Week of May 16, 2023 | Vol. 12, Issue 19


In This Issue

Upcoming Events

Industry M&A Activity

Recent Transactions

Trading Comps

Market Reports

M&A Pipeline

Featured Headlines

Tanner Updates

Quick Links

Who We Are

M&A Discussion Group

Daybreak Consumer Care

Carlin Consumer Health

Contact Information

Xan Smith

Managing Director

Business Development


Jeremy C. Johnson

Managing Director

Head of M&A and Capital Advisory


Industry Snapshot
Above is an overview of recent industry M&A activity. Click on the chart to view complete transaction tables broken out by industry sub sectors. For additional information, see the Industry M&A Activity section below.


Events Hosted or Attended by Bourne Partners

BIO International 2023

June 5-8, 2023 - Boston, MA

DIA Global 2023

June 25-29, 2023 - Boson, MA


Recent Transactions, Trading Comps, Market Reports, M&A Pipeline

Recent Transactions

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.

M&A Transactions

Pharma & Biotech

9 transactions totaling $1.9 billion

Supplies, Equipment & Services

17 transactions totaling $7.6 billion

Healthcare Facilities & Distributors

7 transactions

Healthcare IT & Managed Care

6 transactions totaling $88 million

Private Placements

Pharma & Biotech

24 transactions totaling $166 million

Supplies, Equipment & Services

12 transactions totaling $344 million

Healthcare Facilities & Distributors

5 transactions totaling $145 million

Healthcare IT & Managed Care

11 transactions totaling $163 million

Public Offerings

Pharma & Biotech

28 transactions totaling $7.7 billion

Supplies, Equipment & Services

6 transactions totaling $493 million

Healthcare Facilities & Distributors

2 transactions totaling $289 million

Healthcare IT & Managed Care

4 transactions totaling $31 million

Trading Comps

A Breakdown of Relevant Trading Multiples

This is a high-level breakdown of median revenue and EBITDA multiples for each of the specific sub sectors.

Market Reports

Insight Into Healthcare Related Industries

Pharma Services Sector Snapshot 1H 2022

August 2022

Market Insight Capital Markets Update

October 2022

M&A Pipeline

Representative Current Retained Sell-Side and Partnering Opportunities

Project Beach

Pharma Services | Sell-Side

Acquisition opportunity of Clinical Trial Services Provider

Project Elevate

Pharma Services | Capital Raise

Investment opportunity in Digital Health patient adherence platform

Project Ester

Consumer Health | Strategic Partnering 

Partnering opportunity for launch and commercialization of novel OTC dry eye product

Project Harold

Pharma Services | Sell-Side

Acquisition opportunity of U.S. based Sterile CDMO

Project Pine

Pharma Services | Capital Raise

Investment opportunity in sterile injectable Pharmaceutical Manufacturer 

Project Trident

Pharma | Buy-Side

Seeking generic liquids or established brands across all formats sold through the hospital / institutional channel

Featured Headlines

A Sampling of Industry Headlines

UpHealth Announces Closing of Sale of Innovations Group Incorporated to Belmar Pharma Solutions for $56.0 Million in Gross Proceeds

Bourne Partners - May 11, 2023

Ginkgo Bioworks Partners with Boehringer Ingelheim to Develop Breakthrough Therapies for Hard-to-Treat Diseases

PR Newswire - May 8, 2023

Societal CDMO Selected by Xequel Bio to Provide CDMO Services to Support Ongoing Clinical Development of Inexin™

Societal CDMO - May 8, 2023

Life Biosciences and Forge Biologics Announce cGMP Manufacturing Partnership to Advance Development of Novel Gene Therapies for Aging-Related Diseases

Business Wire - May 8, 2023

Baxter to sell BPS business to Advent and Warburg Pincus for $4.25bn

Pharmaceutical Technology - May 9, 2023

Interius BioTherapeutics Announces Successful Manufacturing Partnership with WuXi Advanced Therapies

PR Newswire - May 9, 2023

Syneos To Be Acquired By Private Investment Consortium For $7.1B, Q1 Earnings Beat Expectations

Yahoo Finance - May 10, 2023

Spain's Henko Partners looks to form European CRO with latest investments

Fierce Biotech - May 10, 2023

Wacker Purchases ADL BioPharma in €100M Deal

Contract Pharma - May 11, 2023

Genesis acquires Canadian CRO JSS Medical Research to expand global reach

Fierce Biotech - May 11, 2023

Evotec Biologics, Sandoz Enter Biosimilars Development & Mfg. Pact

Contract Pharma - May 11, 2023



Getting Medicines to Patients in Need

While some drugs are in short supply due to supply bottlenecks and other logistical reasons, many have been discontinued or are not yet cleared for use in the same country as the patients that urgently need them. We discuss how Tanner manages disruptions in the pharma market and ensures treatments reach patients quickly and compliantly - no matter their location. Read more.

Let's Connect!

The Tanner team will be attending several networking events in the coming weeks. Let’s connect to discuss how our organizations can improve patient lives, together.