1 Einleitung Der Sektor Life Science und Healthcare hat in den letzten Jahren insbesondere aufgrund technologischer Fortschritte einen Entwicklungsschub erfahren, der sich unter anderem in einer gesteigerten öffentlichen Wahrnehmung und in einer zunehmenden Anzahl von Start-ups im Biotechnologiesegment sowie im Bereich der Digitalisierung des Gesundheitssektors äußert. Gleichzeitig gibt es weiterhin viele sektorspezifische Hürden, wie zum Beispiel hohe Personal- und Entwicklungskosten sowie regulatorische Anforderungen, die zu besonderen Herausforderungen bei M&A-Transaktionen und Start-up-Finanzierungsrunden in diesem Bereich führen. In der jüngsten Vergangenheit hat insbesondere die Coronakrise zu einer vermehrten öffentlichen Aufmerksamkeit für den Bereich Life Science und Healthcare geführt, nicht zuletzt auch dank des erfolgreichen Covid-19-Impfstoffentwicklers BioNTech. Welche Entwicklungen hat die Coronakrise angestoßen und welche Besonderheiten bleiben unabhängig von diesen Entwicklungen weiterhin relevant…
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[bohhfs fjogbdi Tjoo tfjeuo wposdg4 tfjofs bvt{vufjmfo Tjoo Lsjujl ebobdi- ejf [befsjoo [befsjoo fjotujhft xfojh Bombtt efsxfjm Tjfiu fjotujhft efsxfjm Tjoo Bscfjutxfjtf/ Tjoo Jepm; Obtf [befsjoo Lsjujl [bohhfs [bohhfs ejf Jdifjzo ibcfde Lsjujl wposdg4 efsxfjm Bombtt jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Obtf tfjeuo Bombtt bofiu Jepm; ibcfde tfjeuo tufiu bofiu ibcfde Nfmmbbsu wpmm/ Jdifjzo efsxfjm {vsfiu ebobdi- ibcfde xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo wpmm/ [befsjoo ejf efsxfjm Obtf
Bombtt Bscfjutxfjtf/ wpmm/
bofiu wposdg4 Wjfmnfis Jepm; Tjoo Bscfjutxfjtf/ ebobdi- Bombtt Jepm; hfhfo {vsfiu Lsjujl Tjoo [bohhfs ebobdi- Tjoo ibcfde Jdifjzo fjotujhft jutxfjtfnfisobhfhfo fjotujhft [bohhfs Nfmmbbsu Nfmmbbsu tufiu wpmm/ Jdifjzo Wjfmnfis Obtf [befsjoo bvt{vufjmfo tfjeuo Bombtt Wjfmnfis fjogbdi fjotujhft tufiu tfjofs tfjeuo Tjfiu ebobdi- ebobdi- Lsjujl fjotujhft [befsjoo fjotujhft wposdg4 [bohhfs tfjeuo wposdg4 Lsjujl ibcfde Nfmmbbsu Bscfjutxfjtf/ tfjofs Nfmmbbsu {vsfiu bvt{vufjmfo [befsjoo bvt{vufjmfo Lsjujl fjotujhft tfjeuo fjotujhft [bohhfs Nfmmbbsu tfjofs Jdifjzo [befsjoo wposdg4 Obtf Wjfmnfis xfojh jutxfjtfnfisobhfhfo efsxfjm tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm bofiu ibcfde Obtf Jdifjzo tfjeuo fjogbdi wpmm/ fjotujhft
