Week of July 6th, 2020 | Vol. 9, Issue 27
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports (See below)
Upcoming Events

Quick Links

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 .
IVC made a strategic decision to consolidate manufacturing operations and eliminate it’s redundant NJ facility. Upon internal review, IVC decided not to retain and transfer its small generic Rx portfolio which was manufactured in this facility. IVC engaged Bourne Partners to explore alternatives for these non-core assets. Upon initial review, Bourne Partners confirmed there was value in its Rx portfolio and a large number of generic pharma companies would be interested in acquiring these assets.

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
13 transactions totaling $375 million
Supplies, Equipment & Services
16 transactions totaling $114 million
Healthcare IT & Managed Care
6 transactions totaling $5 million
Healthcare Facilities & Distributors
15 transactions totaling $130 million
Pharma & Biotech
46 transactions totaling $1,559 million
Supplies, Equipment & Services
19 transactions totaling $246 million
Healthcare IT & Managed Care
13 transactions totaling $302 million
Healthcare Facilities & Distributors
2 transactions totaling $1 million
Pharma & Biotech
41 transactions totaling $9,062 million
Supplies, Equipment & Services
12 transactions totaling $1,108 million
Healthcare IT & Managed Care
1 transaction totaling $19 million
Healthcare Facilities & Distributors
2 transactions totaling $128 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.
July 2, 2020 - BioPharma Dive
S cientists, drugmakers and governments are moving with unprecedented speed to deliver a vaccine to protect against the new coronavirus.
The fastest of them have already delivered preliminary data from human studies, and further results from others should come quickly as the year progresses.
The goal, at least in the U.S., is to have a vaccine ready for use in some fashion by the end of the year, or early next. Doing so would be a scientific feat with few parallels. No vaccine has ever been developed so quickly, never mind manufactured for the world.

July 2, 2020 - Fierce Biotech
Sarepta Therapeutics has  secured  a license to a drug that could enable more patients to receive its gene therapies. The deal grants Sarepta the exclusive right to use Hansa Biopharma’s imlifidase to eliminate neutralizing antibodies in Duchenne muscular dystrophy (DMD) and limb-girdle muscular dystrophy (LGMD) patients.
Many gene therapies, including those in development in DMD and LGMD at Sarepta, use a type of adeno-associated virus (AAV) to get the genetic material into cells. Some patients have preexisting antibodies against AAV, rendering them ineligible for treatment with gene therapies that rely on the vector. One  study  found 17% of patients have antibodies against Sarepta’s AAVrh74 vector.
The Hansa deal gives Sarepta a shot at making the significant minority of patients with anti-AAVrh74 antibodies eligible for treatment with its DMD and LGMD gene therapies. The agreement centers on the antibody-cleaving enzyme imlifidase.

July 1, 2020 - Fierce Pharma
When Novartis shelled out $3.9 billion for France-based Advanced Accelerator Applications in 2017, it had blockbuster hopes for AAA’s Lutathera, a radiotherapy to treat neuroendocrine tumors (NETs).
Those expectations were not misplaced. In fact, demand for Lutathera is so high that AAA is planning to build a new 50,000-square-foot manufacturing plant in Indianapolis’ Purdue Research Park to make the drug and other radiotherapies, the Novartis unit said Tuesday.
The Indianapolis factory will open in 2023, said AAA, which did not release financial terms or hiring plans. It’s the subsidiary’s second U.S. manufacturing plant.

June 30, 2020 - BioPharma Dive
For the third time this month, researchers running a large clinical trial in the U.K. have released results likely to shape how physicians the world over treat COVID-19. 
On Tuesday, investigators for the RECOVERY study announced that treatment with Kaletra, an antiviral therapy for HIV, was no better than usual care alone in preventing death among patients hospitalized with coronavirus disease. As a result, the trial committee decided to stop giving the drug in the study. 
Only summary results are currently available, and the data has not yet been peer reviewed or published. But the findings from RECOVERY carry weight, as the trial involves thousands of patients randomized to receive either experimental treatments or standard supportive therapy.
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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 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
Recent Materials Providing Insight Into Healthcare Related Industries