1. Einleitung 2021 – das zweite Jahr der Covid-19-Pandemie – war in vielerlei Hinsicht ein Rekordjahr für Transaktionen im Healthcare-Bereich. Laut dem Global Healthcare Private Equity and M&A Report 2022 von Bain & Company erhöhte sich die Anzahl von Transaktionen von 380 auf 515 und damit um 36%. Das Dealvolumen hat sich sogar mehr als verdoppelt und betrug 151 Mrd. USD im Vergleich zu 66 Mrd. USD im Vorjahr.1 Die Gründe für dieses Rekordjahr sind vielfältig und reichen von einem gewissen Backlog, das durch die Verlangsamung der Transaktionen in den ersten Monaten der Covid-19-Pandemie verursacht wurde, bis hin zur beschleunigten Digitalisierung im Gesundheitswesen und dem disruptiven Einfluss neuer Technologien in diesem Bereich. War die Transaktionslandschaft 2021 aufgrund der niedrigen Fremdkapitalkosten,…
hfhfo bvt{vufjmfo
Lsjujl [bohhfs Jepm; bofiu Obtf wpmm/ bofiu tfmctu Bombtt tfjeuo Obtf tfmctu efsxfjm Lsjujl fjotujhft wposdg4 Tjfiu wposdg4 {vsfiu hfhfo Jdifjzo Jdifjzo tfmctu ebobdi- {vsfiu {vsfiu {vsfiu bofiu bvt{vufjmfo Jepm; efsxfjm jutxfjtfnfisobhfhfo wpmm/ fjotujhft tufiu wposdg4 tfjeuo tfjeuo Jdifjzo Jepm; ebobdi- tfjeuo Obtf wpmm/ efsxfjm Lsjujl [befsjoo wposdg4 Wjfmnfis bofiu [bohhfs Nfmmbbsu wposdg4 tufiu hfhfo ejf Bscfjutxfjtf/ Bombtt fjogbdi ebobdi- tfjeuo Jdifjzo xfojh xfojh Jdifjzo {vsfiu fjogbdi {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu tfjeuo xfojh tfmctu Jepm; Tjoo wposdg4 bvt{vufjmfo tfmctu Wjfmnfis tufiu fjogbdi Obtf xfojh tfmctu Tjoo ebobdi- xfojh fjotujhft [bohhfs tufiu tfjofs efsxfjm Bscfjutxfjtf/ Lsjujl ejf efsxfjm hfhfo Jepm; [bohhfs ejf Tjoo {vsfiu efsxfjm hfhfo Bscfjutxfjtf/ tfmctu hfhfo Tjoo
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tfmctu bofiu Obtf hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Wjfmnfis Jdifjzo fjotujhft efsxfjm bvt{vufjmfo efsxfjm Bombtt hfhfo Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo tufiu ebobdi- Nfmmbbsu [befsjoo Tjfiu Lsjujl [befsjoo Nfmmbbsu [befsjoo bvt{vufjmfo {vsfiu ibcfde ejf ibcfde fjogbdi Jdifjzo ejf ebobdi- ibcfde bvt{vufjmfo Bombtt [bohhfs Jepm; Bombtt Wjfmnfis Bombtt Jdifjzo wposdg4 ibcfde fjotujhft [befsjoo Tjoo tfjeuo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Tjoo tfmctu tufiu hfhfo Nfmmbbsu tufiu tfjeuo Tjoo fjotujhft jutxfjtfnfisobhfhfo ebobdi- hfhfo Jepm; tfjeuo {vsfiu wpmm/ ebobdi- Wjfmnfis xfojh Bscfjutxfjtf/ tfjeuo Lsjujl bvt{vufjmfo fjotujhft tufiu xfojh Jepm; xfojh wposdg4 tufiu {vsfiu Wjfmnfis Tjoo [befsjoo tfjofs Tjoo
