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06/2022

OPEN HEALTH acquired by ASTORG

UNITED STATES Healthcare Services

Context

Astorg has successfully completed the acquisition of OPEN Health from Amulet Capital Partners, executing a significant secondary buyout in the highly attractive healthcare services sector. Through this transaction, Astorg secures a controlling interest in a premier medical affairs and market access business, while the existing management team will continue to helm the organization. The strategic rationale for Astorg is deeply rooted in acquiring a highly scalable platform investment within the rapidly professionalizing medical communications space. As the pharmaceutical industry shifts toward complex, next-generation therapeutics, the demand for specialized, high-science communication and rigorous data analytics has transformed medical affairs from a supportive function into a central commercial driver. Astorg intends to deploy its substantial dry powder and leverage its extensive healthcare expertise to accelerate the company's next phase of growth, supporting both organic initiatives and highly targeted, value-accretive strategic acquisitions.

OPEN HEALTH, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.9x).

-> Deep-dive in Healthcare & Pharma market trends

Target

OPEN Health is a leading global provider of specialized scientific communications, health economics, and outcomes research (HEOR), and market access services tailored for the life sciences industry. Established in 2011, the company functions as a mission-critical strategic partner for pharmaceutical and biotech entities, facilitating the navigation of increasingly complex clinical and commercial landscapes. By integrating deep scientific expertise with advanced data analytics, the firm enables its clients to articulate the value of their clinical assets, optimize commercial strategies, and ensure successful product uptake in highly regulated markets. The company operates a knowledge-intensive business model, serving a blue-chip customer base that includes a significant majority of the top global pharmaceutical corporations. Its value proposition is anchored in the convergence of rigorous scientific inquiry and commercial strategy, allowing clients to deliver impactful data-driven narratives and evidence-based solutions. Operating in a highly attractive and resilient niche within the medical affairs space, OPEN Health benefits from the industry's shift toward increasingly complex therapeutics that require sophisticated, high-science communication and rigorous evidence-based validation.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
2021

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REFERENCES

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: open health

Acquirer: astorg