Week of July 17, 2017 | Vol. 6, Issue 27
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.
EQT to buy Certara from Arsenal for $850M
Private equity firm EQT is acquiring in silico drug development service provider Certara from Arsenal Capital Partners, a deal that values the CRO at $850 million

Arsenal will retain an unspecified minority stake in Certara, and the company's current management team, including CEO Edmundo Muniz, M.D., Ph.D., who joined the company in June 2014 from Kirax, will stay on.  Certara is known for its drug development modeling software and regulatory services. Founded in 2008 from a merger between drug discovery informatics provider Tripos and clinical software and regulatory services specialist Pharsight, the company's current expertise was built through a series of seemingly ceaseless acquisitions. The company, through 19 offices in four continents, serves 1,200 commercial companies, 250 academic institutions and almost all major regulatory agencies. More than 500 employees work for the company, with 100 scientists in in silico drug development practice and 120 in the regulatory writing section.

C ontinue Reading at  Fierce Biotech.
Sanofi to buy vaccines biotech group Protein Sciences
French drugmaker and healthcare group Sanofi is to buy privately-held U.S vaccines biotech company Protein Sciences for an initial amount of $650 million

Under the terms of the agreement, Sanofi will make an upfront payment of $650 million for Protein Sciences, and pay up to $100 million upon the achievement of certain milestones.
"The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine," said David Loew, Sanofi executive vice president and head of Sanofi Pasteur, the company's vaccines arm.  Sanofi missed out to Johnson & Johnson on buying Switzerland's biotech Actelion in January - a $30 billion deal - and was also beaten in August last year by a $14 billion bid for cancer specialist Medivation from Pfizer.


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
 12 transactions totaling $7,160 million 
 Supplies, Equipment & Services
 22 transactions totaling $396 million
 Healthcare IT & Managed Care
 8 transactions totaling $400 million
 Healthcare Facilities & Distributors
 12 transactions totaling $21 million





Pharma & Biotech
8 private placements totaling $78 million
Supplies, Equipment & Services
8 private placements totaling $34 million
Healthcare IT & Managed Care
8 private placements totaling $39 million
Healthcare Facilities & Distributors
3 private placement totaling $339 million


 Pharma & Biotech
 9 public offerings totaling $669 million
 Supplies, Equipment & Services
 3 public offerings totaling $20 million
 Healthcare IT & Managed Care
 1 public offering totaling $1 million
 Healthcare Facilities & Distributors
 1 public offering totaling $6 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.
July 12, 2017 -  Fierce Biotech
California neurodegenerative disease upstart E-Scape Bio has closed an extension of its series A round, boosting its cash to $63 million.  The biotech can boast of some  big backers , including VC OrbiMed, Novo Holding, Johnson & Johnson Innovation, Novartis Venture Fund and Osage University Partners, as well as Lilly Asia Ventures and Sutter Hill Ventures.

In wake of Opana ER's demise, FDA plans to intensify pharma's opioid-education job
July 12, 2017 - Fierce Pharma
Opioid makers may have a new task that's partly old, partly new: educating prescribers on the proper use and serious risks of their medications. That's an extension of the agency's current requirements. The real twist? Requiring that education to include information on rival nonopioid pain therapies and alternative approaches that don't involve drugs at all.  Commissioner Scott Gottlieb  said  this week that the agency plans new risk-management requirements for companies that make instant-release opioid drugs. The Risk Evaluation and Mitigation Strategy (REMS) plans that apply to extended-release formulas would be extended to the shorter-acting versions.

July 12, 2017 - Reuters
Buyout firm KKR & Co LLP ( KKR.N) is in advanced talks to buy Envision Healthcare Corp's ( EVHC.N) ambulance business and merge it with Air Medical Group, a medical helicopter operator it acquired two years ago, people familiar with the matter said.  A deal would combine the largest U.S. provider of ambulance services with a leading operator of medical helicopters. It would also help streamline Envision's business after its $10 billion merger with peer AmSurg Corp late last year.

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