Week of December 29, 2019 | Vol. 8, Issue 52
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.
Roche wasted no time in getting back into the gene therapy game. After the Federal Trade Commission cleared the way last week for it to acquire Spark Therapeutics and its portfolio of treatments for genetically driven diseases, Roche followed up Monday with a massive $1.2 billion collaboration with Sarepta Therapeutics for the biotech's experimental Duchenne muscular dystrophy gene therapy.

The scale of the deal confirms Sarepta's asset has a clear lead in DMD as its rivals have stumbled: $750 million in cash and a $400 million share purchase gives Roche rights to the therapy, called SRP-9001, in markets outside the United States. The collaboration will also include cost sharing for global development, and up to $1.7 billion in regulatory and sales milestones, with royalties on sales estimated in the mid-teens percentage.

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
8 transactions totaling $200 million
Supplies, Equipment & Services
7 transactions totaling $121 million
Healthcare IT & Managed Care
1 transactions totaling $1 million
Healthcare Facilities & Distributors
5 transactions totaling $337 million
Pharma & Biotech
36 transactions totaling $865 million
Supplies, Equipment & Services
27 transactions totaling $172 million
Healthcare IT & Managed Care
15 transactions totaling $137 million
Healthcare Facilities & Distributors
5 transactions totaling $8 million
Pharma & Biotech
31 transactions totaling $3,367 million
Supplies, Equipment & Services
11 transactions totaling $96 million
Healthcare IT & Managed Care
0 transactions
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.
December 23, 2019 - Outsourcing Pharma
3M agrees to sell drug delivery contract service unit to investment group Altaris Capital Partners.
Bourne Partners Strategic Capital's New Platform Acquisition: Pharmaceutical Associates, Inc .

Bourne Partners Strategic Capital (“BPSC”) is excited to announce the acquisition of Pharmaceutical Associates, Inc ("PAI"). The transaction was completed in partnership with Enhanced Healthcare Partners. 

Click below to read the full press release
Please do not hesitate to contact Minor Hinson (mhinson@bourne-partners.com or 704.714.8356) with any questions, thoughts and ideas regarding PAI or any of our other investments.
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 Eagle
Sell-side | Consumer Health | Topical pain ointment, creams, patches and fertility testing devices

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
Recent Materials Providing Insight Into Healthcare Related Industries