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Charles River Laboratories Purchases France-based Citoxlab
Charles River Laboratories International (NYSE: CRL), a global early-stage contract research organization (CRO), announced it has purchased the French non-clinical lab Citoxlab. Based in Evreux Cedex, France, the target specializes in regulated safety assessment services, non-regulated discovery services, and medical device testing. The deal cost Charles River $510 million, roughly 13.8x EBITDA for Citoxlab. The acquisition strengthens Charles River’s services in general and in specialty toxicology, preclinical medical device testing, non-regulated discovery solutions, and genomics research. The deal is expected to add $115-$130 million to Charles River’s 2019 revenue. On a trailing... Read More »
HealthDrive Acquires New England Geriatrics
Bain Capital Double Impact and HealthDrive are wasting no time to expand. Although the private equity firm just acquired Healthdrive back in January, the portfolio company announced in February that it’s acquired New England Geriatrics. Founded in 1989, HealthDrive provides on-site dentistry, optometry, podiatry and audiology services to residents in long-term care facilities. New England Geriatrics will complement those services with its psychiatric services, currently provided to more than 13,000 patients in over 129 geropsychiatric hospital units, long-term care facilities, rest homes and assisted living facilities throughout Massachusetts and Connecticut. With a new behavioral... Read More »
U.S. Renal Care Gets Big New Backers
U.S. Renal Care has new owners, as of February 13. It marks the first renal-related transaction in 2019 and it won’t be the last. The national dialysis provider was backed by a consortium of private equity firms such as Leonard Green & Partners, Frazier Healthcare Partners, New Enterprise Associates and Cressey & Company. Stepping in to take over is Bain Capital Private Equity, Summit Partners and Revelstoke Partners, with participation by the company’s executive management team. Financial terms were not disclosed, naturally. U.S. Renal Care works with nephrologists to develop, acquire and operate outpatient treatment centers for people suffering from chronic kidney... Read More »
Providence St. Joseph Health Acquires Blockchain Startup Lumedic
Providence St. Joseph Health (St. Joseph), the not-for-profit California-based healthcare system, has acquired Lumedic, a digital health company. Lumedic applications and analytics solutions streamline revenue cycle management operations for leading health systems using blockchain technology. Blockchain is a secure and reliable method of recording, storing and sharing sensitive data. No financial terms were disclosed. St. Joseph operates hospitals, clinics and medical centers across seven states, and is the first integrated provider-payer system to establish a scalable blockchain platform to transform claims processing and enhance interoperability between providers and payers. St. Joseph... Read More »
Robotic Surgery Firm Auris Health Goes to Johnson & Johnson
Johnson & Johnson (NYSE: JNJ) announced it will acquire Auris Health, Inc., a privately held developer of robotic technologies. J&J will pay $3.5 billion upfront and $2.35 billion in milestones under the terms of the agreement. This is J&J’s first acquisition in the medical device sector since 2016, when it bought Abbott Medical Optics from Abbott (NYSE: ABT). Auris Health’s technology focuses on lung cancer, with an FDA-cleared platform currently used in bronchoscopic diagnostic and therapeutic procedures. This acquisition will accelerate J&J’s entry into robotics with potential to expand into other interventional applications. Robotic technology deals... Read More »
Emergency Care Partners Buys ED Management Group
Emergency Care Partners, backed byVarsity Healthcare Partners and Regal Healthcare Capital Partners, announced it will acquire Progressive Emergency Physicians. Both groups provide emergency medicine and outsourced emergency department management services to hospital facilities. The merged companies will service departmental operations at 19 hospitals across Louisiana, New York and Pennsylvania. The combined clinical workforce of 194 physicians will treat more than 670,000 ER patient visits annually. The deal did not have disclosed financial terms. Last year, there was a growing trend of acquisitions involving E.R. management groups, so it doesn’t surprise us to see this trend... Read More »
Health Care M&Deals, Week Ending February 15, 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 AbbVie, Inc. Commercialization and development rights for TNB-383B $90,000,000 Labs, MRI & Dialysis Acquirer Target Price RadNet, Inc. Kern Radiology Medical Group, Inc. N/A Private investor group U.S. Renal Care, Inc. N/A Long-Term Care Acquirer... Read More »
Dubai Investments Buys Back Stake of Globalpharma from Sanofi
Dubai Investments (DFM: DIC) announced last week that it will purchase an additional 66% stake in pharmaceutical company Globalpharma, giving it full ownership of the company. Dubai Investments invest in a number of sectors, including healthcare and education in the UAE and the Middle East. You’re not alone if this story sounds familiar. Sanofi (NASDAQ: SNY) purchased a 66% majority stake of Globalpharma from Dubai Investments in 2014, leaving the latter company only a 34% minority stake up until last week’s deal. Globalpharma manufactures and commercializes generic medicines, and Sanofi integrated Globalpharma as its platform to manufacture and promote the generics portfolio... Read More »
GlaxoSmithKline builds immunotherapy pipeline with new collaboration
GlaxoSmithKline plc (NYSE: GSK) (GSK) has entered into a collaboration agreement with Merck KGaA, Darmstadt, Germany to study M7824, an investigational bifunctional fusion protein immunotherapy that is currently in clinical development for multiple difficult-to-treat cancers. Under the terms of the agreement, GSK will pay Merck KGaA $342.3 million (€300 million) upfront. Merck KGaA is also eligible for up to $3.31 billion (€2.9 billion) in milestone payments. The potential deal value could amount to $4.23 billion (€3.7 billion). Both companies will jointly conduct development and commercialization with all profits and costs from the collaboration being shared equally on a global basis.... Read More »Schedule a demo
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