Week of July 29, 2019 | Vol. 8, Issue 30
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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Managing Director
Business Development

Managing Director
Head of M&A and Capital Advisory
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.
The Italian drugmaker Zambon has bought up Breath Therapeutics, developer of a custom inhaled drug delivery platform, in a deal worth up to €500 million, or about $558.7 million U.S.

The acquisition, with its €140 million upfront payment, also includes Breath’s lead therapeutic candidate L-CsA-i, a novel formulation of cyclosporine A. The immunosuppressive drug is currently being studied in two phase 3 trials for bronchiolitis obliterans syndrome, a potentially fatal orphan disease that occurs following a lung transplant.
Breath’s combination drug-device platform employs freeze-dried liposomes to carry cyclosporine into the body, by sandwiching the insoluble drug’s molecules within the boundaries of the phospholipid bilayer itself. It also uses an investigational eFlow nebulizer developed by PARI Pharma.

Read more at Fierce Biotech
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.
Pharma & Biotech
12 transactions totaling $808 million
Supplies, Equipment & Services
15 transactions totaling $883 million
Healthcare IT & Managed Care
1 transaction
Healthcare Facilities & Distributors
8 transactions totaling $455 million
Pharma & Biotech
22 transactions totaling $219 million
Supplies, Equipment & Services
16 transactions totaling $76 million
Healthcare IT & Managed Care
13 transactions totaling $108 million
Healthcare Facilities & Distributors
2 transactions totaling $4 million
Pharma & Biotech
19 transactions totaling $981 million
Supplies, Equipment & Services
4 transactions totaling $107 million
Healthcare IT & Managed Care
7 transactions totaling $6,114 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.
July 26, 2019 - BioPharmaDive
Legislation limiting drug price increases in Medicare will face a full Senate debate in September after the Finance Committee approved it on a mixed vote Thursday. The bill could see some modification before then to incorporate additional proposals, potentially including a ban on rebates to payers. In addition, House Democrats are working on a plan, and the White House is reported to be working on a broad executive order.

July 23, 2019 - Outsourcing-Pharma
Meridian Clinical Research acquires Regional Clinical Research in a deal that will see its North American footprint expand to more than 20 investigative clinical trial sites.

July 23, 2019 - Fierce Pharma
Roche has been hoping its new drug Xofluza can pick up flu sales lost to Tamiflu generics. But under an exclusive deal with Sanofi, it might end up competing with over-the-counter Tamiflu, too. Sanofi picked up OTC marketing rights to Tamiflu in the U.S., aiming to persuade the FDA to switch the flu fighter to nonprescription status. Sanofi will handle FDA negotiations for the OTC switch and all future marketing, and it has first dibs on OTC rights in other markets.

July 23, 2019 - Fierce Pharma
Bayer's healthcare shake-up just took another big step forward. After selling its Coppertone sun care line, the company has worked up a deal for the Dr. Scholl’s foot care brand. Private equity firm Yellow Wood Partners agreed to  buy  Bayer’s Dr. Scholl’s business for $585 million. The products brought in €198 million ($234 million) last year, ranking ninth among Bayer’s consumer health brands.

July 22, 2019 - Fierce Pharma
Since its U.S. approval in 2004, Pfizer’s Lyrica has churned out billions and climbed to the top of the company's pharma sales charts. But now its patent cliff is here. The FDA approved copycats from 10 drugmakers on Friday, officially putting Pfizer's megablockbuster—and its $3.6 billion in U.S. sales last year—on notice. When its previous top-seller, Lipitor, went off patent in 2011, those sales plummeted by 90% within a year.
MARKET REPORTS
Recent Materials Providing Insight Into Healthcare Related Industries
June 2019