Week of November 1st 2021 | Vol. 10, Issue 44
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
Fast-growing digital health company Hinge Health clinched $400 million in a financing round amid soaring demand for virtual physical therapy services.

The series E funding round more than doubles the company's valuation from January. Hinge Health is now valued at $6.2 billion, up from $3 billion in January when it announced a $300 million series D round.

Existing investors Coatue and Tiger Global led the round. New investors Alkeon and Whale Rock took a $200 million stake through a secondary investment, according to a press release.

Hinge Health reports that its customer base has more than doubled year over year to over 575 enterprise customers as the company keeps pace with growing demand from millions of Americans seeking accessible care for back and joint pain.
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
9 transactions totaling $10 million
Supplies, Equipment & Services
20 transactions totaling $788 million
Healthcare IT & Managed Care
6 transactions totaling $1,745 million
Healthcare Facilities & Distributors
11 transactions totaling $120 million
Pharma & Biotech
28 transactions totaling $868 million
Supplies, Equipment & Services
19 transactions totaling $754 million
Healthcare IT & Managed Care
18 transactions totaling $791 million
Healthcare Facilities & Distributors
4 transactions totaling $82 million
Pharma & Biotech
16 transactions totaling $1,011 million
Supplies, Equipment & Services
4 transactions totaling $269 million
Healthcare IT & Managed Care
1 transaction
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.
October 26, 2021 - Fierce Biotech
The lack of representation in clinical trials has long been an issue and it appears little to no improvements have been made in one critical condition over the past 30 years: stroke. The average prevalence of stroke in women is about 48%, whereas about 37.4% of the nearly 589,000 patients in clinical trials between 1990 and 2020 were women, according to a new study, published this month in Neurology, the medical journal from the American Academy of Neurology. Inclusion of women in stroke trials in this timeframe across various metrics, "did not significantly change," according to a study of 281 such trials.

October 26, 2021 - Fierce Pharma
When it comes to health equity, Johnson & Johnson believes in going local for advice. The pharma’s latest innovation challenge bears that out by focusing on six cities—and by seeking suggestions directly from the people healthcare is leaving behind. The Health Equity Innovation Challenge is set to start in Chicago, Detroit, Los Angeles, New Orleans, New York City and Philadelphia, all areas that suffer extreme health inequality within the Black and Hispanic communities. The challenge is an open call to these communities to submit ideas to help open up access to quality care, improve diversity in science, push for more trustworthy community-based healthcare and prevent and treat illnesses that disproportionately affect them.

October 26, 2021 - Fierce Biotech
Cambrian Biopharma is on a mission to slow down the aging process and treat humans before they even develop cancer or Alzheimer's disease. Before the biotech can test its compounds in prevention-focused trials, though, it has to prove its chops in acute diseases and the company now has a $100 million boost for such work. The company is taking the "hub and spoke" approach to biotech building that Roivant has done by setting up, building and selling off its multiple Vants and like Atai Life Sciences has born out through its development of psychedelics-focused startups. Atai, which raised $225 million when it hit the Nasdaq in June, and Cambrian are co-founded by the same person: German billionaire Christian Angermayer.

October 27, 2021 - Fierce Healthcare
A new study estimates there remains $26.8 billion in a pot of money meant to shore up hospitals’ revenue holes caused by the COVID-19 pandemic, and more money could be on the way. The Urban Institute released an analysis Tuesday estimating what is left of a $178 billion fund passed by Congress last year under the CARES Act. The analysis, commissioned by the Robert Wood Johnson Foundation, called for the Biden administration to better target which providers are still facing problems fighting the virus. Urban’s analysis of publicly available information found that $7.1 billion of the provider relief fund has not been allocated as of this month. Another $19.7 billion has been allocated to certain providers but hasn’t been sent out.
Events Hosted or Attended by Bourne Partners

Dates TBD - Charlotte, NC

November 2, 2021 - Virtual Webinar

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.