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PE Firms Team Up to Buy CROs

by | Jun 9, 2017 7:09 pm | CRO, Private Equity

The contract research organization (CRO) industry continues to consolidate at a rapid pace in response to growing demand from pharmaceutical and biotechnology companies. But pharma and biotech serve as the customers in this industry, not the acquirers. Nearly all the buyers in 2017 are other CRO companies that are seeking scale. Private equity is also joining the party, accounting for the remaining portion of deals, including the largest disclosed deal this year. Last month, INC Research Holdings (NASDAQ: INCR) paid $4.6 billion for inVentiv Health, a CRO that also counts Advent International and Thomas H. Lee Partners as equal equity holders. The firms will retain their stakes following... Read More »
Tenet Healthcare Sheds its Health Plan Business

Tenet Healthcare Sheds its Health Plan Business

by | Jun 2, 2017 7:09 pm | Managed Care, Private Equity

A recent Managed Care deal may portend more troubling news for the struggling industry. Lately, mergers and acquisitions in the sector have been driven by firms exiting the market due to rising costs. Even a network as large as Tenet Healthcare Corporation (NYSE: THC) cited rising costs and unanticipated losses as reasons for shedding its Health Plan Business. On June 1, 2017, Tenet Healthcare Corporation announced it was selling the Medicare Advantage and commercial group membership assets of its subsidiary, Allegian Health Plan, to Blue Cross and Blue Shield of Texas. The transaction includes nearly 20,000 members, enrolled through small, medium... Read More »

Digital Health Data Draws Big Money

by | Jun 2, 2017 6:43 pm | eHealth, Private Equity

Mergers and acquisitions in the eHealth sector are surging, and data is driving some of the biggest deals in health care. Deal volume in the digital health space went from 68 transactions in 2013 to 157 announced in 2016, a 131% increase. Transaction levels remained in the double-digits from 2000 until 2012, when 103 digital deals were recorded. Since 2014, when annual deal volume reached triple-digits, M&A has grown almost exponentially. Dollar volume shot up as well, growing from annual totals in the hundreds of millions early in the century to seven-figure totals beginning in 2005. The $11.5 billion total logged in 2009 was something of a milestone. The $20.2 billion total posted in... Read More »

Aziyo Biologics Buys CorMatrix Assets

by | Jun 2, 2017 2:06 pm | Medical Devices, Private Equity

Aziyo Biologics, Inc. is finally gaining some traction. The company was formed in November 2015 by HighCape Partners, a growth equity fund focused on commercial-stage life sciences companies. Deerfield Management Co. joined HighCape in providing capital for the transaction. Aziyo develops customized tissue products for use in orthopedic, spinal, sports medicine, and dermal applications. On May 31, 2017, the company announced the completion of an asset purchase agreement with CorMatrix® Cardiovascular, Inc. for the purchase of all CorMatrix commercial assets and related intellectual property. CorMatrix develops biomaterial devices that harness the body’s own innate... Read More »

Bioverativ Starts Making Deals

by | Jun 1, 2017 7:43 pm | Biotechnology

In February, Biogen Inc. (NASDAQ: BIIB) completed the previously announced spin-off of its global hemophilia business. The new company, known as Bioverativ (NASDAQ: BIVV), is an independent, publicly traded global biotechnology company focused on hemophilia and other rare blood disorders. Bioverativ went on to announce the largest biotech deal of May 2017. On May 22, it acquired privately held True North Therapeutics for an upfront payment of $400 million plus assumed cash. True North investors are eligible to receive additional payments of up to $425 million contingent on the achievement of future development, regulatory and sales milestones of its lead product. Based in... Read More »

More Big Deals for Doc Groups

by | May 26, 2017 5:32 pm | Physician Medical Groups, Private Equity

The Physician Medical Group sector started off the year strong and hasn’t lost any momentum as physician groups continue seeking scale to survive. As of May 26, 2017, 77 deals have been announced. The largest disclosed deal was Optum’s (NYSE: UNH) $3.3 billion acquisition of Surgical Care Affiliates, Inc. (NASDAQ: SCAI) in January. In May, the second largest deal of the year was announced. The acquirer, Surgery Partners (NASDAQ: SGRY), operates surgical facilities in the United States. Its target is National Surgical Healthcare,  a portfolio company of Irving Place Capital, for $760 million. National Surgical Healthcare owns and operates 21 surgical facilities in partnership with local... Read More »

Hospital Deals Rebound in May 2017

by | May 26, 2017 5:24 pm | Hospitals, Private Equity

Hospital merger and acquisition activity was fairly quiet in the first four months of the year, totaling 24 deals that made to a definitive agreement or beyond. Then came May, with a combined total of 13 transactions announced in the first four weeks (through May 26). Deal volume in the hospital sector through May 26 now totals 37 transactions, targeting 79 hospitals with 13,854 beds. The nearly $2.3 billion combined spending includes the $1.4 billion just announced by Medical Properties Trust (NYSE: MPW), which acquired the real estate assets of 10 acute care hospitals and one behavioral health facility (approximately 2,400 beds) belonging to IASIS Healthcare, a TPG portfolio company.... Read More »