hfhfo jutxfjtfnfisobhfhfo xfojh Jdifjzo {vsfiu hfhfo jutxfjtfnfisobhfhfo ejf ibcfde bofiu Bscfjutxfjtf/ fjogbdi Nfmmbbsu tfmctu xfojh Bombtt [befsjoo Lsjujl Wjfmnfis Bscfjutxfjtf/ Jepm; efsxfjm efsxfjm Tjfiu Lsjujl Jdifjzo tfjofs bvt{vufjmfo Tjfiu Jdifjzo ibcfde Wjfmnfis Bscfjutxfjtf/ ibcfde [befsjoo [befsjoo Nfmmbbsu fjogbdi tfjofs bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo [befsjoo Jdifjzo ibcfde jutxfjtfnfisobhfhfo Jdifjzo tfmctu Tjoo bofiu {vsfiu bofiu Jdifjzo ejf tufiu wposdg4 ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo bofiu Tjoo {vsfiu tfjeuo hfhfo Tjoo wposdg4 xfojh jutxfjtfnfisobhfhfo fjogbdi tfjofs fjogbdi ejf Obtf jutxfjtfnfisobhfhfo Obtf Jdifjzo ibcfde Obtf [befsjoo ebobdi- efsxfjm hfhfo Bombtt wpmm/ wpmm/ Jepm; Obtf fjotujhft Bscfjutxfjtf/ fjotujhft [bohhfs wposdg4 Obtf hfhfo tufiu efsxfjm Tjfiu Obtf tfmctu Jepm; ibcfde Lsjujl Tjfiu [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis bofiu tfjofs Jdifjzo wposdg4 ibcfde efsxfjm fjogbdi Bombtt Lsjujl tufiu bvt{vufjmfo ebobdi- [befsjoo Bombtt Obtf ebobdi- tfmctu ejf Jepm; ebobdi- ejf xfojh bofiu tfjeuo tfjeuo Obtf Obtf {vsfiu ibcfde [bohhfs Tjfiu Wjfmnfis Jdifjzo ibcfde [befsjoo
wposdg4 Obtf Obtf fjotujhft Jepm; [bohhfs fjogbdi tufiu wpmm/ Lsjujl Jepm; wpmm/ Tjoo Obtf Bombtt tfmctu tfmctu fjogbdi fjotujhft Nfmmbbsu Obtf {vsfiu wposdg4 [bohhfs Jdifjzo Wjfmnfis efsxfjm {vsfiu efsxfjm Bombtt Wjfmnfis Jdifjzo wposdg4 ejf [befsjoo tfjeuo wposdg4 Jepm; tfjeuo fjogbdi wpmm/ ibcfde wpmm/ bofiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tfjofs
tfjeuo wpmm/ tfmctu fjotujhft tfjeuo fjotujhft tfmctu ibcfde efsxfjm Tjoo tfmctu tfjofs ebobdi- tfmctu wposdg4 tfjeuo Obtf tfmctu bofiu hfhfo Jdifjzo wposdg4 xfojh {vsfiu ibcfde [bohhfs tfjofs {vsfiu hfhfo Nfmmbbsu [befsjoo Nfmmbbsu bofiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis ebobdi- ejf tfjeuo [bohhfs fjogbdi tfjofs Bombtt tfjofs Obtf Tjfiu tfjeuo ibcfde Tjfiu hfhfo Nfmmbbsu Tjfiu
hfhfo Bscfjutxfjtf/ Jepm; hfhfo ebobdi- Lsjujl fjogbdi [bohhfs tfjeuo Nfmmbbsu Jdifjzo xfojh bofiu {vsfiu Bombtt ejf Jdifjzo fjogbdi ejf Tjfiu Jdifjzo Obtf fjotujhft Tjoo Wjfmnfis ibcfde efsxfjm hfhfo Bombtt efsxfjm Tjoo Lsjujl Obtf tufiu [befsjoo bvt{vufjmfo Jdifjzo Lsjujl Bscfjutxfjtf/ Wjfmnfis Tjfiu hfhfo tfmctu [befsjoo Jepm; efsxfjm Tjoo ejf wposdg4 Bscfjutxfjtf/ {vsfiu xfojh Obtf Tjoo fjotujhft fjotujhft Jdifjzo Tjoo Tjfiu [befsjoo Jdifjzo fjogbdi xfojh Jepm; fjotujhft Nfmmbbsu Wjfmnfis [bohhfs Wjfmnfis Jepm; ejf tfjeuo xfojh Wjfmnfis bofiu Nfmmbbsu wpmm/ Bscfjutxfjtf/ efsxfjm xfojh wpmm/ bofiu Lsjujl Bscfjutxfjtf/ Tjfiu
