Week of September 17, 2018 | Vol. 7, Issue 37

Bourne Partners is pleased to launch the first installment in a new monthly video series covering important updates in the pharma, pharma services and consumer healthcare sectors.  To watch the first video, follow the link below: 
In This Issue


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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.
Allergan Diffuses Botox Threat With $195 Million Bonti Buy
Allergan has agreed to pay $195 million to acquire  Bonti, a startup founded by former Allergan executives focused on creating a new botulinum neurotoxin. 

California-based Bonti raised a $15.5 million series C in January to push its botulinum neurotoxin serotype E (BoNT/E) candidate EB-001 through the end of an ongoing phase 2 trial and start a second phase 2 study. The funds were also earmarked for market research efforts. EB-001 is being developed in two programs: EB-001A for "facial aesthetic" applications and scar reduction following surgery for skin cancer, and EB-001T for focal muscle pain.  Allergan's Botox-a different serotype of botulinum neurotoxin-is used cosmetically too, but it is also marketed  for the treatment of overactive bladder and chronic migraine, among other conditions. Bonti's EB-001 works similarly to Botox, but it acts more quickly and its effects don't last as long. EB-001 acts within 24 hours and its effects last about three to four weeks, compared to onset of action between three and seven days and a duration of effect of about three to four months. These properties may make EB-001 "well-suited" for applications such as the treatment of postsurgical and nonsurgical musculoskeletal pain, Bonti said at the series C close.

C ontinue Reading at Fierce Biotech .
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
 16 transactions totaling $1,628 million
 Supplies, Equipment & Services
 20 transactions totaling $357 million
 Healthcare IT & Managed Care
 5 transactions 
 Healthcare Facilities & Distributors
 5 transactions totaling $89 million

Pharma & Biotech
29 private placements totaling $281 million
Supplies, Equipment & Services
14 private placements totaling $340 million
Healthcare IT & Managed Care
6 private placements totaling $194 million
Healthcare Facilities & Distributors
2 private placements totaling $4 million

 Pharma & Biotech
 17 public offering totaling $6,716 million
 Supplies, Equipment & Services
 5 public offerings totaling $145 million
 Healthcare IT & Managed Care
 0 public offerings 
 Healthcare Facilities & Distributors
 3 public offerings totaling $94 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 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.
September 14, 2018 -  Fierce Biotech
CNS drug specialist Supernus Pharma has added an early-stage epilepsy candidate to its pipeline after paying $15 million upfront to acquire Biscayne Neurotherapeutics.

September 13, 2018 - Fierce Pharma
Teva has been working to pay down tens of billions of dollars of debt since it purchased Allergan's generics suite for more than $40 billion. Now, the company's Medis unit has attracted attention from industry players and private equity firms.
September 12, 2018 - Bio Space
Nirmal Mulye, chief executive officer of Missouri-based Nostrum Laboratories , is looking to take over Martin Shkreli's mantle of being the poster-boy for drastic drug price increases. In August Nostrum dramatically increased the price of its antibiotic nitrofurantoin 400 percent from $474.74 per bottle to $2,393, the Financial Times reported this week. Mulye made no bones about his reasons for the increase - to make money. In an interview with the Times, Mulye said he had a "moral requirement" to make money and "to sell the drug for the highest price."
September 12, 2018 -  Bio Space
Plasticell Ltd, a developer of stem cell technologies and regenerative medicines, has announced that it  has been contracted by the Ministry of Defence (MoD) in a pilot programme to develop regenerative medicines for the treatment of injuries resulting from combat.

September 12, 2018 -  Bio Space
Mitra Biotech today announced a partnership with Glenmark Pharmaceuticals  focused on advancing Glenmark's proprietary immuno-oncology drug pipeline utilizing Mitra's CANscript  platform. CANscript is a human, immune-relevant ex vivo platform that allows drug developers to understand drug performance in human tissue, which in turn allows for an informed approach to clinical development and patient response. CANscript recreates the in vivo tumor microenvironment, maintaining the heterogeneity of the tumor while preserving its immune compartment.

September 11, 2018 -  Fierce Pharma
Weather is again taking a toll on the U.S. supply of injected drugs as Pfizer is suspending production at a key sterile injectables plant in Rocky Mount, North Carolina, ahead of Hurricane Florence.

September 10, 2018 -  The Wall Street Journal
Carlyle Group has invested in contract development and manufacturing organization Ambio Holdings Inc.  The firm said in a statement it acquired a "significant minority stake" in the company, also known as AmbioPharm, from specialist health-care investor MVM Partners.
September 10, 2018 -  Fierce Biotech
Kodiak Sciences has filed to raise up to $100 million in its IPO, which will support the phase 2 development of its lead asset, an anti-VEGF drug for eye diseases. It is currently being tested in multiple trials in age-related macular degeneration (AMD) and diabetic retinopathy.
Recent Reports Providing Insight Into Healthcare & Related Industries
An Overview of Events Hosted or Attended by the Bourne Partners Team
September 27 - 28, 2018 | New Brunswick, NJ
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

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