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LabCorp Lands a Global CRO

by | Aug 3, 2017 2:17 pm | CRO, Private Equity

In late July, Laboratory Corp. of America Holdings (NYSE: LH) announced the 6th CRO deal to surpass the $1 billion mark this year. The $1.2 billion deal for Chiltern is its third announced transaction this year, having acquired Mount Sinai’s Clinical Outreach Laboratories (January) and Pathology Associates Medical Laboratories, LLC (February). Despite activity in the Laboratory, MRI & Dialysis sector, LabCorp was on the hunt for a CRO target all year, but with little luck. Back in February, it was rumored that LabCorp was looking to buy Pharmaceutical Product Development, LLC for $8 billion. PPD ended up going to Hellman & Friedman LLC, a long time... Read More »

Health Care Deal Volume Slows in Q2:2017, As Dollar Volume Rises

by | Jul 14, 2017 4:01 pm | Behavioral Health Care, Biotechnology, eHealth, Home Health & Hospice, Hospitals, Laboratories, MRI & Dialysis, Long-Term Care, Managed Care, Medical Devices, Other Services, Pharmaceuticals, Physician Medical Groups, Rehabilitation

Health care merger and acquisition activity slowed in the second quarter of 2017. Compared with the first quarter of 2017, deal volume decreased 15%, to 366 transactions. Deal volume was also lower compared with the same quarter the year before, down 14%. Combined spending in the second quarter reached $95.8 billion, an increase of 62% compared with the $59.1 billion spent in the previous quarter, according to HealthCareMandA.com. Second quarter deal value was up 8% compared with the $88.7 billion spent in Q2:16. Health care services transactions accounted for 52% of the second quarter’s dollar volume, much higher than the 14% share reported in the first quarter, and the 19% share recorded... Read More »
June 2017 Deal Volume Shows Continued Strength

June 2017 Deal Volume Shows Continued Strength

by | Jul 7, 2017 6:40 pm | Behavioral Health Care, Biotechnology, eHealth, Home Health & Hospice, Hospitals, Laboratories, MRI & Dialysis, Long-Term Care, Managed Care, Medical Devices, Other Services, Pharmaceuticals, Physician Medical Groups, Rehabilitation

Preliminary data for the month of June shows that investors are still bullish—or at least comfortable—betting on health care. Some 123 transactions were announced last month, an 11% decrease compared with May’s 138 transactions. Year over year, however, this early data is just 5% below the 130 deals announced in June 2016. For a little perspective, April 2017’s deal volume was just 104 transactions, which made the May numbers look very strong by comparison. June’s deal volume looks reassuringly healthy, as it is close to the year-ago total, and could be adjusted upward in the future as more deals come to light. The same trends we’ve noted in previous months are still playing out, too. Deal... Read More »

2017’s Next Healthcare Trend: Go-Private Deals

by | Jun 30, 2017 3:04 pm | CRO, Pharmaceuticals, Physician Medical Groups, Private Equity

Every year has its trends. In 2017, we’ve reported on mass consolidation of CROs and Physician Medical Groups, and a dip in pharmaceutical M&A, to name a few. Another trend we’ve observed is the large amount of going-private transactions in healthcare. In the first six months of 2017, 44 going-private transactions were announced, a 38% increase from 2016 and a 91% increase from 2015. In 2017, 45% of the 44 going-private transactions were initiated by financial buyers, and an additional 21% were announced by private equity-sponsored companies making add-on acquisitions. In 2016, 26% of these deals were initiated by financial buyers, and another 19% were PE-sponsored add-on... Read More »

Pamplona Capital Wins Auction for PAREXEL

by | Jun 28, 2017 7:35 pm | CRO, Other Services

Pamplona Capital Management LLP, a New York-based private equity firm, has been on the hunt for a contract research organization (CRO) for the past year. According to a report from Reuters, it made an unsuccessful bid earlier this year for Pharmaceutical Product Development LLC, a U.S. clinical trials firm valued at more than $9 billion. On June 20, 2017, Pamplona bagged a different target. The firm announced its acquisition of PAREXEL International Corporation (NASDAQ: PRXL) in a going-private transaction. According to other reports, Parexel’s advisers initially accepted PE firm offers, but later opened up the auction to industry players as well. Pamplona outbid rivals including... Read More »

RN Staffing Firm Sells for $88 Million

by | Jun 15, 2017 7:33 pm | Healthcare Staffing, Other Services

Cross Country Healthcare, Inc. (NASDAQ: CCRN) hasn’t announced an acquisition in more than a year. The company posted some rather soft numbers in Q1:17, owing to the slow pace of ramping up some new business wins in 2016. CEO William Grubbs told analysts on the following earnings call on May 4 that he still wasn’t satisfied with the results. What better remedy for slow organic growth than to make an acquisition? On June 13, the company announced it will pay an aggregate price of $88 million to acquire substantially all of the assets and business of Advantage RN, LLC and its affiliates, Advantage On Call, Advantage Locums and Advantage RN Local Staffing... Read More »