Week of June 8th, 2020 | Vol. 9, Issue 23
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports (See below)
Upcoming Events

Quick Links

Contact Information
Managing Director
Business Development

Managing Director
Head of M&A and Capital Advisory

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 .
The U.S. government has shelled out big money to help develop a possible COVID-19 vaccine and boost manufacturing of COVID-19 drugs stateside. Now, in order to amp up production of its chosen vaccine hopefuls, the government will enlist a Maryland CDMO to get production quickly up to speed.
Emergent BioSolutions has  won  a $628 million deal with the U.S. government to scale production of targeted COVID-19 vaccine candidates to make "tens to hundreds of millions" of doses available through 2021, the CDMO said Monday.
The contract is part of the government's "Operation Warp Speed" development initiative to speed promising COVID-19 vaccines through clinical trials and into mass production before the end of 2020.

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.
Pharma & Biotech
9 transactions totaling $283 million
Supplies, Equipment & Services
16 transactions totaling $101 million
Healthcare IT & Managed Care
7 transactions totaling $208 million
Healthcare Facilities & Distributors
15 transactions totaling $964 million
Pharma & Biotech
31 transactions totaling $709 million
Supplies, Equipment & Services
26 transactions totaling $356 million
Healthcare IT & Managed Care
11 transactions totaling $53 million
Healthcare Facilities & Distributors
1 transaction
Pharma & Biotech
26 transactions totaling $1,858 million
Supplies, Equipment & Services
13 transactions totaling $1,796 million
Healthcare IT & Managed Care
1 transaction totaling $475 million
Healthcare Facilities & Distributors
1 transaction totaling $600 million
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.
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.
June 5, 2020 - Fierce Pharma
Novavax wasn’t included in the U.S. government’s group of COVID-19 vaccine finalists for Operation Warp Speed, but only days after news of those picks broke, the company has picked up a contract with the U.S. Department of Defense. 
The DoD  awarded  Novavax $60 million to help produce components of its COVID-19 vaccine candidate, dubbed NVX‑CoV2373, in the U.S. Under the contract, Novavax will deliver 10 million doses of the vaccine to the DoD this year. Those doses could be used in mid- and late-stage testing or under an emergency use authorization from the FDA.  

June 5, 2020 - Fierce Biotech
After culling a $2.6 billion biobucks pact last year, Bristol Myers Squibb is making a second and final cut to its pact with four-year immuno-oncology biotech Jounce Therapeutics.
Last summer, Celgene (now Bristol) restructured its alliance with Jounce, dropping the broad $2.6 billion pact it formed in 2016 while securing full rights to a single asset. The changes cut Celgene’s ties to ICOS and PD-1 programs that overlapped with those in Bristol’s pipeline and portfolio as it prepared to be subsumed into its parent company. 
This old deal was, however, replaced by an agreement covering that new single asset, JTX-8064, a Jounce antibody that targets the LILRB2 receptor found on macrophages.

June 4, 2020 - Fierce Pharma
British drugmaker AstraZeneca has made clear its intent to rapidly scale production of Oxford University's COVID-19 vaccine hopeful despite a dearth of clinical data to support its use. Now, with an eye-popping deal worth three-quarters of a billion dollars, AstraZeneca is putting its money where its mouth is. 
The British pharma has  inked  a $750 million deal with the Coalition for Epidemic Preparedness Innovations (CEPI) and Gavi, the Vaccine Alliance to manufacture and distribute 300 million doses of Oxford's adenovirus-based COVID-19 vaccine by the end of 2020, the drugmaker said Thursday. 
AZ also agreed to a licensing deal with the Serum Institute of India to provide 1 billion doses of the vaccine to low- and middle-income countries, with the goal of 400 million produced by year's end. 

June 4, 2020 - Fierce Biotech
Since it launched in 2018, Accent Therapeutics has busied itself discovering new targets for cancer drugs in the space of RNA-modifying proteins (RMPs). But the time for lying low is over—just weeks after the biotech raised a $63 million round, it’s striking its first Big Pharma partnership with AstraZeneca.
Accent is netting $55 million upfront in a discovery, development and commercialization deal, but it stands to pick up as much as $1.1 billion in option fees and milestone payments. Under the deal, the biotech will handle R&D work for a nominated preclinical program through the end of phase 1, at which point AstraZeneca will take over clinical development and commercialization activities. The Big Pharma also has the option to license two more programs, for which Accent will do some preclinical work.
Bourne Partners Corporate Video
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.
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 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

Other Opportunities:
What: Turn key specialty pharmacy licensed in all 50 states
  • Contracts with key payers 
  • Ideal platform for specialty products pharma company that seeks to manage distribution for their products in-house
  • Current pharmacy business supports overhead of high performance pharmacist team, current RX business can be moved to other pharmacies if buyer seeks to exclusively distribute an in-house product
For more details contact rstanley@bourne-partners.com
Recent Materials Providing Insight Into Healthcare Related Industries