Week of July 8, 2019 | Vol. 8, Issue 27
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.
Array pushed Pfizer for a higher price to get deal done
Array BioPharma's board rejected an initial $44-per-share buyout offer Pfizer made on May 29, saying it was too low for Array to commit to the June 17 announcement timeline that Pfizer sought, a  regulatory notice  filed Friday by the biotech showed.

Pfizer's final knockout offer of $48 a share was contingent on the June 17 announcement date and Array not seeking any additional offers. Array is the third public targeted oncology company to be acquired in the last seven months for which only one serious bidder emerged. The others were Tesaro and Loxo Oncology, bought by GlaxoSmithKline and Eli Lilly, respectively. 

 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
12 transactions totaling $187 million
Supplies, Equipment & Services
19 transactions totaling $106 million
Healthcare IT & Managed Care
3 transactions
Healthcare Facilities & Distributors
13 transactions totaling $1,747 million
Pharma & Biotech
20 transactions totaling $505 million
Supplies, Equipment & Services
17 transactions totaling $184 million
Healthcare IT & Managed Care
6 transactions totaling $82 million
Healthcare Facilities & Distributors
2 transactions totaling $3 million
Pharma & Biotech
26 transactions totaling $1,821 million
Supplies, Equipment & Services
7 transactions totaling $551 million
Healthcare IT & Managed Care
2 transactions totaling $135 million
Healthcare Facilities & Distributors
1 transaction totaling $131 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.
July 3, 2019 - Fierce Biotech
Antiretroviral therapy (ART) is the standard of care for HIV. These drugs can prevent HIV from replicating but they can’t clear the virus from the body altogether. Now, in a step closer to a possible cure for the infection, a team of scientists has removed HIV from mice using the CRISPR-Cas9 gene-editing technology and long-acting ART.

July 2, 2019 - Fierce Pharma
Antitrust regulators recently surprised industry watchers with the stipulation that Bristol-Myers Squibb sell Celgene's Otezla to win U.S. clearance for its $74 billion merger. But since then, as there’s no way around it, analysts have pulled out their calculators trying to put a dollar figure on the drug.

July 2, 2019 - Outsourcing-Pharma
Rare disease drug developer to work with Brammer Bio – which Thermo Fisher acquired in March – on gene therapy programs against Batten disease.

July 1, 2019 - Contract Pharma
Lonza  has entered an agreement to purchase a sterile drug product fill & finish facility from Novartis. The closing is expected to take place within the coming months. The new facility, in Stein, Switzerland will enable Lonza Pharma & Biotech to build on existing parenteral drug product development and testing capabilities and offer an end-to-end service to its customers for clinical supply and launch. 
Recent Materials Providing Insight Into Healthcare Related Industries
May 2019