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Kindred Exits Skilled Nursing Business

by | Jul 7, 2017 4:42 pm | Hospitals, Long-Term Care, Private Equity

Kindred Healthcare (NYSE: KND) has made no secret that it is getting out of the skilled nursing business. It took until June 30 for the deal announcement to come, and when it did, it was a bit of a surprise that a single buyer was taking over the entire business. Private equity firm BlueMountain Capital Management, LLC, through a joint venture it is leading called BM Eagle Holdings, agreed to acquire Kindred’s 89 skilled nursing facilities. BlueMountain, you may recall, acquired the financially failing Daughters of Charity hospital system in California in July 2015, following the collapse of Prime Healthcare Services’ $849 million bid in March 2015. A week after this deal with Kindred... Read More »

Konica Minolta Moves into Precision Medicine

by | Jul 7, 2017 4:30 pm | Biotechnology, eHealth

Science is turning away from standardized treatment now that there is an understanding of how an individual’s genetic make up affects its response to different treatment. It is no surprise then, that drug development companies are looking to become top dogs in precision medicine. (“Precision medicine” is defined by the National Institutes of Health as medical care designed to optimize efficiency or therapeutic benefit for particular groups of patients, especially by using genetic or molecular profiling.) Success in precision medicine is dependent upon biomarkers that lend insight into a therapy’s efficacy. One simply cannot exist without the other, and for this reason,... Read More »

2017 Is a Busy Year for Physician Medical Groups

by | Jul 6, 2017 6:21 pm | Physician Medical Groups

The Physician Medical Group sector is on track for another busy year. As of July 5, 2017, 92 deals have been announced, a nearly 27% increase from the same period a year ago. And, with six months left to go in 2017, the sector is only 38 deals away from surpassing 2016’s record total of 130 deals. Envision Healthcare Corporation (NYSE: EVHC), a leading provider of physician-led outsourced medical services, announced three PMG deals in six days. Although no prices were disclosed, the acquisitions added anesthesia, emergency services, and multi-specialty clinics in Connecticut, Georgia, Illinois and Wisconsin. On June 29, Envision acquired Anesthesia Associates of New London, P.C., based in... Read More »

2017’s Next Healthcare Trend: Go-Private Deals

by | Jun 30, 2017 3:04 pm | CRO, Pharmaceuticals, Physician Medical Groups, Private Equity

Every year has its trends. In 2017, we’ve reported on mass consolidation of CROs and Physician Medical Groups, and a dip in pharmaceutical M&A, to name a few. Another trend we’ve observed is the large amount of going-private transactions in healthcare. In the first six months of 2017, 44 going-private transactions were announced, a 38% increase from 2016 and a 91% increase from 2015. In 2017, 45% of the 44 going-private transactions were initiated by financial buyers, and an additional 21% were announced by private equity-sponsored companies making add-on acquisitions. In 2016, 26% of these deals were initiated by financial buyers, and another 19% were PE-sponsored add-on... Read More »

Follow the Funding, June 2017

by | Jun 30, 2017 2:20 pm | Private Equity

Introducing a new monthly feature focused on various tranches and rounds of funding for healthcare ventures, startups and funds. Links indicate target companies and lead investors. TargetInvestorsAmountDate Bicycle TherapeuticsVertex Ventures HC, with new investors Cambridge Innovation Capital and Longwood Fund and existing investors Novartis Venture Fund, SROne, SVLS and Atlas Venture, with new investors Cambridge Innovation Capital and Longwood Fund and existing investors Novartis Venture Fund, SROne, SVLS and Atlas Ventures$51.4 million, Series BJune 1, 2017 Bright HealthGreenspring Associates, joined by Greycroft Partners, Redpoint Ventures and Cross Creek Advisors. Existing lead... Read More »

Pamplona Capital Wins Auction for PAREXEL

by | Jun 28, 2017 7:35 pm | CRO, Other Services

Pamplona Capital Management LLP, a New York-based private equity firm, has been on the hunt for a contract research organization (CRO) for the past year. According to a report from Reuters, it made an unsuccessful bid earlier this year for Pharmaceutical Product Development LLC, a U.S. clinical trials firm valued at more than $9 billion. On June 20, 2017, Pamplona bagged a different target. The firm announced its acquisition of PAREXEL International Corporation (NASDAQ: PRXL) in a going-private transaction. According to other reports, Parexel’s advisers initially accepted PE firm offers, but later opened up the auction to industry players as well. Pamplona outbid rivals including... Read More »

Telehealth Deals Come Calling

by | Jun 23, 2017 4:29 pm | eHealth, Private Equity

Telehealth companies have proliferated rapidly in recent years, and so have mergers and acquisitions targeting them. In the first half of 2017, 11 deals have been made public for U.S. companies or physician groups specializing in telehealth, compared with 13 deals announced in all of 2016. The latest deal from Teladoc (NYSE: TDOC) adds a global component to its roster. On June 19, Teladoc announced the acquisition of Best Doctors, Inc., backed by Brown Brothers Harriman & Co. Best Doctors is a medical consultation company with a global network of more than 50,000 medical experts. These experts are peer-rated in a Gallup-certified poll as being in the top 5% of physicians in... Read More »

Stryker Corp. Is Back in Action

by | Jun 20, 2017 3:01 pm | Medical Devices

Last year we predicted that, after a busy 2016, Stryker Corporation (NYSE: SYK), the Michigan-based medical device giant, would have a quiet 2017 as it integrated its new product lines. Little surprise then, that more than six months into 2017, the company just announced its first deal of the year. On June 19, 2017, Stryker bought NOVADAQ Technologies Inc. (NASDAQ: NVDQ) for $11.75 per share, or an equity value of approximately $701 million. NOVADAQ develops, manufactures and markets fluorescence imaging products for use by surgeons in the operating room and other clinical settings in the United States and internationally. The acquisition aligns with Stryker’s focus on enhancing... Read More »