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Teva Unloads 15 Generics on Impax

by | Jun 23, 2016 3:54 pm | Pharmaceuticals

To fulfill a condition of its $40.1 billion acquisition of Allergan’s (NYSE: AGN) U.S. generics business, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) agreed to sell a broad portfolio of generic products across solid oral, inhalable, injectable and topical dosage forms to Impax Laboratories Inc. (NASDAQ: IPXL). The $586 million price includes the return to Impax of its rights to its pending Abbreviated New Drug Application (ANDA) for the generic equivalent to Concerta®. Impax is using existing cash and $400 million in new fully committed term loans, provided by RBC Capital Markets. Upon closing, Impax expects to add a portfolio of 15 currently marketed generic products; one... Read More »

The FTC’s Recent Losses in Hospital M&A

by | Jun 22, 2016 7:35 pm | Hospitals, Physician Medical Groups

The Federal Trade Commission’s antitrust unit has been very active in the health care sector in recent years, thanks in part to the steady beat of hospital mergers and acquisitions taking place. In 2015, 102 hospital transactions were announced, up slightly from 99 the year before. Halfway through 2016, we’ve recorded 48 hospital deals, which is keeping pace with the two previous years. The FTC challenged a few of those deals, including the NorthShore University Hospital/Advocate Health Care merger in Chicago and the Penn State Hershey Medical Center/PinnacleHealth System in Pennsylvania. The agency has notched up some significant wins in years past, most recently the December... Read More »

Kindred Expands in Arkansas

by | Jun 21, 2016 5:52 pm | Home Health & Hospice, Long-Term Care

Kindred Healthcare (NYSE: KND) is at it again. The Louisville, Kentucky-based long-term care company announced its acquisition of a broad portfolio of home health, hospice and personal care services under the aegis of the Arkansas Department of Health. Kindred won a state bidding process with a bid of $39 million. The targets include 74 home health locations serving 69 counties in the state, seven offices providing hospice services in 42 counties, and its personal care services business that assists patients with daily living activities. The transaction will expand Kindred’s services from six offices providing home health and hospice in four counties to offices providing home health,... Read More »

AmSurg Finds a Partner for $6.7 Billion

by | Jun 20, 2016 2:03 pm | Physician Medical Groups

Last fall, AmSurg Corp. (NASDAQ: AMSG) made an unsolicited bid for TeamHealth Holdings (NYSE: TMH), to the tune of $7.8 billion. At the time, TeamHealth was working its way through its own merger with IPC Healthcare, for $1.6 billion. It snubbed AmSurg’s offer as too low, and went on to complete its IPC acquisition on November 23, 2015. Analysts who follow the Physician Medical Group sector generally praised AmSurg’s offer from a strategic perspective, as it would create one of the largest national providers of outsourced physician services to health systems. Alas, AmSurg withdrew its offer on November 2. For the record, AmSurg provides ambulatory and physician services in the... Read More »

MEDNAX’ MedData Adds RCM Company

by | Jun 16, 2016 8:25 am | eHealth, Physician Medical Groups, Private Equity

MedData, Inc. made its second acquisition this year. The MEDNAX (NYSE: MD) subsidiary agreed to pay $400 million for revenue cycle management (RCM) company Cardon Outreach LLC, a portfolio company of Serent Capital.  Cardon Outreach provides specialized eligibility assistance, accounts receivable recovery services, third-party liability and other services. Cardon Outreach works with more than 800 hospitals and other healthcare facilities in 46 states. The acquisition is expected to be accretive to GAAP earnings. MEDNAX anticipates the acquisition will add an initial $0.06 in annualized diluted earnings per share and $0.14 in annualized adjusted earnings per share. Cain Brothers is... Read More »

Merck Coughs Up $500 Million for Afferent

by | Jun 15, 2016 8:00 am | Biotechnology, Pharmaceuticals

Merck & Co. (NYSE: MRK) added to its product pipeline with the $500 million acquisition Afferent Pharmaceuticals, a privately held biotechnology company in San Mateo, California. Afferent develops therapeutic candidates targeting the P2X3 receptor, for the treatment of common, poorly-managed neurogenic conditions. Afferent’s lead candidate, AF-219, is a selective, non-narcotic, orally administered P2X3 antagonist. It is currently being evaluated in a Phase 2b clinical trial for the treatment of refractory, chronic cough, as well as in a Phase 2 clinical trial in idiopathic pulmonary fibrosis with cough. Merck, which is known as MSD outside the United States and Canada, paid $500... Read More »

Lincare Sells Its Specialty Pharmacy Businesses

by | Jun 14, 2016 8:00 am | Other Services

Lincare Holdings Inc., the nation’s largest home health provider of oxygen and respiratory services, is selling its specialty pharmacy businesses, Acro Pharmaceutical Services, LLC and Community Pharmacy Services, LLC. Acro operates in 50 states, while Community Pharmacy Services serves a 340B drug program in the Philadelphia area. These businesses generated revenue of approximately $206 million in the fiscal year ended December 31, 2015. The acquirer is Premier Inc. (NASDAQ: PINC), a healthcare improvement company, agreed to pay an aggregate of $75 million in cash. The businesses generated revenue of approximately $206 million in the fiscal year ended December 31, 2015, for a... Read More »

Recent Health Care Deals, week ending 06.10.2016

by | Jun 13, 2016 8:00 am | Healthcare Market Updates

AcquirerTargetPrice Aspen Global Inc.Rights to 7 anesthesia drugs$520 million Zimmer BiometLDR Holding Corporation$1 billion Premier Inc. Lincare's specialty pharmacy business$75 million Takeda Pharmaceutical CompanyLicense to Theravance's TD-8954$15 million Merck & Co.Afferent Pharmaceuticals$500 million Meridian Behavioral HealthValhalla... Read More »

Aspen Buys Rights to Anesthesia Portfolio

by | Jun 10, 2016 8:00 am | Pharmaceuticals

This isn’t a sleepy deal. AstraZeneca (NYSE: AZN) sold the ex-U.S. rights to its portfolio of seven established anesthesia medicines to Aspen Global Incorporated. Aspen Global is the holding company for Aspen Group’s (OTCBB: ASPU) international business that manages and maintains intellectual property rights, and regulatory and commercial strategies of a portfolio of specialist and branded products. The drugs are Diprivan (general anaesthesia), EMLA (topical anesthetic) and five local anesthesias (Xylocaine, Xylocard/Syloproct, Maracine, Naropin, Carbocaine and Citanest). Under terms of the agreement, AGI will acquire the commercialization rights, outside the United States, to... Read More »