How to Maximize Value in Platform Technology Deals

Access Part 1 of this interview about how oncology, GLP-1s, and manufacturing complexity are reshaping M&A valuations in 2026.

In part 2 of a 3-part interview, Kristin Ciriello Pothier, Americas Life Sciences Sector Leader, KPMG US, outlines what KPMG's deal advisory teams are scrutinizing most closely in today's M&A environment: Supply chain integrity and platform technology risk.

Supply chain resilience has moved to the center of transaction diligence. For complex therapies such as cell and gene treatments, that analysis spans the entire patient journey, from diagnosis through therapeutic administration, and must account for geography-specific variables. "Supply chain in Brazil is very different than supply chain in the United States, which is very different than supply chain in mainland China," Pothier notes, underscoring why KPMG applies what she calls a “glocal” lens, deploying regional teams to assess local regulatory and access conditions rather than relying on a single global view.

Platform technology deals present their own valuation challenges. While they represent some of the most exciting opportunities in mid-size transactions, their breadth makes them difficult to price. The core uncertainty lies in whether a platform proven in one therapeutic area can successfully bridge to another as it moves from basic research through translation and into commercialization. "The more data that you can provide the acquirer as to how the bridging between therapeutic areas will work with the platform technology and any initial data that you have, the higher value you'll get out of those deals," Pothier says.

Pothier also flags the scale of Chinese biotech innovation as a critical factor in cross-border deal assessments, noting that China's R&D budget for biotechnology surpassed that of the US 2 years ago, with monoclonal antibody pipeline growth exceeding 30% in China compared with roughly 10% in the U.S. market over the past decade.