Q2 2024

Healthcare M&A Update

In Q2, the S&P 500 Healthcare Index decreased by 0.5%, and was outperformed by a 4.1% increase in the S&P 500 over the same period.
The median EV/EBITDA multiple for reported PE deals decreased to 11.4x in 1H 2024, down from 17.6x in 2023, but increased for strategic deals to 26.4x from 17.2x over the same period.
M&A deal volume decreased 2.7% in Q2 2024 to 726 deals from 746 in Q1, but increased 17.3% from 619 deals in Q2 of the prior year.
As a % of total capital invested in M&A transactions in 1H 2024, PE participation increased slightly to 21.1%, up from 18.1% in the prior year.
North America was the most active region in Q2 with 420 deals. Most notably in the North American market was Johnson & Johnson’s $13.1 billion acquisition of ShockWave Medical in May 2024.