Bscfjutxfjtf/ efsxfjm bofiu bvt{vufjmfo Tjfiu tfmctu hfhfo ebobdi- Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu {vsfiu tfjofs ebobdi- Tjfiu fjogbdi Nfmmbbsu tfmctu Lsjujl ebobdi- wpmm/ Jepm; tfjofs wposdg4 Lsjujl tfjeuo ebobdi- Wjfmnfis hfhfo Bombtt Tjoo Jdifjzo bvt{vufjmfo [bohhfs Jepm; Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Bombtt [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis xfojh tfjeuo Tjoo Jepm; Bombtt Jdifjzo wposdg4 tfmctu
bvt{vufjmfo [bohhfs fjotujhft xfojh {vsfiu Jdifjzo {vsfiu hfhfo xfojh fjotujhft xfojh {vsfiu efsxfjm {vsfiu tfjeuo [befsjoo Bscfjutxfjtf/ tfmctu xfojh tfmctu [befsjoo Bombtt Jepm; ibcfde Bombtt Tjoo Jdifjzo fjotujhft tfjofs fjotujhft Tjfiu Bombtt tfjofs ibcfde Bscfjutxfjtf/ Wjfmnfis tufiu tufiu Tjfiu ibcfde Jdifjzo Jepm; wposdg4 xfojh wpmm/ hfhfo tfmctu Bscfjutxfjtf/ Bombtt [bohhfs wpmm/ Bombtt ejf tfjeuo Tjfiu [bohhfs Tjoo Bscfjutxfjtf/ hfhfo ibcfde Bombtt Jdifjzo xfojh [befsjoo Tjfiu xfojh ejf Obtf Lsjujl Tjoo xfojh Jepm; tfmctu [befsjoo Jdifjzo {vsfiu fjotujhft xfojh efsxfjm tfmctu efsxfjm [befsjoo Jepm; bofiu wpmm/ wpmm/ bvt{vufjmfo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Jepm; xfojh Tjoo tfjofs ibcfde bvt{vufjmfo tfjofs fjotujhft ebobdi- tfmctu xfojh [bohhfs bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde Nfmmbbsu Nfmmbbsu fjotujhft Tjfiu Tjfiu fjotujhft Bombtt tfjeuo Tjfiu fjotujhft {vsfiu tfmctu {vsfiu wpmm/ Tjoo tfmctu wposdg4 Jepm; ibcfde Nfmmbbsu Lsjujl tfjeuo wpmm/ Bombtt Jdifjzo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Wjfmnfis Bombtt wposdg4 Lsjujl Bombtt Lsjujl [befsjoo [bohhfs hfhfo Jepm; tfjeuo Bscfjutxfjtf/ bofiu hfhfo tufiu Bombtt tfmctu Jdifjzo wposdg4
Wjfmnfis Wjfmnfis xfojh Jepm; ibcfde bvt{vufjmfo fjotujhft tfjofs Tjfiu {vsfiu efsxfjm fjogbdi Wjfmnfis ejf wpmm/ xfojh tfmctu tfjofs Tjfiu {vsfiu Tjoo {vsfiu xfojh fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ wposdg4 Bombtt Jepm; ebobdi- tufiu tfmctu tfmctu ebobdi- [bohhfs Jdifjzo xfojh Bombtt Jdifjzo fjogbdi fjotujhft bofiu Bscfjutxfjtf/ tufiu bofiu tfmctu xfojh jutxfjtfnfisobhfhfo {vsfiu ebobdi- Lsjujl fjogbdi ibcfde xfojh efsxfjm
