Resources

The Case for Hiring an Investment Bank: Adding Value to Your Value Proposition

The “right” investment banker for you with the appropriate experience can not only tell you what your company is worth, they can also utilize their expertise to establish and run an appropriate, bespoke transaction process that will serve to reduce risk and maximally benefit you and your company’s future potential, valuation or even sale price – and they should be equally willing and able to.

The Winding Journey of Biotech Capital Raising: Deciphering the Jargon

Ensuring biotech companies are sufficiently capitalized to propel innovation and development remains a central focus for management. In this article, we draw on our broad perspective interacting with venture capitalists to offer thoughts on investor feedback. Understanding venture capitalists’ mindsets and investment theses will increase the probability of securing needed capital.

Financing Diagnostics in the Post-COVID World

During the COVID-19 pandemic, the US government imposed sweeping pandemic measures on the nation allowing millions of Americans to receive free tests, vaccines, and treatments aimed to prevent spread of a potentially life-threatening, highly contagious disease. These COVID-19 emergency declarations will end on May 11, marking a close to the US response to the global pandemic. With the end of the pandemic, the in vitro diagnostics (IVD) industry is confronting a reckoning-one that was predicable but is still painful.

Orthopedic Industry Outlook Prompts Positive Market Sentiment

Amid a deteriorating macroeconomic backdrop, orthopedic industry stocks have shown resiliency relative to the broader public markets. This enables management teams to breathe a sigh of relief, driven in part by expectations for a long-awaited pickup in procedure volumes, as they and investors have watched valuations tumble over recent years due to COVID-19 headwinds, supply-chain backlogs, and other industry forces.

Optimizing Medtech Pricing Flexibility in a Digital World: Subscription Versus CapEx

As medtech companies modify their business practices and pricing models to draw out the maximum value of their integrated digital and medical device offerings and respond to customers’ concerns about high up-front costs of adopting new technologies, they need to discern the trade-offs and proper use cases.

Orthopedic Industry Exhibits Steady Transactional Activity and Value, Despite Maturity

Outcome Capital argues that the orthopedic segment, and ortho in particular, remains highly attractive, as it offers investors stability, healthy multiples, and opportunities for innovation.

Dx IPO Window Widens in 2021 as COVID-19 Testing Provides Jumping Off Point

Sustained investor interest in the diagnostics industry in light of the continuing COVID-19 pandemic drove initial public offerings in the Dx space in 2021, leading to more than three times as many IPOs in the space last year as in 2020.

Diagnostics M&A Deals Skyrocket in 2021 as Companies Have COVID-19 Cash to Burn

As many diagnostics companies continued to benefit from high volumes of COVID-19testing, cash burned a hole in the pockets of many in the industry, and major players and smaller newbies alike picked up new businesses. 

Diagnostic Financings Are Robust, Fueled by COVID-19 and Precision Medicine

Private investors poured more than $8 billion into diagnostics companies between January 2020 and September 30, 2021, envisioning myriad opportunities for innovative COVID-19 testing technologies and precision medicine tests that help optimize individual treatment regimens.

Make, Buy Or Partner: Strategic Alliances Continue To Fuel Biopharma Growth

The biopharma market has been highly active throughout the COVID-19 pandemic with a substantial focus on strategic alliances between 2020-H1 2021. Partnership deals present exciting liquidity and risk mitigation opportunities for early-stage companies. Small molecules still comprise the largest segment of partnered drugs, but alliances for other modalities are on the rise.

Pharma Services Sector Poised for Continued Growth and Consolidation

Outcome Capital has been following the pharma services market dynamics for the past 5 years. The authors believe that this fragmented segment will give way to greater consolidation by both financial buyers looking to roll up smaller players and larger contract research organizations seeking to expand into value-added specialty service areas. Adding to this consolidation is a tepid fund-raising environment, opening the door for financial buyers to play a role in consolidating many niche players.

The Diagnostics Industry Post-Covid: A Revival or Return to Baseline?

The COVID-19 crisis shifted unprecedented resources to the diagnostics industry and presented a substantial growth opportunity for test manufacturers. A multitude of companies and entrepreneurs quickly pivoted toward developing innovative COVID tests, but whether they can survive post-pandemic exceptionalism remains to be seen.

