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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
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
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.
National Healthcare CFO Summit, May 18-20, 2014, Eau Palm Beach Resort & Spa, Palm Beach, FL
The National Healthcare CFO Summit is the premium forum bringing together senior level finance executives and solution providers. The Summit offers an intimate environment for a focused discussion of key new drivers shaping the healthcare industry.
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For information regarding speaking, sponsoring & attending, please contact Laurel Zevitz at
l.zevitz@marcusevansch.com
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