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Prudential Real Estate Investors Buys 3 AL Properties

by | Jun 1, 2015 6:44 pm | Long-Term Care

Prudential Real Estate Investors (PREI)is a private real estate firm owned by Prudential Insurance, paid $110 million for three assisted living facilities, two of which are in Tennessee: Hendersonville, with 130 units built in 2012 and Franklin, with 126 units built in 2014. The Connecticut community is in Glastonbury with 135 units built in 2014. All three offer assisted living and memory care, and have a combined 341,000 square feet. Hearth Management, which previously owned the properties through a joint venture partnership, has been retained as the managery. Read More »

CVS Wins Omnicare Auction

by | May 26, 2015 6:33 pm | Pharmaceuticals

Omnicare Inc. (NYSE: OCR) put itself on the market in April, with bids due in May. At the time, its market value was estimated to be about $8.5 billion. CVS Health Corp. (NYSE: CVS), Express Scripts Holding Co. (NASDAQ: ESRX), McKesson Corp. (NYSE: MCK) and Walgreens Boots Alliance Inc. (NASDAQ: WBA) were expected to kick the tires. Last week, CVS won the deal with $12.7 billion, including $2.3 billion in debt. Omnicare’s big draw is its specialty pharmaceutical business focused on assisted living and long-term care facilities. The deal follows UnitedHealth Group’s (NYSE: UNH) $12.8 billion acquisition of pharmacy benefits manager Catamaran Corp. (NASDAQ: CTRX) in March and Rite Aid... Read More »

Doctors Groups on an M&A Hot Streak

by | May 26, 2015 6:25 pm | Physician Medical Groups

Interest in physician medical groups is reaching a boiling point in 2015, with 36 transactions announced as of May 22. Nine announcements were made in May alone, including last week’s deal for the 276-physician Chidren’s and Women’s Physicians of Westchester, by Boston Children’s Hospital. Contrast that with 2014’s total of 60 acquisitions, and 2015 is shaping up to be an interesting year. The big players—IPC Healthcare (NASDAQ: IPCM), MEDNAX (NYSE: MD) and TeamHealth Holdings (NYSE: TMH)—are still leading the field in the number of acquisitions, but there several other companies making inroads. Check out the chart below.  Read More »

Fast Start for Persivia

by | May 26, 2015 6:22 pm | Other Services

A week after announcing its formation, privately held Persivia made its first acquisition. The Lowell, Massachusetts-based company, which focuses on population health, precision medical and chronic care management solutions, purchased Alere Analytics, which developed its own real-time Clinical Decision Support and Chronic Care management technologies. More acquisitions may be forthcoming, but for now, the Alere Analytics platform is expected to create “groundbreaking advancements” in chronic care management. Terms of the deal were not disclosed. Read More »

FastMed Urgent Care Goes to ABRY Partners

by | May 26, 2015 6:14 pm | Other Services

Yet another major transaction for an urgent care provider was announced last week, as Comvest Partners sold its interest in FastMed Urgent Care to ABRY Partners, for an undisclosed price. FastMed is the second largest independent urgent care organization in the United States, with 52 clinics in North Carolina and 35 in Arizona. In April, UnitedHealth Group’s Optum (NYSE: UNH) paid an undisclosed sum for MedExpress, which operates 141 full-service neighborhood medical centers in 11 states. The month before that, Humana Inc. (NYSE: HUM) sold its urgent care subsidiary Concentra Inc. to a joint venture formed by Welsh, Carson, Anderson & Stowe and Select Medical Corporation (NYSE: SEM)... Read More »

MEDNAX Moves into New Territory

by | May 18, 2015 6:03 pm | Other Services

Last week MEDNAX, Inc. (NYSE: MD), which now brands itself as a national medical company, has kept a steady focus on its Pediatrix Medical Group and American Anesthesiology divisions for years. But last week marked its foray into radiology and telemedicine, with the $500 million acquisition of Virtual Radiologic Corporation (vRad). The deal adds a network of 350 radiologists, more than 75% percent of whom are subspecialty trained. They read and interpret more than five million diagnostic imaging studies annually, which are archived in vRad’s proprietary picture archive and communication system (PACS). MEDNAX gains radiology coverage in more than 2,100 healthcare facilities across all 50... Read More »

Behavioral Health Deals in 2015

by | May 18, 2015 6:00 pm | Behavioral Health Care

The behavioral health sector got a slight bump in April, when the CMS proposed that inpatient psychiatric facilities receive a 1.6% rate increase from Medicare in fiscal 2016. Quality metrics are also part of the proposal, and will affect psychiatric facility payments beginning in fiscal 2018. M&A activity in this sector is always very light, but the 11 transactions we’ve recorded in 2015 are slightly ahead of the same period in 2014. And the totals for the 2015 deals, at nearly $129 million, is strong for this sector. Read More »

Baxalta’s Predecessor Readies for the Spin Off

by | May 18, 2015 5:55 pm | Biotechnology

Baxter BioScience recently agreed to pay $900 million for the Oncaspar® product portfolio owned the Italian biopharma company, Sigma Tau Financiaria SpA. Oncaspar is a biologic used as part of a multi-agent chemotherapy regimen to treat lymphoblastic leukemia, and is marketed in the United States, Germany, Poland and certain other countries. In addition to the drug, Baxter BioScience also acquired another investigational biologic and an established oncology infrastructure with annual sales of approximately $100 million. Very soon, Baxter International Inc. (NYSE: BAX) plans to spin off Baxter BioScience into a new company called Baxalta Incorporated. This deal is a nice going-away present,... Read More »