Ventured Growth with Hercules Capital · Hercules Capital

#34 - The Evolution of Biotech Deals: From Pharma Consolidation to Innovation | Stephen Sands

·47 min·1 clip
In his 35 years at Lazard, Stephen Sands has been directly involved in many of the M&A transactions that shaped modern biotech.
Stephen Sands, 35-year Lazard veteran, traces biotech M&A evolution from 1990s pharma consolidation through modern investor selectivity. Covers valuations methodology shifts, capital cycles, platform vs. product deals, and industry structure changes over three decades.

As heard by us

A clear look at how biotech dealmaking has shifted toward targeted innovation and earlier-stage alliances.

Stephen Sands uses years in healthcare M&A to track how biotech dealmaking has changed as pharma has consolidated and attention has shifted toward innovation, targeted therapies, and earlier-stage alliances.

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Why you'd press play

If you want the deal logic behind biotech's shift from consolidation to targeted innovation, press play.

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