverse of that in Asia Pacific, at 27% of global consumptionagainst 21% of global production. The difference here is alsodue to R&D outsourcing to emerging economy suppliers byWestern European drug manufacturers.

Market LandscapeIntroduction to the CRO market

CAGR 12%

1) The Business Research Company, Contract Research Organizations Global Market Report 2018, February 2018

2) Annual reports, Lumos Research analysis

Market LandscapeCRO Services and Therapeutic AreasCRO Services

• The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and developmentprogram design and consulting, regulatory affairs and a variety of post-marketing surveillance services.

• The contract research organization market can be segmented on the basis of the type of services provided, which vary according tothe development phase. The segments consist of the following:

• Drug discovery

• Preclinical studies to determine relative toxicity

• Clinical research, which is further divided into

• Phase I to test basic safety and pharmacology

• Phase II efficacy evaluation

• Phase III advanced efficacy and safety testing to provide enough data for valid statistical conclusions required by theregulatory authority

• Phase IV continuous testing following the granting of regulatory authority approval for marketing

• Other services including pharmacovigilance, bio-statistics, clinical data management, site management, monitoring,regulatory services, protocol development, and medical writing

• The largest segment in 2017 was drug discovery(3), which accounted for about 33% of the contract research organization market. Itsdominance is a reflection of the high failure rate at this early stage of drug development; most possibilities are eliminated at thisstage.


26%

14%

14%9%

9%

29%

Global CRO Market 2017, Segmentation By Therapeutic Area

Oncology

CNS Disorder

Cardiovascular Disease

Metabolic Disease

Infectious Disease

Other Therapeutic areas

17%

12%13%

9%

7%

14%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Expected Growth Rates of Therapeutic Areas, 2017-21

26%

14%

14%9%

9%

29%

Global CRO Market 2017, Segmentation By Therapeutic Area

Oncology

CNS Disorder

Cardiovascular Disease

Metabolic Disease

Infectious Disease

Other Therapeutic areas

Therapeutic Areas

• Another way of categorizing the market for CRO services isby the disease area of the drugs or equipment beingresearched.

• Here the segments consist of research directed at findingsolutions for cancer, infectious diseases, central nervoussystem disorders, cardiovascular diseases and othertherapeutic areas, which include diabetes and variousmetabolic, dermatology, and respiratory diseases.

• By therapeutic area, oncology was the largest segment(3)

of the CRO market in 2017, accounting for about 25% ofthe total.

• Part of the reason for the importance of theoncology segment is the boost to cancer drug R&Ddevelopment resulting from the US Federal DrugsAdministration loosening its regulatory requirementsfor new cancer drugs.

• However, the smaller metabolic disease segment isexpected to grow at an annual rate of 17%, while oncologyonly at 13%.

13%

8%

8%

7%

6%

5%5%

48%

Clinical Global CRO Market 2017

IQVIA

PPD

Syneos Health

PAREXEL

PRA

ICON

Lab Corp

Other

Market LandscapeClinical and Pre Clinical MarketsPre clinical market

• The global preclinical CRO market is anticipated to reach $6.6 billion by 2025, while today is valued at $3.5 billion (4). The expectedCAGR is 8.3%.

• The market is expected to witness lucrative growth during the forecast period owing to rise in R&D expenditure on early stagedevelopment as well as increase in number of drugs in preclinical phase. Hence, increase in outsourcing penetration is furtherexpected to contribute to the growing demand of life science companies for outsourced preclinical services.

• Rise in the number of complex drugs entering preclinical trial and growing pressure to curb R&D expenses are expected tocontribute to the growing demand for quality CROs, thereby contributing to the market growth. Issues related to nonclinicaltoxicology testing results in a 50.0% failure rate in the early stage development phase. High failure rate in this phase is expected tocontribute to the demand for early stage development CROs during the forecast period.

• Rise in outsourcing of R&D and growing competency of CROs are expected to further contribute to the growing demand for earlystage development CROs by life science companies. CRO's such as Charles River Laboratories and LabCorp specialize in earlyphase development services. Vendors in emerging countries, such as India and China, provide quick preclinical services at lowercosts, which contributes to the outsourcing of R&D.

Clinical Market

• The global clinical CRO market is valued at $10.8 billion. (4)

• In 2017, the top 7 CROs make up more than 52% of the overall clinical CRO market, with the remaining 48% being fragmentedamong niche specialists.

• Consolidation continues in the clinical CRO space, with the acquisition of Chiltern by LabCorp being just the latest example of topCROs expanding and increasing their breadth of offerings.

• Two of the largest CROs were recently formed through megamergers: Syneos Health from the joining of InVentiv Health and INCResearch and IQVIA from the combination of Quintiles and IMS Health.

• The main clinical CRO market drivers have been:

• Cost reduction: lowering pharma’s internal capacities in R&D to contain cost. This leads to expenses being divertedtowards outsourcing, giving CROs an integral role in increasing productivity, providing access to new capabilities, andshifting fixed cost to variable costs.

• Data & analytics: pharma is seen to partner with CROs to support with predictive modelling and analytics. This is drivingCROs to either acquire or partner with specialists in this area.

• Emerging markets: the emerging markets of Brazil, China and Russia are witnessing increased trials, creating demand forregional CROs, with strong regulatory knowledge.

• New areas of research and regulations: the increased focus of pharma on large molecule therapy, rare diseases, specialtytreatment, point of care assays, and personalised therapy & devices will require clinical trial testing and submission of datato the relevant regulatory authorities.

17%

14%

5%

1%

63%

Pre Clinical Global CRO Market 2017

Charles River

Lab Corp

Envigo

PPD

Other


Market LandscapeCompetitive landscape• Lumos Research has identified over 650 CROs worldwide and collected

information such as Revenue, number of employees, headquarter and servicesprovided.

• The largest share is based in the US, with India that ranks second andGermany third.

• Only 13 CROs generated more than $500 million of sales in 2017.

• 45 companies employ more than 500 people.

• Based on their service coverage and size, CROs have been classified into 4buckets.

• The CRO market is dominated by a few global full-service players.

• Smaller organizations tend to focus on a single therapeutic area ordevelopment stage.

Geographic breakdown

265 CROs

64

41

30

Other271

>500 people

Staff breakdown

100-500

45

133

20-100 253

1-20 174

NA 66-

Revenue breakdown

13

46

137

287

- 188

>500M $

50-500M $

10-50 $

0-10M $

NA

Size (N. of employees)

Service

coverage

Full-service /

Global reach

Niche /

Regional

reach

>500<500

Competitive landscape

175

366

35

10

Source: Annual reports, Lumos Research analysis

Public firmsSelection of public comparable companies

Company

nameCountry Business Description Employees

Total

Revenue

(USDm)

Profit (USDm)CRO Revenue

(USDm)

IQVIA USA

IQVIA, formerly Quintiles IMS Holdings, Inc., is an American multinational company serving the combined

industries of health information technologies and clinical research. It is a provider of biopharmaceutical

development and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and

associated laboratory and analytical services, including consulting services. Over 2016 concluding on

October 3, Quintiles underwent a $17.6 billion merger with IMS Health becoming IQVIA.

55,000 8,068 1,309 3,647

LabCorp USA

Laboratory Corporation of America Holdings, more commonly known as LabCorp, is an American S&P

500 company headquartered in Burlington, North Carolina. It operates one of the largest clinical

laboratory networks in the world, with a United States network of 36 primary laboratories.

60,000 10,441 1,268 3,273

PRA USAPRA Health Sciences is a contract research organization (CRO) with headquarters in Raleigh, North

Carolina that was founded in 198215,800 2,259 87 1,858

ICON USA

ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology and

medical device industries. It specialises in the strategic development, management and analysis of

programmes that support Clinical Development - from compound selection to Phase I-IV clinical studies. It

was founded in 1990.

13,250 1,758 296 1,758

Parexel USA

PAREXEL International is a global provider of biopharmaceutical services. It conducts clinical trials on

behalf of its pharmaceutical clients to expedite the drug approval process. PAREXEL was founded in

1982.

18,900 2,120 107 1,627

Syneos USA

yneos Health (formerly InVentiv Health Incorporated and INC Research) is a NASDAQ listed American

multinational clinical studies contract research organization, based in Raleigh, North Carolina. In January

2018 INC Research merged with inVentiv Health, the parent company of a subsidiary called Syneos, and

the resulting company was named Syneos Health.

6,800 2,672 139 1,460

Charles River USA

Charles River Laboratories, Inc., is an American corporation specializing in a variety of pre-clinical and

clinical laboratory services for the pharmaceutical, medical device and biotechnology industries. It also

supplies assorted biomedical products and research and development outsourcing services for use in the

pharmaceutical industry. It was founded in 1947

6,400 1,858 125 980

Medpace USA

Medpace (alt. MedPace) is a midsize, clinical contract research organization (CRO) based in Cincinnati,

Ohio. Medpace provides services for Phase I-IV of drug and medical device development services

including regulatory services and central laboratory services. Medpace was founded in 1992.

2,500 421 13 436

CMIC JapanCMIC Group was the first company to provide CRO (contract research organization) services in Japan. It

was founded in 1992.4,704 611 37 309

Evotec Germany

Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing

innovative product approaches with leading pharmaceutical and biotechnology companies, academics,

patient advocacy groups and venture capitalists.

2,000 165 27 258

Syngene India

Syngene International is Indian largest contract research & manufacturing organization. Incorporated in

1993. Syngene is an internationally reputed custom research and manufacturing organization, which

supports R&D programs from lead generation to clinical supplies

3,492 190 15 217

BioTelemetry USABioTelemetry, Inc. provides monitoring services and digital population health management for healthcare

providers, medical device manufacturing and centralized core laboratory services for clinical research.1,600 287 (17) 39

Source: Market data, annual reports, Lumos Research analysis

75

100

125

150

Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

CRO Index

CRO index S&P500 (rebased)

Public firmsMarket performance 1/2• All share prices were rebased to 100, as of July 8th 2017. The figures thus represent

the value in a given time of 100 (in the local currency) invested one year ago in each ofthe selected CRO. For example, if you had purchased $100 of ICON’s stock one yearago, you would have $134.2 today.

• Over a one-year period, Medpace was the best performer. As of July, 8th 2018, itincreased its share price by 48.9%.

• However, CMIC reached the highest cumulated return of all selected stocks in March2018, at +96.9%. CMIC is currently trading at +48.3%

• On the other hand, Syneos reached the lowest point at $55.1 in February 2018.

• As of July, 5th 2018, the worst performer is Parexel, which is trading at $74.5.

• Out of 12 CROs, only 2 companies have a negative return. These are Syneos andParexel. However, all CROs had at same point during the past year had a negativereturn.

