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Clover Health Goes Public
Clover Health Investments, Corp. is going public in a new reverse merger. Founded in 2013, Clover Health provides affordable Medicare Advantage plans to more than 57,000 members in seven states. The company also offers the Clover Assistant platform, which aggregates relevant health data points, including claims, medical charts and diagnostics, and uses machine learning to synthesize that data with member-specific information. This provides physicians with actionable and personalized insights at the point of care, offering suggestions for medications and dosages as well as the need for tests or referrals, among others, to ultimately improve health outcomes. Clover Health is merging with... Read More »
Innovative Renal Care Acquires American Renal Associates
Innovative Renal Care, a portfolio company of Nautic Partners, has significantly expanded its network through a new acquisition. The dialysis provider has added American Renal Associates Holdings, Inc. (NYSE: ARA) for $853 million, or $11.50 per share in cash, representing an approximate premium of 66% to the company’s closing price on October 1, 2020. The price includes net debt. ARA is a leading provider of outpatient dialysis services in the United States. As of June 30, 2020, ARA operated 251 dialysis clinic locations in 27 states and the District of Columbia serving more than 17,300 patients with end-stage renal disease. ARA generated 12-month revenues of $815.8 million with EBITDA of... Read More »
Healthcare M&A Activity in Third Quarter Leveled Out
Things felt tough in the third quarter. According to the Centers for Disease Control, the United States passed 7 million cases of COVID-19, with over 200,000 confirmed deaths, or 20% of the deaths caused by the pandemic worldwide. The 2020 presidential election kicked into full swing, but no one seems thrilled by reports coming out of the race. The healthcare M&A market, however, showed promise. According to results in our HealthCareMandA.com Deal Database, deal volume in Q3:20 remained flat compared with Q2:20; stabilization is a welcome change after months of decline. In Q3:20, there were 342 transactions announced, compared with 341 deals in Q2:20 and 461 in Q3:19. Source:... Read More »
Biotech Firms Bet Big on Oncology
The Biotechnology sector is placing a big bet on oncology. Throughout 2020, M&A in the Biotechnology sector has focused heavily on targets involving oncology research and products, both in deal volume and spending. Of the 97 Biotechnology deals reported through September 30, 26% involved oncology targets, with $37.25 billion in deal value, or 65% of the sector’s total announced spending, according to search results in our HealthCareMandA.com Deal Database. In the first three quarters of 2019, demand for oncology targets hit only 20% of deal volume, revealing an increased interest in 2020. Spending in 2019 for oncology targets and collaborations easily eclipsed the total this year,... Read More »
Molina Healthcare Acquires Affinity Health Plan
It has been an eventful year for Molina Healthcare (NYSE: MOH). With two acquisitions already on the books for 2020, the company has announced a third. Last week, Molina Healthcare purchased New York-based Affinity Health Plan for $380 million in cash, net of expected tax benefits. Affinity is a Medicaid managed care organization serving members in New York City, Westchester, Orange, Nassau, Suffolk and Rockland counties in New York. The organization currently has 284,000 members and premium revenues of $1.3 billion. The acquisition expands Molina’s market in New York and is immediately accretive to adjusted earnings per share. Molina Healthcare last announced a deal in July for... Read More »
Smith & Nephew Returns to the M&A Market
It’s been over a year since Smith & Nephew plc (NYSE: SNN) announced a transaction, but the medical device manufacturer is back on the acquisition trail. On September 29, the company purchased Integra LifeSciences Holdings Corporation’s (NASDAQ: IART) extremity orthopedics business for $240 million. The business includes a portfolio of devices, implants and instruments for shoulder replacement as well as reconstruction of bone in the hand, wrist and elbow, and foot and ankle. This deal will significantly strengthen Smith & Nephew’s extremities business by adding a combination of a focused sales channel, complementary shoulder replacement and upper and lower extremities... Read More »
Bristol Myers Pumps up with MyoKardia
It’s been a busy year for Bristol Myers Squibb (NYSE: BMY) and its bankers. After two deals announced in 2020, the pharma giant is back for more with a $13.1 billion cash offer ($225 per share) for MyoKardia, Inc. (NASDAQ: MYOK). MyoKardia is a clinical-stage biopharmaceutical company focused on targeted therapies for the treatment of serious cardiovascular diseases. Through the transaction, Bristol Myers gains mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive hypertrophic cardiomyopathy (“HCM”), a chronic heart disease with high morbidity and patient impact. A New Drug Application for mavacamten is expected to be submitted to the U.S.... Read More »
Simplura Health Group Sells for $575 Million
The Home Health & Hospice sector had a jolt of activity last week. One Equity Partners is selling its portfolio company, Simplura Health Group, to The Providence Service Corporation (NASDAQ: PRSC) for $575 million. The Providence Service Corporation, through its wholly-owned subsidiary LogistiCare Solutions, LLC, is the nation’s largest manager of non-emergency medical transportation programs for state governments and managed care organizations. Providence Service Corporation is acquiring a 100% interest in Simplura. Simplura Health Group operates a large network of home health and personal care agencies across Connecticut, Florida, Massachusetts, New Jersey, New York,... Read More »
Health Care M&A Deals, October 2, 2020
The Health Care M&A deals chart is a selection of transactions announced during the prior week(s). The M&A transactions presented here are from our HealthCareMandA.com Deal Database, which is updated daily to provide our subscribers with the most up-to-date information and trends in the healthcare industry. The largest deal of the week is AEW Capital Management’s purchase of a Welltower (NYSE: WELL) portfolio consisting of 10 seniors housing communities and 1,507 units located in California, Nevada and Washington. They were primarily independent living communities, with assisted living, memory care and multifamily units too. The purchase price was just over $700 million. To... Read More »Schedule a demo
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