Oliver Wyman buys Huron's life sciences strategy practice
Management consultancy Oliver Wyman has acquired the life sciences strategy business of Huron Consulting Group.
Huron’s life sciences business works with pharma and medtech clients on their most pressing commercial, marketing, pricing, market access, and R&D challenges.
Oliver Wyman’s acquisition of the practice will add approximately 80 professionals, including 12 partners, to its healthcare and life sciences practice. John Westwood, leader of Huron’s life sciences business, will head Oliver Wyman’s global life sciences team.
Financial terms of the transaction were not disclosed. It is expected to close by November 2021.
“The entire healthcare industry, including life sciences, is under tremendous pressure,” said Nick Studer, president and CEO of Oliver Wyman. “The past year has shown the transformative impact life sciences companies can have, and Oliver Wyman is committed to working with them to make lifesaving innovation affordable and accessible to all. Having this experienced team join us from Huron will allow Oliver Wyman to have an even greater impact on the healthcare industry.”
The Huron team will join Oliver Wyman’s global team, which numbers more than 5,000 people. The firm, which is owned by Marsh McLennan, provides services in strategy, operations, risk, restructuring, digital, organizational effectiveness, marketing, and sustainability to a wide range of industries.
“Combining Oliver Wyman’s global focus and capabilities with Huron’s deep industry expertise will provide the scale needed to support the increasingly complex commercialization and access-related issues facing life sciences organizations,” said James Roth, chief executive officer of Huron.
Huron, a publicly traded management consultancy based in Chicago, will concentrate its resources and investments on its healthcare and education practices, as well as on its advanced technology offerings. The firm in the last year has acquired data management consultancy Unico Solution and Salesforce specialist ForceIQ.
Huron says its life sciences business accounted for approximately 2% of total revenues in the nine-month period ended September 30, 2021. The firm, which has approximately 3,750 people, is projecting 2021 revenues of between $875 million and $905 million and an adjusted Ebitda as a percentage of revenues in the range of 10.8% to 11.3%. Huron does not expect the divestiture to have a significant impact on projected revenue or adjusted Ebitda margin percentage.
