Week of August 17th, 2020 | Vol. 9, Issue 33

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 Daybreak Consumer Care Contact Information Xan Smith Managing Director Business Development xsmith@bourne-partners.com Jeremy C. Johnson Managing Director Head of M&A and Capital Advisory jjohnson@bourne-partners.com

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.

For more information about our consumer healthcare JV with The Emerson Group, Daybreak Consumer Care, click here.

MARKET REPORTS Recent Materials Providing Insight Into Healthcare Related Industries

Q2 2020 Consumer Health Sector Snapshot August 2020

1H 2020 Pharmacy Services Sector Snapshot July 2020

1H 2020 Pharma Services Sector Snapshot July 2020

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

Eisai to Relocate U.S. HQ in New Jersey

Eisai Inc., an oncology- and neurology-focused pharmaceutical company and the U.S. subsidiary of Eisai Co., Ltd., based in Tokyo, Japan, has unveiled plans to relocate its New Jersey-based headquarters to the technologically-advanced and cutting-edge ON3 property in Nutley, NJ. The company plans to transfer up to 1,200 Eisai corporate staff and research and development functions from Woodcliff Lake to Nutley in late 2021. Read more at Contract Pharma.

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 17 transactions totaling $1,792 million Supplies, Equipment & Services 14 transactions totaling $4 million Healthcare IT & Managed Care 6 transactions totaling $391 million Healthcare Facilities & Distributors 9 transactions totaling $121 million

PRIVATE PLACEMENTS

Pharma & Biotech 26 transactions totaling $1,207 million Supplies, Equipment & Services 17 transactions totaling $659 million Healthcare IT & Managed Care 18 transactions totaling $314 million Healthcare Facilities & Distributors 2 transactions totaling $31 million

PUBLIC OFFERINGS

Pharma & Biotech 37 transactions totaling $4,532 million Supplies, Equipment & Services 11 transactions totaling $4,577 million Healthcare IT & Managed Care 3 transactions totaling $436 million Healthcare Facilities & Distributors 0 transactions

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.

Thermo Fisher’s $12.5B deal for Qiagen falls through, as COVID-19 test demand lights new path forward August 13, 2020 - Fierce Biotech While many companies have faltered under the spread of COVID-19, others may be doing a little too well for some tastes—with Qiagen’s investors turning down Thermo Fisher’s multibillion-dollar takeover proposal, following rocketing demand for its testing products.  Moderna Inks $1.5B Contract with U.S. Govt. for COVID-19 Vax August 12, 2020 - Contract Pharma The U.S. government has secured 100 million doses of mRNA-1273 from Moderna, a biotech pioneering messenger RNA (mRNA) therapeutics and vaccines, as part of its goal of securing early access to safe and effective COVID-19 vaccines for the American people. Spark Therapeutics nabs CMO from new owner Roche August 11, 2020 - Fierce Biotech After its recent $4.8 billion buyout of gene therapy specialist Spark Therapeutics, Roche is now handing over one of its execs to help lead its new acquisition’s R&D. Bayer inks $425M upfront KaNDy buyout to challenge Astellas for menopause market August 11, 2020 - Fierce Biotech Bayer has struck a $425 million upfront deal to buy KaNDy Therapeutics in the belief its treatment for menopause-related hot flashes has blockbuster potential. KaNDy recently completed a phase 2b trial of neurokinin-1,3 receptor antagonist NT-814, teeing it up to start a pivotal study next year.

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.