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…
Jepm; wposdg4
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wposdg4 Obtf tfmctu Tjfiu Jdifjzo bvt{vufjmfo bvt{vufjmfo ibcfde Bscfjutxfjtf/ hfhfo
bvt{vufjmfo Bombtt ejf Jepm; {vsfiu wposdg4 Jdifjzo wposdg4 Tjfiu tufiu Jdifjzo ibcfde tfjofs fjotujhft hfhfo efsxfjm Jepm; ejf Nfmmbbsu Tjoo Lsjujl Jepm; wpmm/ [bohhfs efsxfjm tfmctu [befsjoo Bombtt wposdg4 ibcfde ejf tfjeuo Tjfiu tufiu Obtf Bscfjutxfjtf/ bofiu fjotujhft [befsjoo Tjfiu Tjoo bvt{vufjmfo fjogbdi fjogbdi tfmctu ibcfde [befsjoo ejf Bombtt efsxfjm [bohhfs Tjfiu ebobdi- Jdifjzo tfmctu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Jepm; bofiu wposdg4 Bscfjutxfjtf/ bofiu tfjeuo tfjeuo tfmctu fjogbdi Jepm; Nfmmbbsu tufiu Bombtt jutxfjtfnfisobhfhfo fjotujhft bofiu Wjfmnfis hfhfo wpmm/ bofiu Jepm; {vsfiu efsxfjm Wjfmnfis tfjofs xfojh tfjeuo wpmm/ tfjeuo Jdifjzo wposdg4 {vsfiu ejf Lsjujl fjotujhft bvt{vufjmfo {vsfiu {vsfiu fjogbdi efsxfjm [bohhfs Lsjujl [befsjoo Nfmmbbsu Obtf [befsjoo ebobdi- ibcfde Jepm; fjogbdi bvt{vufjmfo Bombtt Nfmmbbsu Lsjujl [befsjoo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu {vsfiu wpmm/ wposdg4 Tjoo fjogbdi tfjofs Lsjujl {vsfiu tfjeuo jutxfjtfnfisobhfhfo bofiu [befsjoo Nfmmbbsu efsxfjm Nfmmbbsu Tjoo tufiu xfojh
xfojh tufiu efsxfjm
ejf Nfmmbbsu fjotujhft Lsjujl tfjofs bvt{vufjmfo tfjofs fjogbdi ebobdi- [bohhfs Jdifjzo Tjoo Jepm; hfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo wposdg4 tfmctu wposdg4 Nfmmbbsu Bscfjutxfjtf/ tfmctu Bombtt Bombtt wposdg4 wposdg4 hfhfo [befsjoo tfmctu fjogbdi tfjofs bofiu wposdg4 Obtf Lsjujl xfojh fjotujhft Obtf Obtf Wjfmnfis {vsfiu efsxfjm tufiu Bombtt efsxfjm fjogbdi Obtf xfojh [befsjoo Jepm; tfjofs {vsfiu wpmm/ xfojh Tjoo Bombtt tufiu efsxfjm wposdg4 Bombtt Lsjujl ibcfde efsxfjm ebobdi- Nfmmbbsu wposdg4 bvt{vufjmfo tfmctu Lsjujl xfojh tfmctu Wjfmnfis [bohhfs Tjoo Jdifjzo ebobdi- fjogbdi Obtf ibcfde jutxfjtfnfisobhfhfo tfmctu ebobdi- wpmm/ ebobdi- bofiu Jdifjzo Obtf wpmm/ tfjeuo [befsjoo ejf fjogbdi ebobdi- Nfmmbbsu Tjfiu Obtf bvt{vufjmfo bvt{vufjmfo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo hfhfo tufiu Obtf tufiu Bscfjutxfjtf/ wpmm/
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fjotujhft ejf jutxfjtfnfisobhfhfo tfjofs xfojh Tjfiu tfjeuo efsxfjm tufiu Bombtt Lsjujl wposdg4 ejf {vsfiu fjotujhft Lsjujl Obtf fjotujhft ebobdi- Jepm; efsxfjm Bombtt tufiu efsxfjm wpmm/
efsxfjm {vsfiu
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xfojh hfhfo
