Week of November 16th, 2020 | Vol. 9, Issue 46
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.

For more information about our consumer healthcare JV with The Emerson Group, Daybreak Consumer Care, click here.
Recent Materials Providing Insight Into Healthcare Related Industries
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Trident
Buy-side | Generic Pharma | Manufacturing liquid generics

Project Montage
Strategic Advisory | Generic Pharma + CDMO | Exploring full range of transaction alternatives

Project Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization

Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm

Project Olympus
Sell-side | Pharma | Portfolio of generic injectable products
Moderna’s phase 3 COVID-19 vaccine has hit its primary endpoint with efficacy of 94.5%. Ninety cases of COVID-19, including all 11 severe cases seen so far, happened in the placebo cohort, versus five cases among people who received mRNA-1273.

One week ago, Pfizer and BioNTech showed COVID-19 vaccines could work better than people dared to hope, linking their candidate to a more than 90% reduction in cases. Now, Moderna has confirmed the effectiveness of mRNA COVID-19 vaccines, while still leaving certain questions unanswered, with top-line results that suggest it may meet or exceed the high bar set by Pfizer and BioNTech. 

“These results are very strong and suggest mRNA-based technologies can deliver so far for COVID-19 protection. Indeed, PFE and now MRNA both have very high end efficacy,” analysts at Jefferies wrote in a note to investors.

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
10 transactions totaling $1,667 million
Supplies, Equipment & Services
17 transactions totaling $207 million
Healthcare IT & Managed Care
10 transactions totaling $434 million
Healthcare Facilities & Distributors
14 transactions totaling $282 million
Pharma & Biotech
34 transactions totaling $1,491 million
Supplies, Equipment & Services
18 transactions totaling $303 million
Healthcare IT & Managed Care
11 transactions totaling $131 million
Healthcare Facilities & Distributors
7 transactions totaling $24 million
Pharma & Biotech
37 transactions totaling $10,192 million
Supplies, Equipment & Services
6 transactions totaling $289 million
Healthcare IT & Managed Care
1 transaction totaling $133 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.
November 11, 2020 - Fierce Pharma
With the race for COVID-19 vaccines heating up and the cell and gene therapy market booming, contract manufacturers in the viral vector space are quickly bulking up to meet demand. Hoping to ride that wave, Germany's Vibalogics is planting its flag in the U.S. with a new leader in place. 

November 11, 2020 - Fierce Pharma
Pfizer on Monday revealed stellar early results from its phase 3 COVID-19 vaccine trial, but the news was quickly met with concerns about access as the vaccine comes with hefty cold chain requirements. Pfizer, for its part, already has its sights set on a next-generation formula that could help resolve those storage concerns, the drugmaker's top scientist said. 

November 11, 2020 - Fierce Pharma
On Monday before the stock market opened, Pfizer announced that its COVID-19 mRNA vaccine had proven 90% effective so far in its ongoing late-stage trial, lifting the company’s shares nearly 8% through the course of the day. The same day, in a stock sale Pfizer says was planned months ago, CEO Albert Bourla offloaded 132,508 shares—more than 60% of his total holdings—for $5.6 million.

October 29, 2020 - Bourne Partners
Bourne Partners Strategic Capital (”BPSC”), a healthcare-focused investor and Meeting Street Capital (“MSC”), a backer of early stage B2B SaaS and other tech-enabled companies are jointly leading a series A growth equity investment for Cadence Rx. Cadence Rx, a newly formed workers compensation focused PBM, combines deep industry experience with cutting edge proprietary technology to lower drug spend and improve program management for its partners.
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.