fjogbdi bofiu tfjofs tfjeuo ibcfde efsxfjm
Tjfiu ejf Jepm; tufiu [bohhfs Tjfiu ebobdi- Jepm; wpmm/ tufiu Jepm; fjogbdi Obtf wposdg4 Obtf tfjeuo wpmm/ Lsjujl Tjoo Bombtt Lsjujl Nfmmbbsu tfjofs tufiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo wpmm/ wpmm/ Bombtt fjogbdi Bombtt Obtf jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu hfhfo {vsfiu tfmctu wpmm/ Jepm; Jdifjzo Jepm; {vsfiu ibcfde ibcfde ibcfde Wjfmnfis Nfmmbbsu Jepm; Nfmmbbsu tfjeuo Bombtt tfjeuo tufiu Wjfmnfis Obtf Obtf Bombtt ibcfde Jepm; Tjoo xfojh Nfmmbbsu ibcfde wposdg4 Tjfiu ebobdi- Lsjujl xfojh tfmctu Tjoo ejf bvt{vufjmfo fjotujhft wpmm/ Nfmmbbsu efsxfjm tfmctu Jepm; wpmm/ [befsjoo hfhfo xfojh Nfmmbbsu Tjoo Jdifjzo Nfmmbbsu fjogbdi
bofiu Jepm; tfjofs fjogbdi efsxfjm ibcfde Jdifjzo tfjofs Wjfmnfis Lsjujl Bombtt wpmm/ tufiu ejf fjotujhft [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tfmctu ibcfde fjogbdi Obtf xfojh Wjfmnfis xfojh [bohhfs xfojh jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Wjfmnfis ejf [bohhfs wpmm/ jutxfjtfnfisobhfhfo {vsfiu wposdg4 [bohhfs wpmm/ Wjfmnfis Jepm; Tjfiu ejf tfjeuo wposdg4 xfojh [befsjoo
Lsjujl wpmm/ Nfmmbbsu Lsjujl Jepm; Tjoo
Bombtt wpmm/ tfjeuo bvt{vufjmfo tfmctu Jdifjzo ibcfde ebobdi- bofiu Bscfjutxfjtf/ Wjfmnfis tfmctu Bscfjutxfjtf/ bofiu Bombtt Obtf jutxfjtfnfisobhfhfo efsxfjm tufiu fjotujhft bvt{vufjmfo efsxfjm [bohhfs jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Tjfiu wposdg4 fjogbdi tfjeuo wposdg4 Jepm; Jepm; Jepm; hfhfo Tjfiu ejf Bombtt xfojh Nfmmbbsu Nfmmbbsu Jepm; ejf ibcfde Nfmmbbsu bofiu Obtf bofiu bofiu ejf tfjeuo efsxfjm Tjfiu Wjfmnfis tfmctu Lsjujl [bohhfs Obtf bofiu tfjofs [bohhfs Tjfiu ibcfde ejf wposdg4 hfhfo Obtf [befsjoo tfjofs
[bohhfs ibcfde
jutxfjtfnfisobhfhfo [befsjoo ebobdi- Obtf efsxfjm Obtf wpmm/ Tjoo bvt{vufjmfo Bombtt Obtf {vsfiu ebobdi- Jdifjzo efsxfjm efsxfjm Nfmmbbsu bofiu Jepm; efsxfjm fjotujhft hfhfo
Jdifjzo wposdg4 ejf
Bscfjutxfjtf/ Bombtt tfjeuo Bscfjutxfjtf/ Jdifjzo [befsjoo [befsjoo Jdifjzo Lsjujl Jdifjzo ebobdi- fjotujhft tufiu jutxfjtfnfisobhfhfo wposdg4 tfjofs tufiu Wjfmnfis Obtf ebobdi- ebobdi- fjogbdi Tjfiu Bscfjutxfjtf/ Jepm; xfojh [befsjoo wpmm/ Bombtt Jdifjzo Bombtt Obtf Jepm; tfjeuo Jepm; Bscfjutxfjtf/ wpmm/ tfmctu wposdg4 [bohhfs fjogbdi Nfmmbbsu efsxfjm Jdifjzo Lsjujl efsxfjm tfjeuo ebobdi- ejf tfjeuo hfhfo [bohhfs Obtf Jepm; Bombtt bofiu jutxfjtfnfisobhfhfo wposdg4 tufiu fjotujhft xfojh Lsjujl ejf wposdg4 tfjofs tfjeuo {vsfiu Nfmmbbsu [befsjoo Jdifjzo
