Week of July 2, 2018 | Vol. 7, Issue 26
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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.
Bourne Advises Endo On Sale Of Portfolio Of Oral Solid ANDAs
Endo International plc ("Endo", NasdaqGS: ENDP) has sold a portfolio of oral solid ANDAs to an undisclosed buyer. Bourne Partners, a Charlotte-based financial advisory firm focused exclusively in healthcare and life sciences, served as the sole financial advisor to Endo throughout the transaction.  Endo International plc is a highly focused generics and specialty branded pharmaceutical company delivering quality medicines to patients in need through excellence in development, manufacturing and commercialization. Endo has global headquarters in Dublin, Ireland, and U.S. headquarters in Malvern, PA.

C ontinue Reading at Bourne Partners Website .
Sanofi, Advent Finally Shake hands On $2.2B European Generics Sale
The pair expects the deal to close in the fourth quarter of this year, Sanofi said.

It's official: Sanofi is finally ready to unload its European generics business.  More than two months after disclosing that they were in exclusive talks, the French drugmaker and buyer Advent International have ironed out the details  on a €1.9 billion sale of the unit, dubbed Zentiva. Advent was already making plans for its new pickup well before negotiations wrapped. "We believe that Zentiva is a great platform, full of talented people, who we can invest behind to build a new, independent, European generics leader," managing directors Tom Allen and Cédric Chateau said in a statement in April. And Sanofi, for its part, has been looking forward to a Zentiva-free future for years. Chief executive Olivier Brandicourt first announced his intent to unload the business back in 2015 as part of a refocusing effort, but other moves took priority: Since then, the company has sold off animal health business Merial in exchange for Boehringer Ingelheim's consumer health assets, and it's shelled out billions for Ablynx and hemophilia specialist Bioverativ, too.

C ontinue Reading at Fierce Pharma .

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
 14 transactions totaling $4,186 million 
 Supplies, Equipment & Services
 20 transactions totaling $456 million
 Healthcare IT & Managed Care
 2 transactions 
 Healthcare Facilities & Distributors
 15 transactions totaling $190 million

Pharma & Biotech
30 private placements totaling $708 million
Supplies, Equipment & Services
13 private placements totaling $112 million
Healthcare IT & Managed Care
11 private placements totaling $49 million
Healthcare Facilities & Distributors
2 private placements totaling $17 million

 Pharma & Biotech
 17 public offerings totaling $1,309 million
 Supplies, Equipment & Services
 9 public offerings totaling $211 million
 Healthcare IT & Managed Care
 1 public offering totaling $3 million
 Healthcare Facilities & Distributors
 3 public offerings totaling $1,036 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.
June 28, 2018 -  The Wall Street Journal
Amazon.com Inc. is buying online pharmacy PillPack Inc.,  giving the e-commerce giant the ability to ship prescriptions around the country, and overnight, making it a direct threat to the more than $400 billion pharmacy business.

June 27, 2018 -  BioSpace
Nearly four years after first forging a research collaboration, AbbVie  and Calico , Google's life science company, have extended that 10-year pact with another $1 billion pledge  to develop therapies associated with age-related diseases, including neurodegeneration and cancer.
June 26, 2018 -  Fierce Biotech
After "careful evaluation" of the right-to-try act, BrainStorm Cell Therapeutics has decided not to offer  its experimental cell therapy for amyotrophic lateral sclerosis (ALS) under the newly passed law. The Israeli biotech considered ethical, legal and practical aspects of providing the treatment and said the clincher was its inability to fund the treatment for all patients who wanted to try it.

June 25, 2018 -  Bloomberg
The first-ever medical treatment derived from a marijuana plant will hit the U.S. market in a few months after regulators on Monday gave the epilepsy treatment the green light.  The Food and Drug Administration approved GW Pharmaceuticals Plc's  Epidiolex to treat two rare forms of childhood epilepsy, according to a statement from the agency. The liquid is made from a compound in the marijuana plant called cannabidiol, a different chemical from tetrahydrocannabinol, or THC, which gets users high.
June 25, 2018 -  Fierce Biotech
The FDA could become much smaller if a proposal by President Trump to separate the regulation of food and medicines comes into effect.  The current dual role makes no sense, according to a White House document  that wants around 5,000 FDA staffers transferred to the U.S. Department of Agriculture so that all food regulation occurs under one roof. The current structure at the FDA is a relic of the early 1900s that "introduces greater risk, inefficiency, and inconsistency into the important work of ensuring food safety, which affects everyone in America."

June 25, 2018 -  BioSpace
AbbVie is taking another shot at solid tumor treatments through a collaboration  with LaJolla, Calif.-based Calibr, a nonprofit drug discovery division of Scripps Research  to develop next-generation T-Cell therapies that are aimed at targeting solid tumors. The collaboration will broaden AbbVie's precision medicine technology as it continues to develop various oncological treatments like CAR-T programs. The move will certainly be a challenge, as to date, CAR-Ts have only really been successful in treating hematological cancers. 

June 25, 2018 -  BioSpace
The U.S. Food and Drug Administration (FDA) accepted Merck 's new supplemental Biologics License Application (sBLA) for Keytruda as adjuvant therapy in patients with resected, high-risk stage III melanoma. The target action date is February 16, 2019. The application was built on data from Merck's pivotal Phase III EORTC1325/KEYNOTE-054 clinical trial, which was conducted in collaboration with theEuropean Organization for Reasearch and Treatment of Cancer (EORTC). The data were presented at the American Association for Cancer Research (AACR) Annual Meeting 2018, and published in The New England Journal of Medicine.
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
Contract Pharma: 2018 Contracting & Outsourcing Conference
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