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The End of Big Spending in Health Care M&A
No one says, “Follow the synergy.” It’s always the money that matters. So when we heard the U.S. Treasury Department had issued new, more onerous rules on tax inversions on April 4, it was just a matter of time before Pfizer (NYSE: PFE) called off its historic $160 billion takeover of Allergan (NYSE: AGN). And here we are, on April 6, 2016. Now that Pfizer and Allergan have called off their merger, which would have re-domiciled Pfizer in Ireland, we must rework some deal totals. 2015 was a superlative year for health care mergers and acquisitions, thanks in part to this transaction. Yesterday, the annual spending tally was approximately $557 billion across 13 sectors.... Read More »Fairview Health Buys Second Health Plan
Fairview Health Services is building out its managed care platform. In January, the Minneapolis-based nonprofit, integrated health system announced the acquisition of PreferredOne, which serves more than 1,500 employers and 285,000 members in Minnesota. The company saw dramatic growth in the first year of MNsure, the state’s health insurance exchange, but was forced to drop out after $139 million in financial losses. In April. Fairview signed a letter of intent to acquire UCare., an independent, not-for-profit health paln providing health care and administrative services to members throughout Minnesota. UCare will become a wholly-owned subsidiary of Fairview, and will join... Read More »Recent Health Care Deals, week ending 04.01.2016
AcquirerTargetPrice DiaSorin S.p.A.Focus Diagnostics Inc. $300 million Sun Pharmaceutical Industries Ltd.14 prescription drug brands$293 million Encore Rehabilitation Services, LLCContract therapy business$65 million PuraCap PharmaceuticalsEpic Pharma, LLC$550 million MEDNAX, Inc. Mid-Missouri Neonatology,... Read More »Sun Pharma Buys into Japanese Drug Market
Sun Pharmaceutical Industries Ltd. (BSE: 524715) last week paid $293 million for 14 “established prescription” drug brands currently being marketed by Novartis AG (NYSE: NVS) in Japan. Under terms of the agreement, Novartis will continue to distribute these unidentified brands for a certain period, pending transfer of all marketing authorizations to Sun Pharma’s subsidiary. The acquired brands will then be marketed by an established marketing partner under the Sun Pharma label. This transaction expands Sun’s footprint in Japan’s $73 billion pharmaceutical market. Read More »Bankrupt Hospital M&A Up in Non-Expansion States
Has the decision to expand or not to expand Medicaid impacted merger and acquisition activity among hospitals and health systems? With only two years’ worth of data (2014 and 2015), it’s still early to draw definitive conclusions. So consider the following data as anecdotal evidence of the economic impact the various state governments have brought to bear on healthcare providers in their states. Mergers and acquisitions among all types of hospitals—acute care, long-term care, critical access, etc.—in the Medicaid expansion states increased from 49 deals in 2014 to 56 deals in 2015. Hospitals and health systems based in non-expansion states saw M&A activity decrease in the same time... Read More »Meridian Targets Magellan Biosciences
Lead poisoning has been a prominent news story this year, thanks to the tragic circumstances now playing out in Flint, Michigan. So it’s no surprise that Magellan Biosciences, Inc. and its subsidiary, Magellan Diagnostics, Inc., have been sold to Meridian Bioscience, Inc. (NASDAQ: VIVO) for $66 million. Majority owner Ampersand Capital Partners, together with Tekla Capital Management and Boston Community Venture Fund, made their exit from the business. Magellan has built a national reputation for point-of-care testing kits that measure levels of lead in the bloodstream. Its LeadCare® II, LeadCare Ultra and Plus systems are used by more than 6,500 physician offices and clinics in the... Read More »Advent International Acquires ATI Physical Therapy
Private equity continues to invest in rehabilitation companies. The latest deal, the fifth of five announced in March 2016, is from Advent International, a Boston-based firm with more than $30 billion invested in 310 companies. For an undisclosed price, the firm took a majority interest in ATI Physical Therapy, a portfolio company of KRG Capital. ATI specializes in outpatient rehabilitation and adjacent healthcare services. It operates more than 500 clinics in 19 states, and served nearly 300,000 unique patients in 2015. Read More »Recent Health Care Deals, week ending 03.25.2016
AcquirerTargetPrice Bristol-Myers Squibb Padlock Therapeutics, Inc. $225 million Capella Healthcare, Inc.$550 million Capitol Senior Living2 assisted living communities$48 million Syncordia Technologies and Healthcare SolutionsBilling Solutions, Inc. $8 million Baptist Health South FloridaNorthpoint Surgery... Read More »Home Health in March: Five Deals and a Bankruptcy
The Home Health & Hospice sector had a very slow year in 2015, with just 47 deals made public. Deal making activity has picked up quite a bit in 2016, with 12 deals in the first two months and five more in the first three weeks of March. The only deal to report a price was the $84 million acquisition of Genesis Healthcare’s (NYSE: GEN) home health and hospice business, by Compassus. Genesis is selling the majority of its home health and hospice operations, which are located in California, Idaho, Montana and New Mexico. Privately-held Compassus is a nationwide network of community-based post-acute care services primarily focused on hospice, palliative and home health care. In... Read More »Schedule a demo
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