Week of February 10, 2020 | Vol. 9, Issue 6
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.
Catalent, which carved out its place in gene therapies with its $1.2 billion deal for Paragon Services, is adding another serving to its plate. It will pay $315 million for Masthercell Global, a Belgium-based cell and gene therapy CDMO with operations in Europe and the U.S. 
Catalent has  struck  the cash deal for the contract development and manufacturing organization with biotech Orgenesis and private equity backers Great Point Partners and SFPI-FPIM, which have owned it for several years. The acquisition is expected to close in Catalent’s third quarter, at which point it will pick up Masthercell’s three sites along with about 240 employees. 
Catalent CEO John Chiminski in a statement said Masthercell’s experience with T-cell receptors, CAR-T therapies and mesenchymal stem cells will allow Somerset, New Jersey-based Catalent to fill out its gene therapy capabilities, while Catalent can help Mastercell build out its commercial operations. 

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
6 transactions totaling $7 million
Supplies, Equipment & Services
20 transactions totaling $706 million
Healthcare IT & Managed Care
5 transactions totaling $429 million
Healthcare Facilities & Distributors
17 transactions totaling $233 million
Pharma & Biotech
33 transactions totaling $643 million
Supplies, Equipment & Services
20 transactions totaling $277 million
Healthcare IT & Managed Care
11 transactions totaling $273 million
Healthcare Facilities & Distributors
2 transactions
Pharma & Biotech
25 transactions totaling $1,284 million
Supplies, Equipment & Services
10 transactions totaling $1,385 million
Healthcare IT & Managed Care
3 transactions totaling $2.252 million
Healthcare Facilities & Distributors
2 transaction totaling $578 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 6, 2020 - Outsourcing Pharma
Acquisition of Clindata’s human health biometrics division is expected to increase Synteract’s geographical footprint along with the adaptability of its biometrics services solutions.

February 5, 2020 - BioPharma Dive
Merck & Co. is riding high on the success of its cancer drug Keytruda, post-surgery drug Bridion and portfolio of vaccines. But certain parts of the business may be distracting from that growth story.
That's why on Wednesday, along with a full-year earnings report, Merck announced it is spinning out biosimilar, women's health and legacy drugs into a new, yet-to-be-named company. Merck estimates the spinout drugs, which include the off-patent cholesterol pill Zetia and the Remicade copycat Renflexis, will fetch about $6.5 billion in revenue this year.
February 5, 2020 - BioPharma Dive
Nestlé Health Sciences paid Aimmune Therapeutics $200 million to expand its investment in the allergy-drug specialist, buying another 1 million shares to take its stake to nearly 20%​. The investment comes as the company launches peanut allergy treatment Palforzia, which the Food and Drug Administration approved last week. The drug will cost patients about $11,000 a year​.
Separately, Aimmune also spent $10 million to in-license an experimental anti-allergenic biological drug from Xencor. That company has been focusing its pipeline on cancer-fighting treatments.
February 4, 2020 - Fierce Biotech
Bristol-Myers Squibb has created a fibrotic and inflammatory disease biotech through its partnership with BioMotiv. The biotech, Anteros Pharmaceuticals, starts life with materials from Bristol-Myers to support development of small molecules and the potential to land a takeover by the Big Pharma.
BioMotiv, an accelerator linked to the $340 million Harrington Project for Discovery & Development, teamed up with Bristol-Myers in September. The partnership positioned Bristol-Myers to help found and fund biotechs with a view to acquiring them following the identification of a preclinical prospect. The creation of Anteros follows that blueprint.

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 Jaguar
Asset Divestiture | Generic Pharma | Basket of ANDAs

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 Vintage
Asset Divestiture | Generic Pharma | Numerous therapeutic categories
Recent Materials Providing Insight Into Healthcare Related Industries