Week of May 6, 2019 | Vol. 8, Issue 18

In This Issue Featured Headlines Recent Industry Transactions Industry Trading Comps Recent Industry Headlines Market Reports Upcoming Events Quick Links Who We Are LinkedIn Corporate Site LinkedIn M&A Discussion Group Contact Information Xan Smith Managing Director Business Development [email protected] Jeremy C. Johnson Managing Director Head of M&A and Capital Advisory [email protected]

INDUSTRY M&A SNAPSHOT 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.

Health Catalyst to Raise $150M to $200M in IPO Share listing would bring company with patient health-record data to public markets

Health-data company Health Catalyst Inc. is planning to raise $150 million to $200 million in its initial public offering, according to people familiar with the matter, bringing one of the first digital-health companies to public markets as technology startups race to list shares. Health Catalyst, a health-data storage and software company, said in mid-April it had confidentially filed paperwork with the Securities and Exchange Commission for the IPO. The filing follows Health Catalyst’s latest fundraising earlier this year, which valued the company at $1 billion. Valuations and amounts companies seek to raise can change as they get closer to going public. The Salt Lake City company is one of the latest technology firms aiming to go public this year. Ride-hailing rivals  Lyft  Inc. and Uber Technologies Inc., online image board  Pinterest Inc. and workplace-messaging app Slack Technologies Inc. have entered public markets—or plan to—in 2019.  C ontinue Reading at The Wall Street Journal.

RECENT INDUSTRY TRANSACTIONS 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.

M&A TRANSACTIONS

Pharma & Biotech 14 transactions totaling $1,876 million Supplies, Equipment & Services 26 transactions totaling $7,306 million Healthcare IT & Managed Care 4 transactions totaling $6 million Healthcare Facilities & Distributors 19 transactions totaling $205 million

PRIVATE PLACEMENTS

Pharma & Biotech 24 transactions totaling $480 million Supplies, Equipment & Services 19 transactions totaling $112 million Healthcare IT & Managed Care 6 transactions totaling $46 million Healthcare Facilities & Distributors 0 transactions

PUBLIC OFFERINGS

Pharma & Biotech 23 transactions totaling $1,330million Supplies, Equipment & Services 4 transactions totaling $239 million Healthcare IT & Managed Care 0 transactions Healthcare Facilities & Distributors 2 transactions totaling $116 million

INDUSTRY TRADING COMPS 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.

RECENT INDUSTRY TRANSACTIONS 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.

Two Pharma Companies Expand on the Coasts, Open New Facilities May 2, 2019 - Bio Space With its acquisition of Shire now under its belt, Takeda Pharmaceutical is building up its research and development presence in the United States.Earlier this week, the company announced it has opened a new research facility in San Diego. The new 165.000 square foot site is home to more than 250 employees focused on leveraging specialized drug discovery technologies and advancing discovery research in gastroenterology and neuroscience, the company said. Eisai buys Purdue stake in insomnia drug as PDUFA date nears May 1, 2019 - Fierce Biotech Eisai is buying Purdue Pharma’s stake in sleep disorder drug lemborexant. The deal gives Eisai sole responsibility for global development and commercialization of a drug that is nearing FDA approval. Purdue bought a stake in the Eisai-discovered dual orexin receptor antagonist in 2015 and co-funded phase 3 development. Merck & Co. to close plants, cut jobs in $1.2B manufacturing squeeze April 30, 2019 - Fierce Pharma Merck & Co.’s cancer wunderkind Keytruda continues to turn in supercharged sales, $2.27 billion in the first quarter, which bodes well for the future of biologics manufacturing jobs at the company. But woe to those who work at other facilities, because the company has undertaken a manufacturing restructuring that could cost up to $1.2 billion when the dust settles. Calixar Inks Exclusive Licensing Deal With Regeneron April 29, 2019 - Bio Space Calixar , based in Lyon France, announced it had inked a licensing deal with Regeneron Pharmaceuticals . There are few specifics about the licensing agreement. Calixar is providing Regeneron exclusive rights to its technology and expertise. Regeneron plans to work on developing antibodies against an undisclosed target in several different therapeutic areas.

MARKET REPORTS Recent Materials Providing Insight Into Healthcare Related Industries

Sports Nutrition Q2 2019 May 2019

Pharmaceutical Packaging Report April 2019

Catalent | Paragon Bioservices April 2019