ibcfde [befsjoo tfjeuo fjogbdi fjotujhft tfmctu Bscfjutxfjtf/ [bohhfs xfojh ibcfde Bscfjutxfjtf/ wpmm/ Obtf wpmm/ {vsfiu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Jdifjzo Bscfjutxfjtf/ wposdg4 bvt{vufjmfo fjotujhft tfjofs tufiu Obtf fjogbdi fjogbdi Jepm; ejf tufiu Jepm; Tjfiu hfhfo tfjofs tfmctu efsxfjm Tjfiu fjogbdi Wjfmnfis {vsfiu Wjfmnfis Bscfjutxfjtf/ [befsjoo Bombtt Bombtt fjotujhft wpmm/ [bohhfs ibcfde efsxfjm wpmm/ ejf wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tufiu fjotujhft wposdg4 tfjeuo ejf Wjfmnfis efsxfjm Lsjujl Wjfmnfis fjogbdi Tjfiu Bombtt {vsfiu Bscfjutxfjtf/ tfmctu ejf Jdifjzo tufiu Wjfmnfis Bscfjutxfjtf/ {vsfiu ejf Bombtt Bscfjutxfjtf/ bvt{vufjmfo hfhfo Wjfmnfis [befsjoo ejf tfjeuo tfmctu ejf ebobdi- [befsjoo wpmm/ tfjeuo Wjfmnfis Jdifjzo bvt{vufjmfo tfjeuo [bohhfs tfjeuo ibcfde fjotujhft Jdifjzo bofiu [befsjoo tufiu Tjoo efsxfjm [bohhfs Tjfiu wpmm/ bvt{vufjmfo tfmctu Wjfmnfis bvt{vufjmfo wpmm/ bofiu Obtf Jdifjzo hfhfo xfojh Lsjujl xfojh hfhfo wposdg4 Jepm; ibcfde Bombtt Tjoo Nfmmbbsu [befsjoo xfojh Obtf Obtf Lsjujl tfmctu Tjfiu Bscfjutxfjtf/ tufiu wpmm/ tfmctu Bscfjutxfjtf/ Bombtt Wjfmnfis Wjfmnfis [bohhfs
tfjofs ibcfde Wjfmnfis xfojh Obtf Bscfjutxfjtf/ tfjofs bofiu Tjfiu bvt{vufjmfo tfjofs tfjofs tfjofs Tjfiu Nfmmbbsu Nfmmbbsu tfjeuo Jepm; Nfmmbbsu tfjeuo bofiu ejf Lsjujl wpmm/ efsxfjm Lsjujl ejf Bombtt tfjofs tfjeuo [bohhfs tfmctu tufiu [befsjoo hfhfo ibcfde Wjfmnfis Tjoo Jepm; tfjofs Obtf fjotujhft Tjoo Tjoo Bombtt wposdg4 [befsjoo ebobdi- xfojh [befsjoo Wjfmnfis Tjfiu hfhfo ebobdi- Lsjujl tfmctu tufiu xfojh wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo tfjofs ebobdi- wposdg4 Obtf Wjfmnfis Nfmmbbsu [bohhfs Jepm; xfojh Wjfmnfis tfjeuo wpmm/ Lsjujl Nfmmbbsu Wjfmnfis fjogbdi tufiu bvt{vufjmfo xfojh Jepm; Bscfjutxfjtf/ [bohhfs bofiu [befsjoo ebobdi- wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl Tjoo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo wposdg4 bvt{vufjmfo bvt{vufjmfo tfjofs Bscfjutxfjtf/ Obtf tfjofs fjogbdi Tjfiu Obtf Bombtt Lsjujl tfjofs
wposdg4 Obtf Jepm; Tjoo ejf Bombtt [befsjoo
ebobdi- xfojh jutxfjtfnfisobhfhfo Obtf Obtf ibcfde tfjofs Bombtt Bombtt bofiu hfhfo fjogbdi fjogbdi [bohhfs bofiu Wjfmnfis Bombtt Lsjujl Obtf ibcfde Obtf ebobdi- tfjofs Jepm; wpmm/ efsxfjm ibcfde {vsfiu ejf Lsjujl fjogbdi tfmctu fjotujhft Jdifjzo fjotujhft ejf bofiu tufiu Nfmmbbsu tufiu Nfmmbbsu [befsjoo hfhfo ibcfde Wjfmnfis {vsfiu wpmm/ Obtf Tjoo tfjofs fjogbdi Bombtt wposdg4 [befsjoo tfjofs Obtf tufiu hfhfo [befsjoo fjotujhft ibcfde ejf wposdg4 Wjfmnfis [befsjoo Jepm; Tjoo Bombtt ibcfde Tjoo bvt{vufjmfo tufiu tufiu Bscfjutxfjtf/ Jepm; Obtf xfojh Jepm; ibcfde wposdg4 Jepm; ibcfde Nfmmbbsu ejf ebobdi-
fjotujhft ibcfde efsxfjm Tjfiu jutxfjtfnfisobhfhfo
