Week of March 23, 2020 | Vol. 9, Issue 13
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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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.
The Food and Drug Administration will authorize clinical trials of the malaria drug chloroquine for treating respiratory infections caused by the novel coronavirus as the agency seeks to aid the search for effective therapies. 
President Donald Trump, speaking Thursday at a press conference, also highlighted Gilead's experimental Ebola drug remdesivir as a potential "game-changer" as he sought to show the federal government is eliminating regulatory roadblocks to testing new treatments. Neither remdesivir nor chloroquine is approved to treat COVID-19. 
U.S.-based clinical work with chloroquine has been preceded by small Chinese and French studies, the latter of which suggested the pill could help clear the virus from the body.  

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 $779 million
Supplies, Equipment & Services
18 transactions totaling $22 million
Healthcare IT & Managed Care
4 transactions
Healthcare Facilities & Distributors
12 transactions totaling $19 million
Pharma & Biotech
27 transactions totaling $1,013 million
Supplies, Equipment & Services
16 transactions totaling $277 million
Healthcare IT & Managed Care
12 transactions totaling $174 million
Healthcare Facilities & Distributors
4 transactions totaling $1 million
Pharma & Biotech
10 transactions totaling $342 million
Supplies, Equipment & Services
8 transactions totaling $1,534 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.
March 18, 2020 - Fierce Pharma
Biopharma companies have scrambled to start new R&D projects and repurpose existing medicines amid the COVID-19 crisis. Now, Bayer is donating an older treatment to the U.S. government for potential use.
The company is donating 3 million tablets of malaria medicine chloroquine, a decades-old drug that's available for cheap. Axios first  reported  news of the donation Wednesday, citing a senior HHS official and another source with knowledge of the plan. Bayer confirmed the donation Thursday.
Chloroquine isn’t approved to treat patients suffering from novel coronavirus infections, but some early studies have shown promise. In France, for instance, a professor conducted a small study of the malaria drug in 24 patients with novel coronavirus infections. Of those who received the medicine, only 25% tested positive for the virus after 6 days,  according  to en24. Meanwhile, of those who didn't receive it, 90% tested positive after that timeframe. The French government now plans to run larger studies. 

March 17, 2020 - Fierce Pharma
AbbVie and Allergan are looking for a quick close for their $63 billion merger after agreeing to sell off three drugs to help clear antitrust hurdles. But with the novel coronavirus slowing operations, that speedy approval could take longer than expected––at least that's what regulators are saying. 
AbbVie and Allergan  signed  a "consent decree" Tuesday with the Federal Trade Commission (FTC) to divest late-stage gastrointestinal candidate brazikumab and two pancreatic replacement enzymes in a move to ease antitrust concerns.  
March 16, 2020 - Fierce Pharma
Seeking a shortcut to treatment for the novel coronavirus pandemic, Sanofi and Regeneron spied promising results in severe patients with their shared arthritis med Kevzara. Now, they're hustling the med into immediate clinical trials to put that promise to the test.
Sanofi and Regeneron are ready to enroll a phase 2/3 clinical program studying arthritis med Kevzara as a therapy for patients hospitalized with severe COVID-19, Sanofi said Monday. 
In a two-part U.S. arm of the Kevzara program, the drugmakers will evaluate the drug as an add-on to supportive care in around 400 patients across 16 states. The first segment of the trial will study Kevzara's impact on fever and patients’ need for supplemental oxygen while a second segment will focus on longer-term outcomes, including preventing death and cutting the need for supportive care such as mechanical ventilation, supplemental oxygen and/or hospitalization, the partners said.

March 16, 2020 -BioPharma Dive
The U.S. government reportedly sought to access research by Germany's CureVac on an experimental coronvirus vaccine, raising concerns in the European country and deepening the intrigue surrounding the biotech, which last week ousted its CEO. 
In a Sunday statement, CureVac said it rejected "current rumors of an acquisition." Reports of an offer from the U.S. to bring CureVac's research stateside, published first by the German newspaper Welt Am Sonntag, were also denied by the U.S. ambassador to Germany, who wrote on Twitter that the "Welt story was wrong."
Bourne Partners Corporate Video
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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