Intense Transactional Activity Continues To Propel Biopharma Growth

Due to the risks, costs, and required specialization associated with research and development, acquisitions and partnerships have become powerful and frequently used tools for large pharmaceutical companies to ensure continued growth. Outcome Capital’s analysis of M&A by the largest pharmaceutical companies over the past three-and-a-half-years reveals some important trends.

7 Elements of a Successful Biotech Funding Plan

CEOs must accept the reality that the success of their company is largely dependent on segment dynamics, in addition to the technology or their management skills

Immuno-Oncology: Unicorns, China And The Perfect Storm

Are we in the midst of a transformational inflection point in scientific progress leading to meaningful improvements in clinical outcomes or are we witnessing irrational exuberance by investors and strategic players leading to unduly escalated asset values? Time will tell.

Strategy First, Execution Second: Why Life Science Entrepreneurs Should Adopt a Top-Down Mindset Early

Management teams should adopt a top-down approach by developing a clear path to liquidity aligned with sector-specific market characteristics

Neurovascular Device Market Poised For Growth

Not long ago, tPA was the only front-line treatment for acute ischemic stroke. But a second generation of mechanical thrombectomy devices, including stent retrievers and aspiration-based reperfusion devices, has demonstrated significant efficacy against ischemic stroke, providing the impetus for renewed device innovation and new care delivery strategies.

Recurring Mistakes (And Remedies) For Life Sciences M&A

Life science management teams fall victim to recurring mistakes and entrapments.  This article discusses avoidable missteps in M&A transactions and their respective remedies.

Attracting Venture Capital in the Life Sciences Industry: a Data-driven Approach

Seeking venture capital (VC) financing for a young life sciences company is often a difficult and frustrating job, sometimes taking many months and too often ending fruitlessly.

How Cognitive Bias Undermines Value Creation in Life Sciences M&A

Life Sciences mergers and acquisitions are typically based on perceived future value rather than objective financial parameters.

Who’s Driving the Liquidity Event?

In a hard-hitting expert view piece, Dr Oded Ben-Joseph and Dr Shawn Manning, from investment bank Outcome Capital, advise on how life science companies can achieve shareholder objectives without falling into some common traps.

Platforms versus Products in the Life Sciences Sector

In an expert view piece, Dr Oded Ben-Joseph and Dr Shawn Manning, from investment bank Outcome Capital, advise on how life sciences companies can curtail risk by allocating time and money in a capital-efficient manner.

Where the Bodies Lie

As members of a life sciences advisory and investment banking group, my partners and I have often noted that life sciences companies fall victim to the same mistakes and misconceptions, repeated again and again. These failures mostly hinge upon company management misunderstanding the fundamentals of market dynamics and failing to appreciate the importance of the exit…

Business Success in the Life Sciences: an Investment Banker’s Perspective

We spent considerable time talking with biotech and pharma companies as well as academic research labs throughout the UK. Our aim was to get a more in-depth understanding of the local industry, its strengths, weaknesses and particular needs…

Outcome Capital’s 2024 State of the Life Sciences Market Report

Gain insights into the latest M&A trends, key industry drivers, breakthroughs, and an outlook for 2025.

FY 2023 – H1 2024 Pharma CDMO Market

Highlights, Trends, Opportunities & Outlook

FY 2023 – H1 2024 Clinical CRO Market

Highlights, Trends, Opportunities & Outlook

FY 2023 – H1 2024 Preclinical CRO Market

Hospital @ Home

The Transformation of Virtual Care

Pharma Contract Services Industry Outlook 2023

Highlights, Trends, Opportunities & Outlook

2023 & 2024 Life Science Market Outlook

Highlights, Trends, Opportunities & Outlook

2023 Artificial Intelligence in Life Sciences Market Insight

Highlights, Trends, Opportunities & Outlook

2023 Life Sciences & Healthcare Consulting Market Insight

Highlights, Trends, Opportunities & Outlook

Strategic Survival During A Downturn

How The HealthTech Industry Is Entering A (Probable) Recession, And Ways Management Teams Can Navigate Newly Unchartered Waters

2022 Pharma Contract Services Industry Outlook

Outcome Capital shares their analysis and insights on pivotal trends and opportunities within the Pharma Contract Services sector.

