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.
China's Harbour BioMed, Kelun Ink A PD-L1 Deal Worth Up to $350M
Kelun stands to earn up to $350 million, but the partners did not specify how much the deal was worth upfront.
Harbour BioMed licensed a midphase PD-L1 antibody from Kelun Biotech for development and commercialization outside of Greater China. The antibody in question, A167, is currently in phase 1 and phase 2 trials in China for lymphoma and solid tumors. Harbour and Kelun will share data as they develop the asset as a monotherapy and in combination with other agents. "We are delighted to advance A167 globally and work closely with Kelun-Biotech to achieve its therapeutic potential," said Harbour CEO Jingsong Wang, M.D., Ph.D. "We plan to conduct A167-based combination trials globally by ourselves, including with innovative compounds we are developing, or in collaboration with our partners, to find better therapeutic options against a wide range of tumor types." The PD-L1 partnership is the second deal Harbour and Kelun struck this year, but is the former's first global development alliance. Under their first collaboration, the companies agreed to co-discover, co-develop and commercialize antibodies against innovative targets, based on Harbour's fully human antibody discovery platforms.
Swedish Healthcare Firm Capio To Sell French Business To Vivalto Sante
Capio plans to sell to Vivalto Sante in a deal worth up to $520 million in order to focus on its less capital intensive Nordic operations.
Capio, which operates in Sweden, Norway, Denmark, France and Germany and had net sales of 15.3 billion crowns ($1.67 billion) last year, had said in June it was in talks on a possible divestment of its non-Nordic operations.
"The proposed transaction would accelerate the positioning towards the less capital intensive Nordic operations and build on Capio's leadership positions to further drive growth and shareholder value," Capio said in a statement. The consideration for the proposed deal would be an upfront enterprise value of 425 million euros plus an earn-out contingent on this year's financial performance, up to a total enterprise value of 455 million. The deal is subject to due diligence of Capio France by Vivalto, the approval of regulatory authorities and the approval of Capio's shareholders at an extraordinary general meeting, it said.
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.
Each week, we 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.
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.
