Week of January 11th, 2020 | Vol. 10, Issue 2
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
INDUSTRY M&A SNAPSHOT

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.
MARKET REPORTS
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

Project Denali
Sell-side | Generic Pharma| US based generic pharma company
Sanofi has struck a deal to buy Kymab for $1.1 billion upfront. The takeover will give Sanofi full global rights to an anti-OX40L monoclonal antibody that improved outcomes in atopic dermatitis patients in a midphase clinical trial last year. 

Over the past decade, Kymab has raised $220 million to build out antibody platforms and advance a pipeline of assets derived from them. The work culminated last year in the completion of a phase 2a clinical trial that found anti-OX40L antibody KY1005 reduced disease activity in adults with moderate to severe atopic dermatitis who were failed by topical corticosteroids.

Sanofi, which knows the indication well from its work on Dupixent, saw enough promise in the data to agree to pay $1.1 billion upfront to acquire Kymab. The agreement features up to $350 million in milestones.

RECENT INDUSTRY TRANSACTIONS
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 $1,412 million
Supplies, Equipment & Services
32 transactions totaling $874 million
Healthcare IT & Managed Care
7 transactions totaling $17,008
Healthcare Facilities & Distributors
13 transactions totaling $7,947
Pharma & Biotech
38 transactions totaling $1,201 million
Supplies, Equipment & Services
19 transactions totaling $167 million
Healthcare IT & Managed Care
13 transactions totaling $153 million
Healthcare Facilities & Distributors
5 transactions totaling $109 million
Pharma & Biotech
21 transactions totaling $2,112 million
Supplies, Equipment & Services
11 transactions totaling $865 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
1 transaction totaling $264
INDUSTRY TRADING COMPS
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.
RECENT INDUSTRY TRANSACTIONS
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 8, 2021 - Fierce Biotech
After getting off a meaty $120 million round in April, the height of the first wave of COVID-19 infections in the West, Affinivax is a clear indicator that infectious disease and vaccine work is here to stay. Nearly doubling that already impressive B round, the Cambridge, Massachusetts-based biotech has nabbed $226 million, with goals of unseating Pfizer’s Prevnar franchise as well as pushing a set of vaccines for hospital-associated infections into the clinic.

January 8, 2021 - Fierce Pharma
President-elect Joe Biden wants to release nearly all available vaccine doses, his transition team said Friday. The CDC is teaming up with Labcorp to track viral mutations as a new coronavirus variant spreads across the U.S. Moderna named a new chief commercial officer as it plows ahead with its pandemic vaccine launch. Plus, Pfizer has agreed to boost shot deliveries to Israel in return for data on the country's immunization program, Prime Minister Benjamin Netanyahu said. 

January 7, 2021 - Fierce Pharma
Seeking to dramatically bolster its position in the contract development and manufacturing business, Fujifilm is investing $2 billion on a large cell culture production site in the U.S. The site will feature eight 20,000 liter bioreactors and have the potential for another 24 bioreactors depending on future market demand. Fujifilm plans to offer drug substance manufacturing and fill and finish services, plus packaging and labeling at the site. 

January 6, 2021 - Fierce Healthcare
Virginia Mason will combine with Tacoma, Washington-based CHI Franciscan to form an integrated health system to be known as Virginia Mason Franciscan Health. Officials said the combined health system will serve as a prototype of care innovation nationally as part of Chicago-based CommonSpirit Health. In July, the health systems first revealed the acquisition talks.
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.