Michael Clifford

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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Michael Clifford

Michael Clifford is a Senior Managing Director in Investment Banking at Leerink Partners covering Healthcare Technology and Services and supporting the Firm’s Mergers & Acquisitions efforts.

With more than 13 years of Healthcare Investment Banking experience, he has led efforts to execute strategic transactions for a variety of public and private companies on mergers & acquisitions, equity offerings (IPOs, follow-ons and private placements), acquisition financings and debt financings. Michael joined the Firm in 2015 from Wells Fargo Securities where he worked in the Consumer and Healthcare Investment Banking Group covering Healthcare Technology and Services verticals. Prior to Wells Fargo Securities, he worked in the Transaction Services group at PwC in New York.

He holds a BSBA (cum laude) in Financial Management & Investments and Accounting from the University of Arkansas.

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