Week of Aug 12, 2019 | Vol. 8, Issue 32
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
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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.
Cambrex Corporation has signed a definitive agreement to be acquired by an affiliate of the   Permira funds  in a transaction valued at approximately $2.4 billion.
Cambrex has grown its contract development and manufacturing business in the small molecule space over the last several years. The recent acquisitions of Halo Pharma in 2018 and Avista Pharma Solutions in 2019 added drug product manufacturing and a full range of early stage and analytical testing services, allowing Cambrex to provide services from preclinical through commercial.
“We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space. This agreement is a strong endorsement of our strategy and represents significant value for our shareholders,” said Steve Klosk, president and chief executive officer of Cambrex. “Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world class services.”

Read more at Contract Pharma
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
26 transactions totaling $1,490 million
Supplies, Equipment & Services
23 transactions totaling $5,028 million
Healthcare IT & Managed Care
7 transactions
Healthcare Facilities & Distributors
10 transactions totaling $30 million
Pharma & Biotech
20 transactions totaling $292 million
Supplies, Equipment & Services
20 transactions totaling $626 million
Healthcare IT & Managed Care
11 transactions totaling $587 million
Healthcare Facilities & Distributors
3 transactions
Pharma & Biotech
22 transactions totaling $1,166 million
Supplies, Equipment & Services
11 transactions totaling $4,004 million
Healthcare IT & Managed Care
5 transaction totaling $1,007 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.
August 8, 2019 - Fierce Biotech
Bayer is set to pay $240 million upfront to  buy  the remaining stake in its cell therapy joint venture, BlueRock Therapeutics. The deal will give Bayer control of an induced pluripotent stem cell (iPSC) pipeline led by a late-preclinical Parkinson’s disease candidate. Bayer held a 40% stake in BlueRock through its role in its creation and has now returned for the rest of the company. In addition to the $225 million upfront, Bayer has committed up to $360 million in development milestones. Once Bayer’s existing stake is factored in, the German company calculates the deal values BlueRock at up to $1 billion.

August 7, 2019 - Fierce Pharma
PTC Therapeutics is aiming for its first gene therapy launch and amping up its pipeline, and it needed more manufacturing capacity to make it all happen. It found that—and lab space, too—in a facility Bristol-Myers Squibb was looking to unload. PTC inked a  lo ng-term lease  with Bristol-Meyers, gaining about 185,000 square feet of space that includes a state-of-the-art biologics production facility as well as supporting research and operations buildings.

August 6, 2019 - Fierce Pharma
An enduring medical aesthetics franchise, led by wrinkle-fighter Botox, is one of the key reasons AbbVie is shelling out $63 billion for Allergan. That drug has again pulled off a sales jump, though a slower growth rate suggests a tough game ahead. Botox as a cosmetic product  racked up  $252.4 million in second-quarter sales in the U.S. and $175.8 million elsewhere, representing year-over-year increases of 6.7% and 10.7%, respectively. And Botox as a therapeutic for migraine, muscle spasms and other indications also added a 3.6% expansion in worldwide sales, to $545.8 million.

August 6, 2019 - BioPharma-Reporter
Alvotech and Cipla agree to jointly commercialize another biosimilar to AbbVie's Humira, ahead of filing with the US FDA and the EMA.

August 6, 2019 - BioPharma Dive
Generic drugmaker Mallinckrodt will put on hold plans to split the company into two separate businesses, reversing course due to "increasing uncertainties" stemming from litigation over the company's role in the opioid overdose epidemic. The company said separating out the specialty generics business remained its intention and noted it would "actively consider" a range of options to achieve that goal. 

Recent Materials Providing Insight Into Healthcare Related Industries
August 2019
July 2019