• Our CRO index is market-cap weighted. It reached its high in June 2018 at 122.7 and itslow in July 2017 at 98.5. As of July, 8th 2018, it slightly overperformed the S&P500(+18% vs +15%)

50

75

100

125

150

175

200

Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

1Y share price performance of public CROs - All rebased to 100

IQVIA LabCorp PRA ICON Parexel Syneos

Charles River Medpace CMIC Evotec Syngene BioTelemetry

Latest Min Max Average

Medpace 148.9 93.1 155.3 122.1

CMIC 148.3 96.8 196.9 136.7

BioTelemetry 141.0 73.3 141.3 104.0

ICON 134.2 98.3 139.6 117.7

Syngene 126.3 91.6 142.2 114.6

PRA 124.9 98.1 127.9 111.1

LabCorp 117.3 96.5 123.5 107.1

Charles River 112.2 95.5 116.7 105.7

IQVIA 112.1 98.2 121.8 110.9

Evotec 109.2 81.9 157.4 106.5

Syneos 82.6 55.1 102.7 79.6

Parexel 74.5 73.3 104.1 87.7

Index 118.4 98.5 122.7 110.2


30.0x

32.0x

34.0x

36.0x

38.0x

40.0x

42.0x

44.0x

46.0x

48.0x

50.0x

PE TTM

25.0x

30.0x

35.0x

40.0x

45.0x

50.0x

EV EBIT TTM

EV/Revenue

TTM

EV EBITDA

TTM

EV EBIT

TTMPE TTM

Latest 4.4x 33.0x 36.0x 34.0x

Low 3.8x 21.1x 30.1x 38.3x

Average 4.4x 29.5x 35.2x 42.8x

Median 4.4x 31.0x 33.7x 42.6x

High 5.1x 37.2x 46.4x 47.8x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

EV EBITDA TTM

3.0x

3.5x

4.0x

4.5x

5.0x

5.5x

EV Revenue TTM

Key Multiples (Market data in millions of local currency unless otherwise specified) - As of July, 8th 2018

Share Price Mkt cap EV EV as multiple of Price-based mutiples

Revenue EBITDA EBIT Price to Earnings

2017 TTM 2018 2019 2017 TTM 2017 TTM 2017 TTM 2018 2019

IQVIA 99.93 21,185 30,881 3.2x 3.1x 3.0x 2.9x 18.3x 18.0x 37.6x 38.1x 17.0x 17.3x 18.5x 16.2x

LabCorp 179.87 18,527 24,879 2.4x 2.3x 2.2x 2.1x 13.1x 13.1x 17.3x 17.4x 14.7x 14.8x 15.6x 14.6x

PRA 93.96 6,202 7,417 3.3x 3.0x 2.5x 2.3x 29.1x 25.7x 41.9x 37.5x 71.2x 61.8x 22.8x 19.6x

ICON 131.70 7,243 7,238 4.1x 3.7x 2.8x 2.6x 18.0x 17.6x 20.9x 20.6x 25.7x 25.0x 21.8x 19.3x

Syneos 47.50 4,940 7,692 2.9x 2.3x 1.7x 1.6x 58.3x 50.9x 48.7x 45.0x NEG NEG 17.8x 15.3x

Charles River 113.54 5,563 6,527 3.5x 3.4x 3.0x 2.7x 14.3x 14.6x 22.7x 22.8x 44.7x 42.8x 19.5x 17.4x

Medpace 43.61 1,570 1,746 4.0x 3.5x 2.7x 2.5x 15.6x 15.3x 26.9x 25.3x 44.5x 37.0x 22.8x 20.3x

Evotec 15.54 2,284 2,374 9.2x 9.3x 6.7x 6.3x 47.5x 103.2x 60.9x 67.8x 97.1x NM 67.5x 50.1x

Syngene 603.40 120,077 114,615 9.5x 8.1x 6.7x 5.6x 24.0x 21.8x 42.4x 35.7x 41.5x 39.5x 41.5x 34.0x

Bio Telemetry 46.45 1,626 1,787 6.2x 5.5x 4.6x 4.2x 77.7x 49.6x 59.6x 49.6x NEG NEG 34.9x 31.8x

Average 4.8x 4.4x 3.6x 3.3x 31.6x 33.0x 37.9x 36.0x 44.5x 34.0x 28.3x 23.9x

Median 3.8x 3.5x 2.9x 2.7x 21.1x 19.9x 39.7x 36.6x 43.0x 37.0x 22.3x 19.5x

as of 08-Julas of 08-JulCompany name

as of 08-Jul

Public firmsCurrent multiples overview• Over a one-year period, CROs have traded on average at 4.4x TTM

Revenue and 29.5x TTM EBITDA.

• As of July, 8th 2018, public CROs were trading at an average of 4.4x2017 revenue and a median of 3.8x. They were also trading at anaverage of 3.6x 2018 revenue and 3.3x 2019 revenue.

• As of the same date, CROs were trading at an average of 31.6x 2017EBITDA, and at a median of 21.1x. The average 2017 price-to-earnings multiple was 44.5x and the median value was 43.0x.


Public firmsLatest transactions 1/6

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners

Close Date Target Acquirer Transaction DescriptionTransaction

Value

Enterprise

ValueEV/Revenue EV/EBITDA

13-Jun-18 MetaSafe AdmescopeAdmescope has acquired Swedish contract research organization MetaSafe AB,

which focuses on metabolic research and drug biotransformation.NA NA NA NA

11-Jun-18 Sciformix Labcorp

LabCorp acquired outsourcing company Sciformix and plans to integrate it into its

Covance drug-development arm.The purchase of Sciformix, which focuses on

regulatory and pharmacovigilance solutions in drug and device development, will

strengthen Covance’s later-phase offerings.

NA NA NA NA

5-Apr-18Concord

BioscienceFrontage Laboratories

Founded in 1986, Concord Bio supports the pharmaceutical, agricultural, chemical,

and animal health industries with Drug Safety, Metabolism, Bioanalytical, Residue,

and Environmental Fate studies.

NA NA NA NA

22-Mar-18EnDev

LaboratoriesTergus Pharma

Tergus Pharma, LLC, the leading global provider of dermatology Contract Research

Organization (CRO) Services, acquired EnDev Laboratories, a Dermatology-

centric CRO based in Kannapolis, NC. The acquisition will add extensive early-

phase drug development capabilities from lead compound selection to skin biology.

NA NA NA NA

13-Mar-18Solvo

BiotechnologiesCitoxlab

Citoxlab acquires Solvo Biotechnology, the leading CRO specializing in drug

transporter research and Drug-Drug Interactions. With this acquisition, Citoxlab

reinforces its leadership position among the top five non-clinical CROs

NA NA NA NA

14-Feb-18 MPI Research Charles River

Acquiring MPI will enhance Charles River’s position as a leading global early-stage

CRO by strengthening its ability to partner with clients across the drug discovery

and development continuum.

800.0 800.0 3.3x 11.7x

15-Jan-18 KWS BioTest Charles River

The addition of KWS strategically expands Charles River’s existing discovery

capabilities in the field of immunology, which is critical given the importance of new

therapies which harness the human immune system.

20.0 20.0 NA NA

11-Jan-18 MKS Research Optimapharm

By acquiring MKS Research, Optimapharm will enter the Czech market, and further

strengthen its portfolio of clients in the pharmaceutical and biotech industries and its

market position in Central Europe. The move is in line with Optimapharm’s medium-

term strategic objective of becoming the largest independent CRO in CEE.

NA NA NA NA

2-Jan-18Nitin Lifesciences

Limited

Recipharm AB (publ)

(OM:RECI B)

The contract development and manufacturing organisation, Recipharm acquires

remaining shares in Nitin Lifesciences Ltd, an Indian sterile injectables CMO,

previously owned by the Sobti family.

47.8 183.8 NA NA

20-Dec-17Crown Biosciences

InternationalJSR Life Sciences

JSR Life Sciences (JLS) acquired Crown Bioscience International (TPEx: ticker

6554), a global drug discovery and development services company providing

translational platforms to advanced oncology, inflammation, cardiovascular and

metabolic disease research.

405.0 405.0 4.5x 20.3x

7-Dec-17 Eurotrials

Clinical Trial and

Consulting Services

(CTI)

CTI Clinical Trial and Consulting Services (CTI), a global, privately held, full-service

contract research organization announces the acquisition of Eurotrials, a full-

service contract research organization, with more than 20 years of experience, and

strong local expertise in Europe and Latin America.

NA NA NA NA

6-Nov-17Concept Life

SciencesConcept Life Sciences Concept buys preclinical CRO that specializes in immunology, immuno-oncology NA NA NA NA

5-Oct-17 inVentiv Health Inc.

INC Research

Holdings, Inc.

(NasdaqGS:INCR)

The 53/47 merger of INC Research and inVentiv will create a new organization

whose combined clinical scale, therapeutic depth and expertise will allow it to more

effectively partner with biopharmaceutical companies of all sizes.

4,600.0 4,600.0 2.1x 12.6x

5-Sep-17CSPC Dophen

Corporation

CSPC Zhongqi

Pharmaceutical

Technology

(Shijiazhuang) Co., Ltd

CSPC Zhongqi Pharmaceutical Technology, based in China, is acquiring New

Jersey-based CSPC Dophen Corporation which focuses on protein production,

conjugation, and formulation technology, to

develop low cost and long acting protein and antibody therapeutics for the Chinese

9.7 9.7 NA NA

17-Aug-17 Cancer Genetics vivoPharm Cancer Genetics paid $12M for Australian CRO vivoPharm 12.0 12.0 NA NA

23-Jul-17Advinus

Therapeutics

Eurofins Scientific SE

(ENXTPA:ERF)

Eurofins expands its leadership in biopharmaceutical services with the acquisition

of Advinus Therapeutics.NA NA NA NA

31-May-17

Integrated

Development

Associates Co.,

Ltd. (IDA)

Chiltern International

Limited

Based in Japan, Korea and South East Asia, IDA sets up regulatory and

development pathways for Japan, in addition to implementing Pan Asian clinical

trials with an aim to attain regulatory objectives both in Japan and worldwide.

NA NA NA NA

9-May-17 ImageIQeResearchTechnology

, Inc. (ERT)

ERT, a global data and technology company that minimizes uncertainty and risk in

clinical trials, acquired ImageIQ. The acquisition enables ERT to offer advanced,

end-to-end clinical trial imaging analysis using best-in-class technology that delivers

compliant data for use in clinical development.

NA NA NA NA

2-May-17

Vector Oncology,

Pharma Services

Division

George Clinical Pty LtdGeorge Clinical, a leading full-service CRO in the Asia-Pacific region, acquired

Vector Oncology’s CRO Division, leader in oncology research and data analyticsNA NA NA NA

2-May-17 ThreeWire, Inc.WIRB - Copernicus

Group, Inc.

WIRB-Copernicus Group (WCG), the world’s leading provider of solutions that

measurably improve the quality and efficiency of clinical research, has acquired

ThreeWire, the global patient recruitment, enrollment, and retention firm

NA NA NA NA

11-Apr-17SL Pharma Labs,

Inc.

Exova Group plc

(LSE:EXO)

Exova Group plc, the global testing, calibration and advisory services provider, has

acquired SL Pharma Labs Incorporated (SL Pharma), a Delaware, US, based

pharmaceutical business focused primarily on parenteral, ophthalmic, intranasal and

topical drug products

NA NA NA NA



Value

Enterprise


3-Apr-17 Axolabs GmbH LGC Limited

LGC acquired Axolabs, a leading Contract Research, Development and

Manufacturing Organisation, specialising in the development of therapeutic nucleic

acids (TNAs).

