Week of January 28, 2019 | Vol. 8, Issue 4
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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 click on the chart above to download complete transaction tables broken out by industry subsectors.
As Brexit Looms, Novartis and Roche Stockpile Medicines in Case of No-Deal
As the United Kingdom nears closer to exiting the EU without a deal, drug manufacturers are preparing contingencies for how they will continue to provide medications, many of them life-saving, for patients in the U.K.

This morning, Swiss pharma giant Novartis said that a no-deal Brexit will have a significant impact on patients, particularly when it comes to the "supply and safety of medicines." The company said it was building increased inventories of its medicines  for the U.K. Novartis said it has made it a priority to ensure that U.K. patients will have access to the medicines it needs that are manufactured by Novartis, Sandoz and Alcon. In its statement this morning, Novartis said it will continue to execute contingency plans and "make all preparations possible to ensure continuity of supply to U.K. patients of the over 120 million packs of medicines we import to the UK from Europe each year." With the March 29 Brexit deadline looming, Parliament has been unable to come to an agreement on what its relationship with the E.U. will be like in the future. Without a deal in place, the U.K. will break from the EU on March 29, two years after Prime Minister Teresa May executed Article 50. With no deal, there is a good chance that trade coming from Europe will be delayed, which includes medications manufactured abroad.

C ontinue Reading at BioSpace .
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
14 transactions totaling $125 million
Supplies, Equipment & Services
25 transactions totaling $34 million
Healthcare IT & Managed Care
5 transactions 
Healthcare Facilities & Distributors
7 transactions totaling $136 million

Pharma & Biotech
18 private placements totaling $470 million
Supplies, Equipment & Services
15 private placements totaling $39 million
Healthcare IT & Managed Care
6 private placements totaling $10 million
Healthcare Facilities & Distributors
1 private placement

Pharma & Biotech
16 public offering totaling $749 million
Supplies, Equipment & Services
5 public offerings totaling $403 million
Healthcare IT & Managed Care
1 public offering totaling $1 million
Healthcare Facilities & Distributors
public offering totaling $1,500 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.
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.
January 25, 2018 - BioSpace
Paolo Tubertini , CEO of Olon, commented, "By acquiring Capua BioServices, Olon will have the opportunity to accelerate growth by adding new CDMO projects and to be recognized as European Leader in the CDMO of microbial fermentation (total fermentation capacity of 4.500 m3). It comes with a world-class manufacturing facility and a dedicated team of experts that will support us in delivering high-quality services that meet or exceed customer expectations.

January 23, 2018 - The Wall Street Journal
The longest-ever U.S. government shutdown is posing new risks to the Affordable Care Act and some health services, prompting alarm from insurers, providers and congressional Democrats who say the impasse could harm consumers and undermine the stability of the individual insurance market.

January 23, 2018 - PQMD
The Partnership for Quality Medical Donations (PQMD), is proud to announce the addition of Tanner Pharma Group to their membership. The Charlotte, N.C., based global pharmaceutical company becomes the 42nd  member of PQMD.  Tanner Pharma Group is a global service provider in the healthcare industry with a core purpose of improving lives through increased access to medicines. 
January 23, 2018 - Fierce Biotech
Johnson & Johnson is eyeing robotic surgery maven Auris Health as a potential acquisition, with plans to purchase it at a premium over its most recent $2 billion valuation, according to a report from Bloomberg. 

January 23, 2019 - Bio Space
BioNTech AG, located in Mainz, Germany, inked a deal with Munich, Germany's MAB Discovery GmbH to acquire MAB's operational antibody generation unit. No financial details were disclosed. BioNTech will acquire all assets, employees and "proprietary know-how" for monoclonal antibody (mAb) generation. MAB will keep ownership and all rights to its preclinical development pipeline and its existing third-party service agreements.

Exclusive: Colfax picks Goldman to sell Howden business - sources
January 22, 2019 - Reuters
Colfax Corp is pressing ahead with plans to sell its air and gas handling unit Howden as part of a shift to focus on the medical devices industry and has hired Goldman Sachs to handle the process, four sources close to the matter told Reuters.

January 21, 2019 - Bio Space
Novo Nordisk's investment arm, Novo Holdings, invested a little more than $20 million in four different companies over the course of 2018 through its REPAIR Impact Fund. That $165 million fund was established last year to support companies developing therapies to combat antimicrobial resistance.
Emerging markets drugs worth $3B could be next on Takeda's chopping board: report
January 21, 2019 - Fierce Pharma
The Japanese pharma is weighing the sale of some emerging markets products that could fetch about $3 billion, Bloomberg reported, citing people familiar with the matter. The talks are too early to draw any conclusion on the fate of specific drugs, the report said.

Recent Materials Providing Insight Into Healthcare & Related Industries

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