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December 2018 Deal Flow Slowed
The jitters that rocked the U.S. equity markets in December 2018 took a toll on healthcare mergers and acquisitions. Deal volume slowed considerably, dropping 18% from the previous month, and landing 10% lower than a year ago. On a year-over-year basis, most of the services sectors posted losses. Managed Care (-75%), Rehabilitation (-67%), Hospitals (-64%) and Behavioral Health Care (-60%) led the way. Other Services, which includes urgent care and ambulatory surgery centers, went in the opposite direction. The sector posted a healthy posting a healthy 58% gain over the previous December’s total. The technology sectors caught the same chill, with the exception of eHealth (+70% yoy).... Read More »
Health Care M&A Deals, December 17-28, 2018
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. Behavioral Health Care Acquirer Target Price Centerbridge Partners, L.P. Civitas Solutions, Inc. $1,400,000,000 The Carlyle Group LP Odyssey Behavioral Health, LLC $200,000,000 Biotechnology Acquirer Target Price Ocumension Therapeutics Exclusive territorial rights to NCX 470 $3,403,677... Read More »
Australian Pharmaceutical Industries closes 2018 with pharmacy deal
Australian Pharmaceutical Industries (ASX: API) closed out 2018 by announcing it acquired Sigma Healthcare Ltd (ASX: SIG), a wholesale and distribution service for pharmacies. With $2.96 million of reported revenue in FY2018, Sigma also owns several pharmacy retail brands in Australia such as Amcal Max, DDS, Amcal, and Guardian. The deal was valued at $524.9 million (AUD $727 million), which is a 46.5% premium to Sigma’s one-month volume weighted average share price of $0.34 at the close of trading on December 13. Australian Pharmaceutical Industries (API) offers wholesale product delivery, retail services, marketing programs, and business advisory services. Not only will API gain... Read More »
Aurora Diagnostics Gets an Australian Owner
Aurora Diagnostics, founded and funded by Summit Partners since 2006, has been acquired by Sonic Healthcare (ASX: SHL), a global medical diagnostics company based in Macquarie Park, New South Wales, Australia, for $540 million. Aurora is a specialized laboratory company focused on anatomical pathology. It employs 1,200 staff, including approximately 220 pathologists, at 32 laboratories in 19 states. The labs process approximately 2.5 million accessions per year, received from about 23,000 referring physicians and through more than 100 hospital contracts across the country. According to Sonic, Aurora generated pro forma revenue of approximately $310 million (A$431 million) and pro forma... Read More »
Biotechnology and Digital Health Deals Lead for December
Although December is typically one of the slower months in transaction announcements, the eHealth and Biotechnology sectors remained the most active with a total of 27 transactions, growing in proportion compared to December 2017. Biotechnology and e-Health transactions were roughly 19% of all of December 2017’s deals, but they were 28% this December. However, price volume tells a different story. Compared to December 2017, the total of disclosed prices saw an 84% decrease in the Biotechnology sector, going from $2.66 billion to only $425 million. In the e-Health sector, however, there was a 1,285% increase in purchase amount, going from $88.8 million in December 2017 to $1.23... Read More »
FastMed Plus NextCare Equals Urgent Care Giant
Consolidation continues in the urgent care services sector, as consumers and healthcare provider organizations look for lower-cost services outside hospital walls. One of the largest deals in this area in 2018 is FastMed Urgent Care’s acquisition of NextCare Holdings Inc., a portfolio company of Alcentra Capital Corp. since 2016. FastMed, the business name for Urgent Care Holdings of America, LLC, is backed by Abry Partners and BlueMountain Capital Management. The company owns and operates 110 clinics in Arizona, North Carolina and Texas. NextCare operates 141 facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming. The... Read More »
Fresenius Makes Big Moves into China
Despite trade tensions between the United States and China, Fresenius Medical Care AG & Co. KGaA (NYSE: FMS) announced three major deals to expand there. The global dialysis company acquired majority shares in several dialysis centers and renal hospitals and has plans to build even more. Because of its enormous population of more than 1.4 billion people, China is a long-standing target market for American marketers. As Fresenius’ press release announcing these deals on December 5 noted, approximately 10.8% adults in China have chronic kidney disease, or 120 million people. The company paid an undisclosed amount for a 70% stake in Guangzhou KangNiDaiSi Medical Investment Co., Ltd.... Read More »
BrightSpring Merges with KKR’s PharMerica
BrightSpring Health Services and PharMerica are merging to create a national home care business with its own pharmacy services provider under KKR & Co. (NYSE: KKR). Both companies are based in Louisville, Kentucky and will continue to operate from there. Financial terms were not disclosed. BrightSpring, formerly known as ResCare, was a portfolio company of Onex Corporation (TOR: ONEX). It provides comprehensive home and community-based health services in behavioral health, digital health, hospice and homecare to complex populations in need of specialized care. Onex acquired ResCare way back in March 2004 for $83.4 million. PharMerica is a specialty pharmacy service provider for the... Read More »
10x Genomics Expands Biotechnology Business
10x Genomics, a California-based genetics company that develops integrated systems and solutions for genome sequencing, purchased Swedish biotech company Spatial Transcriptomics for an undisclosed amount in December, its second deal of 2018. Spatial Transcriptomics, headquartered in Stockholm, is a major player in the field of spatial genomics and RNA sequencing. Its technology aims to understand how cells interact in relation to another, which aids the research for fields like oncology, neurology, and immunology. That deal comes after 10x Genomics’ purchase of Epinomics, an epigenomics company that operates software platforms that research and analyze DNA data sequences for the biotech... Read More »Schedule a demo
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