NA NA NA NA

28-Mar-17 Bracket Global LLC Genstar Capital, LLC

Genstar Capital, a leading middle-market private equity firmacquired Bracket, a

leading scientifically-driven clinical trial technology and specialty services provider,

from Parthenon Capital Partners

NA NA NA NA

21-Mar-17 Oy Medfiles Ltd. WDB Holdings Co.WDB Holdings Co., Ltd, a listed Japanese Contract Research Organisation (CRO),

bought Medfiles Ltd (100 % of the shares), a Finnish CRO.NA NA NA NA

1-Mar-17 PharmOptima, LLC

Genesis

Biotechnology Group,

LLC

Genesis Biotechnology Group (GBG), a consortium of an integrated group of

biotechnology and research companies, expanded its drug development services by

the acquisition of PharmOptima, a preclinical Contract Research Organization

(CRO) company

NA NA NA NA

1-Mar-17PM Clinical Limited,

Clinical DivisionCROS NT SRL

CROS NT announced the acquisition of the clinical division of PM Clinical Limited, a

sister company under the PM Holding entity. The acquisition shifts CROS NT from a

biometrics-only CRO to a niche provider of data expertise combined with clinical

excellence to now offer a full service approach

NA NA NA NA

28-Feb-17

Shin Nippon

Biomedical

Laboratories

Clinical

Pharmaron, Inc

Pharmaron, a fully integrated CRO offering R&D services to the life sciences

industry, acquired a majority stake in Shin Nippon Biomedical Laboratories Clinical

Pharmacology Center, Inc. (“SNBL CPC”) in Baltimore, Maryland, USA. This clinical

center is a leading provider of Phase I/II clinical development services

NA NA NA NA

15-Feb-17

Takeda

Pharmaceutical

Data Service, Ltd.

PRA Health Sciences,

Inc.

(NasdaqGS:PRAH)

Takeda and PRA established a joint venture, each holding 50％ of the share

respectively, to provide clinical trial delivery and pharmacovigilance services as a

strategic partner of Takeda in Japan. Takeda also transfered all of the shares of

Takeda Pharmaceutical Data Services TDS, a wholly-owned subsidiary of Takeda,

NA NA NA NA

10-Feb-17 QS Pharma, LLC Quotient Clinical Ltd.

Quotient Clinical, an early phase drug development services provider, acquired QS

Pharma, the contract development and manufacturing organisation (CDMO), based

near Philadelphia, US, from Charles River Laboratories International, Inc.

75.0 75.0 NA NA

6-Feb-17Seaview Research,

Inc.Quotient Clinical Ltd.

Quotient Clinical (“Quotient”), the early phase drug development services provider,

acquired SeaView Research (“SeaView”), expanding its operations into the USA.NA NA NA NA

27-Jan-17J-STAR Research,

Inc.Porton USA, L.L.C.

Porton Fine Chemicals, Ltd., a China-based contract development and

manufacturing organization (CDMO), acquired J-STAR Research, Inc. ("J-STAR"), a

contract chemistry organization based in South Plainfield, New Jersey

26.0 26.0 NA NA

19-Jan-17HD Biosciences

Co., Ltd.

WuXi PharmaTech

(Cayman) Inc.

WuXi AppTec, a global pharmaceutical, biotechnology and medical device open-

access capability and technology platform, acquired HD Biosciences (HDB), a

biology-focused preclinical drug discovery CRO

NA NA NA NA

18-Jan-17Disposable-Lab

SASAmatsigroup

Amatsigroup, a leading European CDMO located in France, acquired Disposable-

Lab, a French company specialized in manufacturing clinical batches on injectable

forms.

NA NA NA NA

16-Jan-17 EPID Research Oy StatFinn Oy

StatFinn and EPID Research, both based in Finland, merged their operations in

order to offer a full range of services to their clients in clinical data analytics from

Phase I to Phase IV.

NA NA NA NA

10-Jan-17AMS Sciences

LimitedPharmaron, Inc.

Pharmaron announced the acquisition of Xceleron Inc, the trading subsidiary of

Solon Ventures portfolio company AMS Sciences Limited.NA NA NA NA

5-Jan-17DILIsym Services,

Inc.

Simulations Plus, Inc.

(NasdaqCM:SLP)

Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and

modeling software for pharmaceutical discovery and development, acquired

DILIsym Services, Inc. of Research Triangle Park, North Carolina, a provider of

drug-induced liver injury simulation software and related consulting services

10.0 10.0 N/A N/A

29-Dec-16Villapharma

Research S.L.


(ENXTPA:ERF)

Eurofins Scientific (EUFI.PA) a world leader in providing analytical support to the

global pharmaceutical industry, acquired Villapharma Research SL, which provides

organic synthesis and medicinal chemistry services

NA NA NA NA

19-Dec-16

Jiangsu Safe

Pharmaceutical

Co., Ltd.

WuXi PharmaTech

(Cayman) Inc.

WuXi AppTec, a global pharmaceutical, biotechnology and medical device open-

access capability and technology platform, acquired Jiangsu Safe Pharmaceutical

Co., Ltd, a China-based pharmaceutical company engaged in manufacturing

capsules, tablets, creams and suppositories, for €8m.

8.4 NA NA NA

15-Dec-16 DSU Pty Ltd.I'rom Group Co., Ltd.

(TSE:2372)

IDT Australia Divested DSU Pty, its CMAX Clinical Trial Business to I'rom Group

Co. Ltd7.7 12.5 NA NA

14-Dec-16Cyprotex plc

(AIM:CRX)

Evotec AG

(XTRA:EVT)

Evotec, acquired the U.K.-based Cyprotex. Evotec will strengthen its high-end drug

discovery platform and capabilities with access to the market’s most industrialized

ADME-Tox platform and proven expertise in in vitro ADME screening, mechanistic

and high-content toxicology screening, and predictive modeling.

63.2 54.9 2.6x 10.2x

8-Dec-16 Exco inTouch Ltd.eResearchTechnology

, Inc. (ERT)

ERT, a leading provider of high-quality patient data collection solutions for use in

clinical drug development, acquired Exco InTouch, a leading provider of patient

engagement, data capture and digital health solutions.

NA NA NA NA

5-Dec-16

Theorem Clinical

Research GmbH

(TCS)

Clinical Supplies

Management, Inc.

(CSM)

Clinical Supplies Management ("CSM"), a Great Point Partners ("GPP") portfolio

company, acquired the assets of Theorem Clinical Research - Clinical Supplies

("TCS"). TCS was a subsidiary of Chiltern and focuses on clinical trial drug

packaging, labeling, storage, reconciliation, and distribution for pharmaceutical trials

NA NA NA NA




Value

Enterprise


29-Nov-16

European

PharmInvent

Services s.r.o.

Ergomed Plc

(AIM:ERGO)

Ergomed plc (, a pharmaceutical services and drug development company, acquired

European PharmInvent Services s.r.o. ("PharmInvent"), a leading European

pharmacovigilance and regulatory services business.

8.5 8.5 2.7x 11.5x

21-Nov-16

TKL Research, Inc.,

Clinical Trials

Division

Quintiles Transnational

Holdings Inc.

(NYSE:Q)

QuintilesIMS agreed to purchase TKL Research’s Clinical Trials Division (CTD),

which will become a part of Novella Clinical, a Quintiles company. NA NA NA NA

18-Nov-16 Pharmaprogress SrlKymos Pharma

Services, S .L.

CRO KYMOS Pharma Services closed a deal to acquire Italian firm

Pharmaprogress, located in Ancona (in the Marche region of Italy) with a 700-m²

analysis laboratory, staff of 10 and estimated turnover of €1 million for 2017.

NA NA NA NA

16-Nov-16PCI Pharma

Services

Partners Group

Holding AG

(SWX:PGHN)

Partners Group, the global private markets investment manager, acquired global

pharmaceutical services provider PCI Pharma Services ("PCI"). PCI, headquartered

in Philadelphia, PA, in the US, offers its clients outsourced services across the

entire pharmaceutical supply chain, including drug development and manufacturing,

NA NA NA NA

10-Nov-16 inVentiv Health Inc.Advent International

Corporation

inVentiv Health, Inc., a leading, privately held, global CRO and Contract Commercial

Organization, announced that Advent International, one of the largest and most

experienced global private equity investors, has joined Thomas H. Lee Partners

(THL) as an equal equity owner of inVentiv Health.

4,094.9 5,899.0 2.7x 19.3x

8-Nov-16 Crystallics PharmaVize NV

A new early-phase contract development and manufacturing organisation (CDMO),

Ardena, launched following the merging of Pharmavize and Crystallics. The two

companies came together in 2016 with backing from investor Mentha Capital

NA NA NA NA

20-Oct-16 BioClinica, Inc. Cinven LimitedCinven to acquire pharmaceutical research firm Bioclinica, from two other buyout

firms, Water Street Healthcare Partners and JLL Partners,1,400.0 1,400.0 NA NA

13-Oct-16 iMEDGlobal CorpFountain Medical

Development Ltd

FMD K&L, a US-China clinical CRO, merged with iMEDGlobal, a US-India pre-

clinical CRO.NA NA NA NA

11-Oct-16 SCIderm GmbH

TFS Trial Form

Support International

AB

TFS acquired SCIderm a dermatology specialist CRO to expand its German

operational capabilitiesNA NA NA NA

3-Oct-16

IMS Health

Holdings, Inc.

(NYSE: IMS)

Quintiles Transnational

Holdings Inc.

(NYSE:Q)

IMS Health Holdings, Inc. (NYSE:IMS) and Quintiles Transnational Holdings Inc.

(NYSE:Q) merged into IQVIA13,549.4 13,171.4 4.3x 17.7x

28-Sep-16Agilux Laboratories,

Inc.

Charles River

Laboratories

International, Inc.

(NYSE:CRL)

Charles River acquired Agilux Laboratories, a Worcester, Massachusetts-based

contract research organization (CRO), that provides a suite of integrated discovery

small and large molecule bioanalytical services, drug metabolism and

pharmacokinetic (DMPK) services, and pharmacology services.

64.0 64.0 NA NA

26-Sep-16 Hoddesdon site Pharmaron, Inc.

Pharmaron entered into a non-binding Heads of Terms (HoTs) with Merck Sharpe &

Dohme Limited (MSD) for the sale of the Hoddesdon UK site which includes MSD’s

process development and research facility.

NA NA NA NA

20-Sep-16Alliance Biomedical

Research, LLC

Great Point Partners,

LLC

Great Point Partners (“GPP”) announced a growth recapitalization of Alliance

Biomedical Research (“ABR” or the “Company”). ABR is a leading clinical trial

research site business focused on Phase II – IV clinical trials with 11 locations

throughout the Southeastern U.S

NA NA NA NA

19-Sep-16 ClinicalRM, Inc.

ICON Public Limited

Company

(NasdaqGS:ICLR)

ICON plc acquired Clinical Research Management Inc. (ClinicalRM), expanding its

access to government sponsored research and its capabilities in vaccines and

infectious disease.

NA NA NA NA

6-Sep-16Lincoln Research,

LLCBTC Network, LLC

BTC Network, a fully integrated network of clinical research sites in the U.S.,

expanded its site operations with the recent acquisition of Lincoln Research, LLC, a

multi-specialty research practice located in Lincoln, Rhode Island.

NA NA NA NA

1-Sep-16 EVIDERA

Pharmaceutical

Product Development,

LLC

Pharmaceutical Product Development, LLC (PPD), a leading global contract

research organization (CRO), acquired Evidera, a leading provider of evidence-

based solutions to demonstrate the real-world effectiveness and value of

biopharmaceutical products.

