Thermo Fisher Scientific Inc.’s (NYSE: TMO) $13.6 billion acquisition of Life Technologies Corp. (Nasdaq: LIFE) in April was a megadeal, but the middle market can learn from the approach that bidders took toward the target’s valuable intellectual property (IP), or intangible assets, observers say.

Valuations are tightly tied to the IP rights of companies, says Michael Friedman (pictured), managing director at Ocean Tomo LLC, a Chicago investment bank that worked on the deal. However, many buyers don’t always understand the reason why, he adds.

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