Week of June 14th 2021 | Vol. 10, Issue 24
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
A $56,000 annual price tag for a drug with questionable credentials?

Let the feeding frenzy begin for politicians who have long supported drug price reform and now have a poster child for their cause—Biogen’s Alzheimer’s disease treatment Aduhelm, which secured a controversial FDA approval on Monday despite mixed trial results.

Reaction from Washington, D.C. was immediate. In a tweet, Sen. Ron Wyden (D-Ore.) called the price “unconscionable” and said that Medicare should have the right to negotiate prices directly with drugmakers.     

Rep. Ro Khanna (D-Calif.) told Bloomberg that Aduhelm’s price “is further evidence that our drug-pricing system is broken.” 

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
10 transactions totaling $151 million
Supplies, Equipment & Services
21 transactions totaling $2,171 million
Healthcare IT & Managed Care
14 transactions totaling $7,401 million
Healthcare Facilities & Distributors
17 transactions totaling $1,669 million
Pharma & Biotech
30 transactions totaling $830 million
Supplies, Equipment & Services
22 transactions totaling $230 million
Healthcare IT & Managed Care
20 transactions totaling $752 million
Healthcare Facilities & Distributors
4 transaction totaling $2 million
Pharma & Biotech
11 transactions totaling $550 million
Supplies, Equipment & Services
14 transactions totaling $1,198 million
Healthcare IT & Managed Care
2 transactions totaling $193 million
Healthcare Facilities & Distributors
3 transactions totaling $146 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 14, 2021 - Fierce Biotech
GlaxoSmithKline is paying iTeos Therapeutics $625 million upfront for rights to phase 1 anti-TIGIT monoclonal antibody EOS-448. The deal sets GSK up to challenge Bristol Myers Squibb, Gilead Sciences, Merck and Roche for the red-hot corner of the immuno-oncology market. 

June 14, 2021 - Fierce Healthcare
On the heels of going public via a SPAC deal, primary care group Cano Health has acquired Miami-based University Health Care for $600 million. The transaction includes $540 million in cash and $60 million in equity and was financed through cash on hand, incremental borrowings under its existing credit facilities and common equity issued to University’s shareholders, according to a company press release.

June 10, 2021 - Contract Pharma
Pfizer Inc. and BioNTech SE plan to provide the U.S. government at a not-for-profit price 500 million doses of the companies’ COVID-19 vaccine, 200 million doses in 2021 and 300 million doses in 1H22. The government will, in turn, donate the Pfizer-BioNTech vaccine doses to low- and lower middle-income countries and organizations that support them.

June 9, 2021 - Fierce Pharma
Merck has struggled to develop therapeutics and vaccines to fight COVID-19. But the United States is betting that the pharmaceutical giant at last has a winner in its oral antiviral molnupiravir. On Wednesday Merck revealed a deal to supply 1.7 million courses of the experimental treatment to the U.S. for approximately $1.2 billion. Molnupiravir has yet to be approved, but it's shown promise for newly diagnosed, non-hospitalized COVID-19 patients.
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.