Week of July 1, 2019 | Vol. 8, Issue 26
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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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.
AbbVie buying Allergan in $63B deal for its post-Humira future
Both AbbVie and Allergan faced growing shareholder pressure for more aggressive approaches to answer long-term questions on each company's future. 

Yet AbbVie's planned $63 billion buyout of Allergan came as a surprise to some on Wall Street, and brings further change to an industry still digesting Bristol-Myers' deal for Celgene. 

For AbbVie, shareholders have grown increasingly focused on what will drive the company forward beyond Humira (adalimumab), which accounts for more than 60% of its revenues and faces entry of low-cost copycats in the U.S. in 2023. 

Per deal terms, Allergan shareholders will receive 0.866 shares in AbbVie along with $120.30 in cash for each share in Allergan. After closing, AbbVie investors would own 83% of the combined company. 

 C ontinue Reading at BioPharmaDive.
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
24 transactions totaling $87,132 million
Supplies, Equipment & Services
23 transactions totaling $56 million
Healthcare IT & Managed Care
9 transactions
Healthcare Facilities & Distributors
8 transactions totaling $161 million
Pharma & Biotech
25 transactions totaling $334 million
Supplies, Equipment & Services
28 transactions totaling $436 million
Healthcare IT & Managed Care
11 transactions totaling $118 million
Healthcare Facilities & Distributors
3 transaction
Pharma & Biotech
21 transactions totaling $1,396 million
Supplies, Equipment & Services
10 transactions totaling $638 million
Healthcare IT & Managed Care
4 transactions totaling $225 million
Healthcare Facilities & Distributors
2 transactions totaling $94 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.
June 27, 2019 - Fierce Biotech
Molecular PET agent developer Blue Earth Diagnostics has been picked up by the Italian multinational Bracco, which will take in the company as a subsidiary under its medical imaging banner. Blue Earth’s previous owner, the London-based healthcare group Syncona, traded its outstanding shares in the company to Bracco for $450 million, plus an estimated closing adjustment of $25 million.

June 25, 2019 - BioPharma-Reporter
Emergent to supply a treatment for complications of smallpox vaccination to the Strategic National Stockpile, under $535m contract with the HHS.

June 25, 2019 - Fierce Biotech
Phastar has signed up to use Medidata Solutions' trial cloud technology with an eye on boosting its work in the U.S. Under the deal, financial details of which were not made public, trial and data science specialist Phastar will use Medidata’s so-called Rave Clinical Cloud, which the company says in a  statement will allow "Phastar to design and conduct complex clinical trials and turn large volumes of data into insights.”

June 24, 2019 - Fierce Pharma
Bristol-Myers will  sell  the psoriasis pill as part of a consent decree with the FTC intended to speed up its Celgene merger, the company said. Otezla, which cleared more than $1.6 billion in global sales in 2018, was not considered one of the core assets in the merger, according to Credit Suisse analyst Vamil Divan. The divesture will likely delay the merger's approval until late 2019 or early 2020, overshooting plans for a Q3 approval this year, Bristol-Myers said.
Recent Materials Providing Insight Into Healthcare Related Industries
May 2019