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Tufts Health and Harvard Pilgrim Plan to Merge
The Boston area has seen a lot of hospital merger and acquisition activity in recent years, some of it successful, some not. Now two not-for-profit health plans are merging, chasing the same goal of scaling up and reducing costs through streamlining administrative processes. Tufts Health Plan and Harvard Pilgrim Health Care, both based in the Boston metropolitan area, announced their merger on August 14. The new organization, which will have a new name, will be one of the largest not-for-profit health services organizations in the Northeast, serving nearly 2.4 million members in Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island. Tufts Health Plan offers managed care... Read More »
Robotics Firm Acquired by Siemens Healthineers
After a nearly two-year hiatus, the diagnostic and therapeutic imaging giant Siemens Healthineers AG (XETRA: SHL.DE) has agreed to purchase Corindus Vascular Robotics, Inc. (NYSE: CVRS) for $1.1 billion, at a price of $4.28 per share. Corindus is a global leader in robotic-assisted vascular interventions. Its CorPath platform is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and vascular procedures. On a trailing 12-month basis, Cordindus reported approximately $12.3 million in revenue. Siemens plans to combine its high-quality imaging, digital and artificial intelligence tools with Corindus’ precision robotics platform to improve treatment for... Read More »
CROs and CDMOs are Still Selling Fast
This past week Permira, a global investment firm based in the United Kingdom, spent $2.4 billion for Cambrex Corporation (NYSE: CBM). Cambrex is a premier contract development and manufacturing organization (CDMO) in the small molecule space and provides drug substance, drug product and analytical services across the entire drug lifecycle. The $2.4 billion purchase price includes the company’s net debt, for 4.2x revenue and 16.3x EBITDA, represents a 47.1% premium to Cambrex’s closing price of $40.78 on August 6. The target reported a number of its own acquisitions recently, making the CDMO a more attractive buy. Cambrex acquired Halo Pharma in 2018 and Avista Pharma Solutions... Read More »
Health Care M&A Deals, Week Ending August 9, 2019
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. Behavioral Health Care Acquirer Target Price Blue Wolf Capital Partners LLC RHA Health Services, LLC N/A Kadiant Behavioral Education for Children with Autism N/A Biotechnology Acquirer Target Price Bayer AG BlueRock Therapeutics $240,000,000 Aquinox Pharmaceuticals, Inc. Neoleukin... Read More »
Summer Slowdown in Healthcare Deals Mixes with Global Uncertainty
After a slow first quarter, deal volume picked up again in the second. Pundits predicted a strong end to 2019, but the preliminary results from July’s deal making seem to indicate otherwise. With 126 transactions reported, July 2019’s deal volume sagged 17% compared with June’s and 18% against the same month in 2018. You may recall that 2018 was a hot year for healthcare transactions, ending with a record 1,908. The fact that June 2019 virtually matched that performance shows how strong the healthcare market became in the second quarter, ending with 151 deals. We may see an upward tick in July numbers, of course, as more deals come to light, and may have to rescind our pooh-poohing here.... Read More »
Private Equity Reshapes Health Care
It’s hard to imagine where health care would be today without private equity firms. Since 2013, merger and acquisition activity in all healthcare sectors has soared 80%, to a record 1,908 deals announced in 2018. Private equity sponsors accounted for approximately 32% of those transactions, both direct and add-ons. Of the $333.3 billion spent last year (not a record), these firms contributed 14%, or $47.7 billion. The dollar volume would be much higher if more deals disclosed financial terms. In the first seven months of 2019, the pace has slowed as global uncertainty has grown. Total deal volume through July 31 reached 989 transactions and private equity accounted for 279 (28%). Spending... Read More »
Cantel Medical Strikes Another Dental Deal
Cantel Medical Corp. (NYSE: CMD) acquired another medical device company last week, Hu-Friedy Mfg. Co., LLC. The target company has a long history as a dental instrument manufacturer, providing instrument reprocessing workflow systems that have served the dental industry for over 111 years. Cantel agreed to pay $725 million upfront, $60 million of which will be paid in Cantel stock and the rest in cash (3.x revenue and 15.1x EBITDA), and up to $50 million in potential cash and stock earnouts after reaching certain milestones. Combining Hu-Friedy’s position in dental instrumentation and instrument management systems with Cantel’s dental infection prevention consumables... Read More »
Health Care M&A Deals, Week Ending August 2, 2019
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 Endo International plc License to Pracinostat in Canada N/A Exelixis, Inc. License to six drug programs $10,000,000 eHealth Acquirer Target Price NEC Corporation OncoImmunity AS N/A EQT and CPPIB Waystar $2,700,000,000 Dedalus France Web100T... Read More »
Pfizer Finally Spins Off Upjohn
It’s official. Pfizer Inc. (NYSE: PFE) will spin off Upjohn, its off-patent branded and generic drug division, and merge it with another generic drug maker, Mylan N.V. (NASDAQ: MYL), to create a new company. The deal is structured as an all-stock Reverse Morris Trust merger. Pfizer shareholders will own 57% of the new combined company, and Mylan’s will own 43%. The new company is expected to have pro forma 2020 revenues of $19 billion to $20 billion, EBITDA of $7.5 billion to $8 billion, and free cash flow in excess of $4 billion. After Upjohn issues $12 billion of debt at or prior to separation, with gross debt proceeds retained by Pfizer, the combined company will have... Read More »Schedule a demo
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