M&A Advisory for Healthcare and Pharma Companies

Healthcare and pharma M&A has its own rules. Generic advisory playbooks don't fit.

Regulatory overlay

HIPAA, Stark Law, Anti-Kickback, FDA compliance, state licensing, DEA registration — these shape both what can be sold and how. A buyer without healthcare experience will get lost fast.

Buyer universe

• Strategic acquirers — health systems, pharma companies, MSOs
• Healthcare-focused private equity — an increasingly active buyer class
• Physician practice management platforms — active in dental, dermatology, ophthalmology, vet
• Specialty pharma platforms

Valuation drivers

Payer mix, provider retention, referral base durability, regulatory posture, and — for pharma — pipeline stage and clinical data. EBITDA multiples vary widely by sub-segment.

Diligence complexity

Longer and more specialized. Compliance reviews, payer contract reviews, licensing verification, and often a specialized healthcare quality-of-earnings. Plan on 10–14 weeks of diligence rather than 6–8.

Who to hire

Look for advisors with recent, closed healthcare or pharma transactions in your specific sub-segment. Generalist M&A experience isn't enough here — the regulatory dimensions and buyer relationships are too specific.