Week of January 27, 2020 | Vol. 9, Issue 4
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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Managing Director
Business Development

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 sub sectors.
Seven years into a strategic alliance in Japan with Astellas Pharma, Amgen is taking on full control of the local business as the Big Biotech bets more on the rapidly growing Asian market.

Amgen will purchase the remaining 49% shares it doesn’t yet have in Amgen Astellas BioPharma—a Japanese joint venture it formed with Astellas in 2013—on April 1, 2020, the pair  announced  (PDF) Thursday. After that, the entity will become Amgen K.K., a wholly owned Amgen affiliate, and will move its headquarters to Tokyo Midtown.

The move comes on the heels of a  $2.7 billion  BeiGene tie-up, a large part of which also ends seven years after commercialization. Together, they represent Amgen’s growing interest in the Asia market, from which it’s expecting 25% of growth in the next decade.

Currently, the Japanese JV is responsible for selling PCSK9 heart drug Repatha, leukemia therapy Blincyto and osteoporosis med Evenity. Moving forward, Amgen and Astellas will continue to co-promote these drugs, with Astellas responsible for distribution and sales. As for Amgen K.K., it will focus on bringing the company’s remaining innovative medicines to Japan.

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.
Pharma & Biotech
11 transactions totaling $226 million
Supplies, Equipment & Services
16 transactions totaling $971 million
Healthcare IT & Managed Care
8 transactions totaling $35 million
Healthcare Facilities & Distributors
6 transactions totaling $33 million
Pharma & Biotech
28 transactions totaling $362 million
Supplies, Equipment & Services
17 transactions totaling $67 million
Healthcare IT & Managed Care
7 transactions totaling $35 million
Healthcare Facilities & Distributors
0 transactions
Pharma & Biotech
25 transactions totaling $3,116 million
Supplies, Equipment & Services
4 transaction totaling $369 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
1 transactions totaling $130 million
A Breakdown of Relevant Trading Multiples
Each week, we provide updated trading comps for leading companies from numerous healthcare sub-sectors.
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.
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.
January 23, 2020 - Fierce Pharma
The real estate impresario that built a chain of upscale drug recovery facilities is now jumping on a new trend. Brian O’Neil’s MLP Ventures says it is creating a CDMO and building a $1.1 billion gene and cell treatment manufacturing operation in a former GlaxoSmithKline site near Philadelphia.
The Center for Breakthrough Medicines will be located at The Discovery Labs, the 1.6 million-square-foot bioscience co-working space MLP is developing in the former GSK facilities is slated to occupy about 40% of that space. 
January 22, 2020 - Contract Pharma
Ncardia  and  BlueRock Therapeutics  have entered an agreement covering process development technologies for the manufacture of induced pluripotent stem cell (iPSC)-derived cardiomyocytes. Bluerock gains access to Ncardia’s large-scale production processes and intellectual property for the production of iPSC-derived cardiomyocytes for therapeutic use.
“BlueRock is a leader in the field of cell therapy and our collaboration is a perfect match of mission and capabilities," said Stefan Braam, chief executive officer, Ncardia.This relationship allows us to utilize our experience in iPSC process development to help advance potential cell therapies for cardiac diseases."
January 22, 2020 - BioPharma Dive
Eli Lilly on Tuesday said it will invest about $470 million in building a new drug manufacturing plant in Durham, North Carolina, an expansion the Indianapolis pharma said would create some 460 jobs.
The facility will be located in Research Triangle Park, a hub for biomedical research in the state, and focus on the production of injectable medicines and delivery devices.

Bourne Partners Corporate Video
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Since our founding in 2001, Bourne Partners has remained focused on fulfilling the unique needs of established, middle-market healthcare and pharmaceutical companies across the globe. Our track record includes advising middle market companies in healthcare M&A assignments totaling more than $7 billion, and growing companies into successful and well-positioned pharmaceutical enterprises.
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Capture
Sell-side | Consumer Health | Prescription drug disposal and opioid abuse deterrent solution

Project Athena
Sell-side | Medical Device | Novel medical device for the treatment of pelvic organ prolapse

Project Jaguar
Asset Divestiture | Generic Pharma | Basket of ANDAs

Project Vista
Out-partnering | Pharma | Seeking commercial partner for novel, liquid-format riluzole treatment of ALS

Project Seal
Buy-side | Pharma | Seeking Pain and CNS products as well as legacy/tail commercial pharma assets

Project Vintage
Asset Divestiture | Generic Pharma | Numerous therapeutic categories
Recent Materials Providing Insight Into Healthcare Related Industries