Week of February 24, 2020 | Vol. 9, Issue 8
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.
GlaxoSmithKline's Voltaren Arthritis Pain gel and two Alcon eye drops, Pataday and Patanol, will now be sold over the counter after the FDA  approved  switching the drugs from prescription-only status on Friday. Moving into OTC sales will give the three drugs greater consumer access at a likely much lower price point, the agency said in a release.

To pass muster for the switch, both GSK and Alcon were required to provide data showing that consumers could dose themselves safety and effectively, the FDA said. The drugmakers were also required to show that patients can understand how to use the drug without a healthcare professional's supervision. 

Voltaren gel notched its first FDA approval in 2007 to treat osteoarthritis joint pain responsive to topical treatment. The two Alcon medications, Pataday Twice Daily Relief and Pataday Once Daily Relief, were approved in 1996 and 2004, respectively. The twice-daily formulation was approved under the name Patanol to treat the symptoms of allergic conjunctivitis.

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
13 transactions totaling $873 million
Supplies, Equipment & Services
20 transactions totaling $88 million
Healthcare IT & Managed Care
5 transactions totaling $166 million
Healthcare Facilities & Distributors
5 transactions totaling $185 million
Pharma & Biotech
29 transactions totaling $943 million
Supplies, Equipment & Services
16 transactions totaling $183 million
Healthcare IT & Managed Care
12 transactions totaling $18 million
Healthcare Facilities & Distributors
1 transaction
Pharma & Biotech
27 transactions totaling $5,507 million
Supplies, Equipment & Services
7 transactions totaling $923 million
Healthcare IT & Managed Care
2 transactions
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.
February 20, 2020 - BioPharma Dive
Cancer biotech Tocagen will merge with the privately held Forte Biosciences, bringing its decade-plus run as an independent company to a close some four months after it laid off two-thirds of its workforce in a restructuring.
The combined company, which will use Forte's name and trade on the Nasdaq Capital Market under a new stock ticker, will advance Forte's experimental skin disease therapy into Phase 2 study this year.
February 20, 2020 - Fierce Biotech
GlaxoSmithKline has struck a deal to access two Immatics T-cell receptor (TCR) therapeutics. The  deal  will see GSK pay $50 million (€46 million) upfront and commit to $550 million in milestones for TCRs against two solid tumor targets identified by Immatics. 
Germany’s Immatics has entered into a series of collaborations in recent years, leveraging its pool of around 200 targets to land deals with Amgen, Celgene and Genmab. As Immatics CEO Harpreet Singh sees it, the deals are testament to the potential for TCR therapies to expand the list of solid tumors that are amenable to treatment using immunotherapies.
February 19, 2020 - Fierce Pharma
With a gene therapy nearing the finish line and $3 billion in hand from its buyout by Astellas, biotech Audentes   Therapeutics is ready to start work on its $109 million gene therapy manufacturing facility that will employ 200.
The 135,000-square-foot facility will be built in Sanford, North Carolina, Audentes  announced  today. The first phase is slated to take 18 months to build and be operational by 2021. The rest of the investment will play out over two more years. 
February 19, 2020 - Fierce Biotech
One day after Five Prime revealed its Opdivo-paired immuno-oncology prospect failed a midstage pancreatic cancer trial, the biotech is farming out some preclinical antibodies to keep its clinical-stage pipeline alive. 
The South San Francisco biotech is  picking up $5 million  upfront from Seattle Genetics in exchange for a family of monoclonal antibodies it’s developed. Under the deal, Seattle Genetics will develop antibody-drug conjugates (ADCs) based on those antibodies, taking over all R&D, manufacturing and commercialization for those products. Five Prime did not specify how many antibodies are in this “family” but said it could receive up to $525 million in milestone payments for the first two ADCs that come out of the collaboration. 
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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 Jaguar
Asset Divestiture | Generic Pharma | Basket of ANDAs

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 Vintage
Asset Divestiture | Generic Pharma | Numerous therapeutic categories
MARKET REPORTS
Recent Materials Providing Insight Into Healthcare Related Industries
Royal DSM | Glycom Deal Profile
February 2020