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Recent Health Care Deals, week ending 04.22.2016
AcquirerTargetPrice AAC Holdings, Inc. Sober living property$5.35 million AbbVie, Inc. CytomX Therapeutics, Inc. $30 million Auris Surgical Robots, Inc. Hansen Medical, Inc. $80 million Allergan plcTopokine Therapeutics$85 million Recipharm ABKemwell's India business $120... Read More »The End of Health Care’s Billion-Dollar Run?
Without thinking about it, we came to take the monthly list of billion-dollar-plus health care deals for granted. So came as a surprise when we began tallying the list of transactions announced in April.As of April 24, not one billion-dollar deal has been announced. Looking back through the DealSearchOnline database, at least one big deal has been announced every month since April 2013. That’s a 24-month streak, about to be broken. Obviously, we still have a week to go in this vernal month. The streak could continue. But if it doesn’t, you heard it here first. Read More »Another Anesthesia Group Changes Hands
Moelis Capital Partners is selling North American Partners in Anesthesia (NAPA), the largest single specialty anethesia management company in the United States, which it acquired in 2011. The buyers are American Securities LLC, a middle-market private equity firm, along with minority investments from Leonard Green & Partners and NAPA management. Specifically, the buyers completed a recapitalization of NAPA’s practice management company, NAPA Management Services Corporation. Financial terms were not disclosed, but Reuters News reported in February that American Securities was paying nearly $1 billion for NAPA. Read More »naviHealth Buys Curaspan
naviHealth is moving deeper into post-acute care transitions, in an effort to follow the bundled payments from end-to-end. Last week the company announced it will acquire Curaspan Health Group for an undisclosed amount. Just last August, naviHealth was the target in a $290 million deal, as Cardinal Health (NYSE: CAH) acquired 71% of the company from Welsh, Carson, Anderson & Stowe, with the goal of acquiring the remaining 29% within four years. naviHealth provides software and analytics to healthcare plans, health systems, physicians and post-acute care providers to manage the entire continuum of post-acute care. Curaspan Health specializes in care transition tools for hospitals and... Read More »Other Healthcare Services Deals, 2006 to 2015
During 2015, 178 deals were announced in the “Other Services” sector, the highest number in the past five years. Because this category tracks a wide range of businesses that operate or perform services that support or are ancillary to the direct delivery of health care, the statistical significance of a surge or plunge is less relevant than it would be in a sector that tracks a specific service such as hospitals or rehabilitation. Included are pharmacy benefit management companies, ambulatory surgery centers, dental and dermatology practices, contract and clinical research organizations (CROs), and medical transport companies, among others. Read More »Physician Medical Group Deals, 2006 to 2015
After three years of declines, mergers and acquisitions picked up in 2015, reaching 88 deals. Just as hospitals, health insurers and others are seeking greater scale to boost efficiency and outcomes, physicians are joining larger management groups or health systems for the same reasons. In 2015, consolidation began among the biggest players—Team Health (NYSE: TMH) and IPC Healthcare—and more could be on the way. AmSurg Corporation (NASDAQ: AMSG), parent company to Sheridan, made a surprise bid for Team Health in August. That offer was rebuffed, to the chagrin of many Team Health shareholders. With the continuing shift to value-based health care and bundled payments, expect a few more big... Read More »Pharmaceutical Deals, 2006 to 2015
Drug manufacturers came under heavy scrutiny late in 2015, both for their pricing practices and their penchant for acquiring overseas rivals to gain lower corporate tax rates. The latter issue was the major impetus for the lrgest health care deal ever announced, Pfizer’s (NYSE: PFE) $160 billion takeover of Dublin-based Allergan plc (NYSE: AGN). The Treasury deparment moved quickly to change its rules on “inversions,” making them even more onerous. Pfizer walked away from the deal, not surprisingly. Public sentiment about the high price of many drugs, including generics, is having a chill effect on this sector. 2016 may turn out to be a quiet year for pharma deals, at... Read More »Rehabilitation Deals, 2006 to 2015
The M&A market in the rehabilitation sector picked up steam in 2015, with 30 announced transactions. The shift toward bundled payments, led by the Center for Medicare and Medicaid Services, had a strong effect on this fragmented market. Private equity firms were building platforms, while at least one REIT picked up a few facilities. Like physician medical groups, targets in this sector tend to be small, privately held operations and their acquisitions aren’t always publicly announced. For that reason, the data may underrepresent the actual interest in this field. Read More »Medical Devices Deals, 2006 to 2015
Mergers and acquisitions in the medical device sector hit a rough patch in 2013. That’s when the 2.3% excise tax, mandated in the Affordable Care Act, went into effect, and the change was felt almost immediately. In 2015, the tax was lifted for a period of two years, but deal making still hasn’t gone back to the heady days of 2011. Read More »Schedule a demo
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