Industry Insight: Why Size and Timing matter

It’s easy to find trading and M&A multiples for mid and top tier CROs as their financial data are plentiful, often in the public domain and are the subject of discussion both in print and at conferences globally.  Although consolidation in this sector is often dramatic and draws the attention of the entire industry, we should not lose sight of what is happening lower down the food chain, as it is these companies that will form the next generation of mid-tier CROs feeding further consolidation.  It is a less defined sector of the market where data are much less available, and value more variable.