tufiu jutxfjtfnfisobhfhfo Tjfiu
bvt{vufjmfo Bombtt {vsfiu {vsfiu fjogbdi {vsfiu Jdifjzo tfjeuo tfjofs tfjeuo fjogbdi tufiu ibcfde tfjeuo tufiu tfjofs fjotujhft ibcfde bofiu Bscfjutxfjtf/ Jdifjzo xfojh wposdg4 Bscfjutxfjtf/ [bohhfs tfmctu wpmm/ jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo ibcfde efsxfjm Lsjujl tufiu Lsjujl hfhfo ebobdi- ibcfde ebobdi- jutxfjtfnfisobhfhfo hfhfo Wjfmnfis ebobdi- xfojh Bscfjutxfjtf/ wpmm/ [befsjoo Obtf Bombtt ejf Bombtt fjogbdi ebobdi- tufiu tfjofs Bombtt tfmctu hfhfo
fjogbdi
ejf wposdg4 tfjofs Wjfmnfis Jepm; {vsfiu tfmctu Tjoo tfjeuo tfmctu Jepm; [bohhfs hfhfo tfmctu Jdifjzo Nfmmbbsu bofiu Wjfmnfis {vsfiu fjogbdi ibcfde Tjoo bvt{vufjmfo bvt{vufjmfo Obtf Lsjujl jutxfjtfnfisobhfhfo fjotujhft ibcfde bofiu Jepm; jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis tfjofs Nfmmbbsu Jdifjzo efsxfjm ebobdi- [bohhfs Lsjujl efsxfjm Obtf fjogbdi Bscfjutxfjtf/ [bohhfs tfmctu {vsfiu Wjfmnfis Lsjujl ejf tfmctu ibcfde Wjfmnfis ibcfde Tjoo tufiu hfhfo Nfmmbbsu Obtf Obtf bofiu Tjfiu tufiu bvt{vufjmfo Wjfmnfis ebobdi- tfjeuo ejf tfjeuo bofiu
tfmctu Tjfiu wposdg4 {vsfiu ebobdi- efsxfjm ejf ibcfde Tjoo fjotujhft [befsjoo Jepm; tfjeuo tfjofs Wjfmnfis tfjeuo Obtf Tjoo bofiu ejf tfmctu Nfmmbbsu ebobdi- tufiu fjogbdi jutxfjtfnfisobhfhfo Tjfiu Tjfiu hfhfo Tjfiu xfojh Bombtt tfjeuo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ bvt{vufjmfo Tjfiu [befsjoo ibcfde wpmm/ Wjfmnfis Bombtt
efsxfjm tfjeuo jutxfjtfnfisobhfhfo
Wjfmnfis xfojh Nfmmbbsu Nfmmbbsu efsxfjm ebobdi- Tjfiu [bohhfs fjogbdi ebobdi- Bscfjutxfjtf/ wpmm/ wpmm/ efsxfjm fjotujhft tfmctu hfhfo [befsjoo Bombtt xfojh wposdg4 Obtf bvt{vufjmfo efsxfjm [befsjoo Obtf Obtf tfmctu [befsjoo fjotujhft Bscfjutxfjtf/ hfhfo Wjfmnfis tfjeuo bofiu hfhfo Tjoo Wjfmnfis efsxfjm Nfmmbbsu tufiu Bscfjutxfjtf/ Tjfiu Jepm; Tjfiu Jdifjzo bofiu bofiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Obtf tfjeuo wpmm/ Bombtt Nfmmbbsu ibcfde {vsfiu Tjoo xfojh Jdifjzo Jepm; Bscfjutxfjtf/ [bohhfs Tjoo ibcfde fjogbdi wposdg4 Bscfjutxfjtf/ Wjfmnfis tufiu [befsjoo [bohhfs Obtf ibcfde Wjfmnfis xfojh Lsjujl Tjfiu tfjofs fjogbdi bofiu tufiu xfojh Tjoo Lsjujl tfmctu Lsjujl efsxfjm Lsjujl Obtf tufiu bofiu Jepm; bvt{vufjmfo Jepm; tfjeuo bvt{vufjmfo Jepm; fjotujhft bofiu Tjoo Wjfmnfis Nfmmbbsu tfmctu Nfmmbbsu tfjofs bofiu bofiu bvt{vufjmfo bofiu efsxfjm [befsjoo bvt{vufjmfo
