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Centerstone and Seven Counties to Merge

by | Apr 15, 2016 4:58 pm | Behavioral Health Care

Centerstone, one of the nation’s largest not-for-profit behavioral health care providers, signed a letter of intent to affiliate with Seven Counties Services, the largest not-for-profit behavioral health care provider in the Louisville, Kentucky area. Seven Counties employs nearly 1,400 clinical and administrative staff and delivers services to more than 34,000 people each year. This merger will create an organization with 181 locations in Florida, Illinois, Indiana, Kentucky and Tennessee, with approximately $310 million in annual revenues. It will employ more than 4,500 people and serve an estimated 150,000,000 individuals of all ages. It will change its name to Centerstone... Read More »

Synta Pharma Merges with a New Drug Candidate

by | Apr 15, 2016 3:54 pm | Pharmaceuticals

Oncology drug maker Synta Pharmaceuticals Corp. (NASDAQ: SNTA) had a run of bad luck in October 2015, when it terminated its GALAXY-2 trial of its lead candidate, ganestespib, and discontinued a substantial portion of its research and development activities related to the compound. Happy news, then, when Synta announced its merger with privately-held Madrigal Pharmaceuticals, whose lead compound, MGL-3196, is a Phase 2-ready, once-daily oral treatment for non-alcoholic steatohepatitis (NASH) and heterozygous and homozygous familial hypercholesterolemia. In the all-stock transaction, valued at $60.9 million, Synta will acquire all outstanding shares of Madrigal in exchange for approximately... Read More »

First Quarter Health Care M&A Results

by | Apr 14, 2016 8:13 am | Healthcare Market Updates

It’s official. The first quarter of 2016 was well off the previous hot-and-heavy pace for health care mergers and acquisitions, which began in 2014. Preliminary data shows 348 transactions were announced in Q1:16, down 7% compared with the fourth quarter of 2015 (375 deals) and down 8% from the same quarter a year ago (377 deals). Deal volume is the real measure, because deal value from month-to-month or quarter-to-quarter is so random. Take the fourth quarter of 2015, for example. Deal volume seemed on pace, but the largest deal in health care M&A history was announced in November, when Pfizer (NYSE: PFE) agreed to pay $160 billion to acquire Allergan plc (NYSE: AGN) for $160 billion,... Read More »

Linden Capital Exits CORPAK Medsystems

by | Apr 13, 2016 3:44 pm | Medical Devices, Private Equity

Eight years after its initial investment, Linden Capital Partners has sold CORPAK Medsystems, for $174 million. CORPAK develops and manufactures a portfolio of enteral access devices such as enteral feeding safety devices and nasogastric feeding tubes for hospitals, nursing homes and home care. The buyer is Halyard Health (NYSE: NYH), another medical device company focused on preventing infection, eliminating pain and speeding recovery for healthcare providers and their patients. CORPAK’s line of nasogastric tubes complements Halyard’s existing enteral feeding products. Based on published annual revenue of $54 million, we get a multiple of 3.2x. Not bad, for... Read More »

March 2016’s Biggest Health Care Deals

by | Apr 13, 2016 8:29 am | Other Services, Pharmaceuticals, Private Equity

Health care companies are still attracting buyers, and those in the services sectors seem to be the hottest. Last month saw healthy deal volume, at 134 transactions. For a year that started slowly for health care mergers and acquisitions, March 2016’s deal volume is only 3% lower than the same month a year ago. Industry sources have noted the dearth of deals across many industries going into March, even though some uncertainties that troubled markets earlier this year, such as China’s economic slow down, haven’t occupied center stage recently. Leverage is not an overwhelming concern, but credit has tightened over the past few months. And with the new, more onerous federal rules regarding... Read More »

UVM Health Network Buys 2 Ortho Practices

by | Apr 12, 2016 8:13 pm | Physician Medical Groups

The University of Vermont Health Network has acquired two physician practices in April, adding a total of six physicians to its roster. UVM Health owns four hospitals in the state: the University of Vermont Medical Center, Central Vermont Medical Center, Champlain Valley Physicians Hospital and Elizabethtown Community Hospital. Its first acquisition, reported by VTDigger.com, was South Burlington-based Associates in Orthopedics. The practice consists of four board-certified orthopedic surgeons, who will become part of UVM’s Deparment of Orthopedics and Rehabilitation. The second acquisition, reported just a few days later, was the two-surgeon practice known as Green Mountain... Read More »

Big Names Are Buying Up Doc Groups

by | Apr 8, 2016 7:44 pm | Physician Medical Groups

This has been a busy year in the physician medical group sector. Twenty-two deals have been announced through the first week in April. Four of those deals were announced, quite literally, in the first week of April. Premier Health, a health system based in Dayton, Ohio, made its fifth acquisition of a health care practice in the past six months. Upper Valley ENT, a two-physician practice in Troy, will join Premier HealthNet, the specialty physician group that is part of the health system. The group now has more than 150 physicians in southwest Ohio. Right in Premier Health’s backyard, TeamHealth Holdings (NYSE: TMH) acquired Children’s Emergency Services, which provides... Read More »

Allergan Gets Over Pfizer Breakup Fast

by | Apr 7, 2016 5:17 pm | Pharmaceuticals

Allergan plc (NYSE: AGN) didn’t let any grass grow under its feet once the breakup with Pfizer Inc. (NYSE: PFE) was official, at 6:45 am ET on April 6th. At 7:30 pm ET the same day, Allergan announced it will partner with Heptares Therapeutics, a wholly owned subisidiary of Sosei Group Corporation (TSE: 4565), to get the exclusive global rights to a broad portfolio of drug candidates targeting major neurological disorders, including Alzheimer’s disease. Heptares receives $125 million upfront, and is eligible to receive contingent milestone payments of up to approximately $665 million associated with the successful Phase 1, 2 and 3 clinical development and laund of the first... Read More »

The End of Big Spending in Health Care M&A

by | Apr 6, 2016 12:10 pm | Pharmaceuticals

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 »