NA NA NA NA

16-Aug-16

Key Intellectual

Property and

Human Resource

Assets,

BioPharma Services

Inc.

BioPharma Services acquired key human resource assets along with a list of

validated assays from Bioanalytical Laboratory Services (BLS).NA NA NA NA

16-Aug-16Clinical Research

Solutions, LLCBrixey & Meyer Capital

Brixey & Meyer Capital acquired Clinical Research Solutions (CRS) offers multi-

therapeutic independent research facilities throughout Ohio and Tennessee. CRS

specializes in Phase II - IV clinical research studies by providing high-quality clinical

research services for the pharmaceutical, nutritional and medical device industries.

NA NA NA NA

3-Aug-16InClinica, Inc. (f/k/a

Indipharm)

Velocity Fund

Management

Velocity Fund Partners, a Pittsburgh private equity company, announced the

acquisition of the Philadelphia clinical contract research organization (CRO)

Indipharm and is relaunching the CRO as InClinica.

NA NA NA NA

1-Aug-16Acorn Applications

LLCClintrax Global, Inc.

Clintrax Global, a fast-growing pharmaceutical services startup based in Raleigh,

acquired Acorn Applications, LLC, a developer of cloud-based analytic clinical

research solutions

NA NA NA NA

1-Aug-16Novex Clinical

ResearchBTC Network, LLC

BTC Network, a fully integrated network of clinical research sites in the U.S.,

strengthened its site operations with the recent acquisition of Novex Clinical

Research, LLC, a multi-specialty research practice in New Bedford,

Massachusetts.

NA NA NA NA




Value

Enterprise


1-Aug-16Stellar

Technologies, Inc.

Cirtec Medical

Systems, LLC

Cirtec Medical LLC, a Century Park Capital Partners, acquired Stellar

Technologies, a Minnesota-based provider of precision machining, component

manufacturing, and assembly services for medical devices, including

neuromodulation lead wire assemblies, mechanical assemblies, delivery systems,

NA NA NA NA

25-Jul-16Compass

Research, LLCBioClinica, Inc.

Bioclinica, a provider of specialized technology-enabled services supporting clinical

trials, acquired Compass Research, a leading U.S. clinical research site network

with direct access to a number of specialized populations with neurodegenerative

disorders and other diseases found in aging demographics.

NA NA NA NA

19-Jul-16 BioDuro, LLC The Bridgewest Group

China-focused CRO BioDuro merged with manufacturing company Formex in the

U.S. as part of an apparent reorganization under owner Bridgewest Group with all

three companies located in San Diego

NA NA NA NA

14-Jul-16 Accel Biotech, Inc. Ximedica, LLC

XIMEDICA, a leading full service medical technologies development firm acquired

Accel Biotech, expanding into the In vitro Diagnostics, Life Science Laboratory

Instruments and Disposables.

NA NA NA NA

11-Jul-16 Adesis, Inc.

Universal Display

Corp. (NasdaqGS:

OLED)

Universal Display Corporation (Nasdaq: OLED) acquired Adesis, Inc. Adesis is a

privately held contract research organization (CRO) with 43 employees specializing

in organic and organometallic synthetic research, development, and

commercialization.

36.0 36.0 NA NA

27-Jun-16Blue Stream

Laboratories, Inc.

Charles River

Laboratories (NYSE:

CRL)

Charles River Laboratories International, Inc. (NYSE: CRL) acquired Blue Stream

Laboratories, an analytical contract research organization (CRO) supporting the

development of complex biologics and biosimilars.

NA NA NA NA

16-Jun-16THERAMetrics

S.p.AAccelovance, Inc. Therametrics holding sold its CRO business to Accelovance NA NA NA NA

8-Jun-16Quinta-Analytica

spol. s.r.o.Genesis Capital Ltd.

Czech Republic- and Slovakia-focused private equity firm Genesis Capital acquired

a 75 percent stake in Czech Republic-based Quinta-Analytica, a commercial

services provider for the pharmaceutical, biotechnology and generic drug industries

NA NA NA NA

5-Jun-16Bonne Santé Sp. z

o.o.

JSS Medical Research

Inc.

JSS Medical Research Inc., an International Contract Research Organization

(CRO) announced the acquisition of Bonne Santé, a Polish CRO, to accelerate the

expansion into Europe.

NA NA NA NA

4-Jun-16 Synexus Limited

Pharmaceutical

Product Development

LLC

Synexus, a multinational company specializing in recruiting for and managing later-

stage clinical trials at its centers across the globe, was purchased by Jaguar, a

holding company of Pharmaceutical Product Development (PPD).

257.8 257.8 3.7x 16.2x

31-May-16 Medelis, Inc. WCCT Global, LLC

WCCT Global, an international specialized clinical research organization (CRO),

and Medelis, Inc., a specialty oncology CRO, merged to offer US and international

clients access to an expanded depth and breadth of clinical research offerings.

NA NA NA NA

25-May-16 SynteractHCRAmulet Capital

Partners LP

Amulet Capital Partners, LP (“Amulet”), a middle-market private equity investment

firm acquired SynteractHCR Holdings Corporation (“SynteractHCR”), a leading

contract research organization (CRO) focused on Phase I‐IV clinical trials for

emerging to mid-sized biopharma clients in the U.S., Europe and Asia.

NA NA NA NA

23-May-16

Cirrus

Pharmaceuticals,

Inc.

Recipharm AB (publ)

(OM:RECI B)

Recipharm acquired Cirrus Pharmaceuticals Inc., with operations in the US, with

services including development of inhalation, liquid, semi-solid, solid and parenteral

products with emphasis on early formulation work as well as development of

analytical methods and testing.

NA NA NA NA

20-May-16 Xendo B.V

Sovereign Capital

Partners LLP & Xendo

Management

Sovereign Capital, the UK private equity Buy & Build specialist, completed the

management buy-out of Xendo, a leading independent consultancy and project

management organisation in the fields of pharmaceutical products, medical devices

and healthcare

NA NA NA NA

3-May-16Applied

Immunology, Inc.

Precision Medicine

Group, Inc.

Precision for Medicine, part of the Precision Medicine Group, acquired Applied

Immunology, an established expert in the creation and delivery of custom cell-based

and immunoassay solutions

NA NA NA NA

3-May-16 ACT Oncology LLCPrecision Medicine

Group, Inc.

Precision for Medicine, part of the Precision Medicine Group, acquired ACT

Oncology, the leading contract research organization (CRO) specializing exclusively

in the field of oncology

NA NA NA NA

2-May-16Spero Oncology

Ltd.Veristat, Inc.

Spero Oncology, UK-based Clinical Research Organisation (CRO) specialising in

the provision of oncology drug development consultancy, feasibility studies and

early phase oncology trials primarily throughout Europe, but also in Australia and

New Zealand, bought by Veristat International

NA NA NA NA

15-Apr-16 Crelux GmbHWuXi PharmaTech

(Cayman) Inc.

WuXi AppTec, a leading open-access R&D capability and technology platform

company serving the pharmaceutical, biotechnology, and medical device industries,

acquired Crelux GmbH, a leading structure based drug discovery provider based in

Munich, Germany

NA NA NA NA

11-Apr-16Nitin Lifesciences

Limited

Recipharm AB (publ)

(OM:RECI B)

The contract development and manufacturing organisation, Recipharm AB (publ)

completed the acquisition of a majority stake in Nitin Lifesciences Limited (“Nitin”),

an Indian sterile injectables CMO, previously owned by the Sobti family.

103.2 139.5 2.9x 12.4x

4-Apr-16WIL Research

Company, Inc.

Charles River

Laboratories (NYSE:

CRL)

Charles River Laboratories International, Inc. (NYSE: CRL) acquired WIL

Research, a premier provider of safety assessment and contract development and

manufacturing (CDMO) services

585.0 585.0 NA NA

1-Apr-16Advantar

Laboratories, Inc.


(ENXTPA:ERF)

Eurofins Scientific (EUFI.PA), the world leader in biopharmaceutical products

testing, acquired Advantar Laboratories,one of the leading independent GLP and

cGMP contract analytical laboratories in the US west coast

NA NA NA NA




Value

Enterprise


29-Mar-16PVR Technologies,

Inc.

Alten SA (ENXTPA:

ATE)

ALTEN Calsoft Labs, a global leader in enterprise IT and product engineering,

acquired US based CRO services company PVR Technologies and its subsidiaries.NA NA NA NA

25-Mar-16

Taizhou Jyton &

Techray

Pharmaceutical

Technology Co.

Hangzhou Tigermed

Consulting Co., Ltd.

(SZSE:300347)

Hangzhou Tigermed, a chinese CRO, acquired Jyton & Techray, a CRO focused on

medical devices, to expand its clinical study capabilities in China.92.1 92.1 8.9x NA

22-Mar-16Blue Sky Biotech,

Inc.LakePharma, Inc.

LakePharma acquired Blue Sky BioServices. The combined is the largest dedicated

biologics CRO in the United States, providing a broad range of protein and antibody-

related development services to the pharmaceutical and biotechnology markets.

NA NA NA NA

18-Mar-16 Nextrials, Inc.

PRA Health Sciences,

Inc.

(NasdaqGS:PRAH)

PRA Health Sciences acquires Nextrials, company that provides web-based

software solutions for the clinical research industry7.7 7.7 NA NA

9-Mar-16 Clintrax Global, Inc.WIRB - Copernicus

Group, Inc.

WIRB-Copernicus Group (WCG), one of the world’s leading providers of solutions

that measurably improve the quality and efficiency of clinical research, acquired

Clintrax Global, provider of outsourced services for negotiating clinical trial-related

contracts and budgets between biopharmaceutical companies

NA NA NA NA

8-Mar-16eResearchTechnol

ogy, Inc. (ERT)Nordic Capital

Nordic Capital became the new controlling shareholder of the US-based company

eResearchTechnology, Inc. ("ERT" or the "Company"), a leading provider of high-

quality patient safety and efficacy endpoint data collection solutions for use in

clinical drug development

1,800.0 1,800.0 6.0x NA

1-Mar-16 PreClinOmics, Inc.Crown Bioscience,

Inc. (GTSM:6554)

Crown Bioscience, a global drug discovery and development solutions company,

announced the acquisition of PreClinOmics, Inc., an in vivo preclinical company that

specializes in early research in cardiovascular and metabolic diseases (CVMD) as

well as renal disease.

6.5 6.5 NA NA

1-Mar-16Research Across

America Inc.Synexus Synexus has bought trial site network Research Across America (RAA) NA NA NA NA

25-Feb-16Molecular

NeuroImaging LLCinviCRO, LLC

Invicro, LLC, and Molecular NeuroImaging, LLC, both leading providers of imaging

service solutions and analysis software for research and drug development, mergedNA NA NA NA

22-Feb-16 IPM Biotech GmbH BioAgilytix Labs, LLC

BioAgilytix Announced the Acquisition of European-Based IPM Biotech to Expand

and Enhance the Global Reach and Breadth of Their Best-of-Breed Bioanalytical

Capabilities

NA NA NA NA

10-Feb-16 Triacys SASTelemedicine

Technologies S.A.S.

Telemedicine Technologies, a French software engineering company, acquired

Triacys, a French independent Life Sciences technology and services company

supporting clinical trials with innovative solutions.

