Week of February 15th, 2021 | Vol. 10, Issue 7
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

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 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
Novartis’ Sandoz is doubling down on antibiotics with a hefty deal for GlaxoSmithKline’s cephalosporin business.
Generics-focused Sandoz will pay $350 million up front and up to $150 million in milestone payments for Zinnat, Zinacef and Fortum, established antibiotic brands sold in more than 100 countries.
Expected to close later his year, the deal excludes rights GSK previously sold—in the U.S., Australia and Germany—and India, Pakistan, Egypt, Japan and China, where GSK will keep the rights. Combined sales of the GSK drugs reached $140 million in 2020.

The acquisition comes after Sandoz committed €150 million, alongside the Austrian government, this summer to expanding its leading antibiotics production site in Kundl.

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
12 transactions totaling $754 million
Supplies, Equipment & Services
23 transactions totaling $790 million
Healthcare IT & Managed Care
4 transactions
Healthcare Facilities & Distributors
13 transactions totaling $1,819 million
Pharma & Biotech
56 transactions totaling $1,242 million
Supplies, Equipment & Services
27 transactions totaling $1,791 million
Healthcare IT & Managed Care
19 transactions totaling $332 million
Healthcare Facilities & Distributors
7 transactions totaling $4,266 million
Pharma & Biotech
56 transactions totaling $4,265 million
Supplies, Equipment & Services
17 transactions totaling $2,983 million
Healthcare IT & Managed Care
4 transactions totaling $2,268
Healthcare Facilities & Distributors
1 transaction totaling $119 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.
February 12, 2021 - Fierce Biotech
Bristol Myers Squibb is putting down up to $1.3 billion on a next-gen engineered toxin body (ETB) cancer platform from Molecular Templates as it cuts an unwanted cell therapy from its Celgene buyout. The deal, heavily backloaded and worth just $70 million upfront with the rest in milestones, sees BMS tap Austin, Texas-based Molecular Templates' ETB platform for a new way of seeking out cancer therapies.

February 12, 2021 - Fierce Pharma
BD is rolling out a combination COVID-19 and flu test that it says should work against emerging coronavirus variants. Plus, North Carolina discovered its first case of a variant originally spotted in South Africa, as the CDC on Thursday reported 13 cases of the mutated virus in the U.S. 

February 10, 2021 - Fierce Biotech
Just over a year after Illumina’s $1.2 billion bid for its fellow sequencer manufacturer fell apart under federal scrutiny, Pacific Biosciences has secured a new benefactor with a $900 million commitment from SoftBank.

February 9, 2021 - Fierce Healthcare
Nuance Communications has acquired Saykara, a startup that developed a voice-enabled mobile artificial intelligence assistant to automate physician charting.
Saykara's founder and engineering and machine learning experts will join Nuance's research and development team to help boost its capabilities in healthcare AI, the company said.
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.