Week of February 25, 2019 | Vol. 8, Issue 8
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In This Issue
Quick Links
Contact Information
Managing Director
Business Development
Jeremy C. Johnson
Managing Director
Head of M&A and Capital Advisory
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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.
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U.S. approves Fresenius purchase of NxStage
The U.S. Federal Trade Commission has given Germany's Fresenius Medical Care AG and U.S. home dialysis equipment maker NxStage Medical Inc antitrust approval for their merger
To win approval for the $2 billion deal, the companies agreed to sell NxStage's bloodline tubing set business, the agency said. Fresenius and NxStage together dominate the market for the single-use plastic tubes used dialysis, the agency said. The five FTC commissioners split along party lines in voting on whether to approve the merger. The three Republicans, Joseph Simons, Noah Phillips and Christine Wilson, voted "yes", while Democrats Rohit Chopra and Rebecca Slaughter dissented. A spokesman for Fresenius was not available for comment outside of European business hours. Fresenius and rival DaVita Inc dominate the U.S. market for dialysis clinics. Fresenius, which has 2,200 U.S. dialysis clinics, struck the deal to buy NxStage in August 2017 as a way for it to move into cheaper home dialysis. It has served 190,000 U.S. patients, according to its website. Simons and the Republican commissioners defended the settlement by arguing that since most patients cannot use in-home dialysis, the two services do not compete against each other, among other reasons.
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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.
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Pharma & Biotech
14 transactions totaling $502 million
Supplies, Equipment & Services
21 transactions totaling $48 million
Healthcare IT & Managed Care
2 transactions
Healthcare Facilities & Distributors
11 transactions totaling $223 million
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Pharma & Biotech
21 private placements totaling $420 million
Supplies, Equipment & Services
10 private placements totaling $52 million
Healthcare IT & Managed Care
11 private placements totaling $25 million
Healthcare Facilities & Distributors
3 private placements totaling $11 million
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Pharma & Biotech
13 public offering totaling $4,572 million
Supplies, Equipment & Services
8 public offerings totaling $4,790 million
Healthcare IT & Managed Care
0 public offerings
Healthcare Facilities & Distributors
0 public offerings
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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.
For a complete trading comp analysis (including the individual equities that comprise the sub sectors), click on the table to the right.
Note: data reflects prior week close.
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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.
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February 22, 2019 - Bio Space
In a brief announcement from Berlin-based 3BP, the smaller company will employ its high-diversity peptide library and hit identification technology on a set of molecular disease targets selected by the larger Boehringer Ingelheim. 3BP said hit compounds identified will be "further optimized and jointly characterized by both companies."
February 21, 2019 -
Fierce Biotech
Johnson & Johnson has joined AbbVie as a partner for Morphic Therapeutic and its small-molecule integrin platform, pledging up to $725 million to the cause.
The back-ended deal includes an undisclosed upfront payment and-coupled with AbbVie's $100 million linkup signed
l
ast October and a $80 million series B
the previous month-means that Morphic is now "well-capitalized to advance our pipeline into clinical testing," according to the biotech's president and CEO Praveen Tipirneni, M.D.
February 20, 2019 - Reuters
Owens & Minor Inc is exploring a sale of the company, people familiar with the matter said on Wednesday, as the U.S. medical supplies distributor seeks to recover from a string of disappointing earnings.
The Richmond, Virginia-based company's shares tumbled as much as 20 percent on Wednesday, the day after it reported fourth-quarter earnings that missed analysts' expectations amid fierce price competition in its hospital supplies business.
Pfizer, Merck, J&J well-positioned for M&A and Biogen and BioMarin are prime targets: report
February 20, 2019 - Fierce Pharma
This year is already shaping up to be a big one for biopharma mergers and acquisitions, with Bristol-Myers Squibb's planned $74 billion buyout of Celgene well underway. But analysts at Morningstar are predicting the BMS-Celgene deal will mark the beginning of an M&A wave that will continue this year and stretch into 2020
February 19, 2019 - Fierce Pharma
As an FDA action date quickly approaches for a gene therapy that Novartis snatched up last year, the biotech that is developing the treatment says it needs to more than double the size of its new manufacturing operations. AveXis now plans to have 400 employees and invest about $115 million in the North Carolina site.
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MARKET REPORTS
Recent Materials Providing Insight Into Healthcare & Related Industries
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UPCOMING EVENTS
Events Attended or Hosted by Bourne Partners
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February 26-27, 2019 | Raleigh, NC
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March 17-19, 2019 | Boca Raton, FL
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March 18-21, 2019 | New York City, NY
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STAY CONNECTED
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