Week of July 12th 2021 | Vol. 10, Issue 28
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

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.
Recent Materials Providing Insight Into Healthcare Related Industries
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Focus
Sell-side | CMO | Liquids and Semi-solids CMO headquartered in North America

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
Novo Nordisk has struck a $1.2 billion deal to buy Prothena’s ATTR amyloidosis program, which was stalled by the pandemic last year.

The deal will see Novo pay $100 million in upfront and near-term fees for worldwide rights to the phase 2-ready anti-amyloid immunotherapy PRX004.

Prothena moved PRX004 into phase 1 in 2018, only to terminate the study last year because of the pandemic after enrolling 21 subjects. The truncated trial generated evidence that PRX004 improves the neuropathy and cardiac systolic function of patients with the rare protein misfolding disorder, teeing Prothena up to set its sights on the initiation of a phase 2/3 study in the fourth quarter. 

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
5 transactions totaling $4,359 million
Supplies, Equipment & Services
24 transactions totaling $112 million
Healthcare IT & Managed Care
6 transactions totaling $86 million
Healthcare Facilities & Distributors
9 transactions totaling $265 million
Pharma & Biotech
23 transactions totaling $785 million
Supplies, Equipment & Services
27 transactions totaling $883 million
Healthcare IT & Managed Care
6 transactions totaling $95 million
Healthcare Facilities & Distributors
2 transactions totaling $100 million
Pharma & Biotech
12 transactions totaling $1,198 million
Supplies, Equipment & Services
2 transactions totaling $100 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
2 transactions totaling $560 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.
July 12, 2021 - Fierce Healthcare
Radiology company Intelerad is acquiring Heart Imaging Technologies, a company specializing in clinical workflow automation. The deal falls on the heels of Intelerad’s February acquisition of information systems provider Lumedx and is the company’s fourth acquisition within the past year. The companies did not disclose financial details.

July 9, 2021 - Fierce Pharma
A little over a week after striking an $813 million deal for oral drug delivery company Fertin Pharma, Marlboro maker Philip Morris International is doubling down on its pharma ambitions with plans to snap up inhalation-specialist-turned-CDMO Vectura. 

July 09, 2021 - Contract Pharma
United States Pharmacopeia (USP), an independent, scientific nonprofit organization, has acquired Pharmatech Associates, Inc., adding expertise to further its efforts to help ensure access to quality medicines by extending services that assist manufacturers to meet global quality standards across the drug and product lifecycle.

July 7, 2021 - Pharmaceutical Business Review
The European Commission has cleared AstraZeneca’s proposed acquisition of Alexion Pharmaceuticals for $39bn. This marks an ‘important step’ towards the completion of the acquisition, which was first announced in December last year. The latest move follows the receipt of clearance from the US Federal Trade Commission for the acquisition in April this year.
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.