Week of March 9, 2020 | Vol. 9, Issue 11
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

Quick Links

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.
Bourne Partners, a healthcare-focused private equity investor and investment bank, is investing in a joint venture with The Emerson Group, an international consumer products equity organization, to build a global consumer health and wellness platform focused on acquiring and commercializing branded, over the counter (“OTC”) medications and personal care brands. This new venture, known as Daybreak Consumer Care (“Daybreak”), seeks to unite Bourne’s market expertise, product acquisition track record, and platform capabilities with The Emerson Group's strategic relationships, substantial sector knowledge, and diverse value-added services for consumer companies. Daybreak will focus on acquiring other consumer healthcare companies and strategically-aligned brand portfolios. The combined track record and industry expertise of Bourne Partners and The Emerson Group provides a unique operating and investment platform.

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
19 transactions totaling $5,981 million
Supplies, Equipment & Services
21 transactions totaling $12,121 million
Healthcare IT & Managed Care
6 transactions totaling $428 million
Healthcare Facilities & Distributors
16 transactions totaling $1,244 million
Pharma & Biotech
27 transactions totaling $929 million
Supplies, Equipment & Services
22 transactions totaling $292 million
Healthcare IT & Managed Care
5 transactions totaling $179 million
Healthcare Facilities & Distributors
3 transactions totaling $2 million
Pharma & Biotech
21 transactions totaling $1,649 million
Supplies, Equipment & Services
14 transactions totaling $3,906 million
Healthcare IT & Managed Care
2 transactions totaling $108 million
Healthcare Facilities & Distributors
1 transaction totaling $3 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.
March 3, 2020 - BioPharma Dive
Thermo Fisher Scientific plans to acquire Qiagen in a deal valued at $11.5 billion, the companies announced early Tuesday, putting a seal on will-they-won't-they M&A rumors first publicized last November.
Easily the largest deal the medtech industry has seen in 2020, the Waltham, Massachusetts-based life sciences giant is offering 39 euros, or about $43, per Qiagen share, representing a 23% premium. The approximately $11.5 billion price tag includes assumption of about $1.4 billion of net debt. The deal is expected to be finalized in the first half of 2021.

March 3, 2020 - Fierce Pharma
Back in 2017, GlaxoSmithKline initiated a strategic review of its cephalosporins antibiotics business shortly after Emma Walmsley took over as CEO. Though the British drugmaker didn’t go through with a selloff, that option is now back on the table.
GSK has tapped financial advisers to potentially offload its cephalosporin portfolio, which includes Zinnat and Fortum, Bloomberg  reported , citing people familiar with the matter.
March 2, 2020 - Fierce Biotech
Gilead has  struck  a deal to buy Forty Seven for $4.9 billion. The takeover will give Gilead control of midphase anti-CD47 antibody magrolimab that delivered data that impressed investors late last year.
Forty Seven set up shop in 2015 to build on evidence of the role of CD47 in immune evasion that Irv Weissman and his colleagues at Stanford University generated. The evidence suggested that drugging CD47 could neutralize a key mechanism tumors use to avoid being attacked by the immune system, thereby unlocking opportunities for combination therapies in multiple indications.
March 2, 2020 - Fierce Pharma
In its push to flush cash into a red-hot oncology field, AstraZeneca has made a gung-ho attempt to sell off non-core and underperforming assets in its portfolio. Only a week after the British drugmaker pawned off one of its gastrointestinal meds, AstraZeneca is back on the auction block with a suite of its hypertension drugs. 
AstraZeneca has  sold  global commercial rights for hypertension meds Inderal, Tenormin, Tenoretic, Zestril and Zestoretic to Atnahs Pharma to the tune of $350 million and future milestone payments, the drugmaker said Monday. 
March 2, 2020 - Fierce Pharma
In two deals that help Takeda move closer to its debt-lowering goal, the Japanese pharma is offloading some non-core Latin American brands to Brazil’s Hypera Pharma and just sold its old U.S. headquarters to Horizon Therapeutics.
Takeda has  agreed to sell  18 branded prescriptions and consumer health drugs in Latin America to Brazil’s Hypera Pharma for $825 million, the company said Monday.

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
Recent Materials Providing Insight Into Healthcare Related Industries
Royal DSM | Glycom Deal Profile
February 2020