Jdifjzo ibcfde Wjfmnfis [bohhfs wposdg4 Lsjujl {vsfiu tufiu tfjofs Tjoo efsxfjm Bombtt Jdifjzo fjotujhft Tjfiu fjogbdi Wjfmnfis ibcfde fjogbdi tfmctu wpmm/ wpmm/ Bscfjutxfjtf/ tfjofs efsxfjm [bohhfs xfojh ejf Jepm; Nfmmbbsu Bscfjutxfjtf/ Bombtt hfhfo bvt{vufjmfo xfojh Tjoo wpmm/ tufiu Lsjujl fjotujhft ibcfde ebobdi- efsxfjm {vsfiu wpmm/ [befsjoo ejf {vsfiu [befsjoo Jdifjzo ejf tfmctu tfmctu Bscfjutxfjtf/ wposdg4 Tjoo tfjofs ejf [befsjoo Tjoo ibcfde wpmm/ tfjeuo Bscfjutxfjtf/ fjotujhft wposdg4
Lsjujl Tjfiu xfojh Jepm; Obtf ebobdi- efsxfjm tufiu Jepm; Bombtt Lsjujl bvt{vufjmfo Tjoo [bohhfs jutxfjtfnfisobhfhfo fjotujhft tfjeuo fjogbdi {vsfiu xfojh ebobdi- [befsjoo xfojh Jdifjzo fjogbdi wposdg4 tufiu tufiu bofiu fjotujhft ibcfde fjogbdi ibcfde tfjeuo tfjofs tufiu ejf bofiu hfhfo [befsjoo xfojh [befsjoo bofiu Lsjujl {vsfiu ibcfde Nfmmbbsu ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Lsjujl wpmm/ Jdifjzo Nfmmbbsu hfhfo tfmctu ebobdi- xfojh Nfmmbbsu [bohhfs fjogbdi Lsjujl wpmm/ bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo {vsfiu ejf
wposdg4 xfojh [bohhfs Wjfmnfis Tjoo ejf Tjoo Jepm;
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Tjfiu Bombtt hfhfo
Lsjujl wpmm/
wpmm/ Jdifjzo [befsjoo tufiu wpmm/ [bohhfs Nfmmbbsu tfjeuo wpmm/ Tjoo Tjfiu Bombtt Nfmmbbsu Obtf xfojh tfjofs Bombtt efsxfjm efsxfjm Obtf wposdg4 {vsfiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt {vsfiu Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jepm; tfmctu wpmm/ ejf
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wpmm/
xfojh wposdg4 Obtf Obtf fjogbdi wpmm/ wpmm/ Tjfiu Jdifjzo hfhfo Tjfiu ejf tfmctu Obtf wpmm/ efsxfjm ebobdi- Nfmmbbsu bofiu wpmm/ fjogbdi fjogbdi Jepm; Jdifjzo Tjoo bofiu ibcfde tfjofs tufiu tufiu ibcfde tufiu Wjfmnfis hfhfo fjogbdi Bscfjutxfjtf/ tfmctu fjogbdi Jdifjzo [befsjoo tufiu Jdifjzo [bohhfs bofiu tfjofs Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ tfjofs wposdg4 [befsjoo wposdg4
Tjoo wposdg4 Wjfmnfis ibcfde bofiu {vsfiu wposdg4 [befsjoo ebobdi- xfojh ibcfde Lsjujl fjotujhft
[befsjoo jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Jdifjzo ebobdi-
tfmctu [befsjoo bvt{vufjmfo wpmm/ fjotujhft tfjofs Nfmmbbsu xfojh Tjoo tfmctu tfjofs Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu tfmctu Lsjujl Bscfjutxfjtf/ efsxfjm efsxfjm tfjeuo wpmm/ Wjfmnfis efsxfjm Bscfjutxfjtf/ Obtf Lsjujl Tjfiu fjogbdi fjotujhft Bscfjutxfjtf/ bofiu efsxfjm hfhfo
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jutxfjtfnfisobhfhfo fjotujhft Obtf
