Week of May 5th, 2020 | Vol. 9, Issue 18
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 .
An experimental Gilead drug helped patients hospitalized with COVID-19 in a closely watched clinical study, the drugmaker  said Wednesday , offering a tantalizing sign that antiviral treatment could curb the disease's assault on the body.
Detailed data from the trial, run by the U.S. National Institutes of Health and viewed as the most rigorous test of the therapy's potential, were not immediately available, but  a summary from the agency  showed patients given the drug improved about 4 days faster than those who got placebo. 
Fewer patients died in the treatment arm than in the placebo group, but the difference was not great enough to be declared statistically definitive, the NIH said.

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 $1,557 million
Supplies, Equipment & Services
13 transactions totaling $21 million
Healthcare IT & Managed Care
3 transactions totaling $850 million
Healthcare Facilities & Distributors
7 transactions totaling $235 million
Pharma & Biotech
40 transactions totaling $1,059 million
Supplies, Equipment & Services
16 transactions totaling $343 million
Healthcare IT & Managed Care
8 transactions totaling $137 million
Healthcare Facilities & Distributors
4 transactions totaling $255 million
Pharma & Biotech
19 transactions totaling $5,526 million
Supplies, Equipment & Services
10 transactions totaling $323 million
Healthcare IT & Managed Care
3 transactions totaling $2,505 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.
April 29, 2020 - Fierce Pharma
Biopharma players worldwide have committed big money and talent to the hunt for a COVID-19 vaccine, striking some unprecedented partnerships along the way.
Behind the scenes, another joint effort has been taking shape at the White House, Bloomberg  reports .
The Trump administration is working up a Manhattan Project-style joint initiative, bringing biotech, pharma and federal agencies together to speed up the work—and let the U.S. government take on the financial risks.

April 28, 2020 - Fierce Pharma
While drugmakers across the industry deal with their respective COVID-19 challenges, Merck faces a unique set of circumstances because of its reliance on physician-administered drugs. Several companies have reaffirmed their 2020 performance forecasts, but Merck’s management just laid out expectations for a multibillion-dollar hit to 2020 sales.
Along with its first-quarter  earnings , Merck reduced its 2020 revenue guidance by $2.5 billion at the midpoint. The company expects a $2.1 billion hit to sales in human and animal health products from the pandemic, plus a $750 million hit from currency exchange rates as investors flock to safe holdings such as the U.S. dollar. Operational strength in its human pharmaceuticals business should partially offset those factors, an exec said.

April 27, 2020 - Fierce Biotech
Members of Congress have called on the FDA to re-evaluate its stance toward COVID-19 antibody tests. Since mid-March, the agency has allowed diagnostic developers to bring their products to market without any outside evaluation that the results they produce are accurate.
Instead, these manufacturers can proceed after validating the tests themselves, but they are not required to share those results. Companies must also print labels saying their antibody tests are not FDA approved or authorized and should not be used as the sole method to diagnose a coronavirus infection.

April 27, 2020 - MIT Technology Review
Starting in the fall of 2016 and continuing into 2018, researchers at Columbia University in Manhattan began collecting nasal swabs from 191 children, teachers, and emergency workers, asking them to record when they sneezed or had sore throats. The point was to create a map of common respiratory viruses and their symptoms, and how long people who recovered stayed immune to each one.
The research included four coronaviruses, HKU1, NL63, OC42, and C229E, which circulate widely every year but don’t get much attention because they only cause common colds. But now that a new coronavirus in the same broad family, SARS-CoV-2, has the world on lockdown, information about the mild viruses is among our clues to how the pandemic might unfold.
April 27, 2020 - Fierce Biotech
The leaders of Germany and France and a host of other EU countries and groups have come together with the World Health Organization (WHO) for an $8 billion push for a new vaccine against COVID-19.
This comes as the pandemic hit 3 million recorded cases this week, with around 206,000 official deaths, though both cases and mortality are suspected to be much higher given the methodology many are using to tot up the grim statistics.
As the world continues to battle the virus, French President Emmanuel Macron and German Chancellor Angela Merkel have spearheaded a European drive to work with the WHO for a vaccine via an $8 billion project. A conference to discuss project’s funding is to be held May 4, with more details to be revealed.
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 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

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