Ankura’s purchase price allocation study of 205 transactions involving Pharmaceutical, Biotechnology, and other Life Sciences companies highlights the continued importance of intangible assets in life sciences deal activity. In-Process R&D represented a significant share of purchase price allocations, averaging 36% compared with 12% for Developed Technology, with nearly 68% of analyzed transactions allocating 61% to 100% of purchase price to In-Process R&D. Developed Technology allocations were more varied, with useful lives ranging from 4 to 20 years and most falling between 11 and 15 years. While Goodwill remained a meaningful component of transaction value, the average allocation declined from 30% in 2021 to 11% in 2025, underscoring the importance of identifying and valuing key intangible assets in life sciences transactions.
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