NA NA NA NA

4-Feb-16Quotient

Bioresearch LimitedPharmaron, Inc.

Pharmaron, a fully integrated contract research organization (CRO) offering

laboratory and manufacturing services, acquired Quotient Bioresearch (Quotient).

Quotient, a UK-based CRO with more than 200 employees, focuses on integrating

radiochemistry and metabolism

NA NA NA NA

1-Feb-16syneed medidata

GmbH

Take Solutions Ltd.

(BSE: 532890)

Take Solutions acquired syneed medidata GmbH, a contract research organization

that provides services for phase II to phase IV clinical trials and for observational

studies

NA NA NA NA

25-Jan-16 Q-Biologicals NV Amatsigroup

Amatsigroup acquires Q-Biologicals and strengthens its offering for international

pharmaceutical groups. Q-Biologicals, a leading-edge provider of process

development and biomanufacturing services.

NA NA NA NA

25-Jan-16 QLife, Inc. M3, Inc. (TSE:2413) M3 acquired Qlife, an operator of multiple healthcare media sites NA NA NA NA

20-Jan-16 MedQualis Inc.

Keyrus Société

Anonyme (ENXTPA:

KEY)

MedQualis, a Canadian Clinical Research Organization announced the Sale of its

Biomedical Research Activities to the Division Keyrus Biopharma, Member of the

Keyrus Group.

NA NA NA NA

19-Jan-16 Clinverse, Inc. BioClinica, Inc.

Bioclinica, a specialty clinical trials services and technology provider, acquired

Clinverse, which automates and manages the entire financial lifecycle of global

clinical trials for contract research organizations (CROs) and pharmaceutical

companies.

NA NA NA NA

31-Dec-15

Columbus Center

for Women's Health

Research

Aventiv Research, Inc.Aventiv, an Ohio-based clinical trial and medical research service, acquired

Columbus Center for Women's Health Research, a provider of clinical studies.NA NA NA NA

31-Dec-15 Ecron AcunovaTake Solutions Ltd.

(BSE:532890)

Chennai-based life sciences technology provider Take Solutions acquired Ecron

Acunova, a clinical research organisation.17.4 17.4 NA NA

28-Dec-15

Sogo Rinsho

Holdings Co., Ltd.

(TSE:2399)

EPS Holdings, Inc.

(TSE:4282)

Sogo Rinsho, a japanese site management and CRO, was acquired by EPS

Holdings82.8 72.2 1.5x 10.3x

17-Dec-15 Clintara, LLC Bracket Global, LLC

Bracket Global, LLC and Clintara merged. Bracket integrated the Clintara platform

of surveillance strategies developed for clinical trials within Bracket’s proprietary

electronic platform for Clinical Outcome Assessments (eCOA).

NA NA NA NA




Value

Enterprise


16-Dec-15 Co-Formulate Ltd. Pharmaron, Inc.

Pharmaron, a fully integrated contract research organization (CRO) offering

laboratory and manufacturing services,acquired Co-Formulate, a contract

pharmaceutical product developer based in the U.K.

NA NA NA NA

15-Dec-15

Whitehouse

Analytical

Laboratories

Albany Molecular

Research, Inc.

(NasdaqGS:AMRI)

Albany Molecular Research (AMRI), a global contract research and manufacturing

organization, acquired Whitehouse Laboratories, a leading provider of testing

services that includes chemical and material analysis, method development and

validation and quality control verification services

57.0 56.0 5.6x 10.5x

15-Dec-15 Biopta LtdReproCELL, Inc.

(JASDAQ:4978)

The Japanese regenerative medicine company ReproCELL Inc., announced the

acquisition of the Scottish life sciences company, Biopta.8.3 8.3 NA NA

11-Dec-15

The Chemistry

Research Solution

LLC

Abzena Plc (AIM:

ABAZA)

Abzena, a British life sciences technology and services company, acquired The

Chemistry Research Solution, provider of chemical and bioconjugation solutions15.0 15.0 3.3x NA

10-Dec-15WuXi PharmaTech

(Cayman) Inc.

Ally Bridge Group,

Boyu Capital, Ping An

Insurance, Temasek

Holdings, and Hillhouse

The pharmaceutical research and development services provider WuXi

PharmaTech (Cayman) Inc. has completed a US$3.3 billion go-private deal, in which

it has been acquired by a group of private equity investors and company

management

3,431.1 3,092.9 4.4x 21.6x

10-Dec-15 Fluofarma SA Porsolt SASFluofarma, specialized in cell biology and high content analysis, Acquired By Porsolt

SASNA NA NA NA

4-Dec-15 Farm Design, Inc.

Flextronics

International Ltd.

(NasdaqGS:FLEX)

Flextronics International Ltd. (NasdaqGS:FLEX) acquired Farm Design, Inc.,

provider of development and regulatory services for medical, life sciences, and

consumer health companies.

NA NA NA NA

2-Dec-15Clinquest Europe

BVAccelovance, Inc.

Accelovance, a global contract research organization (CRO) focusing in oncology,

vaccines, and general medicine clinical research; acquired Clinquest, Inc. (US) and

Clinquest Services BV (the Netherlands) from Clinquest Group BV

NA NA NA NA

2-Dec-15Quotient Clinical

Limited

GHO Capital Partners

LLP

GHO Capital, the European specialist healthcare investor, announced the

acquisition of Quotient Clinical (Quotient or the Company), a provider of

outsourced, early-stage drug development services to the pharmaceutical industry.

NA NA NA NA

18-Nov-15 Oncotest GmbH

Charles River

Laboratories

International, Inc.

(NYSE:CRL)

Charles River Laboratories International, Inc. (NYSE: CRL) acquired Oncotest

GmbH, a Freiburg, Germany-based contract research organization (CRO) providing

discovery services for oncology

38.3 38.3 NA NA

11-Nov-15 Formex LLC BioDuro LLC

BioDuro, LLC, a global CRO leader focused on preclinical chemistry, biology, and

fully outsourced integrated drug development services for pharmaceutical partners,

announced the merger of its US operations with Formex, LLC, a leader in

pharmaceutical API formulation, development and cGMP manufacturing.

NA NA NA NA

21-Oct-15

Seoul Clinical

Laboratories

(Cytogenetic and

Human Genome

Biocore Co., Ltd

Biocore, a South Korea-based CRO providing research services, acquired the

Cytogenetic and Human Genome Division of South Korea-based Seoul Clinical

Laboratories.

2.4 2.4 NA NA

16-Oct-15Kinesis Pharma

B.V.

Venn Life Sciences

Holdings plc

(AIM:VENN)

Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation

providing clinical trial management and resourcing solutions to pharmaceutical,

biotechnology and medical device clients, announced the completion of the

acquisition of Kinesis Pharma BV.

7.2 7.2 1.1x 10.7x

14-Oct-15

Yes Pharmaceutical

Development

Services GmbH

PharmaLex GmbHPharmaLex and YES Pharma Services, two renowned service providers in Drug

Development, Regulatory Affairs, and Pharmacovigilance, merged NA NA NA NA

Mean 3.7x 14.4x

Median 3.3x 12.5x

Min 1.1x 10.2x

Max 8.9x 21.6x


Company ProfilesIQVIA

Key People

SnapshotCompany Overview

• IQVIA is a leading global provider of information, innovative technology solutions and contract

research services focused on using data and science to help healthcare clients find better

solutions for their patients. Formed through the merger of IMS Health and Quintiles, IQVIA offers

a broad range of solutions that harness advances in healthcare information, technology, analytics

and human ingenuity to drive healthcare forward.

• IQVIA enables companies to rethink approaches to clinical development and commercialization,

innovate with confidence as well as accelerate meaningful healthcare outcomes. IQVIA has

approximately 55,000 employees in more than 100 countries, all committed to making the

potential of human data science a reality. IQVIA’s approach to human data science is powered by

the IQVIA CORE™, driving unique actionable insights at the intersection of big data,

transformative technology and analytics with extensive domain expertise.

• IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety

of privacy-enhancing technologies and safeguards to protect individual privacy while generating

and analyzing the information that helps their customers drive human health outcomes forward.

IQVIA’s insights and execution capabilities help biotech, medical device, and pharmaceutical

companies, medical researchers, government agencies, payers and other healthcare

stakeholders tap into a deeper understanding of diseases, human behaviours and scientific

advances, in an effort to advance their path toward cures.

Ari Bousbib

Chairman and Chief Executive Officer

Michael McDonnell

Executive Vice President and Chief

Financial Officer

W. Richard Staub III

President, Research & Development

Solutions

Financial Overview

HeadquarterDanbury, CT and

Durham, NC

Operating

countries

Canada, Latin

America, Europe,

Middle est, Africa,

Asia Pacific

Foundation 1982 (Quintiles)

ExpertiseClinical Development

and Biopharma

Clinical

Developmen

t Services

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing,

Project Management,

Protocol

Development,

Regulatory/Quality/Saf

ety,

Site/Study/Investigator

Phases

Bioavailability/Bioequi

valence, Biomarkers,

Phase I-IV, PK/PD,

Specialized Studies

Website www.IQVIA.com

• Neurology/MS

• Oncology

• Diabetes

• Immunology

• Rare Disease

Income Statements

in USDm FY-13 FY-14 FY-15 FY-16 FY-17

Commercial Solutions NA 230 323 1,089 3,630

Research & Development Solutions NA 3,050 3,159 3,478 3,647

Integrated Engagement Services NA 885 844 797 783

Reimbursed expenses 1,291 1,295 1,411 1,514 1,679

Revenue 5,099 5,460 5,737 6,878 9,739

Gross profit 1,337 1,482 1,601 2,128 3,438

Operating income 476 599 680 828 822

Income before taxes 323 502 539 479 331

Net income 227 356 387 115 1,309

EPS Basic 1.8 2.8 3.2 0.8 6.0

EPS Diluted 1.8 2.7 3.1 0.8 5.9

Balance Sheet


Cash and cash equivalents 778 867 977 1,198 959

Total current assets 1,946 2,146 2,412 3,337 3,450

Total non-current assets 1,121 1,160 1,514 17,871 19,292

Total assets 3,067 3,306 3,926 212,018 22,742

Total current liabilities 1,482 1,472 1,594 2,705 2,904

Total non-current liabilities 2,252 2,538 2,896 9,870 11,729

Total liabilities 3,734 4,010 4,491 12,575 14,633

Total stockholders' equity (677.0) (704.0) (564.0) 8,633 8,109

Cash flow Statement


Net cash provided by operating activities 397 432 476 860 970

Net cash used for investing activities (240) (173) (67) 1,731 (1,190)

Net cash provided by financing activities 71 (130) (249) (2,284) (72)

Net change in cash 210 89 110 221 (239)

Free cash flow 305 349 397 696 601

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees NA NA NA 50,000 55,000

Therapeutic Expertise

Company ProfilesIQVIA

Multiples

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

EV Revenue

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

EV EBITDA

0.00x

10.00x

20.00x

30.00x

40.00x

50.00x

EV EBIT

0.00x

20.00x

40.00x

60.00x

80.00x

100.00x

PE

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM

Latest 99.93 3.1x 17.6x 36.6x 16.1x

Low 87.57 3.0x 15.2x 35.3x 15.1x

Average 98.91 3.3x 17.4x 39.4x 37.9x

High 108.56 3.7x 19.0x 44.2x 91.8x

Estimates vs Actual

Estimate Actual Difference Surprise %

SALES (in millions)

Quarter Ending Mar-18 2,448 2,563 115 4.70

Quarter Ending Dec-17 2,138 2,161 23 1.07

Quarter Ending Sep-17 2,015 2,019 4 0.21

Quarter Ending Jun-17 1,961 1,969 8 0.42


Earnings (per share)

Quarter Ending Mar-18 1.27 1.34 0.07 5.46

Quarter Ending Dec-17 1.34 1.40 0.06 4.15

Quarter Ending Sep-17 1.14 1.19 0.05 4.72

Quarter Ending Jun-17 1.05 1.09 0.04 3.90


Evolution of Share Price

80

82

84

86

88

90

92

94

96

98

100

102

104

106

108

110

Share Price

Alicia Carter

Medical Director, LabCorp

Arthur Zebelman

Associate Vice President

Dorothy M. Adcock

Chief Medical Officer

Company ProfilesLabCorp

Key People


• Laboratory Corporation of America Holdings (LabCorp) is a leading global life sciences company

that is deeply integrated in guiding patient care. Through its two business segments, LabCorp

Diagnostics (LCD) and Covance Drug Development (CDD), the Company provides

comprehensive clinical laboratory and end-to-end drug development services.

