Week of March 11, 2019 | Vol. 8, Issue 10
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In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events
Quick Links
Contact Information
Managing Director
Business Development
Jeremy C. Johnson
Managing Director
Head of M&A and Capital Advisory
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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 sub sectors.
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Biogen Buys Nightstar in Search of More Eye
Gene Therapies
Eyeing a deeper pipeline of ophthalmology gene therapies, Biogen said Monday it intends to acquire Nightstar Therapeutics for roughly $800 million.
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Biogen sees itself diversifying its neuroscience business in the coming years. One focus in that pursuit is ophthalmology - a therapeutic area which has been difficult to conquer for many drugmakers. Case in point: Biogen in December exited a collaboration with gene therapy developer AGTC after one of its candidates posted disappointing data in a trial of X-linked retinoschisis patients. The miss with AGTC apparently hasn't deterred the big biotech, though, as it is now betting on Nightstar to build a stronger position in eye disease gene therapies. Jeff Capello, Biogen's chief financial officer, noted on a Monday investor call that the patient populations for choroideremia and XLRP are around 15,000 and 20,000, respectively. "These are sizable numbers of patients, and so we think there's going to be meaningful opportunity here commercially for us," Capello said. Biogen leadership also estimated that at least 30% to 40% of the choroideremia population could benefit from NSR-REP1 should it ultimately gain regulatory approval. Yet such an approval isn't guaranteed - and, for some, isn't expected. Mizuho conducted a Biogen investor survey on the heels of the Nightstar acquisition and found that, among 26 responders, the weighted average for NSR-REP1's probability of success through approval was 37%. It was lower, at 33%, for Nightstar's XLRP therapy.
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CEO, Banks Bourne, To Serve As A Keynote Speaker During DCAT Week 2019
505(b)(2) Platform Information Session |
Website
Tuesday, March 19th | 9 AM - 11 AM
505(b)(2) NDA | Success Stories | Strategies | Regulatory Issues | Commercialization
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RECENT INDUSTRY TRANSACTIONS
An Overview of Transactions Within Market Sub-segments
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.
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Pharma & Biotech
17 transactions totaling $1,819 million
Supplies, Equipment & Services
22 transactions totaling $431 million
Healthcare IT & Managed Care
8 transactions totaling $150 million
Healthcare Facilities & Distributors
9 transactions totaling $21 million
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Pharma & Biotech
28 transactions totaling $1,017 million
Supplies, Equipment & Services
19 transactions totaling $75 million
Healthcare IT & Managed Care
6 transactions totaling $90 million
Healthcare Facilities & Distributors
2 transactions
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Pharma & Biotech
34 transactions totaling $12,785 million
Supplies, Equipment & Services
5 transactions totaling $1,365 million
Healthcare IT & Managed Care
2 transactions totaling $83 million
Healthcare Facilities & Distributors
0 transactions
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INDUSTRY TRADING COMPS
A Breakdown of Relevant Trading Multiples
Each week, we provide updated trading comps for leading companies from numerous healthcare sub-sectors.
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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.
Note: data reflects prior week close.
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RECENT INDUSTRY TRANSACTIONS
A Sampling of Relevant Industry Headlines from 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.
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March 7, 2019 -
Fierce Pharma
States across the U.S. have taken on high drug prices with new laws, proposals and Medicaid rules, many of them unpopular with the pharma industry. Not so in Louisiana, where a “Netflix” payment model for hepatitis C drugs has top players eager to participate.
March 7, 2019 -
BioPharma Dive
Spark's pipeline of gene therapies target several areas where Roche has a strong foothold, namely
retinal disease and hemophilia
. Roche was evidently comfortable paying a hefty premium to get its hands on those therapies; the $114.50 per share offer, which the companies announced Feb. 25, was nearly 120% higher than Spark's stock value a few days before.
March 6, 2019 -
Bio Space
Bristol-Myers Squibb
and
Celgene
are
strongly urging
shareholders to submit their proxy votes as quickly as possible whether they plan to attend the April 12, 2019 Special Meeting or not. The meeting is when the official vote on whether Bristol-Myers Squibb will buy Celgene will take place.
March 5, 2019 -
Fierce Biotech
Pacira Pharmaceuticals has moved to acquire pain-relief device developer Myoscience in a deal worth up to $220 million. The specialty pharma plans to fold Myoscience's Iovera device system into its non-opioid painkiller portfolio-with the goal of developing a multimodal regimen with Exparel, a bupivacaine formulation that acts as a local, long-term analgesic following surgery.
March 5, 2019 - Bio Space
Merck, known as MSD outside the United States and Canada, is commencing today, through a subsidiary, a cash tender offer to purchase all outstanding shares of common stock of Immune Design.On Feb. 21, 2019, Merck announced its intent to acquire Immune Design.
March 4, 2019 - Fierce Pharma
Japan's Nichi-Iko Pharmaceutical bought Illinois-based Sagent Pharmaceuticals in 2016 to get a foothold in the U.S. Now Nichi-Iko is establishing a solid U.S. manufacturing footprint by acquiring a plant in North Carolina.
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MARKET REPORTS
Recent Materials Providing Insight Into Healthcare Related Industries
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March 17-19, 2019 | Boca Raton, Florida, United States
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March 18-21, 2019 | New York City, New York, United States
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