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Sheridan’s hot start to July

by | Jul 6, 2016 6:41 pm | Physician Medical Groups

Sheridan, the Physicians Services division of AmSurg Corp (NASDAQ: AMSG), came in hot the first week of July with three announced acquisitions in Florida. On July 5th, AllegiantMD, Inc. joined Sheridan’s existing roster of over 300 fellowship-trained, board-certified radiologists, who cover 150 facilities across 22 states.  Based in Tampa, Florida, AllegiantMD is a privately-held provider of on-site and remote-read subspecialized radiology services. The combination will account for approximately six million radiology interpretations on an annualized basis, primarily delivered through exclusive contracts with hospitals and imaging centers. On July 6th, Sheridan announced the... Read More »

Baptist Health Expands in Indiana

by | Jul 1, 2016 2:55 pm | Hospitals

Baptist Health, the largest not-for-profit system in Kentucky, added a ninth hospital to its system in June. The Floyd County Commissioners, Floyd County Council and Floyd Memorial Board of Trustees all voted to sell Floyd Memorial Hospital and Health Services to Baptist Health. Baptist Health currently includes eight hospitals with 2,400 licensed beds, care centers, physician offices and health facilities. Its subsidiary, Baptist Health Plan, provides health insurance and managed-care services to more than 300,000 members in Kentucky and other states. Floyd Memorial is a 211-bed acute care hospital with more than 600 physicians on staff. The $276 million price represents $75 million at... Read More »

Schryver Nabs Another Lab

by | Jul 1, 2016 8:00 am | Laboratories, MRI & Dialysis, Private Equity

If it’s true that 70% or more of medical decisions are made based on diagnostic testing results, then one can assume that the Laboratory, MRI & Dialysis sector is at the crossroads where fee-for-service and value-based reimbursements meet. Although this sector isn’t the largest in transaction volume and dollars spent relative to other markets, mergers and acquisition activity has picked up in 2016, as these lines of business adjust to changes in technology. Since 2014, there have been 104 acquisitions, and $21.8 billion (of disclosed prices) spent in the Laboratory, MRI & Dialysis sector (33 in 2014; 52 in 2015; and 19 as of June 30, 2016). The largest players buying up laboratory... Read More »

Dentsply Sirona Picks Up MIS Implants

by | Jun 30, 2016 8:00 am | Medical Devices

Just last September, Dentsply International (NASDAQ: XRAY) acquired Sirona Dental Systems (NASDAQ: SIRO) for $5.5 billion in an all-stock transaction. The acquisition added Sirona’s worldwide dental equipment business, which posted revenues of $1.15 billion (4.8x) on a trailing 12-month basis, and EBITDA of $280 million (19.8x). The transaction created the world’s largest maker of professional dental products and technologies, with net revenue of approximately $3.8 billion and adjusted EBITDA of more than $900 million on pro forma basis. Nine months later, the combined company, now known as Dentsply Sirona Inc., purchased the Israeli dental implant maker MIS Implants... Read More »

Medtronic Swoons over HeartWare

by | Jun 29, 2016 8:00 am | Medical Devices

Medtronic plc (NYSE: MDT) kept up its busy acquisition pace, notching its fifth deal in 2016. The target is HeartWare International (NASDAQ: HTWR), developer and maker of miniaturized implantable heart pumps or ventricular assist devices (VAD) for the treatment of advanced heart failure. Its lead product is the HVAD® System, featuring the world’s smallest full-support ventricular assist device. Medtronic will pay $58.00 per share in cash for all outstanding common stock in HeartWare, for a transaction value of $1.1 billion. This acquisition will expand Medtronic’s portfolio of diagnostic tools, therapies and services for patients suffering from heart failure. The transaction is... Read More »

Recent Health Care Deals, week ending 06.24.2016

by | Jun 27, 2016 8:00 am | Healthcare Market Updates

AcquirerTargetPrice Impax Laboratories Inc.15 generic drugs from Teva$586 million Kindred HealthcareHome health & hospice offices in Arkansas$39 million Magic Software Enterprises Ltd. Roshtov Software Industries$21 million Retrophin Inc. Rights to ursodeoxycholic acid$500,000 Schweiger Dermatology GroupDr. Frank Demento's dermatology... Read More »

Digital Health Deals Strike New Heights

by | Jun 24, 2016 5:45 pm | eHealth, Private Equity

The digital health sector is on fire in the first half of 2016. Through June 24 we’ve recorded 82 transactions with a business-to-business eHealth company as the target. Sixteen of those were announced in June alone. (We don’t cover consumer-facing health apps or social media platforms.) In the first half of 2015, just 60 deals were announced in this sector. The final tally was 123 eHealth deals for all of 2015, a new record. It’s no stretch of the imagination to think this sector could set another record for 2016. The eHealth market of today includes electronic health records, revenue cycle management and data analytics, various mobile health start-ups from patient... Read More »

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 »