2022 Digital Health Sector: Highlights, Trends & Opportunities

Outcome Capital shares their analysis and insights on pivotal trends and opportunities within the Digital Health sector.

2022 Medical Device Sector: Highlights, Trends & Opportunities

Outcome Capital shares their views, insights and data on key strategic trends and dynamics in the Medical Device sector.

2022 Biopharma Industry Outlook: Highlights, Trends & Opportunities

Outcome Capital shares their views, insights and data on key strategic trends and dynamics in the biopharma sector. This segment is poised for significant growth, scientific advancement and consolidation.

2022 Life Science Consulting Sector: Market Trends, Dynamics & Opportunities

Outcome Capital shares their views, insights and data on key strategic trends and dynamics in the life science consulting sector. This vibrant segment is poised for significant growth and consolidation.

Digital Health Sector: Trends and Opportunities

Outcome Capital shares their views, insights and data on key strategic and financial trends within the Virtual Care, Population Health and Tech-Enabled Payor segments. These vibrant segment niches of the broader Digital Health industry are poised for significant investment and consolidation.

Biology & Digital Technology Merger Gives Rise to Spatial Biology

As a highly specialized life science advisory and investment banking firm, Outcome Capital looks to identify emerging trends that effect how researchers and clinicians understand, diagnose, and treat disease.

Shining the Light on Diagnostic Shortcomings During the COVID Pandemic Reveals a Stronger Path for the Future

Outcome Capital sat down and spoke with Dr. Cathy Petti to get her perspective on the shortcomings of COVID diagnosis and how to carve out a stronger path for the future. 

Grabbing Hold of the COVID-19 Pandemic as a Diagnostic Company

Outcome Capital sat down and spoke with Chuck Morrison to get his thoughts on the effects of the current COVID-19 pandemic on diagnostic transactional activity in 2020 and how best to weather the economic environment.

In Vitro Diagnostic Market Insight: Continued Growth and Consolidation

The In Vitro Diagnostic market values established companies with regulatory approval and market traction. This is demonstrated by premiums paid for acquisitions of companies that offer the opportunity to quickly capture market share and IPOs of companies with significant revenues.

Update in Immuno-Oncology: Multiplicity of Drug In-Licensing Opportunities to Expand Your Pipeline

This market update captures assets currently in development and recent partnering/in-licensing transactions which can catalyze development and improve valuation for companies.

Ophthalmology Market: Opportunity for Growth Remains

The ophthalmology market values innovation approaches, demonstrated by premiums paid for acquisition of  first-in-class therapies and public market support of ophthalmology gene therapy companies.

Cell-based Therapies: A Maturing Market Poised for Growth

The cell-based therapy market will grow significantly, supported by recent clarity in the FDA pathway, improved clinical outcomes as well as market entry by big pharma.  

Outcome Capital Life Science Market Pulse, October 2024

Outcome Capital Life Sciences Pulse, September 2024

Outcome Capital Life Sciences Pulse, August 2024

Outcome Capital Life Sciences Pulse, July 2024

Outcome Capital Life Sciences Pulse, June 2024

Outcome Capital Life Sciences Pulse, May 2024

Outcome Capital Life Sciences Pulse, April 2024

Outcome Capital Life Sciences Pulse, March 2024

Outcome Capital Life Sciences Pulse, February 2024

Outcome Capital Life Sciences Pulse, January 2024

Outcome Capital Life Sciences Pulse, December 2023

Outcome Capital Life Sciences Pulse, November 2023

Outcome Capital Life Sciences Pulse, October 2023

Outcome Capital Life Sciences Pulse, September 2023

Outcome Capital Life Sciences Pulse, August 2023

Outcome Capital Life Sciences Pulse, July 2023

Outcome Capital Life Sciences Pulse, June 2023

Outcome Capital Life Sciences Pulse, May 2023

View our LifeSciences Pulse Newsletter

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Learn more about strategic transactional insights & market trends!

