Week of January 6, 2020 | Vol. 9, Issue 1
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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Contact Information
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.
When Sanofi picked up biotech Synthorx for a cool $2.5 billion this month, it paid a rich premium to enter an increasingly competitive immunotherapy field. But in the face of stiff competition, sometimes a blow-away bid is what it takes to win the day.

Synthorx picked Sanofi out of a field of four suitors for IL-2 candidate THOR-707, ultimately nailing down a 172% premium on the biotech's Dec. 5 closing price, according to a Securities and Exchange Commission  filing . And Sanofi didn't just survive a bidding war, but an eleventh-hour offer from a rival player, too.

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
9 transactions totaling $69 million
Supplies, Equipment & Services
16 transactions totaling $483 million
Healthcare IT & Managed Care
3 transactions totaling $9 million
Healthcare Facilities & Distributors
8 transactions totaling $209 million
PRIVATE PLACEMENTS
Pharma & Biotech
20 transactions totaling $244 million
Supplies, Equipment & Services
21 transactions totaling $197 million
Healthcare IT & Managed Care
6 transactions totaling $12 million
Healthcare Facilities & Distributors
5 transactions totaling $14 million
PUBLIC OFFERINGS
Pharma & Biotech
40 transactions totaling $3,449 million
Supplies, Equipment & Services
15 transactions totaling $128 million
Healthcare IT & Managed Care
0 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.
January 3, 2020 - BioPharma Dive
Illumina has pulled out of its planned $1.2 billion takeover of California-based Pacific Biosciences, the genetic sequencing giant said Thursday. The action follows resistance to the takeover from the Federal Trade Commission and other regulators on the grounds that it would reduce competition.
Illumina will pay $98 million to cancel the deal but could recoup that outlay if another company strikes a deal to buy PacBio before October. Cowen analysts listed Agilent Technologies, Danaher and Thermo Fisher Scientific as potential PacBio buyers.
December 27, 2019 - Fierce Biotech
Parker Institute-backed biotech Xyphos has been bought out by Japanese pharma Astellas as it looks to bolster its cancer pipeline.
The  deal  sees an $120 million upfront payment, with a total of $665 million on the table with backloaded biobucks.
The early-stage biotech was born out of the breakup of AvidBiotics in 2017 and has engineered the NKG2D receptor to be inactive until it comes into contact with a bispecific.

Bourne Partners Strategic Capital's New Platform Acquisition: Pharmaceutical Associates, Inc .

Bourne Partners Strategic Capital (“BPSC”) is excited to announce the acquisition of Pharmaceutical Associates, Inc ("PAI"). The transaction was completed in partnership with Enhanced Healthcare Partners. 

Click below to read the full press release
Please do not hesitate to contact Minor Hinson (mhinson@bourne-partners.com or 704.714.8356) with any questions, thoughts and ideas regarding PAI or any of our other investments.
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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 Eagle
Sell-side | Consumer Health | Topical pain ointment, creams, patches and fertility testing devices

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