Week of November 30th, 2020 | Vol. 9, Issue 48 |
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In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events
Quick Links
Contact Information
Managing Director
Business Development
Managing Director
Head of M&A and Capital Advisory
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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.
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For more information about our consumer healthcare JV with The Emerson Group, Daybreak Consumer Care, click here.
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MARKET REPORTS
Recent Materials Providing Insight Into Healthcare Related Industries
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Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
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Project Trident
Buy-side | Generic Pharma | Manufacturing liquid generics
Project Montage
Strategic Advisory | Generic Pharma + CDMO | Exploring full range of transaction alternatives
Project Aspen
Sell-side | Pharma Services | Multi-national contract manufacturing and packaging organization
Project Bulldog
Sell-side | Pharma Services| Life sciences consulting firm
Project Olympus
Sell-side | Pharma | Portfolio of generic injectable products
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Like AstraZeneca, Bayer and Sanofi before it, Bristol Myers Squibb has now tapped molecule modeler Schrödinger for a drug discovery collaboration spanning multiple disease areas.
However, their deal also includes two biological targets from Schrödinger’s stable of wholly owned R&D programs—HIF-2α in kidney cancer as well as SOS1- and KRAS-driven tumors, both in the early discovery phase—which the company could hand off for eventual clinical testing.
The serial Big Pharma partner will receive $55 million upfront in the deal, with BMS committing to up to $2.7 billion in milestone payments linked to success over different stages of development. Schrödinger will be entitled to royalties from any commercialized therapies, but it will also cover the cost of the early discovery work itself.
In return, BMS will receive exclusive worldwide rights to candidate molecules produced by Schrödinger’s cloud computing platform, which aims to predict how well a potential drug will affect a targeted protein, helping optimize its chemical properties before the company begins the more expensive task of proving its worth in the clinic.
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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.
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Pharma & Biotech
10 transactions totaling $465 million
Supplies, Equipment & Services
13 transactions totaling $178 million
Healthcare IT & Managed Care
5 transactions
Healthcare Facilities & Distributors
7 transactions totaling $314 million
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Pharma & Biotech
29 transactions totaling $1,805 million
Supplies, Equipment & Services
16 transactions totaling $109 million
Healthcare IT & Managed Care
5 transactions totaling $67 million
Healthcare Facilities & Distributors
4 transactions totaling $114 million
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Pharma & Biotech
19 transactions totaling $504 million
Supplies, Equipment & Services
1 transaction
Healthcare IT & Managed Care
1 transaction totaling $7 million
Healthcare Facilities & Distributors
0 transactions
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INDUSTRY TRADING COMPS
A Breakdown of Relevant Trading Multiples
Each week, we provide updated trading comps for leading companies from numerous healthcare sub-sectors.
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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.
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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.
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November 25, 2020 - Fierce Biotech
Hand-held ultrasound developer Butterfly Network is going public through a $1.5 billion acquisition deal backed by the hedge fund Glenview Capital Management. Technically speaking, Butterfly will become a wholly owned subsidiary of Longview Acquisition Corp., a special purpose company sponsored by Glenview, which previously posted a $300 million IPO of its own over six months ago.
November 24, 2020 - Fierce Pharma
In recent months, the contract manufacturing market has seen a wave of investment in the U.S. amid the COVID-19 pandemic and a call for "onshore" drug production. Now, Baxter's CDMO arm is stepping up to the plate with a finishing technology expansion at its Indiana site. Baxter Biopharma Solutions, the CDMO arm of healthcare giant Baxter, will shell out $50 million in an expansion to its fill-finish manufacturing plant in Bloomington, Indiana, that will eventually bring 100 new positions on board, the company said Tuesday.
November 23, 2020 - Fierce Biotech
Merck has struck a deal to buy OncoImmune for its COVID-19 treatment CD24Fc. The $425 million cash acquisition will give Merck control of a fusion protein linked to improvements in clinical status in a phase 3 trial of severe and critical COVID-19 patients.
November 23, 2020 - Fierce Biotech
ATAI Life Sciences is topping off a busy year with a $125 million financing, which will support the preclinical and clinical development for its mental health pipeline, including programs in opioid use disorder and depression. The series C round follows a $43 million round in March 2019.
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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.
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