Week of March 8th, 2021 | Vol. 10, Issue 10 |
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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
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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.
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For more information about our consumer healthcare JV with The Emerson Group, Daybreak Consumer Care, click here.
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MARKET REPORTS
Recent Materials Providing Insight Into Healthcare Related Industries
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Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
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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
Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm
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Perrigo Company plc (NYSE; TASE: PRGO), a leading global provider of Consumer Self-Care Products, announced today that it has reached a definitive agreement to sell its Generic Rx Pharmaceuticals business to Altaris Capital Partners, LLC for total consideration of $1.55 billion, including $1.5 billion in cash, subject to customary adjustments. As part of the consideration, Altaris will also assume more than $50 million in potential R&D milestone payments and contingent purchase obligations with third-party Rx partners.
Perrigo CEO and President Murray S. Kessler commented, "The sale of our Generic Rx business is the most impactful step in Perrigo's transformation plan. This transaction establishes Perrigo as a pure-play global consumer self-care company with industry leading fundamentals. Perrigo Consumer Self-Care will have a focused portfolio with over $4 billion in revenues focused on the growing trends towards self-managed health and wellness. This transaction also provides the company with increased financial predictability and flexibility. After the transaction closes, Perrigo expects to have more than $2 billion in cash available to advance its consumer self-care strategy, preferably through prudent and revenue accretive M&A. This is an exciting day for Perrigo."
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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.
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Pharma & Biotech
14 transactions totaling $4,188 million
Supplies, Equipment & Services
32 transactions totaling $1,984 million
Healthcare IT & Managed Care
8 transactions totaling $75 million
Healthcare Facilities & Distributors
9 transactions totaling $232 million
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Pharma & Biotech
43 transactions totaling $1,492 million
Supplies, Equipment & Services
20 transactions totaling $875 million
Healthcare IT & Managed Care
15 transactions totaling $102 million
Healthcare Facilities & Distributors
3 transactions
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Pharma & Biotech
30 transactions totaling $2,541 million
Supplies, Equipment & Services
16 transactions totaling $7,322 million
Healthcare IT & Managed Care
5 transactions totaling $157 million
Healthcare Facilities & Distributors
4 transactions totaling $516 million
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INDUSTRY TRADING COMPS
A Breakdown of Relevant Trading Multiples
Each week, we provide updated trading comps for leading companies from numerous healthcare sub-sectors.
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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.
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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.
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March 4, 2021 - Contract Pharma
Amgen entered an agreement to acquire Five Prime Therapeutics for approximately $1.9 billion in cash. This acquisition adds Five Prime's innovative pipeline of immuno-oncology and targeted cancer therapies to Amgen's oncology portfolio.
March 4, 2021 - Fierce Biotech
The deal also includes potential additions of up to $145 million based on future commercial success of Resolution’s next-generation sequencing blood tests—which Agilent expects will give the company a foothold in an total addressable market topping $3 billion by the end of 2025 and estimated to double in the five years after.
March 4, 2021 - Fierce Healthcare
UnitedHealth's Optum plans to acquire Atrius Health, the largest independent physicians network in Massachusetts. The deal was first reported by The Boston Globe and is the latest in a succession of consolidations in the state’s health care market. The nonprofit physician group operates 30 medical practices that offer primary care, more than 50 specialties, imaging, lab and pharmacy services to the Boston area.
March 6, 2021 - Fierce Healthcare
The Senate passed the package in a 50-49 vote on Saturday and the package is expected to go to the House for a vote early next week. If approved there, it would advance to President Biden, who is expected to sign it into law. The package includes several healthcare-related provisions including a temporary two-year boost to ACA subsidies.
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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.
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