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Health Care M&A Weekly Deals, The Week Ending March 16, 2018
We hope you are enjoying your membership to HealthCareMandA.com. This Health Care M&A Weekly chart below is a selection of transactions announced during the prior week(s). The deals presented here are further elaborated in the monthly newsletter, Health Care M&A News, and in the quarterly report. This information also appears in our online database, Deal Search Online. Visit www.dealsearchonline.com to open a guest account and begin your search. Biotechnology Acquirer Target Price H. Lundbeck A/S Prexton Therapeutics B.V. $123 million ImmunoRestoration, Inc. Exclusive license to cancer vaccine platform N/A eHealth Acquirer Target Price Cognizant Technology Solutions Corp. Bolder... Read More »
CORA Announces Four (More) PT Acquisitions
CORA Health Services added four more physical therapy companies to its growing platform. A portfolio company of Gryphon Investors since June 2016, CORA Health operates more than 160 clinic locations in seven states. When Gryphon first invested, the company operated more than 100 clinics in Florida, Michigan, and South Carolina. The latest additions add to existing geographic footprints in Georgia (adding West Rehab & Sports Medicine in Savannah), North Carolina (adding Accent Physical Therapy in Wilmington) and Tennessee (adding Champion Physical Therapy in Knoxville and 14 other locations, including Kentucky). With the acquisition of Professional Therapies of Roanoke, CORA Health... Read More »
Laborie Medical Takes Over Congentix Medical
Cogentix Medical, Inc. (NASDAQ: CGNT) is a global medical device company that offers products for flexible endoscopy and the treatment of overactive bladder and urinary incontinence. Its majority share owners, Accelmed Growth Partners LP and Mr. Lewis Pell, who collectively own approximately 60% of Cogentix Medical’s outstanding common stock, agreed to an offer of $3.85 per share (approximately $214 million) from Laborie Medical Technologies (LMT), a subsidiary of Patricia Industries. The offer of $3.85 per share in cash represents a premium of 28% over the average closing price of Cogentix Medical common stock over the last 30 days. In July 2017, Cogentix paid $671,817 (£515,000)... Read More »
BayMark Health Moves into Canada
BayMark Health Services, based in Lewisville, Texas, made its first foray into Canada this month with the acquisition of Canada’s largest chain of methadone clinics, Canadian Addiction Treatment Centers (CATC), a company that includes 72 opioid-treatment clinics, 19 pharmacies and one residential addiction-treatment center, all in Ontario. This is BayMark’s 10th acquisition since it was formed in 2015, when Webster Capital combined Bay Area Addiction Research and Treatment Inc. (BAART), acquired in June 2015, and MedMark Services, acquired in October 2015 from Capital Resource Partners. That combination created the third-largest methadone provider in the United States. Previous... Read More »
Inovalon Buys Ability Network for $1.2 Billion
Healthcare IT company Ability Network has been acquired by Inovalon Holdings Inc. (NASDAQ: INOV) for $1.1 billion in cash and $100 million in restricted shares of Inovalon’s Class A stock. Ability Network, a portfolio company of Summit Partners, makes cloud-based programs, which connect healthcare providers and insurers. It is used at over 44,000 acute, post-acute and ambulatory point-of-care provider facilities. It generates approximately $130 million in revenue. Inovalon provides advanced cloud-based data analytics and data-driven intervention platforms to the U.S. healthcare industry. On a trailing 12-month basis, it generated revenue of $449.4 million, EBITDA of $75.9 million and... Read More »
Cigna Bids $67 Billion to Stay in the Race
Cigna (NYSE: CI) is buying Express Scripts Holdings (NYSE: ESRX) for $67 billion, including debt. Some company was going to buy it, we just weren’t sure who. The deal follows the announcement of the $77 billion CVS Health/Aetna (NYSE: CVS/AET) deal and the $4.9 billion Optum/DaVita Medical Group (NYSE: UNH/DVA) hook-up in December 2017. That’s when the word “disruption” became the top-ranked meme in U.S. healthcare. We’ll grant that CVS’s move into managed care signals a change in business-as-usual. But Optum’s deal for DaVita’s medical group didn’t break new ground. Optum has long been known as a voracious acquirer of physician... Read More »
Health Care M&A Weekly Deals, The Week Ending March 9, 2018
We hope you are enjoying your membership to HealthCareMandA.com. This Health Care M&A Weekly chart below is a selection of transactions announced during the prior week(s). The deals presented here are further elaborated in the monthly newsletter, Health Care M&A News, and in the quarterly report. This information also appears in our online database, Deal Search Online. Visit www.dealsearchonline.com to open a guest account and begin your search. Behavioral Health Care Acquirer Target Price BayMark Health Services Canadian Addiction Treatment Centers N/A Biotechnology Acquirer Target Price Roivant Sciences License to LGD-6972 N/A OHM Oncology Exclusive license to dual... Read More »
For a Short Month, February Was Long on Deal Volume
Ever wonder why February is the shortest month of the year? It didn’t even exist on the old Roman calendar, when there were only 10 months in a year. Later, the calendar was revised to include 12 lunar cycles totaling 355 days and January and February were added, with February as the last month of the year. In Julius Caesar’s day, the calendar was changed yet again to align with the solar cycle, which amounted to 365 days. And because a complete revolution of the Earth around the sun is actually 365-and-one-quarter days, an extra day is tacked onto the end of every fourth year, which we call a Leap Year. You remembered that from third grade, of course. All that brings us to why comparing... Read More »
Addus HomeCare Moves into New Mexico Market
Addus HomeCare (NASDAQ: ADUS) has boosted its presence in the southwestern United States with its $40 million acquisition of Ambercare Corporation, a privately held home care company based in Albuquerque, New Mexico. Ambercare provides personal care, hospice and home health services to roughly 2,600 individuals through its 15 locations in New Mexico. It generated revenue of approximately $57 million in 2017. Addus HomeCare provides home- and community-based services to older adults and younger disabled persons. On a trailing 12-month basis it generated revenue of $416.3 million, EBITDA of $34.1 million and net income of $17.8 million. The acquisition of Ambercare closely follows... Read More »Schedule a demo
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