Week of April 20th, 2020 | Vol. 9, Issue 16
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.
Clinical genomics researchers at Rutgers University have received the FDA’s first emergency authorization for a COVID-19 diagnostic test that uses easy-to-collect saliva samples instead of the more difficult deep nose swabs.
This method could allow broader population screening for active coronavirus infections—however, the FDA’s green light only covers the prescription-only test’s use at the university’s New Jersey lab for the time being.
“Saliva testing will help with the global shortage of swabs for sampling and increase testing of patients, and it will not require health care professionals to be put at risk to collect samples,”  said  Andrew Brooks, chief operating officer and director of the university’s cell and DNA biorepository, known as RUCDR Infinite Biologics. 
Developed in collaboration with Accurate Diagnostic Labs and utilizing Spectrum DNA’s spit collection and preservation kits, the researchers were able to show their saliva-based test performed just as well as as the potentially painful swabs when searching for the specific RNA sequences linked to the novel coronavirus. 

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
5 transactions totaling $53 million
Supplies, Equipment & Services
10 transactions totaling $29 million
Healthcare IT & Managed Care
5 transactions totaling $1 million
Healthcare Facilities & Distributors
2 transactions totaling $13 million
Pharma & Biotech
29 transactions totaling $1,197 million
Supplies, Equipment & Services
12 transactions totaling $302 million
Healthcare IT & Managed Care
9 transactions totaling $127 million
Healthcare Facilities & Distributors
1 transactions totaling $2 million
Pharma & Biotech
25 transactions totaling $1,573 million
Supplies, Equipment & Services
10 transactions totaling $88 million
Healthcare IT & Managed Care
3 transactions totaling $116 million
Healthcare Facilities & Distributors
1 transactions totaling $500
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 17, 2020 - Fierce Pharma
Early in the U.S. COVID-19 outbreak, Biogen’s February meeting in Boston played a central role in spreading the virus in Masscachusetts and beyond. Now that many employees have recovered, they’re donating blood samples to a “biobank" to help researchers learn more about the virus.
In conjunction with the Brigham and Women’s Hospital and Massachusetts General Hospital, Biogen employees, family members and close contacts will be able to donate blood samples and share other medical info.

April 16, 2020 - Fierce Biotech
The world is watching and waiting for data to see whether Gilead Sciences' investigational antiviral remdesivir can help fight COVID-19. And while some leaked early results suggest that it can, industry watchers will need to wait for data from Gilead's own controlled phase 3 study to know for sure.
Researchers at the University of Chicago Medical Center, which is treating patients with severe COVID-19, have seen remdesivir swiftly tamp down both fever and respiratory symptoms, according to a  report  from Stat. Gilead’s shares leapt more than 15% in after-hours trading following the report.

April 15, 2020 - Fierce Biotech
Leo Pharma is paying $40 million upfront and $530 million in biobucks to license a midstage experimental eczema and asthma drug.
The therapy, FB825, has been developed by Oneness Biotech and Microbio Shanghai and works by targeting the CεmX domain of the membrane-bound IgE (mIgE). This causes a depletion of mIgE-positive B cells.

April 14, 2020 - Fierce Biotech
San Diego biotech MEI Pharma has upped its  pact  with Tokyo-based Kyowa Kirin in a cost-sharing deal centered on MEI’s experimental oncology asset.
The drug, ME-401, works as a phosphatidylinositol 3-kinase (PI3K) delta inhibitor and is currently in midstage tests for relapsed or refractory follicular lymphoma, which the biotech hopes can help it toward a speedy FDA review and approval.
April 13, 2020 - Fierce Pharma
The novel coronavirus has put an enormous strain on the pharmaceutical supply chain, with spot shortages of certain meds increasingly common. Now, with thousands of COVID-19 patients flooding U.S. hospitals, drugs used during treatment and ventilation are growing scarce. 
Increased demand for drugs used in hospitals as painkillers and surgical anesthetics for patients with COVID-19 have sapped supply, potentially threatening access for months. 
Friday, the FDA posted updated shortages of anesthetics  propofol  and  midazolam , citing increased demand. For generic propofol, produced by a number of manufacturers, a resupply could occur as late as October with companies like Dr. Reddy's Laboratories and Hikma Pharmaceuticals unable to source active pharmaceutical ingredients for the drug, the FDA said. 
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