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Cardinal Health Sheds its China Operations

Cardinal Health Sheds its China Operations

by | Nov 15, 2017 7:24 pm | Other Services, Private Equity

Cardinal Health Inc. (NYSE: CAH) put its Cardinal Health China business up for sale in July of this year, following concerns that upcoming drug distribution reform could threaten the company’s growth. Cardinal’s China business is the eighth largest drug distributor in the country, operating 14 direct sales units and 17 distribution centers that cover 322 cities and 11,000 medical institutions. The bidding process was very competitive, according to Reuters, and names like Warburg Pincus were rumored to have competed in the final rounds, among other private equity and Chinese pharmaceutical bidders. On November 14th, Cardinal Health announced that Shanghai Pharmaceuticals Holding Co., Ltd.... Read More »
Home Health Deals Still Sluggish in Q3:17

Home Health Deals Still Sluggish in Q3:17

by | Nov 3, 2017 6:04 pm | Home Health & Hospice, Private Equity

The Home Health & Hospice sector has been buffeted by headwinds in 2017. Besides the ongoing labor shortage and federal fraud investigations, the President’s recently signed executive orders affecting cost-sharing reductions for families and individuals earning less than 400% of the federal poverty level could curtail use of home health agencies. Deal volume remained depressed in the third quarter, at 10 transactions, which represents 20% of the 51 deals announced in the past 12 months. Compared with the same period a year earlier, deal volume was down 17%. Source: HealthCareMandA.com, October 2017 None of the deals announced disclosed financial terms, just as in the second quarter.... Read More »
Meridian Behavioral Health Takes Minnesota

Meridian Behavioral Health Takes Minnesota

by | Oct 27, 2017 3:45 pm | Behavioral Health Care, Private Equity

Minneapolis-based Meridian Behavioral Health, a portfolio company of Audax Private Equity, is now the largest provider of behavioral health care services in Minnesota. Meridian provides care to individuals suffering from substance use disorders with co-occuring mental illness. On October 25, it announced the acquisition of New Beginnings Minnesota, which provides inpatient and outpatient substance abuse care. Financial terms were not disclosed. New Beginnings’ residential campuses are supported by six outpatient clinics located in Minnetonka, Elk River, Litchfield, Olivia, St. Peter, and Worthington, Minnesota. The transaction makes Meridian the largest provider of behavioral health... Read More »
Deal of the Week: Concentra/Dignity Health

Deal of the Week: Concentra/Dignity Health

by | Oct 27, 2017 3:15 pm | Hospitals, Other Services, Private Equity, Rehabilitation

Even as it continues merger talks with the troubled hospital chain, Catholic Health Initiatives, Dignity Health sold its rehabilitation and occupational health division, U.S. HealthWorks for $753 million. The acquirer, Concentra Group Holdings, is jointly held by Select Medical Corporation (NYSE: SEM), Welsh, Carson, Anderson & Stowe and minority equity shareholders including Cressey & Company. The combination will bolster both companies’ urgent care platforms as new payment models push for care delivery outside of hospital setting. Dignity Health will receive a 20% equity interest in the combined entity, valued at $238 million, and the remainder of the purchase price in... Read More »
Deal of the Week: Express Scripts Diversifies

Deal of the Week: Express Scripts Diversifies

by | Oct 11, 2017 2:04 pm | Managed Care, Other Services, Private Equity

Express Scripts (NASDAQ: ESRX) didn’t hedge its bets that online retail giant Amazon will enter the prescription drug delivery market.  On October 10, the leading pharmacy benefit manager (PBM) acquired South Carolina-based eviCore healthcare from its current investors, including General Atlantic, TA Associates, and Ridgemont Equity Partners, for $3.6 billion. The deal follows rumors that Amazon is contemplating entering the prescription drug delivery market in an attempt to improve price transparency for consumers and reduce out-of-pocket costs.  Last April, Express Scripts lost Anthem, Inc. (NYSE: ANTM) as a client, and with it, 18% of annual revenue. The threat of... Read More »

Follow the Funding, September 2017

by | Sep 29, 2017 2:55 pm | Private Equity

This monthly feature focuses on various tranches and rounds of funding for healthcare ventures, startups and funds. Links indicate target companies and lead investors. TargetInvestorsAmountDate Entasis TherapeuticsClarus Funds, Frazier Healthcare Partners, Novo A/S, Eventide Funds, Pivotal bioVenture, Sofinnova Ventures and TPG Biotech$31.9 million Series B-1September 5, 2017 Synergy PharmaceuticalsCRG LP$300 million debt fundingSeptember 5, 2017 Mid-Atlantic Dental PartnersS.C. Goldman and Company, LLC$12.5 million September 6, 2017 WuXi NextCODESequoia Capital and Temasek, Yunfeng Capital and 3W Partners$240 million Series BSeptember 7, 2017 TalkspaceQumra Capital and Norwest Venture... Read More »