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Tabula Rasa Builds its Patient Engagement Platform
Tabula Rasa HealthCare, Inc. (NASDAQ: TRHC) has acquired PrescribeWellness, a cloud-based patient engagement solutions company. Based in Irvine, California, PrescribeWellness facilitates collaboration between more than 10,000 pharmacies with patients, payers, providers and pharmaceutical companies. It provides patient services such as medication home-delivery, appointment scheduling, Medicare plan reviews and more. The acquisition cost Tabula $150 million, roughly 5x PrescribeWellness’ 2018 revenue of $29 million. This acquisition supports its goals to expand medication risk mitigation programs in community pharmacies and provide them with clinical revenue opportunities beyond... Read More »
Strong Spending on Healthcare Deals in February
On the dollar side, February 2019 looks hale and hearty with a combined total of $32.7 billion. The majority of that comes from one deal, not surprisingly. GE Healthcare’s (NYSE: GE) sale of its biopharma division to Danaher Corp. (NYSE: DHR) for $21.4 billion accounts for 65% of the month’s spending. Without it, the total would be $11.3 billion—still higher than the $9.7 billion turned in a year ago. The Biotechnology sector is driving a lot of spending this years, as we noted in the story on page 1. Three of the four billion-dollar-plus deals announced in February targeted biotech companies. The fourth, at $3.4 billion, came from Johnson & Johnson’s (NYSE: JNJ) acquisition of Auris... Read More »
February Puts a Chill on Healthcare Deal Volume
January was a fairly busy month for healthcare M&A, as regular readers already know. The 136 deals announced last month showed what results from the proverbial “January thaw.” As for February deal activity, the freeze was on. At press time, just 102 deals were on the books, down 25% compared with January and down 31% compared with February 2018, which turned in a scorching 147 deals. What’s going on? The federal government shut-down that dragged into January certainly had an effect. Some sources tell us that we’re back in the typical annual cycle, where the deal-making momentum from the previous fourth quarter spills over into January but quiets down through the rest of the first... Read More »
Other Services Diversify, but CRO and Outpatient Care still lead
In 2017, our annual Health Care Services Acquisition Report, the Other Services sector featured six particularly active subsectors. Last year we had 13. Other Services includes areas such as specialty pharmacy, urgent care and ambulatory surgery centers and medical staffing companies. All are experiencing significant changes. In 2017 we reported 153 deals in Other Services, compared with 179 in 2018. A new notable field includes deals involving medical transportation services. There were a total of 10 deals in this category. Perhaps the most significant transaction was Beekman Investment Partners III, LP’s purchase of REVA, Inc., the largest global fixed-wing air medical platform in... Read More »
Health Care M&Deals, Week Ending March 1, 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, in the quarterly report. 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 Danaher Corporation GE Biopharma business $21,400,000,000 Roche Spark Therapeutics, Inc. $4,300,000,000 Theratechnologies Inc. Katana Biopharma Inc. $2,000,000 Sarepta Therapeutics, Inc. Myonexus Therapeutics $165,000,000 eHealth Acquirer Target Price... Read More »
Roche Acquires Spark Therapeutics, Inc. in Another Large Biotech Deal
It’s been a busy year for the biotechnology sector so far, and this week continued the trend. Roche (SIX: RO), the global pharmaceuticals and diagnostics company, acquired Spark Therapeutics, Inc. (NASDAQ: ONCE) for $4.3 billion. At $114.50 per share, the price represents a 122% premium to Spark’s closing price on February 22, 2019, and a 19% premium to Spark’s high share price on July 9, 2018. Founded in 2013, Spark Therapeutics develops gene therapies for genetic diseases, including blindness, hemophilia, lysosomal storage disorders, and neurodegenerative diseases. Spark will continue operations in Philadelphia as an independent company under Roche. The deal gives Roche key... Read More »
Home Health & Hospice Is Primed for Consolidation
The Home Health & Hospice sector is far less fragmented than it was just five years ago. The sector has seen a lot of activity, thanks to the push by payors to move patients towards lower-cost post-acute care settings. That has attracted a lot of investor interest in recent years, and 2018 proved to be a watershed moment as the large-market private equity firms moved in to acquire or build national platforms. Deals by publicly traded companies have changed the sector in significant ways, too. Some merged, such as LHC Group (NASDAQ: LHCG) and Almost Family, Inc. have morphed to focus more on home health than other services, such as Encompass Health Corp. (NYSE: EHC), formerly known as... Read More »
Bausch Health Buys Bankrupt Synergy Pharmaceuticals
Bausch Health Companies Inc. (NYSE: BHC) is back on the acquisition trail. It’s recent target is Synergy Pharmaceuticals Inc., (NASDAQ: SGYP), a New York City-based biopharma focused on novel gastrointestinal (GI) therapies. Its flagship product, Trulance (plecanatide) is a once-daily tablet approved for adults with chronic idiopathic constipation and irritable bowel syndrome with constipation. Synergy filed for reoganization under Chapter 11 of the U.S. Bankruptcy Code on December 12, 2018 in the Southern District of New York. Bausch was designated the stalking-horse bidder with its offer of approximately $200 million plus certain assumed liabilities. The auction scheduled for... Read More »
Merck Buys Immunotherapy Firm Immune Design
Merck & Co., Inc. (NYSE: MRK), the global healthcare and pharmaceutical company, has acquired Immune Design (NASDAQ: IMDZ) for $300 million. Merck will buy all outstanding shares of Immune Design at a value of $5.85 per share. With reported revenue of only $2 million, Immune Design’s price tag equals close to a 136x EBITDA multiple. Out of this deal, Merck will gain key intellectual properties from Immune Design: GLAAS and ZVex. These properties can potentially activate the immune system’s natural ability to generate and expand immune cells to fight cancer and other chronic diseases. The acquisition of Immune Design highlights the demand for immunotherapy platforms and... Read More »Schedule a demo
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