Week of September 14th, 2020 | Vol. 9, Issue 37
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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Contact Information
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.

For more information about our consumer healthcare JV with The Emerson Group, Daybreak Consumer Care, click here.
Recent Materials Providing Insight Into Healthcare Related Industries
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization

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

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 Olympus
Sell-side | Pharma | Portfolio of generic injectable products
Merck has struck a deal to develop Seattle Genetics’ antibody-drug conjugate (ADC) ladiratuzumab vedotin. The agreement will see Merck pay $600 million and make a $1 billion investment in Seattle Genetics in return for the chance to embark on a joint development program.

Ladiratuzumab vedotin is designed to deliver a microtubule-disrupting agent to cells that express the zinc transporter LIV-1. As LIV-1 is upregulated in triple-negative breast cancer (TNBC), and its expression is maintained after hormonal therapy, Seattle Genetics identified the transporter as a way to target tumor cells. Once in a cell, the ADC releases its payload, leading to cell cycle arrest and apoptosis. 

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
12 transactions totaling $1,427 million
Supplies, Equipment & Services
18 transactions totaling $891 million
Healthcare IT & Managed Care
3 transactions totaling $122 million
Healthcare Facilities & Distributors
8 transactions totaling $207 million
Pharma & Biotech
35 transactions totaling $1,451 million
Supplies, Equipment & Services
21 transactions totaling $551 million
Healthcare IT & Managed Care
14 transactions totaling $185 million
Healthcare Facilities & Distributors
2 transactions totaling $15 million
Pharma & Biotech
30 transactions totaling $3,256 million
Supplies, Equipment & Services
4 transactions totaling $691 million
Healthcare IT & Managed Care
1 transaction totaling $5 million
Healthcare Facilities & Distributors
4 transactions totaling $206 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.
September 14, 2020 - Fierce Biotech
A new neoantigen T-cell player has launched with Neogene Therapeutics nabbing a major $110 million series A. The funding haul, a significant sum for a first round, was led by by EcoR1 Capital, Jeito Capital and Syncona with continued support from strategic seed investors Vida Ventures, TPG and Two River.

September 10, 2020 - Contract Pharma
Japanese pharma major Takeda has entered into an agreement to divest a portfolio of select non-core prescription pharmaceutical products sold predominantly in Europe and Canada to Cheplapharm for $562 million. Cheplapharm is a specialty pharmaceutical company headquartered in Germany with a 25-year history of acquiring, integrating and growing pharmaceutical products.

September 9, 2020 - Fierce Pharma
The Competition Authority levied a fine of €385 million ($455 million) against Novartis and €60 million ($71 million) against Roche, according to several press reports in Europe. Lucentis was developed by Roche’s Genentech division and is marketed in Europe by Novartis.

September 8, 2020 - Fierce Pharma
Mylan will shell out $756 million for European rights to a suite of Aspen Pharmacare's sterile injectable anticoagulants that raked in nearly a quarter-billion dollars in the year ending June 30, the generics giant said Tuesday.
Welcome to Bourne, let's talk.

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.