Week of February 11, 2019 | Vol. 8, Issue 6
|
|
In This Issue
Quick Links
Contact Information
Managing Director
Business Development
Jeremy C. Johnson
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.
|
|
|
Merck KGaA, GSK pen $4.2B biobucks pact for next-gen Bavencio
German Merck, already partnered up with Pfizer on their immuno-oncology drug Bavencio, is hitting up another Big Pharma
German Merck, already partnered up with Pfizer on their immuno-oncology drug Bavencio, is hitting up another Big Pharma for developmental work worth billions in biobucks for a next-generation I-O drug that can take on Keytruda. The deal with London's GlaxoSmithKline sees Merck gain €300 million upfront with milestone payments of up to €500 million and potential sales of €2.9 billion, which brings the total to an eye-watering-if not with a major series of what-ifs-of €3.7 billion ($4.16 billion). Normal caveats, i.e., it may not get approved, as always apply to this final figure. This comes just a few months after GSK also spent $5.1 billion on cancer biotech Tesaro, and during a period of major restructuring, new personnel and R&D shifts at the company that has seen it once again refocus on oncology research. This latest deal focuses around M7824 (a.k.a. bintrafusp alfa), a bifunctional fusion protein immunotherapy that is currently in the clinic, including potential registration studies, for a series of solid tumors.
|
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
18 transactions totaling $14 million
Supplies, Equipment & Services
27 transactions totaling $170 million
Healthcare IT & Managed Care
10 transactions totaling $345 million
Healthcare Facilities & Distributors
12 transactions totaling $274 million
|
|
|
|
|
|
Pharma & Biotech
17 private placements totaling $98 million
Supplies, Equipment & Services
17 private placements totaling $97 million
Healthcare IT & Managed Care
17 private placements totaling $225 million
Healthcare Facilities & Distributors
3 private placements totaling $10 million
|
|
|
|
|
Pharma & Biotech
17 public offering totaling $504 million
Supplies, Equipment & Services
3 public offerings totaling $13 million
Healthcare IT & Managed Care
2 public offerings totaling $4 million
Healthcare Facilities & Distributors
1 public offering totaling $19 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.
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.
|
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.
|
February 8, 2019 - Bio Space
Pulmatrix, Inc.("Pulmatrix," the "Company," "we," "our" or "us") (NASDAQ: PULM) today announced that it has entered into a securities purchase agreement with certain institutional investors, providing for the purchase and sale of 1,706,484 shares of common stock at a price of
$1.465
per share in a registered direct offering priced at-the-market, resulting in total gross proceeds of approximately
$2.5 million
.
February 7, 2019 - Fierce Biotech
Galapagos has secured
the global rights to a preclinical fibrotic disease program from Evotec. The small molecule will slot into the growing fibrosis pipeline Galapagos is building through internal R&D and deals.
February 7, 2019 - Fierce Pharma
Novum Pharma made headlines in 2016 when its price hikes prompted CVS to kick the company's drugs off its formulary. And now, it's filed for bankruptcy.
In a Sunday filing in a Delaware court, the company listed "managed care actions" as one reason it's seeking Chapter 11 protection.
February 6, 2019 - BioPharma Dive
Antibody developer Xencor will receive $120 million upfront from a research and licensing deal with Roche's Genentech that centers on a preclinical bispecific molecule, the companies announced Wednesday.
February 6, 2019 - Bio Space
From the campaign trail to the White House, President Donald Trump has decried the costs of prescription drug prices. It was no different in Tuesday night's State of the Union Address. Trump continued to express concern over drug prices and took credit for what he said was the "single largest decline" of drug prices in 46 years.
Indivior faces huge sales loss as Suboxone court loss puts generics on tap next week
February 5, 2019 - Fierce Pharma
Indivior has been fighting off generics to its top-selling Suboxone film, but a federal appeals court has unleashed copycats now charging toward launches next week. And that means hundreds of millions in lost sales for a company that's been hurting for sales from follow-up drugs.
GSK bets billions more on oncology
February 5, 2019 -
BioPharma Dive
GlaxoSmithKline and Merck KGaA have entered a joint development and commercialization pact for one of the latter company's investigational immuno-oncology drugs. Merck KGaA is taking home 300 million euros ($343 million) upfront through the GSK deal and could receive up to 3.4 billion euros ($3.9 billion) in milestone payments.
|
|
MARKET REPORTS
Recent Materials Providing Insight Into Healthcare & Related Industries
|
January 2019
|
UPCOMING EVENTS
Events Attended or Hosted by Bourne Partners
|
February 26-27, 2019 | Raleigh, NC
|
March 17-19, 2019 | Boca Raton, FL
|
March 18-21, 2019 | New York City, NY
|
STAY CONNECTED
|
|
|
|
|
