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Eastern Niagara to Merge with Kaleida Health
This is a story that will be familiar to all not-for-profit hospital deal watchers. In April 2016, Eastern Niagara Health and Kaleida Health, two Niagara Frontier healthcare systems, announced their affiliation, with Lockport, New York-based Eastern Niagara tapping into Buffalo-based Kaleida Health’s network. Eastern Niagara Health operates the 136-bed Eastern New York Hospital in Lockport, an outpatient/urgent care facility in Newfane, and an ambulatory surgery/primary care practice in Lockport. Kaleida Health is the largest not-for-profit health system in western New York, serving eight counties with four hospitals, two long-term care facilities and more than 80 outpatient clinics.... Read More »
REVA Lands at Beekman Investment Partners
Beekman Investment Partners, a New York-based private equity firm, recently recapped REVA, Inc., the largest global fixed-wing air medical platform in the United States. The deal was closed along with strategic partner Directional Aviation LLC and Goldman Sachs Specialty Lending Group. REVA was formed in 2012 through the merger of AeroJet International and Air Ambulance Professionals. In the past six years, REVA has grown to be the global market leader in international long-range air medical transports and has set the standard for safety, reliability and patient service excellence. The company has bases of operations in Ft. Lauderdale, Florida, San Juan, Puerto Rico, Phoenix, Arizona and... Read More »
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 »Schedule a demo
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