JLL Facilitates Recapitalization of 31-Building MOB Portfolio
JLL Capital Markets represented Montecito Medical Real Estate in the $245 million recapitalization and financing of a 31-property medical office building portfolio with AEW Capital Management. The institutionally managed portfolio consists of 27 single-tenant and four multi-tenant buildings totaling 545,813 square feet across 10 states. The properties are purposely aligned with major health systems and dominant physician groups. Additionally, JLL worked on behalf of the new ownership group to secure $176 million in acquisition financing through BMO Harris. BMO’s dedicated team of real estate experts stay up to date with current market trends and conditions to help developers, REITs,... Read More »
Industry Experts Talk Healthcare M&A Market at iiBig Virtual Roundtable
The editorial team at Irving Levin Associates attended the keynote panel at the iiBig 13th Annual Investment and M&A Opportunities in Healthcare Virtual Conference aptly titled “State of the Healthcare M&A Industry.” It was led by Nick Donkar, Head Deals Leader – Healthcare, PricewaterhouseCoopers, and featured John W. Jones, Jr., Partner, Troutman Pepper LLP, Burk Lindsey, Managing Director, Raymond James, Michael Ory, Managing Director, Brentwood Capital Advisors and Neil Pickett, VP and Deputy Chief of Staff Indiana University Health. The panel managed to paint an in-depth portrait of the healthcare M&A market and the forces driving such high growth this... Read More »KSL Biomedical Expands into Canada with Pulse Scientific Acquisition
KSL Biomedical Inc. has entered the Canadian market with the acquisition of Burlington, Ontario-based Pulse Scientific Inc., extending its international base for product distribution and laboratory sales, while positioning KSL for future acquisitions in the Burlington/Toronto area and beyond. Pulse Scientific is a privately-owned incorporation founded in 1992 that specializes in the supply of laboratory diagnostic tests for medical labs across Canada. Some examples of these tests include Syphillis, Rheumatoid Arthritis, drugs of abuse and microbiological products. KSL Biomedical is a translational medicine technology company based in Williamsville, New York. KSL has been growing rapidly... Read More »
AzurRz BioPharma Acquires First Wave Bio
AzurRz BioPharma, Inc., a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced that it has entered into a definitive agreement to acquire First Wave Bio, Inc. in a stock and cash transaction valued at $229 million. H.C. Wainwright & Co. acted as advisor to AzurRx in connection with the acquisition. Founded in 2015, First Wave Bio, Inc. is a clinical-stage biotechnology company specializing in the development of novel, gut-targeted, small molecule therapies for the treatment of auto-immune inflammatory bowel diseases (IBD) and other serious conditions. AzurRx also announced that it... Read More »
The Transcript: Q2 Highlights From Healthcare CEOs
What better way to get an understanding of the healthcare market than through the CEOs of the top companies themselves? Leaders across different segments, including hospitals, telehealth, managed care, home health and more, reported strong growth and activity and have a confident outlook for the rest of the year. Health System Rebound “…we are delivering a much stronger growth trajectory on the hospital side in terms of admissions, outpatient visits, ER volumes, and surgeries. In particular, the higher acuity work that we have been focused on with general surgery, cardiovascular, ortho, neuro, etc., have been steadily progressing in key markets across the country.” – Tenet Healthcare Corp.... Read More »
A Conversation With M&A Healthcare Advisors, a Newly Launched Boutique Advisory Firm Focused on Healthcare M&A
The healthcare editorial team at Irving Levin Associates sat down with industry veterans Mike Moran and Andre Ulloa to discuss the launch of their new advisory firm, M&A Healthcare Advisors (MAHA), and the state of the healthcare M&A market. MAHA aims to transform the M&A experience for lower-middle market healthcare business owners by providing highly accessible, transparent and experience-driven seller-representation services throughout the entire sale process. What motivated you to launch the new firm?Andre: We saw a huge void when it came to lower-middle market seller representation in the healthcare industry. These smaller healthcare agencies are often... Read More »
Definitive Healthcare Launches Into the Public Sphere
Definitive Healthcare, the leading provider of healthcare intelligence for go-to-market sales strategies, announced the terms for its IPO last week, with plans to list on the Nasdaq under the symbol DH. The Framingham, MA-based company plans to raise $350 million by offering 15.6 million shares at a price range of between $21 to $24. New investors BlackRock and Capital World plan to purchase $80 million worth of shares, or 23% of the deal, in the offering. At a midpoint of the proposed range, Definitive Healthcare would command a market value of $3.3 billion. Founded in 2011, Definitive Healthcare provides healthcare commercial intelligence to its over 2,600 customers (as of June 30,... Read More »
NorthShore University HealthSystem & Edward-Elmhurst Health Merge
Two Illinois-based health systems have announced they are merging. Edward-Elmhurst Health, a not-for-profit health system, is joining NorthShore University HealthSystem, another not-for-profit system located in the Chicago market. Edward-Elmhurst Health is a 736-bed system that includes two hospitals and one behavioral health hospital and has more than 60 outpatient locations across Chicago’s west and southwest suburbs. The hospitals are Edward Hospital, Elmhurst Hospital and Linden Oaks Behavioral Health. Edward-Elmhurst generated $1.14 billion in revenue in 2020 and $62.27 million in EBITDA. NorthShore, for its part, generates around $1.5 billion in annual revenues, according to the... Read More »