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Teva Begins to Pare Its Portfolio
Last week, Teva Pharmaceutical Industries Ltd. (NYSE: TVA) divested more than $1.1 billion of assets in response to increasing financial pressure. Just this August, Credit Suisse lowered its rating on Teva’s stock from neutral to underperform, citing industry-wide pricing pressure for generic drugs. Credit Suisse’s announcement follows Teva’s acquisition of Allergan’s (NYSE: AGN) generic division, Anda Inc., just a year ago, for $500 million. Teva is looking to pay down more than $35 billion in debt–an amount that exceeds its market value. To do so, the Israeli drug maker has pursued divestiture opportunities for its global Women’s Health business, as well as its Oncology and... Read More »
Deal of the Week: Centene/Fidelis Care
Centene Corporation (NYSE: CNC), the self-declared leader in government-sponsored healthcare in the U.S., has taken over another state. As larger rivals like Anthem (NYSE: ANTM) and UnitedHealth Group (NYSE: UNH) quit the individual health insurance exchanges around the country, Centene has marched in. In its first major deal since July 2015, Centene is now tops in New York State, thanks to its $3.75 billion deal for not-for-profit Fidelis Care. Fidelis Care provides health insurance coverage through Qualified Health Plans, Child Health Plus, Essential Plan, and Medicaid, available through the New York State of Health Marketplace, as well as through the Medicare Advantage, Dual Advantage,... Read More »
Stat of the Week: Behavioral Health Care, +12%
Mergers and acquisitions in the Behavioral Health Care sector have been on a tear in recent years, relatively speaking. The caveat is that many deals are done locally, between private or not-for-profit organizations, and most are not publicly announced. Private equity firms have been piling into this space, and they aren’t known for a lot of transparency around portfolio companies, unless they’re touting their platform-building prowess. Through mid-September, M&A activity in this sector stands at 37 deals, up 12% compared with the same period in 2016 (33 deals then). Dollar values haven’t kept up the pace, however. Just $554 million in financing has been publicly... Read More »Stat of the Week: M&A in 2017
Since July, we’ve seen several headlines in the trades regarding deal making activity in various healthcare sectors. We’ve also attended several conferences and forums focused on healthcare deal making. What we hear at those conferences is usually closer to the truth than what we’ve read. It may be all about the methodology, but here’s our take on overall deal volume and value in 2017, through August 31. Last year, 2016, set a new record in overall deal volume among the 13 sectors we track in our Deal Search Online database. The combined total of deals for last year stands at 1,568, only 2% greater than the 1,530 announced in 2015. This year could be even better, if... Read More »
August Marks the Return of the Big Deals
The dog days of summer weren’t really all that hot, here in the Northeast. Neither was August’s deal volume. Although it’s preliminary data, the 102 deals posted in August equalled the total in July. Compared with the same month in 2016, that represents a 22% slide in deal volume. But don’t fret, deal-meisters. We saw several billion-dollar deals last month, which lifted August 2017’s spending to $22.3 billion. That’s 156% higher than the previous month, and just 1% below the $22.6 billion recorded a year ago. Once again, the Biotechnology sector was the big money-maker. Deal volume was up 30%, year over year, to a modest 13 deals. The largest deal announced in August was Gilead Sciences’... Read More »Deal of the Week: Teleflex/NeoTract
The Deal of the Week (ended Sept. 8, 2017) is also the largest announced in the holiday-shortened work week. Teleflex Incorporated (NYSE: TFX) announced its first acquisition this year, paying $725 million upfront for privately held NeoTract, Inc. It marks a new focus for the medical device maker, whose previous buyouts concentrated in cardiovascular and microlaparoscopy surgical technologies. NeoTract is a medical device maker that has developed and commercialized the FDA-cleared UroLift System, a novel, minimally invasive technology for treating lower urinary tract symptoms due to benign prostatic hyperplasia, or BPH. Anyone who watches professional sports televised on Sunday afternoons... Read More »
Tenet Sells Struggling Philly Hospitals for $170 Million
Hospital deals are hopping in Philadelphia, this week. Last week, we reported on the merger of UPMC and PinnacleHealth, which brought Pittsburgh-based UPMC into the south central part of the state, where PinnacleHealth is strong. Now Tenet Healthcare (NYSE: THC) is selling two Philadelphia-based hospitals and other related operations to a new subsidiary of Paladin Healthcare, and a healthcare real estate investment trust (REIT). The deal involves Tenet’s Hahnemann University Hospital, St. Christopher’s Hospital for Children, and two Tenet-owned physician practices. The buyer is American Academic Health System, LLC (AAHS), newly formed by Paladin to own and operate academic... Read More »
Health Care Investor Funding, August 2017
This monthly feature focuses on various tranches and rounds of funding for healthcare ventures, startups and funds. Links indicate target companies and lead investors. TargetInvestorsAmountDate Milestone Pharmaceuticals Montreal Canada, Inc. Novo Holdings A/S, Forbion Capital Partners, Tekla Capital Management, Domain Associates, Fonds de solidarite FTQ, BDC Capital, Pappas Capital and GO Capital$55 million Series CAugust 1, 2017 Homology Medicines, Inc.Deerfield Management, Fidelity Management, HBM Healthcare Investments, Maverick Ventures, Novartis, Rock Springs Capital, Vida Ventures, Vivo Capital and Alexandria Venture Investments. Also, 5AM Ventures, ARCH Venture Partners and Temasek.... Read More »
PE Firms Target Behavioral Health, Eating Disorder Programs
Behavioral health care has never been a particularly active sector, but deal volume has increased year-over-year between 2010 and 2016, growing 412% in that time. And there’s a good chance that 2017 will continue this trend. Through August 30, 32 behavioral health care deals have been announced, up 7% compared with the same period last year. So what else is going on this year? So far, we haven’t seen anything close to a mega-deal. The largest price tag this year was Care Capital Properties’ (NYSE: CCP) $380 million acquisition of the real estate assets of six behavioral health hospitals from Signature Healthcare Services LLC, dba Aurora Behavioral Health. This was the second... Read More »Schedule a demo
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