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Invitae Adds Reproductive Health Diagnostics

by | Aug 3, 2017 2:22 pm | Biotechnology, eHealth, Laboratories, MRI & Dialysis, Private Equity

Just a month ago, we reported on molecular-diagnostics firm Invitae (NYSE: NVTA), and its interest in the eHealth sector, following the acquisition of two digital health companies. In July, the company set its sights on other laboratory companies and announced two more acquisitions. Invitae also separately announced that it will sell $73.5 million of its stock through a private placement to be led by existing investors with “significant” participation from multiple new investors, all unnamed. Invitae is one of the fastest growing genetic information companies in the United States, whose longer-term strategy is to aggregate most of the world’s genetic tests into a single service with... Read More »

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 »
Evergreen Health’s For-Profit Bid Withers

Evergreen Health’s For-Profit Bid Withers

by | Jul 28, 2017 3:01 pm | Managed Care, Private Equity

The Managed Care sector went two steps forward, then one step back in July. Two deals were announced in the span of two days, and as the month neared a close, another deal was terminated, leaving this year’s total at a sluggish 10 deals. Back in May 2017, we reported on Evergreen Health’s journey to become a for-profit, provider-sponsored plan in Maryland. The company was birthed as an insurance co-op under the Affordable Care Act and has struggled to survive since. In October 2016, Evergreen put itself up for sale as a result of unprofitability and growing indebtedness to the Center for Medicare and Medicaid Services. Then, on May 2, a group of investors agreed to buy the company, which... Read More »
WebMD Goes Private in $3.6 Billion Deal

WebMD Goes Private in $3.6 Billion Deal

by | Jul 25, 2017 1:48 pm | eHealth, Private Equity

A portfolio company of KKR (NYSE: KKR) just announced the 99th eHealth deal of 2017, and the second largest eHealth deal in our M&A database dating back to 1993. On July 24, 2017, KKR portfolio company Internet Brands, an online media and software services organization, announced the acquisition of WebMD Health Corp. (NASDAQ: WBMD). The company provides health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through its public and private online portals, mobile platforms and health-focused publications. The deal comes five months after New York-based WebMD said it would explore strategic options following a slowdown in... Read More »

Kindred Exits Skilled Nursing Business

by | Jul 7, 2017 4:42 pm | Hospitals, Long-Term Care, Private Equity

Kindred Healthcare (NYSE: KND) has made no secret that it is getting out of the skilled nursing business. It took until June 30 for the deal announcement to come, and when it did, it was a bit of a surprise that a single buyer was taking over the entire business. Private equity firm BlueMountain Capital Management, LLC, through a joint venture it is leading called BM Eagle Holdings, agreed to acquire Kindred’s 89 skilled nursing facilities. BlueMountain, you may recall, acquired the financially failing Daughters of Charity hospital system in California in July 2015, following the collapse of Prime Healthcare Services’ $849 million bid in March 2015. A week after this deal with Kindred... 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 »