Daniel McMullen

For Corporates
Insights into Healthcare M&A: Q3 2024 Trends
Healthcare M&A activity increased in the third quarter of 2024, with 33 transactions vs. 21 in 2023. Healthcare Services was the most active healthcare subsector, representing 42% of deal volume, with the most notable transaction being TowerBrook’s and CD&R’s $8.3B acquisition of R1 RCM. Biopharma transaction volume increased slightly in the third quarter of 2024, with 10 transactions vs. 9 in 2023, while transaction value declined from $13 billion to $9 billion. Oncology was the most active therapeutic area. We expect Biopharma M&A activity to remain dynamic as large biopharmaceutical companies seek to fill revenue and pipeline gaps via acquisitions of development-stage companies. We continue to expect both private and publicly traded pre-commercial biopharma companies to evaluate the full range of strategic alternatives, including partnerships, mergers and sale transactions. Given an improving macroeconomic backdrop and corresponding capital markets environment, we also expect private development-stage private companies to increasingly evaluate IPOs.
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Daniel McMullen

Dan McMullen is a Senior Managing Director of Institutional Equities at Leerink Partners.

Mr. McMullen joined the Firm in 2012 and continues to provide clients with deep expertise in institutional equity sales. Prior to joining the Firm, Mr. McMullen was Co-Founder and President of Business Development at AHM Consulting. He began his career at Fidelity Management and Research Company as a Business Analyst in the Fund Analysis and Research Group and later became a Senior Sector Specialist in equity research, where he focused on small cap stocks in various industries.

Mr. McMullen earned his B.A. in Economics from Boston College.

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