Week of October 28, 2019 | Vol. 8, Issue 43
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.
Roche is paying Dicerna Pharmaceuticals $200 million (€179 million) upfront for a global license to phase 1 hepatitis B prospect DCR-HBVS. The  deal , which will see Roche and Dicerna collaborate on other hepatitis B virus (HBV) assets, is worth up to $1.5 billion in milestones.

Dicerna is closing in on the delivery of phase 1 data on DCR-HBVS, an RNAi therapy designed to knock down genes needed to make HBV mRNA and get the virus into liver cells. But Roche has opted not to wait for the data, choosing instead to put together a $1.7 billion financial package to secure rights to the drug and ongoing access to Dicerna’s capabilities.

The deal gives Dicerna the option to co-fund pivotal development of DCR-HBVS globally. If Dicerna takes that option, it will receive “enhanced royalties” and co-promote DCR-HBVS with Roche in the U.S.

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
11 transactions totaling $100 million
Supplies, Equipment & Services
10 transactions totaling $935 million
Healthcare IT & Managed Care
8 transactions totaling $36 million
Healthcare Facilities & Distributors
9 transactions totaling $412 million
Pharma & Biotech
24 transactions totaling $519 million
Supplies, Equipment & Services
11 transactions totaling $118 million
Healthcare IT & Managed Care
16 transactions totaling $90 million
Healthcare Facilities & Distributors
3 transactions totaling $116 million
Pharma & Biotech
17 transactions totaling $786 million
Supplies, Equipment & Services
7 transactions totaling $208 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.
November 1, 2019 - BioPharma Dive
Amgen will pay Chinese oncology specialist BeiGene $2.7 billion for a 21% stake in a wide-ranging collaboration that will see BeiGene commercialize three marketed cancer drugs and up to 20 in development in China. BeiGene has a significant marketing presence in China thanks to its assumption of in-country rights for three Celgene drugs.
Xgeva, Blincyto and Kyprolis will be the initial focus of the deal, with the two companies equally sharing profits and losses on sales of the drugs in China. Rights to two of the products will revert to Amgen after five and seven years.

October 30, 2019 - Fierce Biotech
Prescription digital therapeutic developer Pear Therapeutics is expanding its app-based platform to conditions outside of the brain and mental health through a gastrointestinal disease-focused collaboration with Ironwood Pharmaceuticals. 

October 29, 2019 - BioPharma Dive
Pfizer's new heart drug nearly quadrupled Wall Street sales expectations in its first full quarter of sales in the U.S., quickly carving out a spot in a therapeutic market that features rival therapies from Alnylam Pharmaceuticals and Ionis Pharmaceuticals.
Vyndaqel posted $156 million in global sales across the three months of July, August and September, with $79 million coming from the U.S. market. Wall Street's consensus estimate was $21 million in U.S. sales, according to Evercore ISI analyst Umer Raffat, who also pointed out a faster-than-expected rate of diagnosis for the rare disease treated by Vyndaqel.

October 28, 2019 - Fierce Pharma
Advent International said Zentiva would make a great platform on which to build a generics powerhouse when it bought the European generics unit from Sanofi last year for $2.2 billion. Since then, the private equity investor has quickly piled on more acquisitions and manufacturing sites as it builds a significant generics operation. 
Zentiva now has a  deal  to buy Labormed, the Romania-based Central and Eastern European business, of Alvogen, which includes a 71,000-square-foot manufacturing facility in Bucharest. Zentiva is also taking on Labormed’s 1,000 employees. Terms were not disclosed. 
Labormed manufactures more than 200 generic and over-the-counter products, including brands like Lactacyd and Persen, and sells into in Russia, Bulgaria, Hungary, Poland and Balkan markets, in addition to Romania, the companies 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 Hercules
Sell-side | Pharma Services | Large molecule formulation and clinical fill/finish CDMO

Project Eagle
Sell-side | Consumer Health | Topical pain ointment, creams, patches and fertility testing devices
Recent Materials Providing Insight Into Healthcare Related Industries