Week of September 8th, 2020 | Vol. 9, Issue 36

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

Nestlé plunks down $2.1B to acquire Aimmune and blockbuster hopeful peanut allergy med

Swiss giant Nestlé has had a mixed bag in its dive into pharma, including a disappointing exit from prescription meds last year. The company since then has pivoted around nutrition and picked up two prescription assets in the process—and now it's making a big bet on a controversial allergy med.  Nestlé will buy out California-based Aimmune Therapeutics for more than $2.1 billion in a bid to acquire Palforzia, a peanut allergy drug that received FDA approval in February, the companies said Monday. 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 24 transactions totaling $3,270 million Supplies, Equipment & Services 19 transactions totaling $456 million Healthcare IT & Managed Care 5 transactions totaling $8 million Healthcare Facilities & Distributors 16 transactions totaling $17 million

PRIVATE PLACEMENTS

Pharma & Biotech 28 transactions totaling $391 million Supplies, Equipment & Services 23 transactions totaling $367 million Healthcare IT & Managed Care 27 transactions totaling $250 million Healthcare Facilities & Distributors 3 transactions totaling $27 million

PUBLIC OFFERINGS

Pharma & Biotech 24 transactions totaling $1,918 million Supplies, Equipment & Services 11 transactions totaling $3,723 million Healthcare IT & Managed Care 2 transactions totaling $105 million Healthcare Facilities & Distributors 5 transactions totaling $2,539 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.

AbbVie puts $2B on the table for I-Mab cancer collab as biotech nabs $418M raise September 4, 2020 - Fierce Biotech The AbbVie deal, which is made up of a $180 million upfront payment and a $20 million milestone payment—up to $2 billion all-in—with $1.74 billion of that figure roughly half split between commercial royalties and R&D biobucks.  PPD pens Lupus Therapeutics pact to boost research for the autoimmune disease September 4, 2020 - Fierce Biotech PPD has signed up to a new collaboration with Lupus Therapeutics to deepen its biotech clients’ lupus research capabilities. The contract research organization will work with Lupus Therapeutics, a part of the Lupus Research Alliance that focuses on lupus clinical trials, in a two-way deal. TriRx Finalizes Agreement with MSD Sante Animale September 3, 2020 - Contract Pharma TriRx Pharmaceutical Services, a global contract development and manufacturing organization serving the biopharmaceutical market, has finalized an agreement with MSD Sante Animale, a division of Merck & Co. Inc., to acquire the operations and ownership of its manufacturing site located in Segré, France. Coronavirus tracker: AstraZeneca scores 5 Defense Department sites for U.S. phase 3; Johnson & Johnson's shot thwarts severe COVID-19 in hamster trial September 4, 2020 - Fierce Pharma The Department of Defense stepped up to aid AstraZeneca with its U.S. phase 3, pledging five military sites for the British drugmaker's late-stage vaccine study. Meanwhile, Johnson & Johnson, which expects to push its shot into phase 3 this month, announced its candidate curbed death rates and disease progression in hamsters.

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.