Week of March 2, 2020 | Vol. 9, Issue 9
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.
GlaxoSmithKline’s looking to sell some non-core over-the-counter products to help cover the cost of a consumer health spinoff. One company is more than happy to take some of those brands off its hands.

Stada has  agreed to buy  15 GSK consumer drugs, mainly in Europe, for an undisclosed amount, the German generics maker said Monday. A person familiar with the deal told FiercePharma the transaction is worth at least €300 million ($325 million). Stada declined to comment on the financial terms or the bundle’s 2019 sales figure.

The portfolio to be transferred includes venous treatment Venoruton, cold drug Coldrex, vitamin C food supplement Cetebe, sore throat med Mebucaine and allergy remedy Tavegyl, among others.

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
18 transactions totaling $1,052 million
Supplies, Equipment & Services
19 transactions totaling $2,902 million
Healthcare IT & Managed Care
5 transactions
Healthcare Facilities & Distributors
22 transactions totaling $3,657 million
Pharma & Biotech
23 transactions totaling $215 million
Supplies, Equipment & Services
16 transactions totaling $276 million
Healthcare IT & Managed Care
12 transactions totaling $299 million
Healthcare Facilities & Distributors
1 transaction
Pharma & Biotech
19 transactions totaling $1,415 million
Supplies, Equipment & Services
7 transactions totaling $571 million
Healthcare IT & Managed Care
3 transactions totaling $10 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.
February 27, 2020 - Fierce Biotech
What if a single drug treatment could thwart not only the current outbreak of the coronavirus COVID-19, but also similar viruses that cause everything from the common cold to foot and mouth disease? Scientists at the University of Lubeck in Germany believe it’s possible, and they say have enough evidence from cell-based studies to move one promising compound into animal trials.
The German team found two molecules that target a protein-cutting enzyme that many viruses, including COVID-19, need to replicate. In cell studies, one of the compounds blocked multiple coronaviruses and enteroviruses, including the pathogen that caused the 2003 SARS outbreak, and the other was effective against MERS, they  reported  in the journal of Medicinal Chemistry.
February 25, 2020 - Fierce Pharma
British drugmaker AstraZeneca has spent much of the past few years in asset-sale mode, offloading of a range of its specialty products in return for extra cash to plow into areas such as oncology. Now, AstraZeneca has agreed to divest the rights to one of its GI meds in a move the acquirer is calling a "transformative event" for its business. 
AstraZeneca has  pawned off  most of its global rights for GI med Movantik to Tel Aviv- and North Carolina-based RedHill Biopharma in a deal valued at $67.5 million, the drugmaker said Tuesday.
February 24, 2020 - Fierce Biotech
Grifols has  struck  a deal to buy assets from bankrupt antibiotic developer Aradigm. The agreement sees Grifols waive a $32 million debt and pay $3 million in cash to take full ownership of three assets.
California-based Aradigm hit the skids in 2018 when the FDA knocked back a filing for approval of inhaled antibiotic ciprofloxacin and asked the biotech to run a two-year phase 3 trial before trying again. Grifols helped Aradigm reach that point, funding late-phase development in non-cystic fibrosis bronchiectasis, taking a 48% stake in the biotech and making a $20 million convertible notes buy. 
February 24, 2020 - Fierce Pharma
Hamstrung by opioid lawsuits and mounting debt, opioid maker Mallinckrodt has spent the past few months taking a hard look at bankruptcy to help cover its debts. Now, with a massive opioid settlement in the works, Mallinckrodt's specialty generics business will enter court-supervised restructuring to help secure its hefty payments.
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 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 Jaguar
Asset Divestiture | Generic Pharma | Basket of ANDAs

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 Vintage
Asset Divestiture | Generic Pharma | Numerous therapeutic categories
Recent Materials Providing Insight Into Healthcare Related Industries
Royal DSM | Glycom Deal Profile
February 2020