Week of January 4th, 2020 | Vol. 10, Issue 1
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 Montage
Strategic Advisory | Generic Pharma + CDMO | Exploring full range of transaction alternatives

Project Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization

Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm
Verily closed out 2020 with a massive $700 million funding round that will be used to rapidly scale up its commercial work.

Alphabet’s life sciences and healthcare subsidiary announced the funding round last week, which was led by its parent company and Google holding firm Alphabet as well investors Silver Lake, Temasek, Ontario Teachers’ Pension Plan and other backers.
The capital will be used to support the expansion of some of Verily’s leading commercial businesses, the company said.

Verily plans to pour some of the funds into its clinical research platform Baseline as well as its work in population health, clinical care delivery, and chronic disease management through programs like Healthy at Work and its virtual clinic Onduo.

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
7 transactions totaling $46 million
Supplies, Equipment & Services
10 transactions
Healthcare IT & Managed Care
1 transaction
Healthcare Facilities & Distributors
2 transactions
Pharma & Biotech
13 transactions totaling $51 million
Supplies, Equipment & Services
8 transactions totaling $21 million
Healthcare IT & Managed Care
1 transaction totaling $90 million
Healthcare Facilities & Distributors
1 transaction totaling $37 million
Pharma & Biotech
9 transactions totaling $550 million
Supplies, Equipment & Services
4 transactions totaling $26 million
Healthcare IT & Managed Care
3 transactions totaling $531 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 3, 2021 - Fierce Healthcare
New York Life completed its acquisition of Cigna's group life, accident and disability insurance businesses in a deal valued at $6.3 billion. The deal was first announced in December 2019 and will add 9 million customers and 3,000 employees to New York Life's portfolio. "This acquisition, the largest in our company’s history, reinforces our financial strength by generating capital that can contribute to our surplus, dividends, and earnings," said New York Life Chairman and CEO Ted Mathas.

January 3, 2021 - Fierce Healthcare
President Donald Trump signed the $900 billion COVID-19 relief bill, but said he will be sending a redlined version back to Congress to urge legislators to remove "wasteful items." "I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution and much more," Trump said in a statement.

December 23, 2020 - Fierce Biotech
“Lockdown” has been named the Collins Word of the Year 2020. At Fierce Biotech, the word our team has been writing the most is, in fact, not even a word, but an abbreviation: COVID-19.

December 23, 2020 - Fierce Pharma
Takeda has already exceeded the product sell-off goal it set alongside its Shire merger, but the Japanese pharma shows no sign of slowing down. After making several geography-specific divestitures in different regions of the world, Takeda has turned to China. The company said Monday it agreed to offload some cardiovascular and metabolic drugs in the Chinese mainland to local firm Hasten Biopharmaceutic for $322 million.
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.