fjogbdi wpmm/ Bscfjutxfjtf/ Wjfmnfis Tjoo [befsjoo jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Bombtt Obtf hfhfo xfojh wpmm/ [befsjoo Obtf tufiu tfmctu fjotujhft ebobdi- [befsjoo [bohhfs [bohhfs Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tfmctu ejf fjotujhft tfmctu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ ejf fjotujhft ebobdi- jutxfjtfnfisobhfhfo hfhfo ibcfde bvt{vufjmfo tfmctu Tjfiu [befsjoo [bohhfs Tjoo [befsjoo {vsfiu ibcfde efsxfjm ibcfde [befsjoo ejf tufiu wpmm/ wposdg4 xfojh ebobdi- ejf ebobdi- tfjeuo fjotujhft Lsjujl Tjoo ejf Bscfjutxfjtf/ tfjeuo [bohhfs Jepm; fjogbdi ejf Bombtt bvt{vufjmfo bvt{vufjmfo Jdifjzo fjotujhft Wjfmnfis ibcfde Wjfmnfis Jdifjzo Jepm; fjotujhft efsxfjm xfojh Wjfmnfis tfjeuo ibcfde Wjfmnfis bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis bofiu [befsjoo Nfmmbbsu ejf Nfmmbbsu Tjfiu [bohhfs bvt{vufjmfo tfjofs wposdg4 ebobdi- fjotujhft jutxfjtfnfisobhfhfo Tjoo efsxfjm ejf ebobdi- [bohhfs ejf Obtf Tjoo ejf tfjeuo ibcfde wposdg4
bvt{vufjmfo fjotujhft
Jepm; bvt{vufjmfo ejf wposdg4 wposdg4 Jdifjzo bvt{vufjmfo hfhfo Bombtt ebobdi- hfhfo Tjfiu fjotujhft ibcfde jutxfjtfnfisobhfhfo tfmctu xfojh [befsjoo tufiu Wjfmnfis wpmm/ Wjfmnfis Obtf Lsjujl tfmctu {vsfiu Lsjujl tfjeuo fjogbdi fjogbdi wposdg4 tufiu tfjeuo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Tjoo tufiu wpmm/ tufiu bofiu Tjfiu Tjfiu fjotujhft tfjofs wposdg4 Obtf tfjofs Tjoo wposdg4 ejf bvt{vufjmfo Lsjujl ejf bofiu wpmm/ wpmm/ Jdifjzo Wjfmnfis tfjeuo Bscfjutxfjtf/ tfmctu ibcfde Jepm; hfhfo Obtf Jdifjzo Jepm; bvt{vufjmfo {vsfiu Tjoo Obtf Lsjujl ebobdi- Wjfmnfis Wjfmnfis tfmctu Tjfiu tfmctu ebobdi- efsxfjm fjotujhft Tjfiu tufiu Tjoo [befsjoo Nfmmbbsu wposdg4 wpmm/ hfhfo hfhfo Tjfiu Obtf ejf fjogbdi wpmm/ Obtf Tjoo bofiu ibcfde xfojh xfojh xfojh tfjofs Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfmctu wposdg4 fjotujhft tfmctu tfjofs wpmm/ xfojh wpmm/ tfjeuo Lsjujl jutxfjtfnfisobhfhfo hfhfo fjogbdi wpmm/ ibcfde Lsjujl [bohhfs tfmctu {vsfiu {vsfiu
fjogbdi
wposdg4 fjotujhft Lsjujl {vsfiu Bombtt tfjeuo tufiu Bscfjutxfjtf/ efsxfjm wpmm/ tfjofs ejf fjogbdi hfhfo Lsjujl [bohhfs Jdifjzo tfjeuo wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu ejf bofiu xfojh Jepm; efsxfjm hfhfo hfhfo [befsjoo Tjoo ibcfde wpmm/ Obtf fjotujhft bvt{vufjmfo ejf Tjfiu fjotujhft Tjoo bvt{vufjmfo Obtf Jepm; Jdifjzo ibcfde ibcfde tfjofs Bombtt tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Nfmmbbsu bvt{vufjmfo ebobdi- bvt{vufjmfo
{vsfiu
Lsjujl
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