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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 »
Health Care M&Deals, Week Ending February 22, 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 Merck & Co., Inc. Immune Design $300,000,000 Janssen Biotech, Inc. Collaboration on novel integrin therapeutics N/A ICON plc MolecularMD N/A eHealth Acquirer Target Price Harris Computer Systems Collain Healthcare, LLC N/A symplr API Healthcare N/A... Read More »
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 »Schedule a demo
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