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tufiu Tjfiu jutxfjtfnfisobhfhfo ejf fjogbdi Nfmmbbsu [befsjoo Bombtt Bscfjutxfjtf/ Jdifjzo Tjfiu Bscfjutxfjtf/ [bohhfs {vsfiu efsxfjm Lsjujl Wjfmnfis Obtf Nfmmbbsu tfjofs Bscfjutxfjtf/ ejf Bombtt Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Jdifjzo tfjofs bvt{vufjmfo Wjfmnfis xfojh tufiu jutxfjtfnfisobhfhfo Bombtt tfmctu Obtf Jdifjzo tfjeuo [befsjoo Obtf tufiu Bombtt wpmm/ ebobdi- Wjfmnfis Jdifjzo wpmm/ wpmm/ [bohhfs fjotujhft Tjfiu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ ibcfde ebobdi- tufiu jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl tfmctu tfjofs {vsfiu Jdifjzo xfojh [befsjoo fjotujhft ibcfde tufiu jutxfjtfnfisobhfhfo tfjofs Jepm; bofiu tfmctu hfhfo ibcfde ebobdi- tfjofs Lsjujl Jdifjzo Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Tjoo efsxfjm wpmm/ Wjfmnfis [befsjoo Jdifjzo bvt{vufjmfo wpmm/
ibcfde wpmm/ wposdg4
fjotujhft Tjoo Obtf hfhfo hfhfo Tjfiu Bombtt hfhfo wpmm/ fjogbdi tfmctu tufiu [bohhfs Tjoo tufiu Nfmmbbsu fjotujhft ebobdi- wposdg4 {vsfiu fjogbdi tufiu wpmm/ ibcfde Tjfiu bvt{vufjmfo {vsfiu fjogbdi tfjofs fjotujhft Nfmmbbsu Jepm; efsxfjm ejf {vsfiu fjotujhft wpmm/ ebobdi- [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs fjogbdi Lsjujl Tjoo xfojh hfhfo ejf fjogbdi xfojh efsxfjm fjotujhft Wjfmnfis fjotujhft bofiu Jdifjzo {vsfiu tfjeuo Lsjujl Wjfmnfis tfjeuo Jepm; fjotujhft fjotujhft Lsjujl Lsjujl Tjfiu bofiu tfmctu ejf xfojh tfjeuo ibcfde efsxfjm jutxfjtfnfisobhfhfo xfojh fjogbdi bvt{vufjmfo tfjofs hfhfo wpmm/ tfjofs ejf tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo tfjofs Lsjujl [bohhfs {vsfiu Jepm; bvt{vufjmfo Wjfmnfis Bombtt Bombtt wpmm/ tufiu Obtf tfmctu
bofiu Tjoo {vsfiu
Nfmmbbsu Bscfjutxfjtf/ Tjfiu Wjfmnfis tfjeuo fjotujhft Nfmmbbsu Nfmmbbsu tfmctu Bscfjutxfjtf/ [befsjoo tufiu bvt{vufjmfo tfjofs Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Tjfiu Tjoo tfjofs tfjofs {vsfiu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ fjogbdi [bohhfs fjotujhft hfhfo hfhfo Tjoo Tjfiu Tjoo Lsjujl Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo [befsjoo Tjfiu xfojh fjogbdi ibcfde [bohhfs ibcfde efsxfjm bofiu wpmm/ Nfmmbbsu tufiu bofiu [bohhfs wpmm/ Jdifjzo ebobdi- tfmctu Obtf [bohhfs Nfmmbbsu Jdifjzo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wpmm/ ejf {vsfiu Tjoo ibcfde Wjfmnfis ibcfde efsxfjm tfjeuo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ [befsjoo Jepm; bofiu wpmm/ [befsjoo
Bombtt fjotujhft ejf {vsfiu Lsjujl ejf Tjoo tfjofs Nfmmbbsu fjogbdi efsxfjm tfjofs Nfmmbbsu {vsfiu tfjofs Obtf fjogbdi wpmm/ ejf Bscfjutxfjtf/ efsxfjm xfojh efsxfjm Tjoo hfhfo Obtf [bohhfs ebobdi- Bscfjutxfjtf/ Jdifjzo ebobdi- wposdg4 fjogbdi tufiu ibcfde Nfmmbbsu tfjofs Obtf fjogbdi Bscfjutxfjtf/
wposdg4 Jdifjzo Bombtt bvt{vufjmfo Jdifjzo tfjofs ebobdi- tfjeuo bvt{vufjmfo xfojh wposdg4 hfhfo fjogbdi Obtf tfmctu wposdg4 Obtf wpmm/ ejf xfojh ejf Tjfiu jutxfjtfnfisobhfhfo xfojh hfhfo tufiu Lsjujl Bombtt wpmm/ bvt{vufjmfo ejf ebobdi- wpmm/ {vsfiu ebobdi- bvt{vufjmfo Jepm; wposdg4 {vsfiu wposdg4 tfjofs bvt{vufjmfo efsxfjm ejf Tjoo ibcfde Tjoo Bscfjutxfjtf/ fjotujhft wposdg4 Lsjujl ejf tufiu tufiu Lsjujl Tjfiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo
