Week of July 27th, 2020 | Vol. 9, Issue 30
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 .
Gilead plans to invest $300 million for just shy of a 50% stake in Tizona Therapeutics, a privately held company developing drugs that use the body's immune system to fight cancer. Gilead will also hold an exclusive option to acquire the rest of Tizona for as much as $1.25 billion.
Per deal terms, Gilead can pursue an all-out acquisition either before or after an early human study of Tizona's experimental drug TTX-080 reads out. The companies expect that study to begin in the third quarter.
Tizona is the latest in a string of deals meant to strengthen Gilead's place in the highly competitive arena of cancer drug development. Under the leadership of Roche veteran Daniel O'Day, the big biotech spent roughly $5 billion this year to acquire Forty Seven, another immuno-oncology company. Since then, Gilead has shelled out hundreds of millions of dollars to take equity stakes in the cancer-focused biotechs Pionyr Therapeutics and Arcus Biosciences.

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
13 transactions totaling $759 million
Supplies, Equipment & Services
21 transactions totaling $191 million
Healthcare IT & Managed Care
7 transactions totaling $86 million
Healthcare Facilities & Distributors
8 transactions totaling $635 million
Pharma & Biotech
43 transactions totaling $821 million
Supplies, Equipment & Services
32 transactions totaling $398 million
Healthcare IT & Managed Care
16 transactions totaling $44 million
Healthcare Facilities & Distributors
5 transactions totaling $72 million
Pharma & Biotech
32 transactions totaling $2,769 million
Supplies, Equipment & Services
8 transactions totaling $329 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
5 transactions totaling $68 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 23, 2020 - BioPharma Dive
Cell and Gene Therapy Catapult, a biotech accelerator group in the U.K., said Thursday that it will receive nearly $130 million worth of funding from the government there to build a manufacturing center aimed at speeding up production of a successful vaccine for the new coronavirus.
The center will be located in Braintree, Essex, at an existing facility upgraded to have the capacity to produce millions of vaccine doses each month. Scheduled to open in December 2021, the center is meant to respond to both the current coronavirus pandemic as well as future ones, according to a statement from CGTC.

July 22, 2020 - Fierce Pharma
The Trump administration's Warp Speed initiative has placed its biggest bet yet on an accelerated COVID-19 vaccine—and Pfizer and BioNTech are the lucky recipients.
The vaccine partners  landed  an initial order from the U.S government for 100 million doses of their mRNA-based COVID-19 vaccine at the eye-popping price tag of $1.95 billion, they said in a joint release Wednesday.

July 20, 2020 - Fierce Pharma
COVID-19 frontrunners have been inking deals with governments and others to supply vaccines if their programs succeed, and now niche player Valneva is getting involved. 
Valneva on Monday said it  reached  an agreement in principle with the U.K. government to supply up to 100 million doses of its vaccine candidate, which will be produced in Scotland. An inactivated whole virus vaccine, the candidate uses the same platform as Ixiaro, Valneva’s FDA-approved vaccine for protection against Japanese encephalitis. 

July 20, 2020 - Fierce Biotech
GlaxoSmithKline has  handed  CureVac £234 million ($294 million) to collaborate on the use of mRNA to prevent and treat infectious diseases. The deal, which excludes CureVac’s COVID-19 vaccine, sets GSK up to source up to five clinical-phase mRNA-based vaccines and monoclonal antibodies.
CureVac, supported by its billionaire backer Dietmar Hopp, went years without striking the sort of headline-grabbing, big-ticket deals that helped put its mRNA rivals BioNTech and Moderna on the map. In 2017, CureVac signaled a change in its deal-making plan when Daniel Menichella replaced Karen Slobod as CEO of its U.S. operation. Months later, CureVac landed a deal with Eli Lilly.
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
Recent Materials Providing Insight Into Healthcare Related Industries