Outcome Capital LifeSciences Pulse

Learn more about strategic transactional insights & market trends!

Quarterly Market Segment Report | Biopharma Segment Overview | Q2 2024

Quarterly Market Segment Report | Medical Device Segment Overview | Q2 2024

Quarterly Market Segment Report | Life Science Tools & Diagnostics Segment Overview | Q2 2024

Quarterly Market Segment Report | Diagnostics Segment Overview | Q1 2024

Quarterly Market Segment Report | Medical Device Segment Overview | Q1 2024

Quarterly Market Segment Report | Biopharma Segment Overview | Q1 2024

Dx Experts See Demand for OTC Self-Tests, Tempered by Lack of Reimbursement

In the immediate wake of the COVID-19 pandemic, there was initial enthusiasm that over-the-counter self-administered tests would see an upshot as some believed the widespread use of antigen-based COVID-19 tests would carry over to tests for other indication.

Dx M&A Deals Decline as Industry Returns to Normal Post-COVID Boom

The diagnostics industry has finally completed its return to normal after three years of heavier dealmaking, as full-company mergers and acquisitions declined to pre-COVID-19 levels in 2023.

With Pipeline of Syndromic Tests, Qorvo Eyes Emergence as More Than a COVID Company

Qorvo Biotechnologies said it is closing in on the launch of its point-of-care COVID-19 and influenza test as the firm works to expand its menu beyond COVID-19 and into syndromic panels and cardiac disease tests.

As Pandemic Wanes, Firms That Rode C0VID-19 Testing Wave Struggle for Solid Footing

Companies that once rode high on the COVID-19 pandemic may now have to face the possibility of extinction in the coming years.

Public, Private Dx Financing Wanes as Post-Pandemic Diagnostics Landscape Changes

After two years of basking in the spotlight and money flowing into the industry as a result of the COVID-19 pandemic, financing for diagnostics companies has largely withered in 2022.

Amid Broader Market Pressures, Dx M&A Deals See Downturn in First Half of 2022

COVID-19 brought significant attention and investment to the diagnostic industry. Coming out of the pandemic new pressures and challenges await. Director Craig Steger shares his views and insights on how firms must be strategic and agile in this new paradigm.

Dx IPOs Plummet, SPAC Market Recedes Among Macroeconomic Difficulties

Managing Director’s Oded Ben-Joseph, PhD, and Paul Mieyal, PhD, were interviewed by 360Dx for their views on capital markets’ current receptiveness towards COVID diagnostics companies and the viability of SPAC’s for life sciences firms.

Are SPACs Better Than Traditional IPOs?

Outcome Capital’s Managing Director Paul Mieyal, Ph.D., CFA was interviewed by BioSpace for his views on the recent popularity of SPACs in the biotech space.  The interview covers historical perspective, current market dynamics, and outlook for the next year.

Biotech Startups: How to Succeed in a COVID-19 World

Navigating uncharted waters, biotech investors, executives and entrepreneurs are finding unique challenges (and opportunities) in a COVID-19 world. Contributing author, Outcome Capital’s Dr. Oded Ben-Joseph, Managing Director and Co-Founder of the Life Sciences Practice.

BIO18: Pfizer’s Bourla on Volume vs. Value & a Little Dealmaking Advice from Outcome Capital

Partnerships and the move to value dominated the chatter at the BIO International Convention’s 25th annual partnering meeting on Monday in the life science hub of Boston.

Active VCs vs. Zombies: Dysfunctional Boards That Mess With M&A

Investors want to know: Will Big Pharma go bargain hunting, do a little M&A? Will it lift my biotech portfolio out of the gutter? Multiple factors are always at work. At the most basic level, pharma still needs to acquire new products to stay afloat. Little biotechs who create things need to be acquired, or go public, to reward their investors. Those facts never change. But there’s another powerful, and dark, force creating havoc in many biotech boardrooms. People who have witnessed it don’t like to talk about it. When they do, it’s in hushed tones…