• Employing nearly 60,000 people worldwide, the Company’s mission is to improve health and

improve lives by delivering world-class diagnostic solutions, bringing innovative medicines to

patients faster, and using technology to improve the delivery of care.

• The Company, headquartered in Burlington, North Carolina, is a Delaware corporation and was

incorporated in 1971. Through a combination of organic growth and disciplined acquisitions,

including the 2015 acquisition of Covance Inc. (Covance) and the 2017 acquisition of Chiltern

International Group Limited (Chiltern), a specialty contract research organization (CRO), the

Company has continually expanded and diversified its business offerings, technological expertise,

geographic reach, revenue base, and financial growth opportunities.

• Today the Company participates in drug discovery from early development to new drug approval

and commercialization, offers a growing portfolio of high-value, high-quality clinical laboratory

tests, and increasingly provides guidance to patients and care providers about how to integrate

drugs and diagnostics into optimal patient care

Financial Overview

HeadquarterBurlington, North

Carolina

Operating

countries

Canada, Latin

America, Europe,

Middle Est, Africa,

Asia Pacific, Australia

Foundation 1971

Expertise

Bioanalytical, Clinical,

Diagnostics and

Toxicology

Clinical

Developmen

t Services

Clinical Training,

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing,

Project Management,

Protocol

Development,

Regulatory/Quality/Sa

fety,

Site/Study/Investigato

r

Phases


valence, Dose

Ranging, Phase I-IV,

PK/PD, Specialized

Studies

Website www.labcorp.com

• Allergy

• Diagnostic genetics

• Cardiovascular disease

• Infectious disease

• Endocrinology

• Oncology

• Coagulation

• Pharmacogenetics

• Toxicology

• Medical drug monitoring


Income Statements


LabCorp Diagnostics (LCD) 5,669 5,838 6,199 6,593 7,170

Covance Drug Development (CDD) 139 173 2,306 2,844 3,037

CDD - reimbursable out-of-pocket expenses - - 175 203 234

Revenue 5,808 6,011 8,680 9,640 10,441

Gross profit 2,223 2,203 2,903 3,181 3,464

Operating income 1,013 928 1,117 1,371 1,435

Income before taxes 916 827 732 1,106 1,135

Net income 574 511 437 732 1,268

EPS Basic 6.4 6.0 4.4 7.1 12.4

EPS Diluted 6.3 5.9 4.3 7.0 12.2

Balance Sheet


Cash and cash equivalents 404 580 716 434 317

Total current assets 1,432 1,693 2,663 2,479 2,683


Total assets 6,966 7,302 14,222 14,247 16,568

Total current liabilities 736 976 1,702 1,828 2,046

Total non-current liabilities 3,739 3,505 7,576 6,914 7,692


Total stockholders' equity 2,491 2,821 4,944 5,506 6,830

Cash flow Statement


Net cash provided by operating activities 819 739 982 1,176 1,459

Net cash used for investing activities (360) (350) (3,995) (796) (2,229)

Net cash provided by financing activities (518) (201) 3,185 (650) 632

Net change in cash (63) 176 136 (283) (117)

Free cash flow 617 536 727 897 1,144

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees 34,000 48,000 50,000 50,000 60,000

Company ProfilesLabCorp

Multiples

Estimates vs Actual

1.90x

2.00x

2.10x

2.20x

2.30x

2.40x

2.50x

EV Revenue

11.00x

11.50x

12.00x

12.50x

13.00x

13.50x

14.00x

EV EBITDA

14.00x

15.00x

16.00x

17.00x

18.00x

19.00x

EV EBIT

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

PE


Latest 179.87 2.3x 13.2x 17.5x 14.8x

Low 147.99 2.1x 12.1x 15.7x 13.2x

Average 164.18 2.3x 12.8x 16.6x 17.9x

High 189.41 2.4x 13.7x 18.2x 22.8x


SALES (in millions)












Evolution of Share Price

100

105

110

115

120

125

130

135

140

145

150

155

160

165

170

175

180

185

190

195

Share Price

Colin Shannon

President and CEO

Mike Bonello

CFO and Vice President

Samir Shah

Chief Operating Officer

Company ProfilesPRA Health Sciences Inc

Key People


• PRA Health Sciences is a global contract research organization that provides drug development

and clinical testing services to pharmaceutical and biotechnology companies. Its services run

from early- to late-stage clinical trial outsourcing with varying levels of support, including one-off

specialized staffing services to strategic partnerships where PRA handles nearly all aspects of the

trial.

• PRA Health Sciences, providing innovative solutions for their clients is what they do. Side by side

with their clients, they strive to move drug discovery forward, helping them to develop life-saving

and life-improving drugs. With their unique blend of expertise, they provide comprehensive clinical

development services across all phases. From full service clinical development to the pioneering

Embedded Solutions model, PRA provides a broad spectrum of solutions that meet the demands

of a diverse marketplace.

• As a top five CRO, they have worked on 100+ marketed drugs across several therapeutic areas

and conducted the pivotal or supportive trials that led to FDA and/or international regulatory

approval of 75+ such drugs.

Financial Overview

HeadquarterRaleigh, North

Carolina

Operating

countries

USA, Western

Europe, Japan, the

Pacific Basin, South

America, the Middle

East, India, South

Africa

Foundation 1976

Expertise Bioanalytical, Clinical

Clinical

Developmen

t Services

Clinical Training,

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing,

Project Management,

Protocol

Development,

Regulatory/Quality/Sa

fety,

Site/Study/Investigato

r

Phases


valence,

Pharmacology/Toxicol

ogy, Phase I-IV,

PK/PD,

Website www.prahs.com

• Biosimilars

• Cardio-Metabolic

• Immunology

• Infectious Diseases

• Neuroscience & Pain

• Oncology & Haematology

• Paediatrics Clinical Trials

• Rare Diseases

• Respiratory

• Vaccine Solutions


Income Statements


Revenue 1,390 1,460 1,614 1,812 2,259

Gross profit 383 407 489 547 665


Income before taxes (83) (42) 115 94 75

Net income (62) (36) 82 68 87

EPS Basic (1.6) (0.8) 1.4 1.1 1.4

EPS Diluted (1.6) (0.8) 1.3 1.1 1.3

Balance Sheet



Total current assets 458 489 574 625 877


Total assets 2,395 2,239 2,229 2,190 3,358

Total current liabilities 469 466 530 564 972

Total non-current liabilities 1,458 1,095 996 897 1,456


Total stockholders' equity 467 677 703 729 931

Cash flow Statement


Net cash provided by operating activities (24) 23 154 160 220

Net cash used for investing activities (1,019) (12) (72) (35) (687)

Net cash provided by financing activities 1,115 8 (42) (102) 507

Net change in cash 72 13 36 23 44

Free cash flow (29) (5) 121 127 159

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees NA 10,000 11,000 13,000 15,800

Company ProfilesPRA Health Sciences Inc

Multiples

Estimates vs Actual Evolution of Share Price

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

EV Revenue

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

35.00x

EV EBITDA

0.00x5.00x

10.00x15.00x20.00x25.00x30.00x35.00x40.00x45.00x

EV EBIT

0.00x

10.00x

20.00x

30.00x

40.00x

50.00x

60.00x

70.00x

80.00x

PE


Latest 93.96 3.0x 25.7x 37.3x 61.4x

Low 73.81 2.6x 20.4x 26.9x 42.9x

Average 83.56 3.0x 24.1x 33.4x 55.1x

High 96.22 3.5x 29.0x 41.7x 71.6x


SALES (in millions)

Quarter Ending Mar-18 695 702 7 1.03

Quarter Ending Dec-17 544 569 25 4.65

Quarter Ending Sep-17 484 495 10 2.13

Quarter Ending Jun-17 448 458 10 2.23








50

53

56

59

62

65

68

71

74

77

80

83

86

89

92

95

98

101

Share Price

Dr. Steve Cutler

Chief Executive Officer

Mr. Brendan Brennan

Chief Financial Officer

Mr. Diarmaid Cunningham

Chief Administrative Officer

Company ProfilesICON plc

Key People


• ICON is a global provider of outsourced development services to the pharmaceutical,

biotechnology and medical device industries. They specialise in the strategic development,

management and analysis of programmes that support Clinical Development - from compound

selection to Phase I-IV clinical studies.

• They have the operational flexibility to provide development services on a stand-alone basis or as

part of an integrated “full service” solution. They are also an 'end-to-end' Pharmacovigilance

service provider and this includes Post Marketing Surveillance activities too.

• Their services span the entire lifecycle of product development and commercialisation, and can

be adapted to suit small local trials or large global programs.

• ICON have extensive experience in a broad range of therapeutic areas. Managing studies in all

major geographies, they have established solid working relationships with the world’s leading

investigators.

Financial Overview

Headquarter Dublin, Ireland

Operating

countries

Canada, Latin

America, Europe,

Middle est, Africa,

Asia Pacific,

Australia

Foundation 1990

ExpertiseCRO, Clinical

Research

Clinical

Development

Services

Clinical Training,

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing,

Project Management,

Protocol

Development,

Regulatory/Quality/S

afety,

Site/Study/Investigat

or

Phases

Bioavailability/Bioequ

ivalence, Biomarkers,

Dose Ranging,

Pharmacology/Toxic

ology, Phase I-IV,

PK/PD, Specialized

Studies

Website www.iconplc.com

• Oncology

• Central Nervous System

• Infectious Diseases and Vaccines

• Women’s health therapeutics

• Cardiovascular

• Endocrine and metabolic disorders

• Gastrointestinal

• NASH

• Ophtalmology

• Rare and orphan diseases

• Respiratory


Income Statements


Revenue 1,336 1,503 1,575 1,666 1,758

Gross profit 491 600 666 705 731



Net income 103 172 240 262 281

EPS Basic 1.7 2.8 4.1 4.8 5.2

EPS Diluted 1.7 2.7 4.0 4.7 5.1

Balance Sheet



Total current assets 853 820 864 958 1,101

Total non-current assets 589 709 854 868 1,046

Total assets 1,442 1,529 1,719 1,826 2,147


Total non-current liabilities 31 40 384 386 390

Total liabilities 532 579 956 881 956

Total stockholders' equity 911 950 763 945 1,191

Cash flow Statement



Net cash used for investing activities (184) (112) (205) (75) (178)

Net cash provided by financing activities 29 (116) (81) (94) (119)

Net change in cash 68 (64) (15) 89 90

Free cash flow 192 137 230 217 338

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees 10,300 10,600 11,900 12,500 13,250

Company ProfilesICON plc

Multiples


0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

EV Revenue

0.00x

5.00x

10.00x

15.00x

20.00x

EV EBITDA

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

EV EBIT

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

PE


Latest 131.70 3.7x 17.7x 20.5x 25.2x

Low 96.48 3.1x 13.8x 16.0x 19.4x

Average 115.52 3.6x 16.0x 18.5x 22.5x

High 137.03 3.9x 18.4x 21.3x 26.2x

70

75

80

85

90

95

100

105

110

115

120

125

130

135

140

145

Share Price


SALES (in millions)












Alistair Macdonald


Jason Meggs


Mark Dmytruk

Executive Vice President

Company ProfilesSyneos Health

Key People


• Syneos Health is leading global biopharmaceutical services organization providing product

development and commercial solutions through our clinical end-to-end contract research

organization (“CRO”) and contract commercial organization (“CCO”).

