Week of July 9, 2018 | Vol. 7, Issue 27
In This Issue


Quick Links

Contact Information
Managing Director
Business Development
Jeremy C. Johnson
Managing Director
Head of M&A and Capital Advisory

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.
CVC Capital Revs Up Rare Disease Ambitions With $3.5B Recordati Buyout
CVC is hoping it can expand Recordati's "very attractive rare disease business."

Recordati has finally sealed a sale. Private equity player CVC Capital Partners said  Friday it would drop €3.03 billion-€2.3 billion in cash and €750 million in long-term debt-to pick up the Recordati family's 51.8% controlling stake in the company. The agreement follows a Financial Times report that squabbling among members of the Recordati family-who have been weighing a sale since the 2016 death of CEO Giovanni Recordati-might have scuttled a potential deal. Political uncertainty in Italy also gave CVC pause at one point, the FT noted. Now, though, Recordati has a "great outcome" on its hands, CEO Andrea Recordati-who will stay on as skipper after the deal closes-said in a statement. "It was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry," he said in a statement, adding that he was "personally reinvesting ... as I believe in and support Recordati."

C ontinue Reading at Fierce Pharma .
Catalent Signs Agreement To Acquire Juniper Pharmaceuticals, Inc. 
Catalent, Inc. (NYSE: CTLT), the leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, today announced that it has agreed to acquire Juniper Pharmaceuticals,  Inc. (NASDAQ: JNPR), including its Nottingham, U.K.-based Juniper Pharma Services division. When combined with Catalent's existing industry-leading drug development and manufacturing capabilities in the U.S. and Europe, the acquisition of Juniper will expand and strengthen Catalent's offerings in formulation development, bioavailability solutions and clinical-scale oral dose manufacturing, and will complement its integrated global clinical and commercial supply network.  Juniper's nearly 150 employees have deep scientific expertise in formulation development, and supply, and will augment Catalent's current portfolio of solid-state screening, preformulation, formulation, analytical, and bioavailability enhancement solutions, including development of spray-dried dispersions, with integrated development, analytical, and clinical manufacturing co-located in its Nottingham facility.

C ontinue Reading at BioSpace .

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
 15 transactions totaling $261 million 
 Supplies, Equipment & Services
 20 transactions totaling $601 million
 Healthcare IT & Managed Care
 1 transaction
 Healthcare Facilities & Distributors
 8 transactions totaling $496 million

Pharma & Biotech
18 private placements totaling $325 million
Supplies, Equipment & Services
5 private placements totaling $14 million
Healthcare IT & Managed Care
4 private placements totaling $151 million
Healthcare Facilities & Distributors
1 private placement totaling $18 million

 Pharma & Biotech
 5 public offerings totaling $470 million
 Supplies, Equipment & Services
 6 public offerings totaling $1,186 million
 Healthcare IT & Managed Care
 0 public offerings
 Healthcare Facilities & Distributors
 0 public offerings 

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 or use the download link from the top of this newsletter. 

Note: data reflects prior week close.
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 6, 2018 -  Fierce Pharma
Add Bristol-Myers Squibb to the list of Big Pharmas doing consumer health reevaluations these days. After announcing a review last month, the U.S. drugmaker is looking to sell its French consumer health business, Upsa, according to Reuters.  With core earnings of about €100 million, the unit could worth up to €1.5 billion ($1.8 billion), according to one of several unnamed sources cited by Reuters . BMS has hired Deutsche Bank and Jefferies to help it find a buyer, and will start the bidding process after the summer, the news wire reported.

July 5, 2018 -  BioSpace
Enzyvant, a biopharmaceutical company focused on developing innovative treatments for patients with rare diseases, today announced that it has formed a partnership with Visikol , a contract research organization focused on digital pathology and drug discovery. Under the terms of the agreement, Visikol will collaborate with Enzyvant and Duke University to develop a novel assay for thymic histology samples. The purpose of this investigational assay is to provide a quantitative technique for assessment of RVT-802 and is an important step in ongoing efforts to support an FDA filing.
July 5, 2018 -  Fierce Biotech
Gene editing and gene therapy have a range of potential applications, from editing out disease-causing mutations to treating spinal cord injuries. But the ability to control these treatments is a key concern, as they may stay switched on after they have had their intended effect, causing unwanted side effects. Scientists from the University of Bath and Cardiff University have created  a switch that controls protein expression in cultured cells and mouse embryos and could one day be used in human gene therapies, the researchers believe. 

July 3, 2018 -  Fierce Pharma
Amgen and Novartis' Aimovig, first in its new class of migraine meds, hit the scene in May. Patients were ready and waiting for it.  "There is clearly a lot of demand for the product and our expert talked about the companies being 'overwhelmed' in trying to keep up with the initial interest," Credit Suisse analyst Vamil Divan wrote to clients after talking with Dr. Christopher Gottschalk, a migraine specialist from Yale University.

July 2, 2018 -  Fierce Pharma
Novartis has decided to jump onto EpiPen's playing field. The Swiss drugmaker's Sandoz unit snapped up  U.S. rights to Symjepi, the Adamis Pharmaceuticals prefilled epinephrine syringe, putting its commercial heft behind the push to gain ground against Mylan's blockbuster.
Current Opportunities Available Through Bourne Partners
Project Barracuda
Asset Divestiture
Midwestern US | Consumer Health/OTC | Approximately $31.5mm Revenue | Approximately $12mm EBITDA
Recent Reports Providing Insight Into Healthcare & Related Industries
An Overview of Events Hosted or Attended by the Bourne Partners Team
September 17 - 18, 2018 | Bethesda, MD
September 27 - 28, 2018 | New Brunswick, NJ
October 2, 2018  | 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. 


The Bourne Partners Team

Bourne Partners
550 South Caldwell Street
Suite 900
Charlotte, NC 28202