Faisal Khurshid

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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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Faisal Khurshid

Faisal A. Khurshid is a Senior Research Analyst at Leerink Partners leading our Emerging Immunology sector.

Prior to joining the firm in 2021, Faisal worked as a consultant to several biopharma companies, with a focus on oncology and rare diseases. He started his career at ClearView Healthcare Partners, where he focused primarily on new product planning and product launch strategies. Subsequently, he joined Axiom Healthcare Strategies and led business development efforts as well as projects focused on emerging therapeutics and pipeline strategy in oncology. Additionally, he has collaborated with researchers at University of California San Diego on publications covering the evolving therapeutic landscape in lung cancer.

Faisal was honored as a 2024 Rising Star in Equity Research by Business Insider, a recognition that underscores his exceptional contributions and the consistently high-quality analysis he delivers. His extensive background and expertise have also been highlighted during his time supporting the Emerging Oncology team.

Faisal attended Brown University, where he earned an Sc.B. degree in biomedical engineering and conducted research on novel drug delivery technologies.

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