Week of January 18th, 2021 | Vol. 10, Issue 3
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 Trident
Buy-side | Generic Pharma | Manufacturing liquid generics

Project Aspen
Sell-side | CDMO | Multinational CDMO headquartered in US

Project Athena
Sell-side / Licensing | Medical Device | Novel device for pelvic organ prolapse

Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm
Earlier this week at the J.P. Morgan Healthcare Conference, Thermo Fisher Scientific CEO Marc Casper said 2021 is going to be a year that sees the company quickly accelerate its long-term plans, including a full pipeline of M&A deals. He wasn’t kidding.
Buoyed by revenues from COVID-19 testing over the past year, Thermo Fisher announced that it has now acquired Henogen, Novasep's viral vector manufacturing division, for about €725 million or $878.2 million in cash.
Henogen provides contract manufacturing services from formulation to packaging across two locations in Belgium, and maintains over 75,000 square feet of production space and about 400 employees—a recently increased workforce, as the company gears up to support COVID-19 vaccine production. 

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
19 transactions totaling $2,758 million
Supplies, Equipment & Services
26 transactions totaling $5,411 million
Healthcare IT & Managed Care
16 transactions totaling $31 million
Healthcare Facilities & Distributors
16 transactions
Pharma & Biotech
26 transactions totaling $1,410million
Supplies, Equipment & Services
18 transactions totaling $409 million
Healthcare IT & Managed Care
18 transactions totaling $655 million
Healthcare Facilities & Distributors
3 transactions
Pharma & Biotech
26 transactions totaling $1,509 million
Supplies, Equipment & Services
4 transactions totaling $382 million
Healthcare IT & Managed Care
1 transaction totaling $310 million
Healthcare Facilities & Distributors
0 transactions
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 15, 2021 - Fierce Healthcare
Accolade plans to pay $460 million to acquire 2nd.MD, a company that helps patients get expert medical opinions via video or phone. The deal will create the most comprehensive, integrated healthcare navigation experience in the industry, Accolade officials said. By adding 2nd.MD's services, Accolade will help employers address the urgent medical needs that face employees in 2021.

January 14, 2021 - Fierce Pharma
Pharma companies worldwide scrambled to respond to the COVID-19 pandemic early last year, but so far only a few have advanced therapies and vaccines through to the market. Regeneron is one, and now the drugmaker's antibody cocktail could bring a multibillion-dollar windfall in 2021. 

January 15, 2021 - Fierce Healthcare
President-elect Joe Biden’s new $1.9 trillion COVID-19 relief plan includes money for boosting subsidies to help pay down the costs of Affordable Care Act (ACA) exchange plans, bolstering supplies and for vaccine distribution.

January 13, 2021 - Fierce Biotech
Amgen has penned a deal worth $240 million-plus with biotech Evoq Therapeutics as it looks to the future for autoimmune research. Looking to bolster the success of its own autoimmune offerings in the form of Otezla, Enbrel and its growing biosimilar products, Amgen is seeking the next generation of therapies for this highly lucrative disease area.
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.