Week of June 12, 2017 | Vol. 6, Issue 22
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Upcoming Events

Downloads
Complete Transaction Tables
Full Trading Comp Analysis

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

Contact Information
Jeremy C. Johnson
Managing Director
Pharma & Consumer Health
jjohnson@bourne-partners.com

Xan Smith
Managing Director
Business Development
xsmith@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.
AMRI Signs Definitive Agreement To Be Acquired By The Carlyle Group And GTCR
Albany Molecular Research, Inc.  announced it has signed a definitive agreement to be acquired by affiliates of  The Carlyle Group and  GTCR  for  $21.75  per share in cash.

Albany Molecular Research, Inc.  (NASDAQ:AMRI), is a global contract research, development and manufacturing organization that has worked with the life sciences industry to improve patient outcomes and quality of life for more than 25 years.  The agreement was unanimously approved by AMRI's Board of Directors which has recommended that the shareholders vote in favor of the transaction. William S. Marth , President and CEO of AMRI, said, "This transaction is a strong endorsement of our strategy.  Given their deep healthcare industry expertise and financial resources, Carlyle and  GTCR  are highly attractive partners for us and offer a compelling opportunity to accelerate our growth and enhance delivery of world-class solutions to our customers." The transaction will be financed through a combination of debt and equity financing.

C ontinue Reading at  AMRI Global.
Proveca and Tanner Pharma Initiate Global Managed Access Program for Sialanar®
The program allows physicians to request Sialanar for individual patients for whom alternative treatment options are not currently available.

Tanner Pharma Group's Managed Access Programs (MAP) division and Proveca have agreed to launch a Managed Access Program for an oral formulation of glycopyrronium (Sialanar®) outside Europe and the USA. Sialanar is for the treatment of sialorrhea, or chronic drooling, in pediatric patients. 
Sialorrhea results in the unintentional loss of saliva from the mouth and is considered abnormal in children older than three years. It is most significantly observed in patients with cerebral palsy and other neurodevelopmental disabilities.  Glycopyrronium bromide is a high affinity muscarinic receptor antagonist used to suppress salivation in children. Sialanar received a European Medicines Agency pediatric-use marketing authorization in September 2016 due to the current unavailability of a licensed oral formulation of glycopyrronium for the treatment of sialorrhea in pediatric patients.

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 $934 million 
 Supplies, Equipment & Services
 21 transactions totaling $1,850 million
 Healthcare IT & Managed Care
 3 transactions totaling $63 million
 Healthcare Facilities & Distributors
 19 transactions totaling $61 million





Pharma & Biotech
13 private placements totaling $53 million
Supplies, Equipment & Services
13 private placements totaling $82 million
Healthcare IT & Managed Care
10 private placements totaling $15 million
Healthcare Facilities & Distributors
2 private placement totaling $148 million


 Pharma & Biotech
 14 public offerings totaling $2,539 million
 Supplies, Equipment & Services
 6 public offerings totaling $81 million
 Healthcare IT & Managed Care
 1 public offering totaling $1 million
 Healthcare Facilities & Distributors
 4 public offering totaling $5,280 million

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.
Celltrion Healthcare to raise over $713 million in IPO in July
June 7, 2017 -  Reuters
South Korea's Celltrion Healthcare Co Ltd, the marketing affiliate of Celltrion Inc (068270.KQ), on Wednesday said it plans to raise at least 799.6 billion won ($712.74 million) in an initial public offering (IPO) planned next month. Celltrion Healthcare, which exclusively markets, sells and distributes Celltrion's biosimilar drugs - copies of biotech drugs - plans to sell 24,604,000 new shares at an indicative price range of 32,500 won to 41,000 won per share, the company said in a filing to the Korean exchange.

June 8, 2017 - Reuters
Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) said on Thursday it would sell its iNova Pharmaceuticals business for $930 million, as Chief Executive Joseph Papa steps up efforts to slash the embattled Canadian drugmaker's enormous debt pile.  Papa has narrowed Valeant's focus to its dermatology, eye care and gastrointestinal businesses by pruning other assets to repay its debt, which ballooned to nearly $30 billion following a furious spate of deal-making under former CEO Mike Pearson.

June 9, 2017 -  Fierce Pharma
After years of patent battles, the last legal barrier between Shire and a generic version of its lucrative ulcerative colitis drug Lialda has fallen and the FDA has approved a generic from Zydus Cadila.  It is a rude surprise for Shire investors who had believed the $800 million drug was safe for a few more years, but there is a chance that instead of flood of generics, the Zydus copy may be the only competition for awhile.

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

2017 BIO International Convention
June 19-22, 2017 | San Diego, CA
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