Week of January 16, 2018 | Vol. 7, Issue 2
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Managing Director
Business Development
 
Jeremy C. Johnson
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 follow the link to the left to download complete transaction tables broken out by industry subsectors.

See below for additional information about industry trading comps and transaction relevant articles from the past week.
Banks, Healthcare Shares Push US Stocks Higher
S&P 500 has best start to a year since 1964 as major indexes close at new records

Rising shares of banks and health-care companies pushed the S&P 500 higher Tuesday, giving the broad index its best start to a year in more than half a century.  Stocks have mostly climbed in the first trading days of 2018, extending last year's rally. That is leaving investors hard pressed to find clues portending the rally's end, especially as geopolitical tensions with North Korea appear to be easing and ahead of what analysts expect to be another batch of upbeat quarterly profit results. The S&P 500 has closed at six consecutive records in its first six trading sessions of 2018, the broad index's best start since 1964. "Investors are pretty confident with how things are going," said Timothy Chubb, chief investment officer of Univest Wealth Management, a firm with more than $3 billion in assets under management. "Earnings are projected to grow and a number of companies are raising estimates for the rest of this year."

C ontinue Reading at  The Wall Street Journal.
RECENT INDUSTRY TRANSACTIONSRecentIndustryTransactions
An Overview of Transactions Within Market Subsegments

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 or use the download link above. Total transaction values are provided in USD millions.



 Pharma & Biotech
 21 transactions totaling $3,342 million 
 Supplies, Equipment & Services
 17 transactions totaling $277 million
 Healthcare IT & Managed Care
 6 transactions totaling $280 million
 Healthcare Facilities & Distributors
 12 transactions totaling $236 million





Pharma & Biotech
20 private placements totaling $463 million
Supplies, Equipment & Services
20 private placements totaling $185 million
Healthcare IT & Managed Care
10 private placements totaling $4 million
Healthcare Facilities & Distributors
8 private placements totaling $20 million



 Pharma & Biotech
 12 public offering totaling $1,028 million
 Supplies, Equipment & Services
 1 public offering
 Healthcare IT & Managed Care
 0 public offerings 
 Healthcare Facilities & Distributors
 1 public offering totaling $59 million

INDUSTRY TRADING COMPSIndustryTradingComps
A Breakdown of Relevant Trading Multiples

Each week, w e provide updated trading  comps for leading comp-
anies from numerous healthcare subsectors.

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 to the right or use the download link from the top of this newsletter. 

Note: data reflects prior week close.
RECENT INDUSTRY HEADLINESRecentIndustryHeadlines
A Sampling of Relevant Industry Headlines from the 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 12, 2018 -  Fierce Biotech
DHHC enzymes modify nearly 1,000 human proteins, including EGFRs, a family of receptors that are implicated in a range of cancers. These enzymes, also known as palmitoyltransferases, modify proteins by attaching to fatty acids of differing lengths in a process that can lead to changes in protein structure, function or location inside a cell. National Institutes of Health (NIH) scientists figured that if they could decode these enzymes, they could generate insights that might improve drug design for many types of cancer.

January 12, 2018 -  Fierce Pharma
When Spark Therapeutics announced an $850,000 price tag last week for its new gene therapy Luxturna, which treats a rare form of blindness, some critics held it up as the latest example of an expensive new treatment that could break the bank for the healthcare system.

January 12, 2018 - BioSpace
Live forever or die trying, the expression says. And now, maybe, get some funding for your effort. Y Combinator,  a seed-stage accelerator, is launching  YC Bio,  an accelerator fund focused on early-stage life science companies in the lab phase focused on longevity and aging.  Y Combinator is best known for accelerating startups like Dropbox, Airbnb and Stripe.  In the biotech space, it has funded  Ginkgo Bioworks, Verge Genomics , and Perlara PBC  among others .
 
Datavant Integrates 150 Data Sets, Teams With Duke, G3, Verge Genomics
January 9, 2018 -  Fierce Biotech
Aimed at helping drug development by improving the design and interpretation of clinical trials though data, Roivant Sciences' Datavant is quickly expanding its database and has formed a series of partnerships with researchers.  Launched three months ago, Datavant said it has so far integrated 150 data sets from biopharma companies, payers, healthcare providers and analytics companies that include clinical trial data, claims, pharmacy history, electronic health records and genomics on over 150 million patients.

After $270M Round, BioNTech Pens TCR Pact With Scancell
January 9, 2018 - Fierce Biotech
BioNTech has followed up on its $270 million megaround by striking a  deal  with Scancell. The alliance gives BioNTech the chance to work with Scancell to discover and characterize T cell receptors (TCRs) and an option to form a license agreement covering the resulting therapeutics.Mainz, Germany-based BioNTech made its name in mRNA but, supported by the $270 million round it wrapped up last week, it is expanding its R&D pipeline to other cancer-fighting modalities. The deal with Scancell gives BioNTech access to a platform that can support the broadening of the scope of its pipeline.
PARTNERING AND M&A OPPORTUNITIESUpcomingEvents
Current Opportunities Available Through Bourne Partners
Project Longhorn 
Sell-side M&A
Southeastern US  |  CDMO  |  Approximately $85mm Revenue  |   Approximately $8mm EBITDA

Project Crimson 
Sell-side M&A
Southeastern US  |  CMO  |  Approximately --- Revenue  |   Approximately --- EBITDA

Project Ocean 
Sell-side M&A
Northeastern US  |  CDMO  |  Approximately $6mm Revenue  |   Approximately NM EBITDA

Project Magnolia 
Sell-side M&A
Mid-Atlantic US  |  CRO  |  Approximately $25mm Revenue  |   Approximately NM EBITDA
UPCOMING EVENTSUpcomingEvents
An Overview of Events Hosted or Attended by the Bourne Partners Team
As an international, healthcare-focused merchant bank and financial advisory firm, we provide world-class services and capital to middle-market healthcare companies around the globe.  We aim to keep our clients well-informed of healthcare news and events.  With this additional insight in mind, together, we can recognize trends and opportunities that benefit our clients.  We hope that you will reach out to Bourne Partners to help execute your healthcare operational and transactional needs.  To learn more about our firm, visit our website or utilize the links below to engage with us on social media. 

Sincerely,

The Bourne Partners Team

Bourne Partners
550 South Caldwell Street
Suite 900
Charlotte, NC 28202
704-552-8407