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A Good Start for Biotech in 2020
Early in January 2019, Bristol-Myers Squibb’s (NYSE: BMY) $74 billion acquisition of Celgene Corporation dominated the headlines. But despite that big deal, 2019 was a rather lackluster year for the Biotechnology sector. However, the opening quarter of 2020 is showing some promise. This year’s J.P. Morgan Healthcare Conference came and went without any major announcements, but the Biotech sector is seeing a steady start, with a modest $930 million in spending with 11 announced transactions. A bulk of that dollar volume came from Incyte Corporation’s (NASDAQ: INCY) deal with MorphoSys AG (NASDAQ: MOR) for tafasitamab. The collaboration and license agreement aim to further... Read More »
Quest Diagnostics Buys Genetic Testing Company
Quest Diagnostics (NYSE: DGX) broadened its scope in genetics and rare diseases with the January 22 acquisition of Blueprint Genetics, based in Helsinki, Finland. Founded in 2012, the target now serves customers in more than 70 countries. Financial terms of the all-cash equity transaction were not disclosed. Blueprint is a leading specialty genetic testing company with deep expertise in gene variant interpretation based on next generation sequencing (NGS) and proprietary bioinformatics. It provides 3,900 targeted single gene and more than 200 panel tests spanning 14 medical specialties. Its growth comes largely from its proprietary guideline-supported methods of gene variant interpretation... Read More »
Summit BHC Moves into Colorado
It’s been some time since we heard about Summit BHC. There’s a good reason, too. It hasn’t announced an acquisition since October 2018. Now comes news the firm has moved into Colorado, making its first acquisition in the state. On January 22, the company added Peak View Behavioral Health, a 112-bed acute psychiatric and behavioral health hospital in Colorado Springs. Financial terms were not disclosed. Summit was founded in 2013 to develop and operate a network of addiction treatment and behavioral health centers throughout the United States. Flexpoint Ford LLC made a controlling investment in the Franklin, Tennessee-based firm in 2015 and exited in October 2017 to Lee... Read More »
Ensign Group Spin-Off Makes Another Deal
In October 2019, The Ensign Group (NASDAQ: ENSG) and The Pennant Group, Inc. (NASDAQ: PNTG) announced the completion of Pennant’s spin-off. The two separated to give investors more and better industry-specific options; The Ensign Group will stay focused on services ranging from skilled nursing to various forms of therapy and rehab, while The Pennant Group will operate in the home health and hospice and senior living markets. The latter is comprised of two of Ensign’s former subsidiaries, Cornerstone Health and Pinnacle Senior Living. And now in early 2020, The Pennant Group is keeping its promise and wasting no time to expand. In early January, Cornerstone Healthcare acquired... Read More »Hospital M&A Outlook
The Hospital sector ended 2019 with 80 transactions in the United States reaching the definitive agreement stage or closing. All told, 99 hospital deals are on the books for the year, which is a 25% increase over 2018’s 79 hospital deals. For the fourth quarter of 2019, 23 transactions reached the definitive agreement stage or closing. That was a 21% decline from the third quarter’s 29 deals, but a 10% gain over the same quarter in 2018. What’s ahead for the Hospital sector in 2020? More of the same, meaning that consolidation among strong regional health systems will continue the trend that began a few years ago. Small standalone hospitals will still push to join a... Read More »InTouch and Teladoc Merger Leads Busy Month for eHealth Deals
The eHealth sector hit the ground running in 2020. In the first two and a half weeks 15 eHealth transactions have been announced, and we expect it to easily eclipse January 2019’s deal volume of 16. It’s already matched last month’s total count of 15. The headline deal belongs to Teladoc Health, Inc.’s (NYSE: TDOC) acquisition of InTouch Health for $600 million, split into $150 million in cash and $450 million of Teladoc common stock. InTouch Health offers telehealth, cloud-based network, and virtual care solutions services for a broad array of healthcare environments. The company supports more than 3,600 care locations around the world, including many of the top 20... Read More »
Eli Lilly Comes Out Swinging
The annual J.P. Morgan Healthcare conference in San Francisco concluded last week with very few big deal announcements. In January 2019, Bristol-Myers Squibb (NYSE: BMY) made its $74 billion takeover of Celgene Corporation (NASDAQ: CELG) public just before the conference started. That was quickly followed by Eli Lilly and Company’s (NYSE: LLY) $8 billion deal for Loxo Oncology. This year, Eli Lilly was back in the spotlight with an agreement to acquire Demira, Inc. (NASDAQ: DERM), the largest deal announced in January. The $1.1 billion cash price (13.3x revenue), or $18.75 a share, represents an 86% premium to the 60-day volume-weighted average trading price of Dermira’s stock... Read More »
Health Care M&A Deals, Week Ending January 17, 2020
The Health Care M&A Weekly chart is a selection of transactions announced during the prior week(s). The deals presented here are from our Deal Search Online database, which is updated every business day. Visit www.dealsearchonline.com to see how Deal Search Online can help you stay up-to-date on the healthcare market overall, or in a particular sector of interest to your firm. Biotechnology Acquirer Target Price Incyte Corporation License to tafasitamab $750,000,000 Biogen Inc. PF-05251749 $75,000,000 BioNTech AG Neon Therapeutics, Inc. $67,000,000 Axsome Therapeutics, Inc. License to clinical data and AXS-14 $11,000,000 eHealth Acquirer... Read More »
Last-Minute Closings Made for a Busy December
December’s deal volume proved to be a fitting end to a busy year. With 148 deals already reported, the last month of the year easily topped November’s total of 136 (+9%) and even December 2018’s 142 deals (+4%). Deal makers were in a rush to close transactions by the end of the year, obviously. The services sectors benefited the most from this holiday rush, accounting for an unusually high 75% of December’s volume. By contrast, the services side contributed 68% of November’s deal volume and 69% of December 2018’s total. The average share is around 63% over the course of a year A few of the services sectors posted strong gains, year over year. Home Health & Hospice gained 100%, albeit... Read More »Schedule a demo
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