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CRO Sector Update: March 2021

By Kunal Kadiwar, Lois Groden 18 Mar 2021

M&A and valuations in the CRO sector – March 2021

The level of impact that Covid-19 has had on M&A activity is comparable to that of the Great Financial Crisis, however, the rebound has been notably stronger. In the last year c.70 deals completed with a significant contribution from the second half of the year.

There was a meaningful drop-in activity in Q2 which was driven by the need for buyers to focus on internal priorities in the wake of the pandemic and were further challenged by travel restrictions, impeding deal processes.

This trend reversed in Q3 as buyers were in a better position to assess the impact that the pandemic had on target companies and they became more accustomed to diligence businesses virtually.

​​​​​2021 has gotten off to a strong start, with 23 deals completed by the first week of March, signalling a likely strong Q1 performance.

Read our latest update on the CRO sector for our data and findings.

Click to read CRO Sector Update – March 2021

To read an in-depth analysis of M&A activity and valuations in the sector over recent years, read our white paper here.


Kunal Kadiwar

Managing Director

Contact Kunal

Lois Groden


Contact Lois


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