• It offers both standalone and integrated biopharmaceutical solutions ranging from Early Phase

(Phase I) clinical trials to the full commercialization of biopharmaceutical products.

• Created in 2017, through the merger of two industry-leading companies – INC Research and

inVentiv Health – its brings together more than 21,000 clinical and commercial minds with the

ability to support customers in more than 110 countries.

• Its customers include large and small to mid-sized companies in the biopharmaceutical,

biotechnology, and medical device industries.

Financial Overview

Headquart

er

Raleigh, North Caroline,

USA

Operating

countries

Canada, South

America, Europe,

Middle Est, Africa, Asia

Pacific

Foundatio

n2017

Expertise

Clinical Development,

Functional Service

Provider,

Commercialization and

Consulting

Clinical

Developm

ent

Services

Clinical Training,

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing, Project

Management, Protocol

Development,

Regulatory/Quality/Safe

ty,

Site/Study/Investigator

Phases

Bioavailability/Bioequiv

alence, Biomarkers,

Dose Ranging,

Pharmacology/Toxicolo

gy, Phase I-IV, PK/PD,

Specialized Studies

Website www.iconplc.com

• Early Phase

• Solid Tumors

• Hermatology

• Oncology

• Non Malignant Hermatology


Income Statements


Revenue (Clinical and Commercial Solutions) 652 809 914 1,030 1,852

Reimbursable out-of-pocket expenses 343 369 485 580 820

Revenue 995 1,178 1,399 1,610 2,672

Gross profit 220 295 372 404 621


Income before taxes (31) (28) 131 134 (112)

Net income (42) (23) 117 113 (138)

EPS Basic (0.1) (0.5) 2.0 2.1 (1.9)

EPS Diluted (0.1) (0.5) 2.0 2.0 (1.9)

Balance Sheet



Total current assets 376 427 422 523 1,422

Total non-current assets 857 818 789 766 5,864

Total assets 1,233 1,245 1,211 1,289 7,286

Total current liabilities 318 380 475 467 1,160

Total non-current liabilities 639 473 519 520 3,104

Total liabilities 957 853 994 987 4,263


Cash flow Statement



Net cash used for investing activities (18) (28) (21) (31) (1,723)

Net cash provided by financing activities (7) (68) (211) (53) 1,734

Net change in cash 16 29 (41) 17 219

Free cash flow 20 106 184 78 154

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees NA 5,600 6,400 6,800 21,000

Company ProfilesSyneos Health

Multiples



Latest 47.50 2.3x 50.9x 45.2x 0.0x

Low 31.70 1.9x 17.6x 19.9x 0.0x

Average 45.77 2.5x 46.5x 37.7x 8.5x

High 59.05 3.9x 80.0x 52.0x 36.6x

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

EV Revenue

0.00x

20.00x

40.00x

60.00x

80.00x

100.00x

EV EBITDA

0.00x

10.00x

20.00x

30.00x

40.00x

50.00x

60.00x

EV EBIT

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

35.00x

40.00x

PE

10

15

20

25

30

35

40

45

50

55

60

65

Share Price


SALES (in millions)












Dr Werner Lanthaler


Dr Mario Polywka


Enno Spillner


Company ProfilesEvotec AG

Key People


• Evotec is a drug discovery alliance and development partnership company focused on rapidly

progressing innovative product approaches with leading pharmaceutical and biotechnology

companies, academics, patient advocacy groups and venture capitalists. Drug discovery solutions

are provided in form of fee-for-service work, integrated drug discovery alliances, development

partnerships, licensing of innovative drug candidates and consulting arrangements. The Company

operates worldwide and has leading scientific experts, state-of-the-art technologies as well as key

therapeutic expertise in the areas of neuroscience, pain, metabolic diseases, oncology,

respiratory diseases, fibrosis, inflammation and infectious diseases. By leveraging this expertise,

Evotec intends to develop best-in-class and first-in-class differentiated therapeutics on its

systematic, unbiased and comprehensive infrastructure.

• Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim,

CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca, Roche and UCB. In

addition, the Company has existing development partnerships and product candidates both in

clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim and

MedImmune in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and

with Roche in the field of Alzheimer’s disease.

• Evotec is built on integrated drug discovery know-how of over 20 years and is a leading player in

the drug discovery field. The Company’s headquarters are located in Hamburg, Germany.

Additional major operating sites exist in Abingdon and Manchester, UK; Göttingen and Munich,

Germany; Princeton, Watertown & Branford, USA; Verona, Italy; Basel, Switzerland as well as

Toulouse, France. Evotec has approx. 2000 employees worldwide.

Financial Overview

Headquarte

rHamburg, Germany

Operating

countries

Italy, Switzerland, UK,

USA, France

Foundation 1993

Expertise

Clinical Development,

Functional Service

Provider,

Commercialization and

Consulting

Clinical

Developme

nt Services

Discovery and Pre

clinical, Drug

substances and

reagents, Formulation,

Pharmacokinetics

Phases

Bioavailability/Bioequiv

alence, Biomarkers,

Dose Ranging,

Pharmacology/Toxicolo

gy, Phase I-IV, PK/PD,

Specialized Studies

Website www.evotec.com/

• Anti-infectives

• Immunology & Inflammation

• Metabolic diseases and

complications

• Neurosciences

• Oncology


Income Statements

in EURm FY-13 FY-14 FY-15 FY-16 FY-17

Revenue 86 89 128 165 258

Gross profit 31 29 38 59 83

Operating income 4 2 (3) 37 39

Income before taxes (24) (5) 12 33 26

Net income (25) (7) 17 27 24

EPS Basic (0.2) (0.1) 0.1 0.2 0.2

EPS Diluted (0.2) (0.1) o.12 0.2 0.2

Balance Sheet




Total non-current assets 105 99 122 182 487

Total assets 227 225 289 351 667




Total stockholders' equity - - - - -

Cash flow Statement


Net cash provided by operating activities 7 (4) 16 67 11

Net cash used for investing activities (32) 3 (23) (6) (269)

Net cash provided by financing activities 32 3 2 (20) 241

Net change in cash 7 3 (4) 39 (17)

Free cash flow 1 (9) 4 57 (7)

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees 610 717 1,000 1,200 2,100

Company ProfilesEvotec AG

Multiples


0.00x

5.00x

10.00x

15.00x

20.00x

EV Revenue

0.00x

40.00x

80.00x

120.00x

160.00x

EV EBITDA

0.00x

20.00x

40.00x

60.00x

80.00x

100.00x

EV EBIT

0.00x

50.00x

100.00x

150.00x

200.00x

PE

5

9

13

17

21

25

Share Price


SALES (in millions)











Quarter Ending Dec-16 (0.02) 0.12 0.14 (700.00)


Latest 14.75 7.9x 98.2x 61.0x 108.4x

Low 11.66 6.7x 44.3x 36.3x 70.2x

Average 15.17 10.0x 87.4x 59.3x 108.0x

High 22.40 15.6x 135.7x 85.6x 175.8x

James C. Foster

Chairman & Chief Executive Officer

William D. Barbo

CCO

Davide Molho, D.V.M.

COO

Company ProfilesCharles River

Key People


• Charles River provides essential products and services to help pharmaceutical and biotechnology

companies, government agencies and leading academic institutions around the globe accelerate

their research and drug development efforts.

• Charles River dedicated employees are focused on providing clients with exactly what they need

to improve and expedite the discovery, early-stage development and safe manufacture of new

therapies for the patients who need them.

• With 80 sites around the globe, they are strategically positioned to coordinate worldwide

resources and apply multidisciplinary perspectives in resolving your product’s unique challenges.

Their focus on timeliness and accuracy in every stage of development means you can count on

reliable, reproducible results, every step of the way.

• In October 2003, Charles River Laboratories merged with Inveresk, a UK-owned research

company. The company was known then as Charles River Laboratories. Inveresk specialised in

clinical research and pre-clinical testing, and their main facilities are in Edinburgh, Scotland. In

late 2009, Charles River sold its Clinical Services Division in Edinburgh to Quotient Bioresearch.

• In 2010 Charles River Laboratories attempted to acquire WuXi PharmaTech, a China-based

contract research organization, but the offer was withdrawn when the deal faced opposition from

several large Charles River investors, including Relational Investors, JANA Partners and

Neuberger Berman.

• In January 2018, the company announced it would acquire KWS BioTest for up to £18 million

($24.4 million). In February of the same year Charles River announced it would acquire MPI

Research for $800 million.

Financial Overview

Headquarter Wilmington, USA

Operating

countries

China, Canada,

Australia, Finland,

France, Germany,

Hungary, India,

Ireland, Italy, Japan,

South Korea, Spain

UK, USA

Foundation 1947

ExpertisePharmaceutical,

Biotechnology

Clinical

Development

Services

Data/IT/Statistics,

Medical

Monitoring/Safety

Medical Writing

Project Management

Protocol

Development


afety, Site

Phases


ivalence, Biomarkers

Pharmacology/Toxic

ology, Phase 1,

PK/PD,

Safety/Tolerability

Specialized Studies,

Drug Interactions

Website www.criver.com

• Cardiovascular Disease

• Infectious Disease

• Inflammation

• Metabolic Disease

• Microbiome Research

• Musculoskeletal Disease

• Neuroscience

• Oncology

• Ophthalmology

• Rare Disease

• Respiratory Disease


Income Statements


RMS 511 507 473 494 494

DSA 432 538 612 837 980

Manufacturing 221.8 252 278 351 384

Revenue 1,166 1,298 1,363 1,681 1,858

Gross profit 399 473 531 647 702



Net income 103 127 149 155 123

EPS Basic 2.2 2.7 3.2 3.3 2.6

EPS Diluted 2,12 2.7 3.1 3.2 2.5

Balance Sheet





Total assets 1,645 1,885 2,068 2,712 2,930


Total non-current liabilities 757 917 1,024 1,445 1,421



Cash flow Statement




Net cash provided by financing activities (84) 61 5 391 (208)

Net change in cash 46 4 (42) 0 46

Free cash flow 168 194 223 243 234

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees 7,700 7,900 8,600 11,000 11,800

Company ProfilesCharles River

Multiples


2.50x

3.00x

3.50x

4.00x

EV Revenue

10.00x

12.00x

14.00x

16.00x

EV EBITDA

18.00x

20.00x

22.00x

24.00x

EV EBIT

0.00x

20.00x

40.00x

60.00x

PE

80

88

96

104

112

120

Share Price


Latest 113.54 3.4x 14.6x 22.8x 43.1x

Low 96.72 3.1x 12.7x 20.0x 24.4x

Average 106.96 3.3x 13.9x 21.6x 34.4x

High 118.09 3.6x 15.0x 23.5x 45.9x


SALES (in millions)












August Troendle, MD

President and CEO

Jesse Geiger, CPA, BBA

COO of Laboratory Operations and

CFO of Medpace

Susan Burwig, MA, BSN

Executive Vice President, Operations

Company ProfilesMedpace Holdings

Key People


• Medpace Holdings, Inc., a clinical research organization, provides clinical development services

for pharmaceutical and biotechnology industries. It specializes in phase I-IV core development

services for drug, biologic, and device programs.

