Week of June 22nd, 2020 | Vol. 9, Issue 25
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 .
AbbVie will pay Alpine Immune Sciences $60 million for an option to license a drug the Seattle biotech is developing for a number of autoimmune diseases.
AbbVie can trigger the option after seeing how Alpine's drug, dubbed ALPN-101, performs in a Phase 2 study in patients with lupus. If AbbVie buys in and the drug progresses, Alpine could receive up to another $805 million in conditional payments.
The deal marks the most lucrative potential partnership thus far for Alpine, a company headed by Mitch Gold, the former CEO of cancer immunotherapy pioneer Dendreon. Alpine has inked smaller pacts with two cancer cell therapy developers, but one of those — a deal with Gilead subsidiary Kite Pharma — fizzled last year.

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
16 transactions totaling $391 million
Supplies, Equipment & Services
18 transactions totaling $85 million
Healthcare IT & Managed Care
8 transactions totaling $148 million
Healthcare Facilities & Distributors
10 transactions totaling $370 million
Pharma & Biotech
40 transactions totaling $1,721 million
Supplies, Equipment & Services
18 transactions totaling $714 million
Healthcare IT & Managed Care
6 transactions totaling $102 million
Healthcare Facilities & Distributors
3 transactions totaling $64 million
Pharma & Biotech
41 transactions totaling $8,448 million
Supplies, Equipment & Services
9 transactions totaling $626 million
Healthcare IT & Managed Care
1 transaction totaling $7 million
Healthcare Facilities & Distributors
2 transactions totaling $3 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 19, 2020 - Fierce Pharma
After a COVID-19 vaccine deal between four European countries and AstraZeneca, another pharma giant is reportedly in advanced talks to supply its candidate in Europe should it prove safe and effective.
Johnson & Johnson is negotiating with the European Commission to supply its coronavirus vaccine candidate if it succeeds in testing, Reuters  reports . The drugmaker plans to start a phase 1/2a test next month under an accelerated  timeline  unveiled last week.
Beyond that, the company is involved in Operation Warp Speed in the U.S., where officials plan to start late-stage testing for the candidate in September, The Wall Street Journal has  reported .

June 19, 2020 - Reuters
The move illustrates how the pandemic is changing the way hospitals work, at least regarding COVID-19 patients.
Traditionally, doctors wait for detailed data to be published in a peer-reviewed journal - or for guidelines from medical societies - before embracing a new treatment, so they can better gauge the risks against the drug’s benefits. The urgency of the coronavirus pandemic and lack of other treatments have altered those calculations.
Dexamethasone is the first drug shown to lower the risk of death in severely ill COVID-19 patients in what researchers running the trial hailed as a “major breakthrough.”

June 16, 2020 - Fierce Biotech
Takeda is sending off a troop of psychiatry programs, including three that are already in the clinic, to the next stage of their lives at Neurocrine Biosciences. In return, the Japanese pharma will pick up $120 million in upfront cash, with the potential to rake in nearly $1.9 billion in milestone payments—as well as the chance to share in the profits.
Neurocrine is picking up an  exclusive license  to seven assets from Takeda’s early- to midstage psychiatry pipeline, including clinical-stage programs in schizophrenia, treatment-resistant depression and anhedonia, or the inability to feel pleasure.

June 15, 2020 - BioPharma Dive
The German national government will buy 300 million Euros worth of shares in drug and vaccine maker CureVac in a bid to speed development of its medicines. The company is advancing a vaccine for the novel coronavirus that uses technology similar to that of Moderna and another German drugmaker, BioNTech. 
CureVac said the investment will not give the German government exclusive rights to the vaccine. “Of course, we will supply the Federal Republic of Germany with our vaccine when it is fully developed. In general, however, our goal is to help as many people worldwide as possible,” the company stated in a question-and-answer on the transaction.
The company had been subject of media reports, which it denied, that President Donald Trump had sought to secure exclusive access to its vaccine for the U.S. Today’s announcement demonstrates how governments worldwide are becoming deeply involved in financing coronavirus vaccines and treatments, and in some cases those investments are seen as a bid to claim first rights.
Bourne Partners Corporate Video
Welcome to Bourne, let's talk.

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

Other Opportunities:
What: Turn key specialty pharmacy licensed in all 50 states
  • Contracts with key payers 
  • Ideal platform for specialty products pharma company that seeks to manage distribution for their products in-house
  • Current pharmacy business supports overhead of high performance pharmacist team, current RX business can be moved to other pharmacies if buyer seeks to exclusively distribute an in-house product
For more details contact rstanley@bourne-partners.com
Recent Materials Providing Insight Into Healthcare Related Industries