Week of July 9, 2018 | Vol. 7, Issue 27
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In This Issue
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Contact Information
Managing Director Business Development
Jeremy C. Johnson
Managing Director
Head of M&A and Capital Advisory
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INDUSTRY M&A SNAPSHOT
Above is an overview of recent industry M&A activity. For additional information, see the charts below or follow the link to the left to download complete transaction tables broken out by industry subsectors.
See below for additional information about industry trading comps and transaction relevant articles from the past week.
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CVC Capital Revs Up Rare Disease Ambitions With $3.5B Recordati Buyout
CVC is hoping it can expand Recordati's "very attractive rare disease business."
Recordati has finally sealed a sale. Private equity player CVC Capital Partners said
Friday it would drop €3.03 billion-€2.3 billion in cash and €750 million in long-term debt-to pick up the Recordati family's 51.8% controlling stake in the company. The agreement follows a Financial Times report that squabbling among members of the Recordati family-who have been weighing a sale since the 2016 death of CEO Giovanni Recordati-might have scuttled a potential deal. Political uncertainty in Italy also gave CVC pause at one point, the FT noted. Now, though, Recordati has a "great outcome" on its hands, CEO Andrea Recordati-who will stay on as skipper after the deal closes-said in a statement. "It was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry," he said in a statement, adding that he was "personally reinvesting ... as I believe in and support Recordati."
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Catalent Signs Agreement To Acquire Juniper Pharmaceuticals, Inc.
Catalent, Inc. (NYSE: CTLT), the leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, today announced that it has agreed to acquire Juniper Pharmaceuticals,
Inc. (NASDAQ:
JNPR), including its Nottingham, U.K.-based Juniper Pharma Services division. When combined with Catalent's existing industry-leading drug development and manufacturing capabilities in the U.S. and Europe, the acquisition of Juniper will expand and strengthen Catalent's offerings in formulation development, bioavailability solutions and clinical-scale oral dose manufacturing, and will complement its integrated global clinical and commercial supply network.
Juniper's nearly 150 employees have deep scientific expertise in formulation development, and supply, and will augment Catalent's current portfolio of solid-state screening, preformulation, formulation, analytical, and bioavailability enhancement solutions, including development of spray-dried dispersions, with integrated development, analytical, and clinical manufacturing co-located in its Nottingham facility.
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Below are summaries and charts with the past week's transactions from the different healthcare sectors. For a detailed table showing data for each industry transaction click on any of the charts or use the download link above. Total transaction values are provided in USD millions.
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Pharma & Biotech
15 transactions totaling $261 million
Supplies, Equipment & Services
20 transactions totaling $601 million
Healthcare IT & Managed Care
1 transaction
Healthcare Facilities & Distributors
8 transactions totaling $496 million
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Pharma & Biotech
18 private placements totaling $325 million
Supplies, Equipment & Services
5 private placements totaling $14 million
Healthcare IT & Managed Care
4 private placements totaling $151 million
Healthcare Facilities & Distributors
1 private placement totaling $18 million
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Pharma & Biotech
5 public offerings totaling $470 million
Supplies, Equipment & Services
6 public offerings totaling $1,186 million
Healthcare IT & Managed Care
0 public offerings
Healthcare Facilities & Distributors
0 public offerings
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Each week, w
e provide updated trading
comps for leading comp-
anies from numerous healthcare subsectors.
To the right you will see a high-level breakdown of median revenue and EBITDA multiples for each of the specific sub sectors.
For a complete trading comp analysis (including the individual equities that comprise the sub sectors), click on the table to the right or use the download link from the top of this newsletter.
Note: data reflects prior week close.
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RECENT INDUSTRY HEADLINES
A Sampling of Relevant Industry Headlines from the Last Week
Below are snippets from relevant industry news articles from the past week. For additional information or the article's complete text, click the headline link to view the original publication.
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