Week of August 24th, 2020 | Vol. 9, Issue 34
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 Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization

Project Athena
Sell-side | Medical Device | Novel medical device for the treatment of pelvic organ prolapse

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 Olympus
Sell-side | Pharma | Portfolio of generic injectable products
Johnson & Johnson has struck a deal to buy Momenta Pharmaceuticals for $6.5 billion. The takeover will give J&J control of an anti-FcRn antibody that completed a phase 2 trial in myasthenia gravis earlier this year.

To get its hands on the anti-FcRn antibody, nipocalimab, J&J has agreed to pay $52.50 a share in cash. Momenta’s stock closed just above $30 yesterday, leading investors to drive its share price up around 70% to just shy of J&J’s offer when news of the takeover agreement broke. Once Momenta’s cash is factored in, the deal values the business at around $6.1 billion.

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
6 transactions totaling $10,102 million
Supplies, Equipment & Services
11 transactions totaling $2,077 million
Healthcare IT & Managed Care
12 transactions totaling $21 million
Healthcare Facilities & Distributors
15 transactions totaling $105 million
Pharma & Biotech
25 transactions totaling $444 million
Supplies, Equipment & Services
23 transactions totaling $150 million
Healthcare IT & Managed Care
9 transactions totaling $285 million
Healthcare Facilities & Distributors
2 transactions totaling $841 million
Pharma & Biotech
25 transactions totaling $9,249 million
Supplies, Equipment & Services
10 transactions totaling $1,280 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
1 transaction totaling $5 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.
August 20, 2020 - Fierce Pharma
The drugmakers lost out to domestic producers, which in some cases undercut prices for established medicines by more than 90%, according to Jiemian. Among the drugs to lose contracts were Eli Lilly schizophrenia medicine Zyprexa and Pfizer’s Viagra, the publication said.

August 17, 2020 - Fierce Biotech
Gilead Sciences and Tango Therapeutics hit the dance floor two years ago, with $50 million changing hands in a deal covering up to five immuno-oncology targets. Now, Gilead is ponying up another $125 million upfront, as well making a $20 million equity investment, to expand that deal to include up to 15 targets.

August 17, 2020 - Fierce Biotech
Sanofi has struck a deal to buy its partner Principia Biopharma for $3.7 billion in cash. The takeover will give Sanofi full ownership of a BTK inhibitor it moved into a raft of phase 3 multiple sclerosis trials earlier this year.

August 18, 2020 - Contract Pharma
The two companies will jointly identify and develop novel targets based on comprehensive medical and molecular data sets of thousands of chronic kidney disease patients. The collaboration intends to pursue the most relevant human disease biology in a therapeutic modality-agnostic approach to develop first-in-class therapeutics for patients suffering from CKD.
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.