2H 2023 Healthcare M&A Report

In hindsight, 2023 was a challenging year in the Healthcare sector. In fact, it’s been a challenging environment for the past few years. In 2023, the sector’s percentage of global private equity activity fell below 11%, its lowest rate since 2015. Venture capital interest, especially in biopharma, was down dramatically. Across the sector, things look a little cloudy, with lower multiples in the deals that were completed. Many healthcare companies are finding themselves too highly leveraged, the spike in interest rates hurt, and there are reports that many companies will have no other option but seek help or default in 2024. More than 20% of the 192 healthcare companies rated by Moody’s are on their “negative” or lower ratings list.

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