Week of April 19th, 2021 | Vol. 10, Issue 16

In This Issue Featured Headlines Recent Industry Transactions Industry Trading Comps Recent Industry Headlines Market Reports Upcoming Events Quick Links Who We Are LinkedIn Corporate Site LinkedIn M&A Discussion Group Daybreak Consumer Care Contact Information Xan Smith Managing Director Business Development xsmith@bourne-partners.com Jeremy C. Johnson Managing Director Head of M&A and Capital Advisory jjohnson@bourne-partners.com

INDUSTRY M&A SNAPSHOT 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.

MARKET REPORTS Recent Materials Providing Insight Into Healthcare Related Industries

Q1 Pharma Services Sector Snapshot January 2021

Altaris Capital Partners | Perrigo Generic Rx Assets March 2021

ICON | PRA Health Sciences February 2021

Charles River | Cognate Bioservices February 2021 

EOY Pharma Services Sector Snapshot January 2021

Current M&A Pipeline Representative Current Retained Sell-Side And Partnering Opportunities

Project Tribute Sell-side | CMO | Liquids and Semi-solids CMO headquartered in Canada 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

Amgen Completes Five Prime Acquisition

Amgen has completed its acquisition of Five Prime Therapeutics for approximately $1.9 billion in cash. This acquisition adds Five Prime's innovative pipeline of immuno-oncology and targeted cancer therapies to Amgen's oncology portfolio.   "Five Prime fits squarely within Amgen's leading oncology portfolio and includes bemarituzumab, a Phase 3 trial-ready, first-in-class program for gastric cancer, the third leading cause of cancer mortality worldwide," said Robert A. Bradway, chairman and chief executive officer at Amgen. "Working with the dedicated professionals joining us from Five Prime, we plan to quickly move bemarituzumab into a Phase 3 study, bringing it one step closer to helping patients suffering from gastric cancer." Read more at Contract Pharma.

RECENT INDUSTRY 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 $251 million Supplies, Equipment & Services 38 transactions totaling $24,220 million Healthcare IT & Managed Care 7 transactions totaling $10 million Healthcare Facilities & Distributors 5 transactions totaling $340 million

PRIVATE PLACEMENTS

Pharma & Biotech 29 transactions totaling $1,437 million Supplies, Equipment & Services 26 transactions totaling $665 million Healthcare IT & Managed Care 15 transactions totaling $311 million Healthcare Facilities & Distributors 5 transactions totaling $203 million

PUBLIC OFFERINGS

Pharma & Biotech 13 transactions totaling $418 million Supplies, Equipment & Services 5 transactions totaling $95 million Healthcare IT & Managed Care 4 transaction totaling $18 million Healthcare Facilities & Distributors 0 transactions

INDUSTRY TRADING COMPS 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.

RECENT INDUSTRY TRANSACTIONS 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.

White House to give CDC $1.7B to help find and track COVID-19 variants April 18, 2021 - Fierce Healthcare The White House is making a $1.7 billion investment to track new, more transmissible strains of COVID-19 alongside preparing for new threats. The investment comes as cases of the new strains have multiplied in the U.S. over the past few months, leading to a major spike in cases in some states. Surprise: AstraZeneca's $39B Alexion buy clears a newly vigilant FTC without a hitch April 16, 2021 - Fierce Pharma Just as pharma watchers were bracing themselves for the brunt of renewed antitrust scrutiny around large biopharma transactions, AstraZeneca’s mega-acquisition of Alexion Pharma sailed through the much-dreaded review unscathed.  In an anticlimactic announcement Friday, AZ said the U.S. Federal Trade Commission has cleared the $39 billion deal first unveiled in December. Medical device manager Agiliti sets $500M IPO to pay down debt April 16, 2021 - Fierce Biotech The 82-year-old, Minneapolis-based company—which supplies about 7,000 hospitals and providers with equipment rentals, reprocessing and repairs through its 98 service centers—plans to sell more than 26.3 million shares on the New York Stock Exchange under the symbol AGTI, at a price ranging from $18 to $20 apiece, according to Renaissance Capital. Thermo Fisher Acquires PPD for $17.4B April 15, 2021 - Contract Pharma Thermo Fisher Scientific has acquired clinical research services provider PPD for $17.4 billion. PPD provides a broad range of clinical research and laboratory services to enable customers to accelerate innovation and increase drug development productivity.

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.