Valuation Trading Multiples & Precedent Transactions: Preclinical Contract Research and Manufacturing Companies
Valuation benchmarks for Preclinical Contract Research and Manufacturing Companies. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Preclinical Contract Research and Manufacturing Companies Market Context & Valuation Drivers
Public companies in this trading comparables group provide outsourced preclinical drug discovery and development services alongside CMC and GMP manufacturing for small molecules, biologics, and advanced modalities. Their business models are fee-for-service with project-based and milestone revenues, leveraging integrated platforms from discovery through early clinical readiness. They are grouped as comparables given similar customer bases, service mix, capacity footprints, and exposure to biopharma R&D spending cycles.
Typical capabilities span target identification, high-throughput screening, and functional genomics; medicinal chemistry from hit-to-lead through lead optimization; biologics and gene therapy vector design with process development; CMC services for small molecules and biologics; ADC and bioconjugate discovery, payload supply, and conjugation; analytical development and quality control; cGMP manufacturing of drug substance and drug product with liquid and lyophilized fill-finish; and integrated program management enabling seamless progression to IND-enabling packages.
Primary customers include global pharmaceutical companies, emerging biotech sponsors, and cell and gene therapy developers across oncology and rare disease pipelines. Valuation benchmarks focus on organic revenue growth, backlog and book-to-bill conversion, capacity utilization, and gross/EBITDA margin stability, alongside client diversification and repeat business rates. These providers drive faster R&D timelines, de-risk IND preparation, and expand modality coverage, supporting resilient, project-based revenue streams.
2. Valuation Analysis: Public Trading Comps & Multiples for Preclinical Contract Research and Manufacturing Companies companies
2.1 - Public Peer Groups & Median Valuation Multiples for Preclinical Contract Research and Manufacturing Companies sector
Comparable group 1: Preclinical Contract Research and Manufacturing Companies
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.
Evotec
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated drug discovery and development solutions leveraging proprietary platforms for target identification, screening, medicinal chemistry, and pre-clinical development, supporting pharmaceutical and biotechnology companies with high-quality, cost-efficient R&D services.
- Key Products:
- Drug Discovery: Comprehensive solutions from target identification to lead optimization
- Gene Therapy: Development of gene therapy vectors and platforms
- Medicinal Chemistry: Services for hit-to-lead and lead optimization
- Screening Services: High-throughput screening and functional genomics
- Pre-clinical Development: Full-range pre-clinical testing and regulatory support.