Week of June 17, 2019 | Vol. 8, Issue 24
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.
Merck To Buy Tilos In Deal Worth Up To $773M
Tilos Therapeutics is a drug developer focused on targeting a powerful cytokine as a way to treat cancer, fibrosis and autoimmune diseases.
Between upfront and milestone payments, Merck could pay as much as $773 million in the deal. The companies did not specify further financial details. Treatments aimed at TGF-beta, short for transforming growth factor, have seen renewed interest as immuno-oncology's boomed — a research trend highlighted by Merck's deal for Tilos. "Tilos has developed a compelling portfolio of candidates that employ a novel approach to modulating the potent signaling molecule [TGF-beta] by binding to latency-associated peptide, with potential applications across a range of disease indications," said Dean Li, Merck Research Laboratories' senior vice president of discovery and translational medicine, in a June 10 statement. Other biotechs are working to advance TGF-beta therapies, too. Scholar Rock, for one, went public last year and in December  inked a deal  with Gilead for a preclinical fibrosis program. In that agreement, the big biotech laid out nearly $1.5 billion in potential milestone payments. One of the most advanced experimental drugs is galunisertib, Eli Lilly's TGF-beta therapy that has shown some promising clinical results in pancreatic cancer. For Merck, the deal gives some exposure into TGF-beta at the same time that German Merck has begun a direct clinical challenge to the pharma giant's key immunotherapy, Keytruda (pembrolizumab).

 C ontinue Reading at Bio Pharma Dive .
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 $1,314 million
Supplies, Equipment & Services
23 transactions totaling $385 million
Healthcare IT & Managed Care
6 transactions totaling $6,139 million
Healthcare Facilities & Distributors
16 transactions totaling $85 million
Pharma & Biotech
12 transactions totaling $307 million
Supplies, Equipment & Services
18 transactions totaling $73 million
Healthcare IT & Managed Care
11 transactions totaling $192 million
Healthcare Facilities & Distributors
3 transactions totaling $4 million
Pharma & Biotech
17 transactions totaling $366 million
Supplies, Equipment & Services
3 transactions totaling $399 million
Healthcare IT & Managed Care
1 transaction totaling $9 million
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.
June 13, 2019 - Fierce Biotech
Clinical trial specialist Medidata Solutions is being bought out by France’s Dassault Systemes in a $5.7 billion deal designed to help the tech firm diversify deeper into the biopharma services world.

June 13, 2019 - Fierce Pharma
Despite the FDA’s repeated efforts to clear the U.S. drug supply of hypertension drugs tainted with impurities believed to cause cancer, they keep being discovered. The most recent recall is 10 lots of losartan from Teva Pharmaceutical made with a tainted active pharmaceutical ingredient (API) from Hetero Labs.

June 13, 2019 - Fierce Biotech
Gilead Sciences has entered into an infectious disease antibody  discovery pact  with AbCellera. The deal sees Gilead task AbCellera with using technologies that have landed a string of deals with big biopharma companies to find rare antibodies with certain characteristics.

June 12, 2019 - Fierce Biotech
A tiny bite of ill-prepared pufferfish could kill a person because of a potent, naturally occurring neurotoxin called tetrodotoxin (TTX). Despite those lethal risks on the dinner table, scientists have been exploring TTX’s use in pain management.
Recent Materials Providing Insight Into Healthcare Related Industries
May 2019