Valuation Trading Multiples & Precedent Transactions: Biopharma Research Tools and CDMOs
Valuation benchmarks for Biopharma Research Tools and CDMOs. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Biopharma Research Tools and CDMOs Market Context & Valuation Drivers
This public trading comparables group comprises biopharma service providers and tools vendors that enable discovery, development, and manufacturing of biologics and gene therapies. Business models span outsourced CRO/CDMO services and sale of critical bioprocess equipment, consumables, and analytics. They are comparable for valuation because revenues are tied to pipeline progression, cGMP capacity, and recurring supply contracts, with specialized know-how and regulatory compliance differentiating scale and margins.
Typical capabilities include integrated drug discovery platforms from target identification through lead optimization; CMC development for biologics and bioconjugates; cGMP manufacturing of drug substance and drug product with fill-finish and lyophilization; development of ADCs and novel bioconjugates; gene therapy vector and mRNA technologies; bioprocess hardware such as TFF and chromatography systems; affinity resins and in-process analytics; and supply of high-purity chemicals, reagents, and QC testing solutions.
Primary customers include global biopharma sponsors, emerging biotech and cell-gene therapy developers, and diagnostics/IVD manufacturers, as well as research laboratories. Valuation benchmarks emphasize revenue growth, backlog and book-to-bill, gross margin profile across services versus consumables, capacity utilization and expansion, and customer retention through long-term supply agreements. Scale, regulatory track record, and commercial program exposure drive durability and pricing power.
2. Valuation Analysis: Public Trading Comps & Multiples for Biopharma Research Tools and CDMOs companies
2.1 - Public Peer Groups & Median Valuation Multiples for Biopharma Research Tools and CDMOs sector
Comparable group 1: Biopharma Research Tools and CDMOs
Pharmaron Beijing
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of comprehensive research, development, and manufacturing services for the life sciences industry, encompassing drug discovery, preclinical, clinical, and commercialization stages across small molecules, biologics, and cell and gene therapy (CGT) products.
- Key Products:
- Chemistry, Manufacturing & Controls: Comprehensive service capabilities throughout drug discovery, preclinical, clinical development, and commercialization for small molecules, biologics, and CGT products
- Pharmaron Biologics: Drug product manufacturing, including liquid, lyophilized vials, and pre-filled syringes, offering flexible solutions
- Small Molecule Drug Product: Innovative and cost-effective solutions for drug development, covering a wide range of finished dosage forms including oral solid dosage forms
- Integrated Drug Discovery Services: Leads projects from hit identification to candidate selection
- Clinical Development: A broad spectrum of services for US clinical development processes.
Vazyme Biotech
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of biotechnology solutions specializing in the design, manufacture, and application of bioactive proteins and compounds. The company focuses on innovative enzyme-based solutions for clinical and molecular diagnostics, among other applications.
- Key Products:
- COVID-19 Solution: Comprehensive assay and diagnostic solutions for COVID-19 testing, including qPCR kits and antibodies
- Molecular Biology Solutions: Offering reagents for PCR, qPCR, and NGS applications, catering to research and diagnostic needs
- Custom Oligos: Providing custom oligonucleotide synthesis services with a focus on high-performance and precision
- Enzyme Technologies: Development and manufacturing of enzyme solutions for diverse biological applications
- Reagent Kits: Producing high-quality reagent kits for DNA and RNA extraction and sequencing.