Week of November 9th, 2020 | Vol. 9, Issue 45
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

Quick Links

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.

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
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Trident
Buy-side | Generic Pharma | Manufacturing liquid generics

Project Montage
Strategic Advisory | Generic Pharma + CDMO | Exploring full range of transaction alternatives

Project Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization

Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm

Project Olympus
Sell-side | Pharma | Portfolio of generic injectable products
Danish drugmaker Novo Nordisk made waves last year with the approval of its oral diabetes med Rybelsus. Now, it's snapping up the drug delivery specialist behind that formulation to boost its oral biologics offerings across a range of diseases. Novo will buy out Roseland, New Jersey-based Emisphere Technologies for $1.8 billion to get its hands on the company's tablet technology. Known as Eligen SNAC, the tech uses an absorption-enhancing excipient to translate drugs into oral form, Novo said in a release. Notably, it allows drug molecules like large peptides and proteins to move across biological membranes such as those in the gastrointestinal tract. 

Novo recently used the tech under license to develop its diabetes drug, Rybelsus—the first and only oral GLP-1 drug approved to control blood sugar in type 2 diabetes patients. 
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 $3,187 million
Supplies, Equipment & Services
18 transactions totaling $559 million
Healthcare IT & Managed Care
5 transactions totaling $30 million
Healthcare Facilities & Distributors
7 transactions totaling $418 million
PRIVATE PLACEMENTS
Pharma & Biotech
36 transactions totaling $636 million
Supplies, Equipment & Services
23 transactions totaling $304 million
Healthcare IT & Managed Care
9 transactions totaling $76 million
Healthcare Facilities & Distributors
4 transactions totaling $55 million
PUBLIC OFFERINGS
Pharma & Biotech
14 transactions totaling $898 million
Supplies, Equipment & Services
6 transactions totaling $2,342 million
Healthcare IT & Managed Care
3 transactions totaling $773 million
Healthcare Facilities & Distributors
1 transaction
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.
November 6, 2020 - Fierce Pharma
After several tough years and a CEO switch earlier in 2020, Endo is overhauling its operations—and cutting hundreds of jobs—to better position itself for a drug launch next spring. The company on Thursday unveiled a move to cut 560 positions by the first half of 2023 to save $85 million to $95 million annually. Meanwhile, it will exit manufacturing facilities in California and New York and jettison an active pharmaceutical ingredient site in India.

November 5, 2020 - Fierce Biotech
Merck has struck a deal to buy VelosBio for $2.75 billion. The takeover will give Merck control of an antibody-drug conjugate (ADC) that caused objective responses in 80% of previously treated diffuse large B-cell lymphoma (DLBCL) patients in a small clinical trial.

November 4, 2020 - Fierce Pharma
Johnson & Johnson has been defending against claims its talc-based powders cause cancers for years, and, with a new ruling against the drugmaker in Missouri, it’s preparing to challenge a massive verdict at the U.S. Supreme Court.

October 29, 2020 - Bourne Partners
Bourne Partners Strategic Capital (”BPSC”), a healthcare-focused investor and Meeting Street Capital (“MSC”), a backer of early stage B2B SaaS and other tech-enabled companies are jointly leading a series A growth equity investment for Cadence Rx. Cadence Rx, a newly formed workers compensation focused PBM, combines deep industry experience with cutting edge proprietary technology to lower drug spend and improve program management for its partners.
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.