The Pharma 1000

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November 2021

We wish to thank the many companies who reviewed their information and provided corrections and updates for this report. We also
wish to thank the companies who wrote in to let us know that they were not included in last year’s report and should have been. We
invite those that are still omitted or have suggestions to contact Allison Bobzin ([email protected]) so that we can update with
the best data available.

The idea of publishing a value ranking for the pharma sector has been many years in the making and could not have been possible
without the support of many people including Margaux Babich, Allison Bobzin, John Bradley, Brandon Chang, Elizabeth Condo, Masaki
Doi, Weijun Gu, Kylor Hua, Hansruedi Kottmann, Hayley Kunzli, Nitin Lath, Brendan Latimer, Andrew Ledger, Megan Ledger, Allen
Lefkowitz, Stephanie Leouzon, Jeremy Lin, Jie Liu, Jocelyn Lyu, Avi Margulies, Olivia Morales, Nandhini Ravi, Mark Simon, Zanna Stephan,
Mara Walton, Sam Wilding, Sonata Winchester, Hank Wu and Teresa You. The efforts of each of these persons is gratefully acknowledged.
The images in this presentation are from Pixabay and Getty Images or are otherwise owned by Torreya.

Thank you

Tim Opler
[email protected]
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Source: Torreya analysis of private companies, CapitalIQ for public companies.
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East Europe Global
Rank Rank Company Location Value Revenue

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 Representative Transaction Advisory Roles
Mergers &
• Deep Relationships Acquisitions
Advisor in its merger Acquisition of Sale to Sale of 100%
Acquisition of
with generics business of equity stake to

• Operating Perspective $1.5 billion

October 2020
$1.05 billion
June 2017
$260 million
August 2021
$225 million
September 2020
$106 million +
milestones
March 2021

Biotech Generic Pharma Specialty Pharma Specialty Pharma Specialty Pharma

Licensing,
• Deal Excellence Asset Sales
Sale of E7777 to
& JVs Sale of License of NOV03 in
Licenses Nefecon
Europe rights to
Intrathecal business to North America to
Acquired by
$40 million upfront
(+$76mm $24mm + milestones
$203 million milestones)
• Healthcare Focus March 2017 August 2021 September 2021 December 2019
and royalties
July 2021

Specialty Pharma Specialty Pharma Biotech Specialty Pharma Specialty Pharma

Growth
Equity, Debt recapitalization &
Equity investment from Sale of acquisition of
Structured majority stake to NextWave
Series E equity
Financings & Pharmaceuticals from
financing
Equity financing round

Venture
Raises $200 million $125 million $125 million $104 million €44.5 million
February 2021 April 2019 September 2018 May 2021 October 2020

Growth Equity / PE Recap / Debt / Growth Equity / Equity /

Pharma Services Generics Specialty Pharma Diagnostics Biotech
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 Top Investment Banks in Pharma Industry Strategic Deals
Jan 1, 2021 to Sep 7, 2021 by Deal Count and Total Value
(Includes Announced, Pending and Closed Transactions)
Average Deal Size
Moscow Advisory Firm Deal Count Total Value ($mm)
London
Torreya 15 $1,052 $70
New York Beijing
Seoul Goldman Sachs 10 $14,794 $1,479
Shanghai Tokyo Centerview 8 $15,391 $1,924
Mexico City Riyadh Morgan Stanley 7 $22,618 $3,231
Hong Kong
Mumbai JP Morgan 7 $6,832 $976
Jefferies 7 $3,021 $432
Barclays 4 $3,865 $966
Rio de Janeiro
RBC 4 $1,264 $316
TORREYA
SVB Leerink 4 $648 $162
AFFILIATE RELATIONSHIP*
Rothschild 3 $3,371 $1,124
William Blair 3 $321 $107
Evercore 2 $3,801 $1,901
• 32 people based in New York • We cover Latin America, South Africa and Credit Suisse 2 $3,438 $1,719
• 9 people based in London parts of Asia through affiliate relationships Lazard 2 $2,539 $1,270
• 4 people cover the China market from a home MTS Health 2 $876 $438
• 5 people based in Mumbai
base in the United States Moelis 2 $737 $369
• 1 person in Tokyo
Houlihan Lokey 2 $155 $78
Danske Bank 1 $4,700 $4,700
Guggenheim 1 $3,636 $3,636
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Tom Bird Kelly Curtin Masaki Doi, Ph.D. Peter Garrambone, Jr. Benj Garrett

Leslie Gautam Kylor Hua Nitin Lath Allen Lefkowitz Stephanie Léouzon

Jie Liu Tim Opler, Ph.D. Alan Selby, M.B.Ch.B. Mark Simon Hetal Vora

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 U.S. Based
Torreya has has OTC Business
been actively Advisor to the Special Investment from Sale to Sale of majority
Committee of the Sale to
working across Board of Directors in its Acquisition of equity stake to

the spectrum merger with

Family Office
of the global $1.5 billion $260 million $225 million $200 million
$127 million upfront*
(+$176mm CVRs) $120 million
life sciences October 2020 August 2021 September 2020 February 2021 October 2020 July 2020

sector in recent
months.
Sale of majority of
Sale to Debt financing by
sponsor owned generic
Acquired by Private Equity
Series E Equity pharma company
PerkinElmer, Inc. Placement
Financing
$106 million upfront
(+milestones) $104 million $80 million $57.5 million €44.5 million
June 2021 May 2021 June 2021 May 2020 February 2020 October 2020

Sale of E7777 to Sale of majority stake to

Company sale to
Sale of Noden to Series C Private Acquired by
Equity Placement

$40 million upfront

$45 million (+$76mm milestones) $30 million $30 million
September 2020 September 2021 October 2020 February 2020 August 2021 June 2021

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The material in this presentation and accompanying “Pharma 1000” report has affiliates and accordingly information reflected or incorporated into these
been prepared for general information on matters of interest only, and does materials may be shared with employees of Torreya and its affiliates and
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