Week of November 11, 2019 | Vol. 8, Issue 45
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
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.
After Stada CEO Peter Goldschmidt  brushed off  the possibility of a deal for some Takeda drugs in western Europe, the German generics player has laid hands on a different Takeda portfolio—and it's the largest acquisition in the company’s history.

Takeda agreed to  sell  some over-the-counter and prescription drugs in Russia, Georgia and several other Commonwealth countries to Stada for $660 million, the Japanese pharma said Tuesday. The ax is falling on about 20 assets in the region, including OTC vitamins and food supplements as well as drugs in cardiovascular, diabetes, general medicine and respiratory therapeutic areas.

Blood clot buster Cardiomagnyl (magnesium hydroxide), which Takeda acquired in its 2011 Nycomed buyout, is cited as a key growth driver within the portfolio. Patent-protected diabetes treatment Nesina and blood pressure therapy Edarbi are also included.

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
11 transactions totaling $168 million
Supplies, Equipment & Services
24 transactions totaling $6,800 million
Healthcare IT & Managed Care
5 transactions totaling $10 million
Healthcare Facilities & Distributors
14 transactions totaling $1,363 million
Pharma & Biotech
18 transactions totaling $518 million
Supplies, Equipment & Services
15 transactions totaling $315 million
Healthcare IT & Managed Care
9 transactions totaling $63 million
Healthcare Facilities & Distributors
2 transactions totaling $24 million
Pharma & Biotech
19 transactions totaling $1,041 million
Supplies, Equipment & Services
8 transactions totaling $1,102 million
Healthcare IT & Managed Care
2 transactions totaling $11 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.
November 7, 2019 - Fierce Pharma
After a successful partnership with its biosimilar joint venture Samsung Bioepis, Biogen has decided to expand into more drugs and China, too.
Biogen is  getting  exclusive rights to Samsung Bioepis’ biosimilar versions of two blockbuster eye drugs, namely Roche and Novartis’ Lucentis and Regeneron and Bayer’s Eylea, covering the U.S., Europe, Japan and other key markets.
The Big Biotech is also expanding its hold on three marketed anti-TNF copycats—Humira, Enbrel and Remicade biosimilars—to China.

November 7, 2019 - Fierce Pharma
Word is that Novartis’ $1 billion asset sale to Aurobindo Pharma likely won’t happen this year—and antitrust worries are to blame.
The U.S. Federal Trade Commission (FTC) has asked for more information on a lawsuit against Aurobindo, forcing the two companies to delay the deal past its planned 2019 closure.

November 7, 2019 - Fierce Pharma
Cosette Pharmaceuticals was formed last year when it picked up the dermatology business and a creams and topicals manufacturing plant of G&W Laboratories. Now, Cosette has gone back for another of G&W’s manufacturing facilities. 
Cosette has acquired G&W’s finished dose manufacturing plant in Lincolnton, North Carolina, that makes liquids. Details of the plant and terms of the deal were not disclosed. 
G&W is unrelated to the drugmaker GW Pharma that makes the cannabis-based drug Epidiolex. 

November 7, 2019 - Fierce Biotech
Novo Nordisk has picked up global rights to a preclinical nonalcoholic steatohepatitis (NASH) candidate from UBE Industries. The  deal  gives Novo control of UD-014, a small-molecule inhibitor of semicarbazide-sensitive amine oxidase/vascular adhesion protein-1 (SSAO/VAP-1).
UD-014 has flown under the radar so far. Japan’s UBE has published data  linking  (PDF) the drug to improved kidney function in rats and  presented  (PDF) a mechanistic explanation of potential value of inhibiting SSAO. In a notice setting out its desire to outlicense UD-014, UBE said the drug shows “compelling efficacy in a STAM mouse NASH model.”

Bourne Partners Strategic Capital's New Platform Acquisition: Pharmaceutical Associates, Inc .

Bourne Partners Strategic Capital (“BPSC”) is excited to announce the acquisition of Pharmaceutical Associates, Inc ("PAI"). The transaction was completed in partnership with Enhanced Healthcare Partners. 

Click below to read the full press release
Please do not hesitate to contact Minor Hinson (mhinson@bourne-partners.com or 704.714.8356) with any questions, thoughts and ideas regarding PAI or any of our other investments.
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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 Capture
Sell-side | Consumer Health | Prescription drug disposal and opioid abuse deterrent solution

Project Athena
Sell-side | Medical Device | Novel medical device for the treatment of pelvic organ prolapse

Project Eagle
Sell-side | Consumer Health | Topical pain ointment, creams, patches and fertility testing devices
Recent Materials Providing Insight Into Healthcare Related Industries