Week of December 17, 2018 | Vol. 7, Issue 50
|
|
In This Issue
Quick Links
Contact Information
Managing Director
Business Development
Managing Director
Head of M&A and Capital Advisory
|
INDUSTRY M&A SNAPSHOT
Above is an overview of recent industry M&A activity. For additional information, see the charts below or click on the chart above to download complete transaction tables broken out by industry subsectors.
|
|
|
Bourne Partners Facilitates Sale of Endo's Alabama Manufacturing Facility to Consortium of Buyers
Capital Recovery Group, Federal Equipment Company, Heritage Global Partners, and PPL Group LLC have jointly purchased a pharmaceutical manufacturing and packaging facility from Endo International plc ("Endo") in Huntsville, Alabama. Terms of the transaction were not disclosed.
In early 2018, Endo engaged Bourne Partners to advise on the exploration of strategic alternatives for its Huntsville, AL facility and the rights to a portfolio of associated ANDAs. In May 2018, Lannett Company, Inc. (NYSE: LCI) acquired a basket of the oral liquid and semi-solid ANDAs, and soon thereafter an undisclosed buyer purchased a majority of the remaining oral solid ANDAs. Finally, Bourne was able to source the eventual buyers of the real estate listed above.
C
ontinue Reading at Bourne Partner's Website
.
|
Merck Shells Out $2.4B For Cutting-Edge Animal Tech Company Antelliq
Merck will put down
€2.1 billion in cash, or about $2.4 billion, and assume €1.15 billion in debt to grab Antelliq's tracking technology.
Bayer may be getting out of the animal health business, but Merck & Co. is plowing ahead-and in a new market to boot. The pharma giant is scooping up Antelliq, a company that specializes in digital ID and tracking for livestock and pets, in a deal worth €3.25 billion. The microchip IDs that pet owners know well are just part of the business, too; Antelliq's technology helps farmers track their livestock along their path to market. It's the fastest-growing piece of the animal health market, Merck said in its Friday statement. And the privately held, France-based Antelliq brought in about €360 million in sales over the 12 months ended Sept. 30, a figure Merck can likely pump up through its network of connections with veterinarians and other suppliers. Consumer products-such as Fitbit-type activity trackers for dogs, microchip-controlled cat doors and feeding systems-are part of the mix, too.
The deal comes on the heels of Bayer's announcing it will hive off its animal health unit as part of a restructuring to focus in on its pharma business. It follows Eli Lilly's exit from the field earlier this year in the form of a $1.5 billion IPO
for its animal health unit, Elanco.
C
ontinue Reading at Fierce Pharma
.
|
Australia's Sonic Healthcare To Buy U.S.-Based Aurora Diagnostics for $540 Million
Sonic said the acquisition would help its operations grow substantially in the United States.
Australian pathology and radiology group Sonic Healthcare Ltd
said on Wednesday it had agreed to buy Florida-based Aurora Diagnostics LLC ADI.UL for $540 million. The acquisition of Aurora is expected to be about three percent EPS accretive post-placement on a pro-forma FY2019 basis before expected revenue and cost synergies, Sonic said in a statement. Sonic also announced a fully underwritten institutional placement to raise A$600 million ($431.88 million) and a non-underwritten share purchase plan to retail shareholders in Australia and New Zealand to raise up to A$100 million. The company reaffirmed guidance it announced in November which excludes the impact of the acquisition. It noted that its U.S. business is tracking ahead of expectations on an year-to-date basis. Earlier this year, Australian hospital operator Healthscope Ltd
said it would sell its Asian pathology business to private equity giant TPG Capital Management LP TPG.UL to cut debt and bankroll growth plans, months after rejecting two buyout approaches.
C
ontinue Reading at Reuters
.
|
An Overview of Transactions Within Market Subsegments
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. Total transaction values are provided in USD millions.
|
|
|
|
Pharma & Biotech
14 transactions totaling $683 million
Supplies, Equipment & Services
18 transactions totaling $945 million
Healthcare IT & Managed Care
4 transactions totaling $576 million
Healthcare Facilities & Distributors
12 transactions totaling $562 million
|
|
|
|
|
|
Pharma & Biotech
24 private placements totaling $2,447 million
Supplies, Equipment & Services
22 private placements totaling $152 million
Healthcare IT & Managed Care
16 private placements totaling $86 million
Healthcare Facilities & Distributors
2 private placements totaling $108 million
|
|
|
|
|
Pharma & Biotech
16 public offering totaling $1,045 million
Supplies, Equipment & Services
7 public offerings totaling $700 million
Healthcare IT & Managed Care
1 public offering totaling $299 million
Healthcare Facilities & Distributors
1 public offering totaling $1 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 sub sectors.
Note: data reflects prior week close.
|
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.
|
December 13, 2018
Capital One announced that it served as administrative agent and lead arranger for a $350 million senior credit facility for Covis Pharma B.V. (Covis). The facility consists of a $25 million revolver and a $325 million term loan that Covis used to acquire the worldwide rights for medicines Alvesco, Omnaris, and Zetonna.
Bourne Partners has been an investor in Covis Pharma since 2011.
December 13, 2018 - BioSpace
Waltham, Mass.-based AMAG Pharmaceuticals, Inc. will acquire privately-held Perosphere Inc. to leverage its expertise in hematology. The deal will provide the company the rights to ciraparantag, a next-generation anticoagulant reversal agent in mid-stage development.
Nephron Pharmaceuticals Corporation Releases Opioid Free Pain Management Product
December 13, 2018 - BioSpace
Nephron 503B
Outsourcing Facility launched a new opioid free pain management product in response to the current crisis in America. The product, BKK, is a multimodal analgesia containing Bupivacaine, Ketorolac and Ketamine.
December 12, 2018 - BioPharma Dive
Bausch Health has bid $200 million to acquire Synergy Pharmaceuticals' gut drug Trulance, putting forward the initial bid in a bankruptcy process Synergy began after the expected commercial opportunity for Trulance never fully materialized.
December 11, 2018 - Fierce Biotech
Precision medicine treatments typically drug oncogenes by targeting kinase domain mutations, but Black Diamond is looking past these to focus on allosteric mutations. The majority of kinase domain inhibitors bind to the ATP binding site of kinase enzymes, but there is a whole set of other sites called allosteric sites that could be drugged.
December 11, 2018 - BioSpace
Oxford BioTherapeutics will offer its target discovery and development expertise and WuXi Biologics provides expertise in developing world-class bispecific antibodies. Oxford BioTherapeutics is paying WuXi Biologics an upfront payment in addition to various milestone payments up to $450 million. WuXi will also be entitled to royalties based on any global sales of the bispecific antibodies.
Junshi Biosciences aims for $414M Hong Kong IPO
December 10, 2018 -
Fierce Biotech
China's Junshi Biosciences may follow in compatriot Innovent Biologics' footsteps as it tees up to raise $414 million in its Hong Kong IPO, Reuters reported. It's the latest company looking to list on the Hong Kong Stock Exchange after it relaxed its rules for early-stage biotechs.
| | | | |
