The 2021 SRS Acquiom Life Sciences Study analyzes deal terms from more than 295 life sciences transactions that have been closed for more than one year, including milestone achievement data on 218 deals that have earnouts (aggregate $52.1B up-front plus $59.6B earnout potential).
The study provides data by industry sector, up-front value, closing year, and product stage and presents proprietary insights, including:
How much earnout potential is in near-term milestones versus long-term “biodollars”?
How much do parties typically negotiate for milestones at each phase of development?
Which milestones actually get paid, and when?
Did COVID-19 have an impact on life sciences milestones and earnouts?
Since 2008, SRS Acquiom has provided professional and financial services for life sciences M&A transactions involving biotech/pharmaceutical products (Bio/Pharma), medical devices, diagnostics, and life sciences tools and technologies. Very few of these agreements or information on post-closing outcomes are available publicly.
Don advises life science clients on M&A deal negotiations and post-closing milestones and earnouts. He is principal author of our life science studies and a frequent speaker at industry events.
Before joining SRS Acquiom, Don spent more than a decade helping to grow two venture-backed life science start-up companies through IPOs. He has been responsible for many strategic transactions involving licensing, partnering and M&A, as well as financings with leading venture capital and private equity firms. He was formerly SVP, Corporate Development and General Counsel for Replidyne, an antibiotic drug development company, and VP, Legal Affairs and Business Development for Caliper Life Sciences, a microfluidics company. He began his career as a business attorney with Cooley LLP.
Don holds a law degree from USC and a BA in Molecular, Cellular and Developmental Biology from the University of Colorado.
Casey is the managing director of SRS Acquiom’s professional services team and shareholder representation business. He also oversees thought leadership for the company, including development of SRS Acquiom’s industry-leading annual Deal Terms Study and the Claims, Life Sciences, and PPA Studies.
Before joining SRS Acquiom, Casey was a litigation & trial attorney at a San Francisco law firm. Casey represented Fortune 50 clients as well as SRS Acquiom and its clients, and took multiple cases to trial and appeal.
Casey received his B.S. from Arizona State University’s W. P. Carey School of Business, and his law degree from University of California, Berkeley. He is a licensed attorney in California.