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Buyer Discipline Emerging in Healthcare M&A
On October 21, we attended McDermott Will & Emery’s HPE New York event for a morning of panel discussions and networking. Much of the focus was on private equity’s healthcare M&A strategy amid higher interest rates, a pricing disconnect between buyers and sellers, and other headwinds in the industry. Right off the bat, the first panel posed a question to the audience asking what was causing a drop in deal activity. Quite clearly, the top two answers were, “frozen credit markets” and “pricing too high,” with “wage inflation” another major factor in how buyers approached potential deals. Higher wages may very well keep some PE firms from buying service-intensive healthcare businesses... Read More »
Home Health M&A Market Slowed in Q3, But Big Transactions Kept Deal Values High
The first half of 2022 revealed a shift away from the pandemic-fueled activity in the Home Health & Hospice (HH&H) M&A market seen during 2020 and 2021. This trend has carried through to the third quarter of 2022, which included 25 deals, a 43% drop from 2021’s third quarter when there were 44 announced transactions in the sector. Through the end of the third quarter this year, there have been 83 transactions announced in the HH&H sector, which covers the categories of home health, home hospice, palliative care, durable medical equipment, respiratory home care, geriatric care management, personal care, home aides and multi-service providers. Deals this year have fallen 24%... Read More »
Flora Growth Acquires Franchise Global Health in $29 Million Medical Marijuana Deal
Flora Growth acquired Franchise Global Health in a medical marijuana deal in which FGH is valued at approximately C$40 million (approximately $29.2 million USD). Flora Growth is an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands. Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house brands and life sciences divisions. Franchise Global Health Inc., through its subsidiaries, is a multinational operator in the medical cannabis and pharmaceutical industries, with principal operations in Germany and with operations, assets, strategic partnerships and investments internationally. ... Read More »
Concentra Acquires NOHS in Tulsa, Oklahoma
Concentra, a division of Select Medical, announced the acquisition of National Occupational Health Services (NOHS) and its medical center in Tulsa, Oklahoma, which will now be called Concentra Tulsa East 41st Street. Concentra will assume management of mobile services. The financial terms of the deal were not disclosed. Concentra offers occupational medicine, urgent care, physical therapy and wellness services from nearly 520 medical centers nationwide. Concentra provides health advisory services to employers and operates more than 140 on-site medical facilities. Founded in 1991 and based in Tulsa, Oklahoma, NOHS offers occupational health services for employers and employees. According to... Read More »
Cegedim Acquires Clinityx
Cegedim acquired Clinityx in a deal involving companies based in France. Terms of the transaction were not disclosed. Founded in 1969, Cegedim is a technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 5,600 people in more than 10 countries and generated revenue of €525 million ($518.34 million USD) in 2021. Founded in 2018, Clinityx partners with academic establishments to build data warehouses. Clinityx also provides consulting services and manages all aspects of real-world studies from protocol design to final report. According... Read More »
Beckley Psytech Limited Acquires Eleusis Therapeutics Limited
Beckley Psytech Limited acquired Eleusis Therapeutics Limited. The companies are located in the UK. Terms of the deal were not disclosed. Beckley Psytech is a clinical-stage privately held company helping patients suffering from neurological and psychiatric disorders by developing a pipeline of psychedelic compounds. Founded in 2013, Eleusis is a clinical-stage life science company that aims to unlock the potential of psychedelics, guided by science and enabled by drug discovery, clinical development and care delivery design. According to the LevinPro HC database, this was the 116th Biotechnology deal of 2022. That compares with 100 Biotechnology transactions recorded between January 1,... Read More »
“Inflation Is a Pressure Point:” HCA Healthcare Reports Decline in Q3 Earnings
HCA Healthcare, Inc. handled the storm well, all things considered. Despite market headwinds and tough labor conditions, HCA’s revenues in the third quarter of 2022 totaled $14.971 billion, compared to $15.276 billion in the third quarter of 2021, a drop of approximately 2%. For the third quarter of 2022, adjusted EBITDA totaled $2.902 billion, compared to $3.224 billion in the third quarter of 2021. “Despite a difficult comparison to the prior year due to the COVID-19 Delta variant, we are pleased with our results and the execution of our teams in a challenging operating environment, which included tremendous efforts from our courageous frontline caregivers and support teams who... Read More »
Eli Lilly Acquires Akouos
Eli Lilly and Company has acquired Boston-based Akouos, Inc. The transaction is valued at approximately $487 million plus a contingent value right for an aggregate amount up to approximately $610 million. Akouos, Inc. is a precision genetic medicine company that is developing a portfolio of adeno-associated viral gene therapies for the treatment of inner ear conditions, including sensorineural hearing loss. Eli Lilly discovers, develops, manufactures and sells pharmaceutical products. Its products are sold in 125 countries. According to the LevinPro HC database, this acquisition is the 113th Biotechnology deal of the year. This compares with 100 Biotechnology transactions from January 1,... Read More »
Charlesbank Capital Partners’s MB2 Dental Acquires Woodside Pediatrics
MB2 Dental Solutions announced this week that it purchased Woodside Pediatrics for an undisclosed amount. MB2 Dental Solutions, a portfolio company of middle-market private equity firm Charlesbank Capital Partners since February 2021, partners with dentists and specialists. Founded in 2007, MB2 offers general dentistry services, orthodontics, cosmetic dentistry and oral surgery. Woodside Pediatrics, run by Dr. Jennifer Woodside, provides pediatric dentistry through one location in Warrenton, Virginia. According to the LevinPro HC database, this acquisition marks MB2 Dental’s 30th transaction of the year and fifth of Q4:22. Additionally, this represents the 495 Physician Medical... Read More »Schedule a demo
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