Week of October 5th, 2020 | Vol. 9, Issue 40
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
Covis Group S.à r.l. and AMAG Pharmaceuticals Inc. have entered into a definitive agreement under which Covis will acquire AMAG for $13.75 per share in cash, or approximately $498 million on a fully diluted basis and approximately $647 million on an enterprise basis, including debt obligations expected to be assumed or repaid net of cash. The offer represents a premium of approximately 46% to the closing price of AMAG’s common stock on September 30, the last full trading day prior to the announcement.

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
14 transactions totaling $608 million
Supplies, Equipment & Services
14 transactions totaling $2,510 million
Healthcare IT & Managed Care
13 transactions totaling $418 million
Healthcare Facilities & Distributors
6 transactions totaling $31 million
Pharma & Biotech
31 transactions totaling $2,330 million
Supplies, Equipment & Services
29 transactions totaling $2,085 million
Healthcare IT & Managed Care
15 transactions totaling $644 million
Healthcare Facilities & Distributors
4 transactions totaling $620
Pharma & Biotech
21 transactions totaling $1,376 million
Supplies, Equipment & Services
6 transactions totaling $1,390 million
Healthcare IT & Managed Care
2 transaction totaling $1,049
Healthcare Facilities & Distributors
4 transaction totaling $723 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.
October 2, 2020 - Fierce Pharma
Pfizer could be just weeks away from reporting early phase 3 data for its coronavirus vaccine—a remarkable feat amid a global pandemic—but as the company nears its goal, politics is increasingly threatening the process, CEO Albert Bourla warned. 

October 1, 2020 - Fierce Biotech
Genentech has secured a global license to neoantigen cancer vaccines developed by Vaccibody. The Roche subsidiary is set to hand over $200 million in upfront and near-term payments to access the fruits of Vaccibody’s efforts to overcome the limitations of cancer vaccines.

October 1, 2020 - Fierce Pharma
For contract drug manufacturers with global aspirations, establishing a presence in both the U.S. and abroad is an increasingly common goal. That's certainly the story for U.K.-based Sterling Pharma, which is fleshing out its stateside offerings with the purchase of an established ingredients plant. 

October 2, 2020 - Fierce Pharma
Pfizer is investing $200 million for a 9.9% stake in CStone Pharmaceuticals, gaining exclusive China commercial rights to the biotech’s investigational PD-L1 antibody sugemalimab (CS1001). The deal also includes up to $280 million in milestone payments. In August, CStone said adding sugemalimab to chemo cut the risk of disease progression by 50% in newly diagnosed patients with stage 4 non-small cell lung cancer.
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.