Week of February 28, 2023 | Vol. 12, Issue 8


In This Issue

Upcoming Events

Industry M&A Activity

Recent Transactions

Trading Comps

Market Reports

M&A Pipeline

Featured Headlines

Tanner Updates

Quick Links

Who We Are

M&A Discussion Group

Daybreak Consumer Care

Carlin Consumer Health

Contact Information

Xan Smith

Managing Director

Business Development


Jeremy C. Johnson

Managing Director

Head of M&A and Capital Advisory


Industry Snapshot
Above is an overview of recent industry M&A activity. Click on the chart to view complete transaction tables broken out by industry sub sectors. For additional information, see the Industry M&A Activity section below.
Events Hosted or Attended by Bourne Partners

CHPA 2023

March 19-21, 2023 - Orlando, FL

DCAT Week 2023

March 20-23, 2023 - New York City, NY

CPHI-North-America-logo-web image
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CPHI North America

April 25-27, 2023 - Philadelphia, PA


April 25-27, 2023 - New York City, NY

Recent Transactions, Trading Comps, Market Reports, M&A Pipeline
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

15 transactions totaling $192 million

Supplies, Equipment & Services

14 transactions totaling $354 million

Healthcare Facilities & Distributors

4 transactions totaling $597 million

Healthcare IT & Managed Care

5 transactions totaling $17 million


Pharma & Biotech

22 transactions totaling $554 million

Supplies, Equipment & Services

11 transactions totaling $71 million

Healthcare Facilities & Distributors

2 transactions

Healthcare IT & Managed Care

9 transactions totaling $131 million


Pharma & Biotech

28 transactions totaling $5.7 billion

Supplies, Equipment & Services

5 transactions totaling $151 million

Healthcare Facilities & Distributors

1 transaction

Healthcare IT & Managed Care

1 transaction


A Breakdown of Relevant Trading Multiples

This is a high-level breakdown of median revenue and EBITDA multiples for each of the specific sub sectors.

Insight Into Healthcare Related Industries

Pharma Services Sector Snapshot 1H 2022

August 2022

Market Insight Capital Markets Update

October 2022


Representative Current Retained Sell-Side And Partnering Opportunities

Project Beach

Pharma Services | Sell-Side

Acquisition opportunity of Clinical Trial Services Provider

Project Elevate

Pharma Services | Capital Raise

Investment opportunity in Digital Health patient adherence platform

Project Ester

Consumer Health | Strategic Partnering 

Partnering opportunity for launch and commercialization of novel OTC dry eye product

Project Gateway

Pharma | Sell-Side

Acquisition opportunity of US specialty generics platform and small portfolio

Project Harold

Pharma Services | Sell-Side

Sterile CDMO

Project Odyssey

Pharma Services | Buy-Side


Project Pine

Pharma Services | Capital Raise

Investment opportunity in sterile injectable Pharmaceutical Manufacturer 

Project Power Play

Pharma | Buy-Side

Seeking established brands across all therapeutic categories or growth assets in Neurology / CNS

Project Trident

Pharma | Buy-Side

Seeking generic liquids or established brands across all formats sold through the hospital / institutional channel


A Sampling of Industry Headlines

UpHealth Announces Strategic Sale of Innovations Group Incorporated to Belmar Pharma Solutions for Approximately $56 Million in Gross Proceeds

Bourne Partners - Feb 27, 2023

Apax Partners acquires a majority stake in Porsolt to support its growth strategy to become a global leader in preclinical services.

PR Newswire - Feb 21, 2023

USP/Pharmatech to Provide Pharmaceutical Continuous Manufacturing Capabilities for Drug Developers and Manufacturers

Business Wire - Feb 21, 2023

GenScript ProBio and RVAC Medicines Announce Strategic Partnership for GMP Plasmid DNA Manufacturing for mRNA COVID-19 Vaccine Candidate

PR Newswire - Feb 22, 2023

Center for Breakthrough Medicines and Virion Therapeutics Announce Strategic Partnership to Manufacture Virion's Proprietary CD8+ T cell-based Clinical Development Programs for Infectious Diseases and Cancers

PR Newswire - Feb 22, 2023

AbbVie, Capsida Expand Strategic Pact to Develop Genetic Medicines for Eye Diseases

Contract Pharma - Feb 23, 2023

ATCC and USP Enter Strategic Collaboration to Support Global Quality Production of Biologics

Business Wire - Feb 23, 2023

Keymed, Lepu Biopharma Enter Global License Agreement with AstraZeneca for CMG901

Contract Pharma - Feb 23, 2023

Porton Advanced and Yinjia Biosciences Partner to Enhance CDMO Technology Platform

PR Newswire - Feb 24, 2023



EAPs Enable Rare Disease Patients

February 28 is Rare Disease Day. Tanner is an advocate for the rare disease community and has developed solutions over the last 20 years that support patient access to medicine. In partnership with RARE Revolution, Tanner Pharma Group co-hosted a webinar that brought together industry stakeholders to discuss early access programs and how they enable patients around the world. Learn more here.

Let's Connect!

The Tanner team will be attending several networking events in the coming weeks. Let’s connect to discuss how our organizations can improve patient lives, together.