Week of August 14, 2017 | Vol. 6, Issue 31
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.
Envision to sell ambulance business to KKR in $2.4 billion deal
The combined company is expected to transport more than five million patients per year through a fleet of air and ground ambulances across 46 states and the District of Columbia.  

Envision Healthcare Corp said on Tuesday it would sell its ambulance business to buyout firm KKR & Co in an all-cash deal valued at $2.4 billion as it sharpens its focus on its core businesses. The merger with American Medical Response (AMR), the largest U.S. provider of ambulance services, would allow KKR's Air Medical Group to easily substitute costly helicopter flights with ambulances for shorter trips. The deal would also help streamline Envision's business after its $10 billion merger with AmSurg Corp late last year, helping the company focus on providing services to physician practice groups and operating outpatient surgery centers. The deal is being funded primarily by KKR's North America XI Fund and Koch Equity Development LLC. Guggenheim Securities was financial adviser to Envision while Barclays advised Air Medical. Citi and Goldman Sachs were Koch Equity's advisers.

C ontinue Reading at  Reuters.
Fresenius Medical banks on home dialysis with $2 billion NxStage acquisition
FMC, the world leader in dialysis services also a maker of medical gear, said on Monday its cash offer was worth $30 per NxStage ahre, a 22 percent premium. 

Germany's Fresenius Medical Care (FMC)  has struck a $2 billion deal to acquire U.S. home dialysis equipment maker NxStage Medical Inc , looking to capitalize on a trend for more patients to opt for domestic treatment. One motive for FMC's move into cheaper home dialysis is that the U.S. healthcare system is shifting to lump-sum reimbursements for the treatment of chronically ill patients rather than paying for all the services provided. It would also require FMC to build fewer clinics. "We see it as a chance of capital (spending) avoidance," FMC Chief Executive Rice Powell told analysts on a call. "We think that helps us. We also view this as a shot at labor efficiency ... It is still pretty early in the process but that's the way we've looked at how we would position this."

C ontinue Reading at  Reuters.

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
 8 transactions totaling $22 million 
 Supplies, Equipment & Services
 22 transactions totaling $1,577 million
 Healthcare IT & Managed Care
 4 transactions totaling $27 million
 Healthcare Facilities & Distributors
 13 transactions totaling $1,480 million





Pharma & Biotech
10 private placements totaling $146 million
Supplies, Equipment & Services
9 private placements totaling $22 million
Healthcare IT & Managed Care
4 private placements totaling $8 million
Healthcare Facilities & Distributors
0 private placements 


 Pharma & Biotech
 1 public offering totaling $2 million
 Supplies, Equipment & Services
 16 public offerings totaling $60 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.
August 9, 2017 -  Reuters
Teva Pharmaceutical Industries ( TEVA.TA ), the world's largest generic drugmaker, said on Wednesday it was looking for a buyer for its Medis business as it sells assets to pare down its debt burden. Teva (TEVA.N), which last week reported a drop in second-quarter results and cut its outlook and dividend, acquired Iceland-based Medis as part of its acquisition of Actavis last year.

Sellas snags Nasdaq listing in recerse merger with Galena
August 8, 2017 - Fierce Biotech
Sellas Life Sciences has snagged itself a Nasdaq listing by merging with Galena Biopharma. The deal gives Sellas a route to public investors as it seeks to guide its Wilms Tumor 1 (WT1)-targeting drug through phase 3 trials in acute myeloid leukemia (AML) and mesothelioma. New York, N.Y.-based Sellas will be the dominant partner in the combined company, about a third of which will be owned by Galena shareholders. 

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