• Medpace is the only global CRO with a fully integrated Clinical Research Campus.

• With the CRO headquartered beside critical supporting services, they are able to build greater

collaboration, efficiency, and streamlined execution – which drives better results. Also located on

the research campus are these wholly-owned subsidiaries:

1. Central Laboratories

2. Clinical Pharmacology Unit

3. Bioanalytical Laboratory

4. Core Laboratories

• In February 2014, Medpace was sold to private equity firm Cinven by CCMP Capital for around

$900 million.

• On August 11, 2016 Medpace (MEDP) went public with an IPO consisting of 8,050,000

shares.

Financial Overview

Headquarter Ohio, USA

Operating

countries

Europe, South

America, India,

Australia, China,

Japan, South Africa

Foundation 1992

Expertise

Diagnostics

Medical Device

Pharma/Biotech

Clinical

Development

Services

Data/IT/Statistics,

Medical Writing

Project Management


afety,


or

Phases


ivalence, Imaging -

Scintography & MRI

Phase 1

Phase 4

Safety/Tolerability

Specialized Studies

Website www.medpace.com

• Cancer

• Cardiovascular

• CNS

• Endocrine/Metabolism

• Genitourinary



Income Statements

in USDm FY-15 FY-16 FY-17

Revenue 359 422 436

Gross profit 156 172 175

Operating income 30 52 65

Income before taxes -8 22 57

Net income -9 13 39

EPS Basic

EPS Diluted

Balance Sheet


Cash and cash equivalents 15 37 26

Total current assets 95 133 130

Total non-current assets 889 846 821

Total assets 984 979 951

Total current liabilities 134 169 193

Total non-current liabilities 437 200 254

Total liabilities 571 268 447

Total stockholders' equity 413 611 504

Cash flow Statement


Net cash provided by operating activities 84 92 97

Net cash used for investing activities (6) (13) (12)

Net cash provided by financing activities (116) (58) (98)

Net change in cash (39) 20 (11)

Free cash flow 78 78 85

Other Stats

FY-15 FY-16 FY-17

N. of employees NA 2,000 2,500

Company ProfilesMedpace Holdings

Multiples


0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

EV Revenue

0.00x

4.00x

8.00x

12.00x

16.00x

20.00x

EV EBITDA

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

EV EBIT

0.00x

15.00x

30.00x

45.00x

60.00x

75.00x

PE

15

20

25

30

35

40

45

50

Share Price


Latest 43.61 3.5x 15.3x 26.5x 34.1x

Low 27.27 2.8x 11.3x 21.2x 26.6x

Average 35.76 3.4x 13.6x 24.6x 42.5x

High 45.46 3.8x 15.9x 27.5x 58.9x


SALES (in millions)












Jonathan Hunt


Manoj Nerurkar, Ph.D.


M. B. Chinappa

President (Finance) & Chief Financial

Officer

Company ProfilesSyngene International

Key People


• Syngene International is one of the leading global CROs offering a suite of integrated, end-to-end

discovery, development and manufacturing services for novel molecular entities across industrial

sectors including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health,

cosmetic and nutrition companies.

• Syngene has state-of-the-art research facilities certified with ISO 9001:2008, ISO 14001:2004,

and OHSAS 18001:2007. Their animal facilities are GLP certified by the Indian authorities and

AAALAC accredited. Over the last 20+ years, thet have successfully offered these services to

more than 310 clients including start-up companies, large pharma/ biotech, agrochemical,

chemical, nutrition and animal health companies in the USA, Europe and the Asia Pacific

including Japan.

• Their integrated discovery and development platforms help organisations conduct discovery (from

hit to candidate selection), development (including pre-clinical and clinical studies, analytical and

bio-analytical evaluation, formulation development and stability studies) and pilot manufacturing

(scale-up, pre-clinical and clinical supplies) with a distinctive economic advantage.

Financial Overview

Headquarter Bangalore, India

Operating

countries

Europe, Asia and

Japan

Foundation 1994

Heart

Monitoring

Clinical

Research

Health

Management

CRO, Clinical

Development

Services, CMO,

Chemistry, Biology

and Biologics,

Bioinformatics

Clinical

Development

Services

Data/IT/Statistics,

Medical

Monitoring/Safety,

Medical Writing,

Project Management,


afety,


or

Phases


ivalence,

Pharmacology/Toxic

ology, Phase 1,

Phase 2, PK/PD,

Specialized Studies

Websitewww.syngeneintl.co

m

• Cancer

• CNS

• Dermatology

• Endocrine/Metabolism


• Inflammation/Immune

• Orthopaedics


Income Statements

in INRm FY-14 FY-15 FY-16 FY-17

Contract research and manufacturing 6,995 8,599 11,070 12,009

Revenue 6,995 8,599 11,070 12,009

Gross profit 5,081 6,209 7,966 8,791

Operating income 1,485 2,015 2,606 2,704

Income before taxes 1,557 2,035 2,582 3,465

Net income 1,339 1,750 2,212 2,873

EPS Basic 7.2 9.2 11.4 14.7

EPS Diluted 6.9 8.9 11.1 14.6

Balance Sheet


Cash and cash equivalents 916 1,157 7,199 5,273

Total current assets 6,340 5,858 13,484 15,231

Total non-current assets 5,569 8,357 10,411 12,507

Total assets 11,909 14,215 23,895 27,738

Total current liabilities 4,624 4,752 5,360 5,993

Total non-current liabilities 692 1,014 8,007 7,614

Total liabilities 5,316 5,766 13,367 13,607

Total stockholders' equity 6,593 8,449 10,528 14,131

Cash flow Statement


Net cash provided by operating activities 2,995 185 3,124 3,997

Net cash used for investing activities (3,472) 120 (7,488) (4,691)

Net cash provided by financing activities 1,554 (101) 7,094 (808)

Net change in cash 798 239 2,716 (1,528)

Free cash flow 1,997 (1,854) 204 913

Other Stats

FY-14 FY-15 FY-16 FY-17

N. of employees 2,167 2,967 3,492 4,138

Company ProfilesSyngene International

Multiples


0.00x

4.00x

8.00x

12.00x

EV Revenue

0.00x

10.00x

20.00x

30.00x

EV EBITDA

0.00x

10.00x

20.00x

30.00x

40.00x

EV EBIT

0.00x

15.00x

30.00x

45.00x

60.00x

PE

200

350

500

650

800

Share Price


Latest 603.40 8.1x 22.3x 32.5x 39.3x

Low 437.80 6.7x 18.4x 24.9x 29.9x

Average 547.88 8.1x 21.7x 30.0x 36.6x

High 679.20 9.9x 26.2x 36.8x 44.3x


SALES (in millions)












Joseph H. Capper

President and Chief Executive Officer

Heather Getz, CPA

Executive Vice President and Chief

Financial Officer

Peter Ferola

General Counsel and Senior Vice

President

Company ProfilesBioTelemetry

Key People


• BioTelemetry, Inc. provides monitoring services and digital population health management for

healthcare providers, medical device manufacturing and centralized core laboratory services for

clinical research. Since we became focused on cardiac monitoring in 1999, we have developed a

proprietary integrated patient management platform that incorporates a wireless data

transmission network, U.S. Food and Drug Administration (“FDA”) cleared algorithms, medical

devices and 24-hour monitoring service centers.

• BioTelemetry operates under three reportable segments:

• The Healthcare segment, which generated 81% of our revenue in 2017, is focused on the

diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders. They offer

cardiologists and electrophysiologists, neurologists and primary care physicians a full spectrum of

solutions which provides them with a single source of cardiac monitoring services. These services

range from the differentiated mobile cardiac telemetry service (“MCT”), to event, traditional Holter,

extended-wear Holter, Pacemaker and International Normalized Ratio (“INR”) monitoring.

• The Research segment, which generated 14% of our revenue in 2017, is engaged in central

core laboratory services providing cardiac monitoring, imaging services, scientific consulting and

data management services for drug and medical device trials.

• The Technology segment, which generated 5% of our revenue in 2017, focuses on the

development, manufacturing, testing and marketing of cardiovascular and blood glucose

monitoring devices to medical companies, clinics and hospitals

Financial Overview

Headquarter Malvern, USA

Operating

countriesUK, Japan

Foundation 2013

Heart

Monitoring

Clinical

Research

Health

Management

Heart Monitoring,

Clinical Research,

Health Management

Clinical

Development

Services

Remote Monitoring

Solutions e Clinical

Research- cardiac,

imaging

Phases I, II, III, IV

Website www.gobio.com

• Cardiac Safety

• Cardiac Outpatient Telemetry

• Oncology


Income Statements


Healthcare 100 133 146 166 234

Research 20 20 22 33 39

Technology 9 14 11 10 14

Revenue 130 167 179 208 287

Gross profit 79 93 107 129 172

Operating income 1 (4) 10 18 30

Income before taxes (7) (12) 8 16 (10)

Net income (7) (10) 7 53 (17)

EPS Basic (0.3) (0.4) 0.3 1.9 (0.5)

EPS Diluted 0.3 0.4 0.3 1.8 0.5

Balance Sheet




Total non-current assets 43 75 77 139 434

Total assets 88 125 124 199 525




Total stockholders' equity 67 64 76 139 251

Cash flow Statement




Net cash provided by financing activities 1 16 (2) 1 166

Net change in cash 4 (2) (1) 4 13

Free cash flow 3 (4) 1 28 10

Other Stats

FY-13 FY-14 FY-15 FY-16 FY-17

N. of employees 622 922 938 1,087 1,600

Company ProfilesBioTelemetry

Multiples


0.00x

2.00x

4.00x

6.00x

EV Revenue

0.00x

20.00x

40.00x

60.00x

EV EBITDA

0.00x

40.00x

80.00x

120.00x

160.00x

200.00x

EV EBIT

0.00x

10.00x

20.00x

30.00x

PE

15

20

25

30

35

40

45

50

Share Price


Latest 46.45 5.5x 47.0x 44.7x 0.0x

Low 24.15 3.8x 32.4x 30.8x 0.0x

Average 34.27 4.6x 41.4x 70.6x 11.4x

High 46.55 5.6x 50.4x 152.4x 26.9x


SALES (in millions)












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