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Pfizer Buys Medivation and More

by | Aug 24, 2016 8:15 am | Pharmaceuticals

Forget those early- to mid-stage clinical candidates. Pfizer Inc. (NYSE: PFE) jumped the line with its $13.5 billion deal for oncology drug maker Medivation Inc. (NASDAQ: MDVN). The target’s primary product is XTANDI® (enzalutamide), an androgen receptor inhibitor, the leading novel hormone therapy for the treatment of prostate cancer. Pfizer will pay $81.50 per share in existing cash, a 21% premium to Medivation’s closing stock price on Friday, August 19, 2016. This deal ends months of bidding for Medivation, which began in April with Sanofi SA’s $52.50 per share (about $9 billion) offer. Medivation turned down the overture, and Sanofi eventually raised its bid to $58.50... Read More »

Jefferson Health Adds Another Health System

by | Aug 23, 2016 6:27 pm | Hospitals

Jefferson Health System, the not-for-profit system that is part of Thomas Jefferson University Hospitals, signed a definitive agreement to integrate with Kennedy Health, a three-hospital system (607 beds) in southern New Jersey. The transaction is expected to be completed following New Jersey’s Community Health Care Assets Protection Act review process. The boards of Kennedy and Jefferson unanimously approved the agreement, which extends the shared governance model that was established with the integration of Abington Health (January 2015) and Aria Health (July 2016). Like Jefferson, Abington and Aria, Kennedy will have equal representation on the expanded Jefferson board. With the... Read More »

Specialty Pharmacy Extends Reach in Healthcare

by | Aug 19, 2016 6:46 pm | Behavioral Health Care, eHealth, Other Services, Private Equity

Genoa, a QoL Healthcare Company, a leading behavioral health specialty pharmacy company, has acquired the behavioral health and residential care services division of Advanced Care Pharmacy Services, including 13 of its pharmacies in Michigan. Genoa is a portfolio company of Advent International. In November 2015, Genoa acquired 1DocWay, the nation’s largest outpatient telepsychiatry provider, for an undisclosed price. Advanced Care Pharmacy Services is a privately-held Alabama-based provider of specialized pharmacy services for a variety of care settings. Genoa’s purchase, which did not disclose a price, increases its number of Michigan-based pharmacies to 24, and 325 nationally.... Read More »

Arizona Urgent Care Market Tightens

by | Aug 18, 2016 8:32 pm | Other Services, Private Equity

Banner Health just threw its hat in the ring for the title of largest urgent care operator in Arizona. The not-for-profit health system, which operates 29 hospitals in seven states, just announced its acquisition of 32 Urgent Care Extra facilities in that state, primarily around Phoenix and Tucson. The clinics will be rebranded as Banner Urgent Care and join three other urgent care centers currently run by the health system. Two of those are in Colorado, and one is in Arizona. Banner plans to have as many as 50 urgent care centers in Arizona by the end of 2017, which would make it the largest urgent care operator in the state. Banner may have some competition from two other... Read More »

Myriad Genetics Eyes GeneSight

by | Aug 18, 2016 7:04 pm | Pharmaceuticals

Myriad Genetics Inc. (NASDAQ: MYGN), which specializes in molecular diagnostics and personalized medicine, started off August with the acquisition of privately-held Assurex Health Inc., an informatics-based, personalized medicine company that specializes in pharmacogenomics, a study of the genetic factors that influence an individual’s response to drug treatments, for behavioral health and chronic pain conditions. Assurex was sold for an upfront payment of $225 million, and is also eligible to receive up to $185 million in additional performance-based milestones. The acquisition gives Myriad access to GeneSight®, one of the fasting growing diagnostic tests in a multi-billion dollar market.... Read More »

Scintilla Goes Deep into Pain Management

by | Aug 16, 2016 7:46 pm | Pharmaceuticals, Private Equity

Scintilla Pharmaceuticals, Inc., a subsidiary of Sorrento Therapeutics Inc. (NASDAQ: SRNE), is spending up to $270 million to expand its pain management pipeline. On August 8, Scintilla announced its purchase of SCILEX Pharmaceuticals, Inc. for an upfront payment of $70 million. Scilex’s lead product candidate, ZTildo™ (lidocaine patch 1.8%) is being developed for the treatment of intractable cancer pain. In July 2015, SCILEX filed a new drug application (NDA) for ZTildo™, and is planning an NDA re-submission for a potential FDA action date in mid-2017. SCILEX’ product pipeline includes line extensions of ZTildo™ as well as other novel patch technologies in development. The patch... Read More »

Patient Experience Data Draws Big Money

by | Aug 12, 2016 1:49 pm | Other Services, Private Equity

EQT, a Swedish private equity firm with approximately €30 billion in raised capital, announced it was taking Press Ganey Holdings (NYSE: PGND) private with a purchase price of $2.35 billion, or $40.50 a share. Press Ganey made its mark by offering patient experience solutions to measure and analyze data collected directly from patients, including patient experience insights measured through several electronic modes; and caregiver engagement solutions comprising physician, nurse and, employee alignment and engagement solutions. It also provides clinical and quality solutions, such as Nursing Quality Indicators, a program that collects data on a set of nursing-sensitive process, structure,... Read More »

First Half of 2016 Shows Strength in M&A

by | Aug 11, 2016 7:53 pm | Biotechnology, eHealth, Long-Term Care, Pharmaceuticals, Private Equity

Ever since the rally in health care mergers and acquisitions began in 2014, we’ve been waiting for the inevitable slam-on-the-brakes quarter. That rally was sparked by the advent of newly insured families and individuals entering the healthcare market, beginning on January 1, 2014. Thanks to the Affordable Care Act, passed in 2010, health care M&A topped 1,000 transactions that year and has never looked back. Isn’t it about time for the party to end? Not according to our data for the first six months of 2016, compared with the same period in 2014 and 2015. (But if you read our monthly M&A roundup on page 18, you may have second thoughts.) In the first half of 2016, deal volume... Read More »