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