Week of August 3rd, 2020 | Vol. 9, Issue 31
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports (See below)
Upcoming Events

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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 .
Drug pricing rhetoric has been quieted amid the COVID-19 pandemic and protests over racial justice, but President Donald Trump revived the topic on Friday. With four executive orders, the president pledged to lower prices through several previous policy proposals with months to go until the election.
While Trump’s executive orders ran into immediate pushback from the drug industry, they won’t affect pricing all that much, analysts wrote. The orders center on discounts for insulin and epinephrine, eliminating rebates, allowing importation and creating an index linking U.S. prices to those elsewhere.
But how the rules will be implemented remains “far from clear,” and the orders will likely be limited to federal healthcare programs, RBC Capital Markets analyst Randall Stanicky wrote in a note to clients. The president is set to meet with pharma executives on Tuesday to discuss drug pricing.

On the international pricing index, Trump gave the industry until August 24 to come up with an alternative solution, Piper Sandler analyst Christopher Raymond wrote. Raymond and his team suspect that a “plan aimed at lowering patients' out-of-pocket expense (with a focus on the supply chain) is likely to emerge."

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
17 transactions totaling $312 million
Supplies, Equipment & Services
12 transactions totaling $75 million
Healthcare IT & Managed Care
5 transactions totaling $1,086 million
Healthcare Facilities & Distributors
10 transactions totaling $20 million
Pharma & Biotech
40 transactions totaling $1,235 million
Supplies, Equipment & Services
31 transactions totaling $506 million
Healthcare IT & Managed Care
19 transactions totaling $311 million
Healthcare Facilities & Distributors
3 transactions totaling $3 million
Pharma & Biotech
23 transactions totaling $1,294 million
Supplies, Equipment & Services
8 transactions totaling $2,359 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.
July 27, 2020 - Fierce Pharma
For any drugmaker, taking a med to the billion-dollar sales mark—also known as a blockbuster—is a massive achievement in its own right. But for the pharmaceutical industry's bestselling drugs, some of which are blockbusters many times over, the bar is set much higher.
Things change quickly in pharma, but 2019 was much the same as past years in one notable way: In terms of sales, it's AbbVie's megablockbuster Humira and everyone else. But with Humira biosimilar challengers hitting abroad for the first time in 2019—and U.S. copycats right around the corner in 2023—other top sellers are eyeing their march to the top. 

July 28, 2020 - Fierce Pharma
Moderna announced early Monday that, alongside a near half-billion extra in Biomedical Advanced Research and Development Authority dollars, it has started a boosted 30,000-patient phase 3 for its vaccine; not to be left out, Pfizer and BioNTech announced after-hours that they too were starting a late-stage attempt.
Unlike Moderna, however, the partners have four shots on target; we’ve already seen early data out from one, which showed an immune response and a manageable safety profile, but now the partners are putting forward a new shot on goal, which they think is better.

July 30, 2020 - Fierce Pharma
It was a little more than a month ago, at the virtual BIO conference, that Pfizer’s chief business officer John Young said the company wasn’t thinking about a return on investment for its rapidly developed COVID-19 vaccine. Instead, he said, “finding medical solutions to this crisis" was a Pfizer priority. But now that the company has moved into phase 3 trials of its BioNTech-partnered vaccine and scored a $1.95 billion supply deal with the U.S. government, Pfizer seems to be changing its tune.

July 30, 2020 - Fierce Biotech
F-star Therapeutics is set to merge with Spring Bank Pharmaceuticals, giving it a Nasdaq listing to support the advance of its pipeline of bispecific antibodies. The  merger  comes months after a death in Spring Bank’s phase 2b hepatitis B trial torpedoed the biotech’s stock. 
Spring Bank responded to the discontinuation of its lead program by pivoting to focus on early-phase STING agonist SB 11285. A clinical trial of the intravenous drug in solid tumor patients has advanced since then, opening up additional dose cohorts and a checkpoint inhibitor combination arm en route to an anticipated late-2020 data drop. But the biotech remains deep in penny stock territory.
Bourne Partners Corporate Video
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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