Week of June 14th 2021 | Vol. 10, Issue 25

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

Q1 Pharma Sector Snapshot June 2021

Q1 Consumer Health Sector Snapshot June 2021

Q1 Pharma Services Sector Snapshot January 2021

EOY Pharma Services Sector Snapshot January 2021

Current M&A Pipeline Representative Current Retained Sell-Side And Partnering Opportunities

Project Focus Sell-side | CMO | Liquids and Semi-solids CMO headquartered in North America Project Trident Buy-side | Generic Pharma | Manufacturing liquid generics Project Aspen Sell-side | CDMO | Multinational CDMO headquartered in US Project Athena Sell-side / Licensing | Medical Device | Novel device for pelvic organ prolapse

Biogen's hefty Aduhelm cost sparks even more talk of a drug pricing crackdown. But will it happen?

A $56,000 annual price tag for a drug with questionable credentials? Let the feeding frenzy begin for politicians who have long supported drug price reform and now have a poster child for their cause—Biogen’s Alzheimer’s disease treatment Aduhelm, which secured a controversial FDA approval on Monday despite mixed trial results. Reaction from Washington, D.C. was immediate. In a tweet, Sen. Ron Wyden (D-Ore.) called the price “unconscionable” and said that Medicare should have the right to negotiate prices directly with drugmakers.      Rep. Ro Khanna (D-Calif.) told Bloomberg that Aduhelm’s price “is further evidence that our drug-pricing system is broken.”  Read more at Fierce 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 10 transactions totaling $151 million Supplies, Equipment & Services 21 transactions totaling $2,171 million Healthcare IT & Managed Care 14 transactions totaling $7,401 million Healthcare Facilities & Distributors 17 transactions totaling $1,669 million

PRIVATE PLACEMENTS

Pharma & Biotech 30 transactions totaling $830 million Supplies, Equipment & Services 22 transactions totaling $230 million Healthcare IT & Managed Care 20 transactions totaling $752 million Healthcare Facilities & Distributors 4 transaction totaling $2 million

PUBLIC OFFERINGS

Pharma & Biotech 11 transactions totaling $550 million Supplies, Equipment & Services 14 transactions totaling $1,198 million Healthcare IT & Managed Care 2 transactions totaling $193 million Healthcare Facilities & Distributors 3 transactions totaling $146 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.

GSK pays iTeos $625M upfront to join Merck, Roche and the rest in TIGIT immuno-oncology race June 14, 2021 - Fierce Biotech GlaxoSmithKline is paying iTeos Therapeutics $625 million upfront for rights to phase 1 anti-TIGIT monoclonal antibody EOS-448. The deal sets GSK up to challenge Bristol Myers Squibb, Gilead Sciences, Merck and Roche for the red-hot corner of the immuno-oncology market.  Cano Health acquires Miami-based University Health Care for $600M to grow primary care group June 14, 2021 - Fierce Healthcare On the heels of going public via a SPAC deal, primary care group Cano Health has acquired Miami-based University Health Care for $600 million. The transaction includes $540 million in cash and $60 million in equity and was financed through cash on hand, incremental borrowings under its existing credit facilities and common equity issued to University’s shareholders, according to a company press release. Pfizer, BioNTech to Provide 500M COVID Vax Doses to U.S. for Donation June 10, 2021 - Contract Pharma Pfizer Inc. and BioNTech SE plan to provide the U.S. government at a not-for-profit price 500 million doses of the companies’ COVID-19 vaccine, 200 million doses in 2021 and 300 million doses in 1H22. The government will, in turn, donate the Pfizer-BioNTech vaccine doses to low- and lower middle-income countries and organizations that support them. With $1.2B deal for molnupiravir, U.S. bets on Merck's oral COVID-19 antiviral June 9, 2021 - Fierce Pharma Merck has struggled to develop therapeutics and vaccines to fight COVID-19. But the United States is betting that the pharmaceutical giant at last has a winner in its oral antiviral molnupiravir. On Wednesday Merck revealed a deal to supply 1.7 million courses of the experimental treatment to the U.S. for approximately $1.2 billion. Molnupiravir has yet to be approved, but it's shown promise for newly diagnosed, non-hospitalized COVID-19 patients.

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.