When Companies Buy More Than a Product

Executive Summary Biotechnology acquisitions are often evaluated through a simple lens: current product revenue. Yet many acquisitions are driven by a broader strategic objective. The acquisition of Marinus Pharmaceuticals by Immedica for approximately $151 million provides an opportunity to examine an important question for biotechnology executives: What creates value in a commercial acquisition? While financial markets frequently focus on current sales, experienced commercial leaders recognize that infrastructure, organizational capabilities, market…