Week of September 4, 2017 | Vol. 6, Issue 34
Please Note:  We have recently changed the title of our Weekly Newsletter from "Pharma And Healthcare M&A Update" to "Healthcare Trends And Transactions". The content remains the same, but we feel this title better reflects the scope of the information provided. We appreciate your continued interest in receiving weekly content on the Healthcare industry. 

In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines

Downloads
Complete Transaction Tables
Full Trading Comp Analysis

Quick Links
Who We Are
LinkedIn Corporate Site
LinkedIn M&A Discussion Group

Contact Information

Xan Smith

Managing Director
Business Development

xsmith@bourne-partners.com

Jeremy C. Johnson
Managing Director
Head of M&A and Capital Advisory
jjohnson@bourne-partners.com

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.
Bourne Partners Advises The Carlyle Group on Acquisition of Albany Molecular Research, Inc. 
AMRI announced the completion of its acquisition by affiliates of The Carlyle Group and GTCR LLC. 

Albany Molecular Research, Inc. (NASDAQ: AMRI), a global contract research, development and manufacturing organization working with the life sciences industry to improve patient outcomes and quality of life for more than 25 years, today announced the completion of its previously announced acquisition by affiliates of The Carlyle Group ("Carlyle") and affiliates of GTCR LLC ("GTCR"). President and Chief Executive Officer  William S. Marth  will continue to lead AMRI. Credit Suisse served as exclusive financial advisor to AMRI, and Goodwin Procter LLP served as its legal advisor. Equity capital for Carlyle's investment came from Carlyle Partners VI, and equity capital for GTCR's investment came from GTCR Fund XI. Kirkland & Ellis LLP served as legal advisor to GTCR, and Latham & Watkins LLP served as legal advisor to Carlyle. Barclays, Bourne Partners, and Morgan Stanley & Co. LLC acted as financial advisors to Carlyle in connection with the transaction. RBC Capital Markets LLC acted as financial advisor to GTCR in connection with the transaction. Barclays Bank PLC, Morgan Stanley Senior Funding, Inc., RBC Capital Markets, Goldman Sachs Bank USA, Jefferies Finance LLC and Mizuho Bank, Ltd. arranged the transaction's debt financing. 

C ontinue Reading at   PR Newswire.
The Max Foundation and Tanner Pharma Partner on Innovative Drug Distribution Model
The model is designed to effectively deliver humanitarian donation of oncology products to low resource countries. 

In an effort to expand its reach, The Max Foundation partnered with Tanner Pharma to provide complementary services and complete a class-leading, manufacturer-to-patient supply chain. For its part, Tanner Pharma leverages more than 15 years of pharma services experience to provide regulatory compliance and logistical efficiency, all within an EU-GDP compliant supply chain.  Banks Bourne, Founder and Chairman of Tanner Pharma Group who recently joined The Max Foundation for its fundraising Mt. Kinabalu climb in Malaysia, has supported patient access since 1998 when he was an early investor in King Pharmaceuticals. "At Tanner Pharma, we are honored to add value to the amazing work that Pat and The Max Foundation are doing for cancer patients around the world." The Max Foundation and Tanner Pharma Group have thus far implemented six "Max Access Solutions" involving donated medicines over the past 12 months.

C ontinue Reading at  Business Wire.

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.



 Pharma & Biotech
 10 transactions totaling $12,633 million 
 Supplies, Equipment & Services
 21 transactions totaling $518 million
 Healthcare IT & Managed Care
 1 transactions totaling $33 million
 Healthcare Facilities & Distributors
 8 transactions totaling $57 million





Pharma & Biotech
14 private placements totaling $190 million
Supplies, Equipment & Services
18 private placements totaling $275 million
Healthcare IT & Managed Care
5 private placements totaling $39 million
Healthcare Facilities & Distributors
3 private placements totaling $90 million


 Pharma & Biotech
 10 public offering totaling $207 million
 Supplies, Equipment & Services
 6 public offerings totaling $26 million
 Healthcare IT & Managed Care
 1 public offering totaling $1 million
 Healthcare Facilities & Distributors
 0 public offerings

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 subsectors 

For a complete trading comp analysis (including the individual equities that comprise the subsectors), click on the table to the right or use the download link from the top of this newsletter. 

