Philip Boyd

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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Philip Boyd

Philip Boyd is a Senior Managing Director in Investment Banking at Leerink Partners, he will help lead M&A efforts across Healthcare Services and Technology as well as support clients in the Healthcare Services Providers space. Phil has advised a wide variety of clients on mergers and acquisitions, divestitures, spin-offs, recapitalizations, leveraged buyouts, takeover defense, and capital raising.

Phil joined the Firm in 2024 from Guggenheim Securities, where he spent nearly a decade in the healthcare services sector, leading efforts to execute strategic transactions involving both public and private companies. Earlier in his career, he was an associate in Citigroup’s Healthcare Investment Banking Group.

He earned his B.S. in Applied Economics and Management and his M.B.A. from Cornell University.

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