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Michael Moritz

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Telephone: +49 30 809 33 47-13

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Mark Miller

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Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

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Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

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Daniel Dies

Partner

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Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

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Nico Schmidt-Weidemann

Partner

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Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

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Arnold Holle

Managing Partner

Telephone: +44 207 395 27 90

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Anders Bo

Managing Partner

Telephone: +45 4199 8252

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Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

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Morten Kjærulff

Partner

Telephone: +45 2634 9031

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Kurfürstendamm 188

10707 Berlin

Telephone: +49 30 809 334 70

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Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

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Eva Macha

Office Management

Telephone: +49 30 809 33 47-10

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Jessica Algner

Office Management

Telephone: +49 30 809 33 47-12

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Nils Zettelmeyer

Vice President

Telephone: +49 30 809 33 47-25

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Toldbodgade 57

1253 Copenhagen K

Telephone: +45 3945 0010

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Anders Bo

Managing Partner

Telephone: +45 4199 8252

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Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

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Morten Kjærulff

Partner

Telephone: +45 2634 9031

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Andreas Midtgaard

Vice President

Telephone: +45 2521 4183

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Esplanade 41

20354 Hamburg

Telephone: +49 40 300 83 60

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Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

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Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

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Daniel Dies

Partner

Telephone: +49 40 300 836-16

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Anna-Lena Kickbusch

Office Management & Accounting

Telephone: +49 40 300 836 10

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Elaine Kelly

PR, Marketing & Business Development Manager

Telephone: +49 40 300 836 18

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Mischa Krause

Vice President

Telephone: +49 40 300 836-24

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14 Buckingham Street

London WC2N 6DF

Telephone: +44 20 739 527 90

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Arnold Holle

Managing Partner

Telephone: +44 207 395 27 90

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Philipp Claus

Associate

Telephone: +44 20 7395 2790

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Von-der-Tann-Straße 7

80539 München

Telephone: +49 89 255 495 30

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Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

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Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

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Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

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Naomi Käfer

Office Management & HR

Telephone: +49 89 255 49 53-10

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Sebastian Fischer

Vice President

Telephone: +49 89 255 49 53-12

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Birger Jarlsgatan 13

111 45 Stockholm

Telephone: +46 8 684 439 00

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Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

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Erik Lundberg

Director

Telephone: +46 73 850 35 59

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Caroline Berglund

Strategic Business Manager

Telephone: +46 73 382 10 82

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Jonatan Eriksson

Vice President

Telephone: +46 72 206 10 24

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Magnus Haegermark

Vice President

Telephone: +46 73 759 76 54

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Viktor Borg

Associate

Telephone: +46 72 742 91 40

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Niki Ngiam

Associate

Telephone: +46 70 579 98 99

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David Pode

Senior Analyst

Telephone: +46 70 540 99 55

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Carl Nordström

Analyst

Telephone: +46 70 949 94 00

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Markus Augustsson

Head of Equity Research

Telephone: +46 76 235 03 20

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Bertil Nilsson

Senior Equity Analyst

Telephone: +46 70 434 90 03

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Niklas Elmhammer

Senior Equity Analyst

Telephone: +46 70 898 39 59

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Mats Hyttinge

Senior Equity Analyst

Telephone: +46 73 338 50 67

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Lars Johansen

IT&Telecom Expert

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CatCap M&A Report 2013 – Life Science and Medtech in the DACH region

18 Feb 2014

The Medtech industry is in good shape. However, the M&A activities were lower and the equity funding activities higher than anticipated. Therefore, we see the exit pipeline and exit pressure for portfolios growing.

Although the number of Medtech and Healthcare Services transactions increased, overall, the number of transactions in the Life Science sector targeting DACH companies dropped by 9% from 203 in 2012 to 185 in 2013 due to the sharp decrease in Pharma/Biotech transactions, that are often seen as being riskier than Medtech and Healthcare Services transactions. In the Healthcare Services segment both the number of equity fundings and the number of M&A transactions increased by 15% opposed to the other two segments.

The Medtech M&A activities were lower and the equity funding activities were significantly higher than anticipated in 2013. We see no structural issue that explains the restrained Medtech M&A market. Most private Medtech companies are in good condition, have met the market expectations and have grown in 2013. Thus, the owners of private companies have no pressure to sell their businesses. This led to a backlog in the Medtech M&A market. Due to low M&A activities we see a growing exit pipeline and exit pressure for equity funding portfolios.

The total number of transactions targeting MedTech companies in the DACH region increased from 57 transactions in 2012 to 65 in 2013, with 38 transactions in Germany, 22 in Switzerland and 3 in Austria. As in 2012, more than half of the transactions had undisclosed deal volumes. Nonetheless, the median deal value of all disclosed transactions dropped by 33% to EUR 2.6 m. In 2013, there were 20 Medtech transactions with a deal volume below EUR 4 m. This number is comparably high considering a total of 63 transactions and therefore dragged down the median. Additionally, there were only four transactions with a deal value between EUR 4 m and EUR 50 m.

Only 20% of the Medtech M&A transactions were closed by financial investors. Financial investors seem to find it hard to become active in this space. Reasons are:

– Investment horizons of the funds are often not in line with investment cycles of the target companies

– Complex technologies and product applications make risk assessments difficult

– Pricing is typically high

In 2013, there were more M&A deals closed by companies located in the DACH region investing overseas, than overseas companies investing in the DACH region. The largest investment of a DACH company was the Conceptus acquisition in the USA of Bayer Health Care with a deal volume of EUR 850 m. While in 2012 DACH companies also invested globally in Brazil, Canada and Malaysia, in 2013, the focus was on European countries like France, Italy and Spain. The lack of appetite of overseas’ players may have been domestic problems in 2013.

The largest deals were the acquisition of the German manufacturer of dentist products Heraeus Kulzer GmbH by the Japanese technology conglomerate Mitsui Chemical for EUR 450 m and the acquisition of the innovative Swiss company Endosense SA by St. Jude Medical for EUR 263 m. Endosense is focusing on improving the efficacy, safety and reproducibility of catheter ablation for the treatment of cardiac arrhythmias. In 2013, we have seen no such mega deals as in the previous years. However, it is just a matter of time until the catch up of the M&A backlog starts.