Week of October 21, 2019 | Vol. 8, Issue 42
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
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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.
Aiming to reduce debt after its $59 billion Shire acquisition, Takeda has found a buyer for a third bundle of assets.

The Japanese drugmaker is  selling  some 30 over-the-counter and prescription drugs in the Middle East and Africa to Switzerland’s Acino International for more than $200 million, the companies said Tuesday.

The products are “primarily” outside of Takeda’s chosen focus areas of gastroenterology, rare diseases, plasma-derived therapies, oncology and neuroscience, the company said. The exceptions are rights to older stomach drugs dexlansoprazole and pantoprazole in some of the countries, a Takeda spokesman told FiercePharma. Takeda remains committed to supplying the two drugs in the emerging markets countries where it retains rights.

Acino, a Zurich-headquartered pharma owned by private equity firms Nordic Capital and Avista Capital Partners, is focused on emerging markets including the Middle East, Africa, the Commonwealth states and Latin America.

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
16 transactions totaling $2,373 million
Supplies, Equipment & Services
17 transactions totaling $111 million
Healthcare IT & Managed Care
6 transactions totaling $63 million
Healthcare Facilities & Distributors
6 transactions totaling $4 million
Pharma & Biotech
19 transactions totaling $204 million
Supplies, Equipment & Services
13 transactions totaling $157 million
Healthcare IT & Managed Care
12 transactions totaling $99 million
Healthcare Facilities & Distributors
0 transactions
Pharma & Biotech
16 transactions totaling $974 million
Supplies, Equipment & Services
6 transactions totaling $214 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
0 transactions
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.
October 17, 2019 - OutsourcingPharma
Sponsors committed to standardizing data can benefit from ‘more than improved efficiency,’ says YPrime VP, as the company expands its eClinical portfolio to include data standards, clinical analytics and eCOA consulting services.

October 16, 2019 - BioPharma Dive
Alexion Pharmaceuticals is spending $930 million in cash to acquire Achillion Pharmaceuticals, a Pennsylvania-based company developing drugs for some of the same diseases Alexion targets.
Achillion's work revolves around oral inhibitors of Factor D — a regulatory protein found in the alternative complement pathway, which is part of the body's immune system. Achillion's most advanced drug is in mid-stage testing for two rare diseases, paroxysmal nocturnal hemoglobinuria and C3 glomerulopathy, which are also known respectively as PNH and C3G.

October 15, 2019 - Fierce Pharma
Gilead Sciences has found a new chief financial officer in an appointment that has mergers and acquisitions written all over it.
Andrew Dickinson, who joined Gilead in 2016 as EVP of corporate development and strategy, will  assume  the CFO role on Nov. 1, taking over from  retiring  financial chief Robin Washington.
Dickinson orchestrated Gilead’s $11.9 billion acquisition of Kite Pharma in 2017, which marked Gilead’s venture into cancer and cell therapy. And in July, Gilead  splashed  $3.95 billion upfront and $1.1 billion in equity investment for an expanded 10-year R&D pact with Galapagos. The two currently have JAK1 inhibitor filgotinib, which just  came out  of a phase 3 trial in rheumatoid arthritis with flying colors, on the horizon.

October 14, 2019 - Fierce Biotech
BridgeBio Pharma has  scrapped  plans to buy out its subsidiary Eidos Therapeutics. The planned deal hit a wall when a special committee set up by Eidos turned down BridgeBio’s third and final offer.
California-based BridgeBio created Eidos in 2017 to develop AG10, a treatment for the progressive, fatal disease transthyretin amyloidosis. The following year, Eidos went public, leaving BridgeBio with a 66% stake in the startup.

October 14, 2019 - Outsourcing Pharma
With global health care ‘at a tipping point,’ NSF International expands its services across the product lifecycle with the acquisition of a US-headquartered CRO, says VP.

Recent Materials Providing Insight Into Healthcare Related Industries