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NKKR Buys a Texas Air Ambulance Company

by | Mar 16, 2015 7:45 pm | Other Services

Air ambulance companies are not on most investors’ radar, yet at least one acquisition of this ancillary healthcare service pops up about once a year. This year’s deal came early, as KKR & Co. LP (NYSE: KKR) paid an undisclosed amount for Air Medical, an air ambulance company based in Lewisville, Texas. It was owned by affiliates of private equity firms Bain Capital and Brockway Moran & Partners. Last year’s air ambulance deal was announced in August, when privately held REACH Air Medical Services of Santa Rosa, California acquired Emergency Airlift Service in North Bend, Oregon. No prices were disclosed, of course. In fact, the last price we recorded for an air ambulance company... Read More »

AbbVie Wins Pharmacyclics

by | Mar 9, 2015 7:33 pm | Pharmaceuticals

Everybody hates a winner, it seems. Last week’s announcement that AbbVie Inc. (NYSE: ABBV) won the bidding war for Pharmacyclics Inc. (NASDAQ: PCYC) had many analysts shaking their heads in disbelief. The consternation was over the price, which at $261.25 per share for PCYC came to approximately $21 billion, about 27.8x revenue and 165.6x EBITDA. The real prize for AbbVie is Imbruvica, an effective treatment against a form of leukemia and other diseases that Pharmacyclics is marketing under an agreement with Johnson & Johnson (NYSE: JNJ). J&J and Pfizer (NYSE: PFE) were also in the final round of bidders. AbbVie’s shares fell nearly 6% on March 5, the day after the announcement,... Read More »

What U.S. Health Care Companies Are Buying Overseas

by | Mar 9, 2015 7:27 pm | Biotechnology, Pharmaceuticals

We’re hosting a webinar on March 12 called  Cross-Border M&A: Opportunities and Issues. As a run-up to it, here’s a peek at what U.S. health care companies have bought overseas in 2015, excluding the typical pharma/biotech rights and licensing deals. We’ve seen 13 acquisitions of foreign companies so far, better than the 10 recorded in the same period in 2014. In the first two months of this year, $2.3 billion has been committed to those transactions. See the chart below. Read More »

Community Health Systems Buys into Five Oklahoma Hospitals

by | Mar 9, 2015 7:22 pm | Hospitals

Community Health Systems, Inc. (NYSE: CYH) bought out its joint venture partner, INTEGRIS Health, to take full title to five hospitals in Oklahoma: Blackwell Regional Hospital (53 beds), Clinton Regional Hospital (56 beds), Marshall County Medical Center (25 beds), Mayes County Medical Center (52 beds) and Seminole Medical Center (32 beds). The five hospitals were previously owned through a joint venture between INTEGRIS and subsidiaries of Health Management Associates, Inc., which Community Health announced it would acquire in July 2013, for $7.6 billion. No price was disclosed on this deal. Read More »

Nikon Refocuses on Medical Devices

by | Mar 9, 2015 7:20 pm | Medical Devices

Nikon Corporation (T: 7731) is following its consumer electronics brethren, Canon, Inc. (NYSE: CAJ), FujiFilm (T: 4901), Olympus Corp. (T:7733), Pentax Corp. and Royal Philips (NYSE: PHG), into the health care industry. Last week it announced the acquisition of Optos. The $400 million price buys a Scottish medical device company that specializes in designing retinal-imaging machines used to test eyes and detect high blood press, and certain types of cancers.     Read More »

Cross-Border Merger in Medical Devices

by | Mar 2, 2015 6:59 pm | Medical Devices

With only four deals announced in January, it seemed as if M&A in the medical devices sector was drying up. Not quite, as 11 announcements surfaced in February. The largest came last week, as Sorin SpA (MIL: SRN) agreed to merge with Houston-based Cyberonics Inc. (NASDAQ: CYBX). The all-stock transaction produces a combined equity value of approximately $2.7 billion. If all goes according to plan, Cyberonics shareholders will own 54% of the new company upon closing, which translates to a purchase price of about $1.24 billion. The new company, still to be named, combines two global leaders in cardiac surgery and neuromodulation, and will be a major player in cardiac rhythm management,... Read More »

February Posts Big Spending for a Short Month

by | Mar 2, 2015 6:52 pm | Healthcare Market Updates

As of Friday, February 27, the month’s deal count was exactly even with the same month a year ago, at 90 deals, and will probably edge higher by the time you read this. But this February’s M&A spending is at least 5% higher than last year, at $36.3 billion. Here’s a look at the top five deals.  Read More »

PE Firms Make Grand Exits in the PBM Sector

by | Mar 2, 2015 6:37 pm | Other Services

After a fairly quiet 2014, M&A in the pharmacy benefit management (PBM) segment saw two big deals go down in February. First, Rite Aid Corp. (NYSE: RAD) paid $2 billion for EnvisionRx, a portfolio company of TPG. Last week, Catamaran Corp. (NASDAQ: CTRX) added to its own portfolio with an all-cash, $405 million deal for Healthcare Solutions, Inc., a portfolio company of Brazos Private Equity Partners LLC. Healthcare Solutions specializes in pharmacy benefits and other services in the workers’ compensation market, making for a strong addition to Catamaran’s previous acquisitions: Restat, LLC, which provides PBM services for self-funded employers, third-party administrators,... Read More »