Life Sciences Consulting Perspectives | Winter 2026

Alantra’s Life Sciences Consulting Perspectives | Winter 2026 provides an overview of transaction activity, valuation trends, and biopharma market developments shaping the life sciences consulting sector.

The report tracks 74 Life Sciences Consulting transactions in 2025.

Large platform acquisitions remained limited, while private equity add-on activity continued. Commercialization was the most active service category in 2025 transaction activity, and the report notes increased activity in Software Implementation and Technology Enablement. Private equity participated in more than 60% of transactions.

Valuations increased during 2020 to 2022 compared to pre-pandemic levels and remain above historical averages.

In the Commercialization vertical:

• Average EV / EBITDA was 9.2x in the pre-pandemic period (2014 to 2019)

• Increased to 14.9x during 2020 to 2022

• Moderated to 13.7x in the post-pandemic period

The report also reviews broader biopharma trends influencing consulting demand. Fundraising remains below prior peak levels and is increasingly driven by later-stage rounds. IPO activity improved in the second half of 2024 and softened in early 2025. Global biopharma M&A volumes have risen since late 2024, and licensing activity reached record announced total deal values in 2025.

Clinical trial starts remain elevated relative to pre-pandemic levels, and the FDA approved 46 novel drugs in 2025. R&D spending by large and global biopharma companies remained robust through 2025, while layoffs were elevated among emerging and mid-size companies. The Inflation Reduction Act has affected early-stage capital allocation, including reduced investment in Medicare-exposed small-molecule programs.

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