Week of August 16th 2021 | Vol. 10, Issue 33
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
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.
Recent Materials Providing Insight Into Healthcare Related Industries
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Power Play
Buy-side | Specialty Pharma | In-license and acquire approved Rx products including legacy brands, generics, and niche launch-ready products

Project Alamo
Sell-side | CMO | Corporate Carve out - private label and OTC manufacturing business

Project Focus
Sell-side | CMO | Liquids and Semi-solids CMO headquartered in North America

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
The Senate is getting into the nitty-gritty of what exactly will be included in a massive $3.5 trillion infrastructure package that seeks to make major reforms to Medicare.

And that means healthcare industry groups are watching very closely.

Democrats have called for the $3.5 trillion package to tackle drug prices and add dental, hearing and vision benefits to Medicare, as well as efforts to expand coverage. But the actual legislation on how to do that will now be crafted by Senate committees and considered by lawmakers when they return from their August recess next month.

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
2 transactions totaling $52 million
Supplies, Equipment & Services
4 transactions totaling $5 million
Healthcare IT & Managed Care
2 transactions
Healthcare Facilities & Distributors
5 transactions totaling $27 million
Pharma & Biotech
6 transactions totaling $278 million
Supplies, Equipment & Services
7 transactions totaling $75 million
Healthcare IT & Managed Care
5 transactions totaling $5 million
Healthcare Facilities & Distributors
2 transactions
Pharma & Biotech
14 transactions totaling $697 million
Supplies, Equipment & Services
5 transactions totaling $331 million
Healthcare IT & Managed Care
0 transactions
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.
August 9, 2021 - Fierce Healthcare
Startup Cricket Health scored $83.5 million in fresh capital to fuel its growth as it sees growing demand for its personalized approach to kidney care. The series B funding round was led by Valtruis, which is focused on investing in companies with value-based and health-at-home models. Existing investors Oak HC/FT and Cigna Ventures as well as K2 HealthVentures also participated, and the round included a strategic investment from Blue Shield of California.

August 10, 2021 - Fierce Biotech
The COVID-19 pandemic emphasized the need for quicker clinical trial enrollment and more decentralized studies to assuage safety concerns. Those long-lasting impacts have given investors the confidence to funnel $220 million into Reify Health. The series C is more than seven times the size of Reify's $30 million series B, raised almost exactly one year ago. The massive investment gives Boston-based Reify a $2.2 billion valuation, which is more than double the valuation of hybrid trial company Science 37 through its planned special purpose acquisition merger.

August 11, 2021 - Fierce Pharma
We’re not yet done with the coronavirus pandemic, but you wouldn’t know it from the second-quarter results in the pharma industry. After a tentative first quarter of 2021—attributed to the pandemic and a change of the guard in Washington, D.C.—signs of recovery abound. Over the last few weeks as companies have presented their quarterly numbers, most are telling a different version of the same story. Drug sales are up, with some therapeutic areas rebounding faster than others.

August 13, 2021 - Contact Pharma
Recro Pharma, a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges for companies developing oral solid dose drug products, has acquired the San Diego-CA-based CDMO IRISYS for approximately $50 million. With its acquisition of IRISYS, Recro has transformed itself into a full service CDMO with operations on both the East and West Coast of the U.S.
Events Hosted or Attended by Bourne Partners

August 10-12, 2021 - Philadelphia, PA

October 20, 2021 - Charlotte, NC

November 9-11, 2021 - Milan, Italy

January 10-14, 2022 - San Francisco, CA
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.