How Faulty Thinking Can Derail Life Sciences M&A Deals

Merger and acquisitions may be a path to creating value for life science companies, but talks can breakdown because of flaws in management thinking that skew their sense of the value of their company.  Oded Ben-Joseph, managing director of Outcome Capital, applied behavioral economics to the M&A front to discuss how cognitive biases can derail M&A transactions…

The Havoc-Wreaking Zombies Lurking in Life Sciences Boardrooms

The walking dead live, but it’s value, not brains, they are eating. So-called zombie funds, life sciences venture capital funds that are fully invested and unable to raise new money, still maintain their board seats. But Outcome Capital’s Managing Directors Oded Ben-Joseph and Arnie Freeman say their divergent interest from their fellow board members often lead to disputes that can end the life of promising technologies and lead to acquisitions that leave much value on the table.

Navigating the Post-COVID Hangover for Life Sciences Markets 

Outcome MedTech Market Movers: Boston Scientific – Corporate Update

While many in the medtech industry are struggling, BSX’s strategic M&A is enabling continued growth and market share expansion, with cardiology segment driving key growth and revenue contribution.

Outcome Biotech Market Movers: Wide-Ranging Late-Stage Pipeline Propels Ionis Pharmaceutical, Inc.

Leveraging differentiated therapeutic platforms, biotech companies leverage comprehensive product pipeline across various indications, attracting multiple strategic partnerships to enable rapid growth.

Outcome MedTech Market Movers: COVID Concern Diminishing, CooperCompanies Exceeds Q1/22 Guidance, M&A Strategy Energizing Returns

M&A and Tuck in acquisitions continue to provide inorganic growth opportunities for medtech players seeking to leverage current footprint and fast track product offerings.

Outcome MedTech Market Movers: Amid Pandemic Headwinds, Strategic Positioning & Innovative Technology Drive Growth Outlook

Leading MedTech strategic players are aggressively seeking tuck-in opportunities in the post-Covid era to strengthen existing business units, with waning market sentiment presents unique timing for M&A as companies seek to deploy cash.

I am a Scientist-Banker at Outcome Capital

Dr. John Armstrong, Managing Director in Outcome Capital’s biotech practice, explains why he chose investment banking for the next phase of his career, and why he chose Outcome Capital, specifically.

Pioneers Give Us Hope

Pioneers give us hope. At Outcome Capital, we thrive on supporting pioneers in the life sciences. You are what we live for. We help you get financed, partnered, and acquired. We are the ones working to ensure that the trails you blaze bring the rest of the world into the light.

The Accelerated Maturation Of Digital Health: Thoughts From HLTH 2021

Navigating the hyper growth of the digital sector presents a challenge to management teams in navigating a de-differentiated and highly competitive environment.

Raising capital is Not a Numbers Game

The secret to successfully raising capital is strategy – strategic positioning, targeting, and timing. Outcome Capital deploys strategy to get it right the first time so you don’t hurt your chances for the future.

Life Science Entrepreneurs: Embrace the Risks

Our strategic advice is based on data and on market-driven feedback. We want you to win, and if you have a coachable persona, we know that you will be open to professional strategic guidance toward maximizing your chances of reaching a liquidity event, whether that an M&A, strategic partnership, or equity financing transaction.

Winning Matters

At Outcome Capital, getting you to exit and getting your technology to patients matters to us. When we engage, we don’t go to participate; we don’t go to try hard; we go to win, because winning matters.

Bringing Polymath Power to Biotech Banking

Success in identifying strategic partnerships and transacting M&As deal in the knowledge-intensive and highly complex Biotech industry requires a multi-disciplinary approach from investment banking firms. The scientist-bankers at Boston-based Outcome Capital define a step-up from the ordinary.

Caught By Surprise: The Diagnostic Industry in The Time of COVID

World markets are looking to the diagnostic industry to rapidly diagnose and monitor the COVID -19 pandemic but the segment received limited venture support over the past several years. The COVID-19 crisis has shown that pandemics are real, their impacts on health and the economy are devastating, and it is through renewed innovation that we find relief.

