Management consulting firm Oliver Wyman has acquired the life sciences strategy business of Huron Consulting Group.
Huron’s life sciences company works with pharmaceutical and medical clients on their most pressing business, marketing, pricing, market access and R&D challenges.
Oliver Wyman’s acquisition of the practice will add approximately 80 professionals, including 12 partners, to his healthcare and life sciences practice. John Westwood, Huron’s Life Sciences business manager, will lead Oliver Wyman’s global life sciences team.
Financial terms of the transaction were not disclosed. Its closure is scheduled for November 2021.
“The entire healthcare industry, including the life sciences, is under tremendous pressure,” said Nick Studer, President and CEO of Oliver Wyman. “The past year has shown the transformative impact that life science companies can have, and Oliver Wyman is committed to working with them to make life-saving 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 of more than 5,000 people. The company, which is owned by Marsh McLennan, provides strategy, operations, risk, restructuring, digital, organizational effectiveness, marketing and sustainability services to a wide range of industries.
“The combination of Oliver Wyman’s global focus and capabilities with Huron’s deep industry expertise will provide the scale needed to support the increasingly complex market and access challenges facing organizations. life sciences, ”said James Roth, CEO of Huron.
Huron, a Chicago-based, publicly traded management consulting firm, will focus its resources and investments on its healthcare and education practices, as well as its cutting-edge technology offerings. Last year, the company acquired data management consulting firm Unico Solution and Salesforce specialist ForceIQ.
Huron says its life sciences business accounted for about 2% of total revenue in the nine-month period ended September 30, 2021. The company, which has around 3,750 people, projects 2021 revenue to be between 875 million and $ 905 million and adjusted EBITDA as a percentage of revenue in the range of 10.8% to 11.3%. Huron does not expect the divestiture to have a significant impact on projected revenues or Adjusted EBITDA margin percentage.