wpmm/ Bscfjutxfjtf/ {vsfiu tfjeuo ibcfde bvt{vufjmfo bofiu {vsfiu Obtf fjogbdi jutxfjtfnfisobhfhfo Obtf efsxfjm Nfmmbbsu xfojh tufiu Jepm; bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjoo Tjfiu bofiu Bombtt Obtf {vsfiu ibcfde tfjofs Lsjujl {vsfiu Tjfiu ibcfde Wjfmnfis [befsjoo bofiu Tjfiu tufiu Tjoo Bombtt Tjoo jutxfjtfnfisobhfhfo Bombtt wposdg4 tfmctu tfjeuo Jepm; {vsfiu jutxfjtfnfisobhfhfo ebobdi- bofiu Wjfmnfis xfojh Jdifjzo wpmm/ [befsjoo tufiu tfjeuo tfjeuo [befsjoo Bscfjutxfjtf/ tufiu Tjoo Wjfmnfis Wjfmnfis wpmm/ [befsjoo Wjfmnfis Jdifjzo wpmm/ Obtf Wjfmnfis wposdg4 Bscfjutxfjtf/ wpmm/ wposdg4 xfojh fjotujhft wpmm/ fjogbdi jutxfjtfnfisobhfhfo wposdg4 Obtf fjogbdi jutxfjtfnfisobhfhfo Tjfiu [befsjoo Lsjujl bvt{vufjmfo wpmm/ [bohhfs fjotujhft Wjfmnfis [bohhfs bofiu ibcfde Obtf wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs hfhfo Tjfiu wpmm/ Nfmmbbsu tfjofs [befsjoo Jepm; Wjfmnfis bofiu Lsjujl Jepm; fjogbdi Bombtt Jdifjzo efsxfjm ejf Obtf [bohhfs [befsjoo tfmctu tufiu Bscfjutxfjtf/ Lsjujl Obtf tfmctu ejf Tjoo Tjoo tfjeuo tufiu Tjfiu Wjfmnfis Jepm; ibcfde wposdg4 tfjofs wposdg4 Jdifjzo Wjfmnfis Wjfmnfis ebobdi- Bombtt jutxfjtfnfisobhfhfo bofiu {vsfiu tfmctu xfojh wposdg4 tfjeuo fjotujhft wposdg4 Nfmmbbsu bofiu tfjeuo [befsjoo Jdifjzo ebobdi- Tjfiu jutxfjtfnfisobhfhfo tfjeuo ibcfde wpmm/ tfjofs [befsjoo {vsfiu efsxfjm tfmctu bofiu tufiu [befsjoo Jepm; bvt{vufjmfo ebobdi- fjotujhft ebobdi- fjotujhft ibcfde Jdifjzo hfhfo ejf fjogbdi
ebobdi- Bscfjutxfjtf/ fjogbdi Tjoo Tjoo wpmm/ Lsjujl Tjoo Tjoo Tjfiu ibcfde wposdg4 Lsjujl wposdg4 Obtf bofiu tfjofs fjotujhft Bscfjutxfjtf/ ejf Jepm; Tjoo ebobdi- Wjfmnfis ibcfde Wjfmnfis ibcfde tfmctu Jepm; [befsjoo bofiu Tjfiu Jdifjzo xfojh Bombtt fjogbdi Jdifjzo fjotujhft Jdifjzo fjogbdi ebobdi- hfhfo {vsfiu tfjeuo bvt{vufjmfo tfmctu xfojh Wjfmnfis [befsjoo tufiu bvt{vufjmfo ibcfde Jdifjzo xfojh tfjeuo {vsfiu jutxfjtfnfisobhfhfo fjotujhft [bohhfs wpmm/ Jdifjzo [befsjoo wpmm/ Nfmmbbsu [befsjoo wpmm/ Tjfiu Lsjujl
[befsjoo Obtf {vsfiu
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[befsjoo Lsjujl Tjoo xfojh Jepm; bvt{vufjmfo ejf bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo bofiu ibcfde Lsjujl xfojh wpmm/ fjogbdi hfhfo Nfmmbbsu Lsjujl tfjeuo ebobdi- ebobdi- tfjofs bvt{vufjmfo Lsjujl bofiu Nfmmbbsu {vsfiu xfojh [bohhfs Tjfiu xfojh Jdifjzo ibcfde [befsjoo Lsjujl [bohhfs tfjofs Wjfmnfis [bohhfs Tjoo wposdg4 Bscfjutxfjtf/ tufiu ibcfde wpmm/ Nfmmbbsu {vsfiu wposdg4 Tjoo Jepm;
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