Tainting the Market: Why Early & Widespread Market Outreach Can Hurt

As a specialized life science advisory and investment banking group, Outcome Capital is often in the unique position to see companies who have gone to market prematurely and consequently have been unsuccessful in either raising capital or seeking an acquisition partner. What management often does not realize is that the failure of these first-time efforts can leave the market with a tainted impression of their company

Outcome’s Digital Health Practice Takeaways from MassBio’s Life Science Entrepreneurs Impact Summit

As the digital health segment is rapidly gaining momentum, entrepreneurs are advised to focus on technologies that clearly demonstrate improved clinical outcomes, or quickly and capital-efficiently integrate into hospital workflows toward reduce cost reduction.

Board Dysfunction and the CEO

Boards should consist of two key stakeholders: Investors, who have the financial ability to support the company and industry experts, who could provide domain expertise, external perspective, as well as a deep network.

Top Five Recurring Mistakes (And Remedies) In Life Science M&A

Given that M&A transactions are pivotal in moving innovation from the laboratory to the patient, it is imperative that management teams understand that the selling of a company is an arduous, time-consuming, and a high-risk process. As members of a specialized life sciences investment banking group focused on private equity financing and M&A, we often note that life science management teams fall victim to recurring mistakes and entrapments.  Below is a list of avoidable missteps in M&A transactions and their respective remedies:

Pitching Your Company: On the Importance of Seeking Dialogue and Avoiding Monologue

The idea of CEOs “pitching” their company evokes images of detailed PowerPoint presentations and exuberant speeches. While intricate presentations given with dramatic flare might seem like an appealing route for entrepreneurs to take, seasoned CEOs leverage the opportunity to discuss their company, form relationships and receive invaluable feedback.

Pitching Your Company: Key Distinctions to Make When Meeting With Potential Investors or Acquirers

Whether in the early stages of attracting capital, or engaging in discussions with strategic acquirers, successful life science management teams are careful to make important distinctions when “pitching” their company. Below, are topics that are occasionally confused to the detriment of otherwise marketable technologies and companies.

The Liquid Biopsy Segment Is Coming Into Its Own

Beginning with Roche’s acquisition of the balance of Foundation Medicine for $2.4 billion this past June, the long championed (yet unrealized) promise of the liquid biopsy market has begun to take shape. Investments and acquisitions in the space are undoubtedly only just beginning, and we look forward to seeing this market continue to mature and grow.

Biotech 2018 IPO Mania – NASDAQ to Hong Kong

The public capital markets for life science IPOs today are in a fairly unique place.  In Europe, the IPO market has remained relatively flaccid, characterized by an ongoing lack of tradable volume, limited ‘pools of capital’, and continuing wariness from institutional investors who have limited knowledge of the life sciences sector and therefore little appetite for such stocks. New Europe-wide financial market regulations (the now infamous ‘MiFID-II’) carry with them the prospect of an up to 75% decline in trading commissions, and the number of smaller stocks that are likely to be covered by Europe’s (few) remaining biotechnology analysts is limited and likely to remain that way. Thus, it is perhaps unsurprising that companies and shareholders are increasingly looking across the globe, to the United States and now beyond, for IPO opportunities.

Anti-infectives: Addressing Market Dynamics that Challenge New Entrants to the Sector

Big pharma flight from anti-infective R&D will create significant challenges for early-stage biotech companies seeking to develop novel and much needed drugs in this sector, as opportunities for partnerships, joint R&D relationships, and merger/acquisition transactions are diminishing.  

June Healthcare M&A Eclipses Recent Biotech IPO Surge

Big guns may have been fired up this week in the financing world with 6 of 12 Biotech IPOs debuting and raising more than $460M dollars. This figure however is dwarfed by the multi-billion dollar value of Merger & Acquisitions announced or offers made within healthcare during June to date — and the month isn’t quite over yet!

5 Things Every Life Sciences Entrepreneur Should Know

Many life sciences entrepreneurs have the mistaken belief that good technology is enough to gain funding, and ultimately commercial success. Interesting technology and research excellence provide a strong foundation; however, the aim of a successful business is not good science but achieving a tangible return to its shareholders. 

Welcome to the Outcome Blog

Welcome to our blog dedicated to passing on the wealth of knowledge we have gained through our many years of advising and working with companies to carve out and follow their best path to success.