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M&A and IPO Activity

M&A Activity
Top Headlines
Dynamk Capital Insights
VC Investments
Recommended Reads

While M&A transaction deal count remains relatively low, we are seeing some larger deals come through. Waters completed its acquisition of Wyatt Technology for close to $1.4B to accelerate it’s growth in the bioanalytical characterization sector. As we have previously mentioned, many strategics are sitting on large balance sheets and have expressed their intent to pursue M&A going forward. Most recently, Thermo Fisher announced that they plan on spending up to $50B on M&A in the coming years. In early July they hinted at what their M&A strategy would look like as they announced their plan to acquire data intelligence platform CorEvitas for $900M.

Top Headlines

Waters Corporation completes nearly $1.4B acquisition of Wyatt Technology
Originally announced in February '23, the all-cash $1.36B deal is to acquire the Santa Barbara, California-based, privately held family company with 2022 revenues of approximately $110 million. With more than 80% of its rapidly growing revenues tied to large molecule applications, Wyatt accelerates Waters' ability to build a high-growth business in bioanalytical characterization for new modalities.
Press Release

Thermo Fisher expects to spend up to $50 billion on “disciplined” M&A
With roughly 44 acquisitions since 2006 totaling $69B, Thermo plans to continue high single-digit growth by taking advantage of what CEO Marc Casper described as a highly fragmented market. Top recent acquisitions include; 2013: Life Technologies ($13.6B), 2017: Patheon ($7.2B), 2021: PPD ($17.4B).
Full Article

Dynamk Capital Insights

We are now at the midpoint of 2023 and the theme of cautious optimism from the start of the year remains present. At the macro level, there is a sense of stability and that the rest of the year will continue the theme of modest growth. Additionally, there seem to be signs of additional business development activity and progress. We had an opportunity to connect with strategics, VCs, and entrepreneurs during BIO and came out feeling energized.

Venture & Growth Investing in Life Science Industrials

LSI’s are continuing to capture a similar amount of value over the last 4 quarters despite the deal count decline. One theme we have observed through the deals coming across our desk is a increase in number of extensions and flat rounds. Many are looking to raise rounds to get them to their next milestones before launching a larger round. We have also seen an increase in structure and a return of more “investor friendly” terms.