Health Care Deal News, February 17, 2014 - M&A in the Medical Device Sector has Picked up Steam in 2014, Platinum Health Care, LLC Announced its Purchase of Skilled Nursing Facilities From Emeritus, M&A in the Medical Device Sector has Picked up Steam

 

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February 17, 2014 Issue:

 

Recent Health Care M&A Deals

E-Health

 

 

Acquirer

Target

Price

Berry Consultants, LLC

FACTS

N/A

Pharmaceuticals

 

 

Acquirer

Target

Price

Mast Therapeutics, Inc.

Aries Pharmaceuticals, Inc.

$2.2 million

Imprimis Pharmaceuticals, Inc.

Pharmacy Creations LLC

N/A

Mallinckrodt plc

Cadence Pharmaceuticals, Inc.

$1.3 billion

Retrophin, Inc.

Manchester Pharmaceuticals LLC

$29.5 million

 

Technology Deal of the Week
Mallinckrodt plc (NYSE: MNK), the former pharmaceuticals arm of medical devices maker Covidien plc, (NYSE: COV) made its first major acquisition last week. The Irish drug maker announced it will pay $1.3 billion for Cadence Pharmaceuticals, Inc., (NASDAQ: CADX) in San Diego, California. The price represents $14.00 per share and a 26% premium over the previous day’s closing price. Cadence had a net loss of $41.6 million on a trailing 12-month basis, but Mallinckrodt expects the acquisition will be immediately accretive to its fiscal year 2014 adjusted earnings per share, and significantly accretive to its fiscal year 2015 adjusted diluted earnings per share.....Want to read more news? Click here for a free trial to The Health Care M&A Information Source and download the current issue today.

 

Charted Territory
M&A in the Medical Device sector has picked up steam in 2014. So far we’ve seen 18 deals announced since the beginning of the year, and six of those occurred in the past two weeks. Wright Medical Group, Inc. (NASDAQ: WMGI) closed one transaction, a $90 million deal for Solana Surgical, LLC, and said it is about to close another, a $32.5 million deal for OrthoPro, LLC.  Here’s a look at the top Medical Device deals, so far.

 

Top Five Transactions in Medical Devices, through Feb. 14

Acquirer

Target

Price

Smith & Nephew plc

ArthroCare Corp.

$1.7 billion

Montagu Private Equity

Rexam PLC’s healthcare units

$805 million

Fluidigm Corporation

DVS Sciences, Inc.

$207.5 million

Medtronic, Inc.

TYRX, Inc.

$160 million

Wright Medical Group

Solana Surgical, LLCq

$90 million

Source: The Health Care M&A News, February 2014

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Services Deal of the Week
Platinum Health Care, LLC announced its purchase of two skilled nursing facilities from Emeritus (NYSE: ESC) last week. The first was Emeritus at Fort Myers (Florida), which was built in 1980 on about four acres. It has 16 memory care units and 58 assisted living units, with 85 operational beds. Price was $3.3 million. The second was Emeritus at Beneva Park (Sarasota, Florida), an assisted living facility that was built in 1982 on 5.32 acres. It is licensed for 112 beds and occupancy has been approximately 80%, with a Medicaid census about 15% of the total. Price was $3 million......Want to read more news? Click here for a free trial to The Health Care M&A Information Source and download the current issue today.

 

In the Pipeline
Third Rock Ventures, LLC is at it again. Last week the venture capital firm announced it had provided $45 million Series A financing to Voyager Therapeutics, a gene therapy company that is developing treatments for fatal and debilitating diseases of the central nervous system. Voyager’s adeno-associated virus approach to gene therapy aims to transform treatment for a wide range of CNS diseases with one-time therapies.... Want to read more news? Click here for a free trial to The Health Care M&A Information Source and download the current issue today.

 

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