Note: data reflects prior week close.
RECENT INDUSTRY HEADLINESRecentIndustryHeadlines
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.
AstraZeneca, Takeda ink Parkinson's co-development deal
August 29, 2017 - Fierce Biotech
AstraZeneca has teamed up  with Takeda to co-develop its preclinical Parkinson's disease candidate MEDI1341. The deal sees Takeda commit to paying AstraZeneca up to $400 million (€332 million) for the chance to co-develop the alpha-synuclein antibody. Under the terms of the deal, AstraZeneca will move MEDI1341 into phase 1 later this year, before handing responsibility for further development to Takeda once the drug has cleared that early test. AstraZeneca and Takeda will evenly split the cost of developing and commercializing the drug, as well as any revenues it generates. Hopes that MEDI1341 can generate sales are based on knowledge of the role alpha-synuclein plays in Parkinson's and preclinical data on the affinity, selectivity and immune system interaction of the antibody. Alpha-synuclein is a protein found in high levels in the Lewy bodies that form in the nerve cells of Parkinson's patients. 

Jazz pays $75 million for chance to buy into ImmunoGen ADCs
August 29, 2017 - Fierce Biotech
Jazz is paying  $75 million and committing to $100 million in R&D funding to buy into ImmunoGen's early-stage pipeline. The deal gives Jazz an option to pick up worldwide rights to two hematology antibody-drug conjugates (ADCs) and a third as-yet-unidentified program. IMGN779 is the most advanced of the candidates. ImmunoGen moved the CD33-targeted ADC into testing in patients with acute myeloid leukemia last year. The second candidate, anti-CD123 ADC IMGN632, is due to follow the collaboration's lead candidate into the clinic later this year. Jazz can opt-in to the programs at any time up to the start of a pivotal trial in return for about $50 million. Alternatively, Jazz can wait until ImmunoGen is nearly ready to file a BLA and opt-in for a fee just north of $100 million. Either way, ImmunoGen will get another payday when the drug is approved and then start pulling in royalties, the size of which will depend on when Jazz opted-in. The royalties top out just above 20%.    

Advisory Board Co. to be split and sold for $2.58 billion, including debt
August 29, 2017 -  The Wall Street Journal
The Advisory Board   Co.  will be split up and sold in a deal valued at around $2.21 billion, with its health-care business going to  UnitedHealth Group   Inc.   and its education unit to private-equity firm Vista Equity Partners Management LLC. The consulting and software company had announced in February that its board was exploring strategic alternatives, including a possible sale. That move came after activist hedge fund Elliott Management Corp. said it and related entities had bought about 8.3% of the company's shares, saying at the time they were undervalued and it wanted to engage in a dialogue with the company's board. The companies said the total value of the deal was around $2.58 billion, a figure that includes the assumption of debt. Advisory Board shareholders will get approximately $54.29 in cash per share, which includes a fixed payment of $52.65 per share in addition to the estimated after-tax value of the Advisory Board's stake in Evolent Health Inc.

AstraZeneca taps AI for drug discovery in deal with Berg
August 28, 2017 - Reuters
AstraZeneca has forged a research collaboration with Boston-based Berg, a specialist in artificial intelligence for drug hunting, in the latest sign of big pharma's interest in using supercomputers for drug discovery. The tie-up will focus on finding and evaluating novel ways of treating Parkinson's disease and other neurological disorders. Financial terms were not disclosed but the deal involves AstraZeneca providing Berg with chemical fragments that the U.S. company will search for potential drug candidates.

UPCOMING EVENTSUpcomingEvents
An Overview of Events Hosted or Attended by the Bourne Partners Team

2017 Contracting & Outsourcing Conference
September 14-15, 2017 | New Brunswick, NJ
7th Annual Global Healthcare Executive Summit
October 4, 2017 | Charlotte, NC
As an international, healthcare-focused merchant bank and financial advisory firm, we provide world-class services and capital to middle-market healthcare companies around the globe.  We aim to keep our clients well-informed of healthcare news and events.  With this additional insight in mind, together, we can recognize trends and opportunities that benefit our clients.  We hope that you will reach out to Bourne Partners to help execute your healthcare operational and transactional needs.  To learn more about our firm, visit our website or utilize the links below to engage with us on social media. 

Sincerely,

The Bourne Partners Team

Bourne Partners
550 South Caldwell Street
Suite 900
Charlotte, NC 28202
704-552-8407