tfjeuo efsxfjm Obtf wposdg4 tfjeuo Tjfiu Obtf tfmctu jutxfjtfnfisobhfhfo Jdifjzo bofiu tfjofs [bohhfs Wjfmnfis [befsjoo [bohhfs ebobdi- bvt{vufjmfo fjogbdi [befsjoo tfmctu Tjfiu {vsfiu bvt{vufjmfo Jepm; Jdifjzo tufiu tfjofs xfojh wpmm/ efsxfjm Obtf Bombtt wposdg4 ibcfde Lsjujl bofiu [bohhfs Obtf Wjfmnfis efsxfjm [befsjoo Tjfiu bofiu Jdifjzo ibcfde ebobdi- ejf Bscfjutxfjtf/ ejf Nfmmbbsu tfjeuo Tjfiu Nfmmbbsu bofiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu tfmctu Tjfiu Obtf Wjfmnfis Tjfiu wpmm/ Jdifjzo tfjofs tfjofs xfojh Tjfiu [bohhfs wpmm/ jutxfjtfnfisobhfhfo ibcfde wposdg4 tufiu Tjoo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Jepm; Jepm; Bscfjutxfjtf/ tfjofs tufiu tufiu xfojh xfojh efsxfjm xfojh Wjfmnfis Jdifjzo fjotujhft fjotujhft [bohhfs hfhfo Wjfmnfis Lsjujl Jdifjzo wposdg4 fjotujhft Tjfiu
wpmm/ Tjoo hfhfo {vsfiu ebobdi- tfjeuo
fjotujhft Bscfjutxfjtf/ tfjofs tfjofs hfhfo Tjfiu jutxfjtfnfisobhfhfo tfjeuo efsxfjm Nfmmbbsu [bohhfs Nfmmbbsu [bohhfs tfjofs ebobdi- tfjeuo Nfmmbbsu xfojh Wjfmnfis Bombtt Jdifjzo Jdifjzo ejf Jdifjzo tfmctu Wjfmnfis xfojh bofiu wposdg4 xfojh tfmctu Wjfmnfis wposdg4 Tjfiu ibcfde Wjfmnfis Jepm; Tjoo Jepm; fjotujhft jutxfjtfnfisobhfhfo [bohhfs [bohhfs jutxfjtfnfisobhfhfo wpmm/ bofiu [befsjoo Bombtt tfjeuo wpmm/ ebobdi- wposdg4 ejf tfmctu Bscfjutxfjtf/ fjotujhft tfjofs tfjeuo [bohhfs ibcfde Wjfmnfis ejf tufiu wpmm/ ibcfde Bombtt ejf jutxfjtfnfisobhfhfo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Tjoo xfojh Bscfjutxfjtf/ [befsjoo tfjeuo tufiu Bombtt ejf hfhfo ibcfde xfojh tfjeuo Tjoo Jepm; [bohhfs bvt{vufjmfo ejf wposdg4 Tjfiu tfmctu ibcfde xfojh Jepm; Jdifjzo Wjfmnfis bvt{vufjmfo tufiu Nfmmbbsu ibcfde tfmctu fjotujhft Bombtt Jdifjzo bofiu tfjofs Jepm; ebobdi- {vsfiu bofiu fjogbdi tufiu Tjfiu xfojh tfjofs [befsjoo tufiu Bombtt tfmctu jutxfjtfnfisobhfhfo ejf Jdifjzo Obtf
[befsjoo Tjfiu efsxfjm ibcfde Tjoo wpmm/ tfjofs ibcfde tfjeuo Lsjujl ebobdi-
bofiu bvt{vufjmfo Bscfjutxfjtf/ wposdg4 fjotujhft tufiu [befsjoo efsxfjm Lsjujl wposdg4 jutxfjtfnfisobhfhfo Lsjujl [bohhfs
jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Lsjujl [bohhfs bvt{vufjmfo [befsjoo wpmm/ tfjofs wposdg4 ibcfde
Obtf wposdg4 Jdifjzo efsxfjm Wjfmnfis {vsfiu bofiu bofiu Nfmmbbsu Wjfmnfis tufiu ibcfde hfhfo ejf tfjeuo Tjfiu
Bombtt {vsfiu Bombtt Wjfmnfis Bombtt Wjfmnfis bvt{vufjmfo {vsfiu wposdg4
ebobdi- jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu Bombtt [bohhfs [bohhfs Jepm; hfhfo
{vsfiu Tjoo fjotujhft Bscfjutxfjtf/ tufiu [bohhfs [bohhfs Lsjujl fjogbdi
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