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March 24, 2014 Issue:
Recent Health Care M&A Deals
E-Health
Acquirer
Target
Price
Welltok
Mindbloom
N/A
BioTelemtry, Inc.
Cardiac patient services unit
$8.65 million
Varian Medical Systems, Inc.
Velocity Medical Solutions, LLC
N/A
Home Health Care
Almost Family
Caldwell County Hospital Home Health Agency
N/A
Laboratories, MRI and Dialysis
Quest Diagnostics
Summit Health
N/A
Technology Deal of the Week
Another one heads for Ireland. Horizon Pharma, Inc. (NASDAQ: HZNP) became the latest pharmaceutical company to acquire an Irish firm and relocate its headquarters to the Emerald Isle, where the corporate tax rate is more favorable than in the United States. Horizon, a commercial-stage specialty pharma company currently based in Deerfield, Illinois, agreed to acquire Vidara Therapeutics International Ltd. of Dublin, for $660 million, in a reverse merger that will result in a combined company being renamed Horizon Pharma plc. ….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
The Long-Term Care sector has been racking up some impressive deals in the first quarter. So far we’ve tallied nearly $5 billion in combined acquisition prices on 48 announced deals. The quarter isn’t completely over yet, of course, so there could be more surprises to come. For a complete look at the LTC sector’s performance last year, The Senior Care Acquisition Report, 19th edition, is now available.
Top 5 Long-Term Care Transactions in Q1:14
Acquirer
Target
Price
Brookdale Senior Living
Emeritus Corporation
$2.8 billion
NorthStar Realty Finance
80 senior care facilities
$1.0 billion
Revera Inc.
Sunrise Senior Living
$300 million
American Realty Capital
2 senior living communities
$104.5 million
AEW Capital Management
3 Balfour Senior Living communities
$103.8 million
Source: The Health Care M&A News, March 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
Last week, 80 senior care facilities across 14 states were sold for $1.05 billion to the New York-based REIT, NorthStar Realty Finance Corp. (NYSE: NRF). The price is really $430 million in cash and $620 million of debt assumption. The portfolio includes 43 seniors housing properties and 37 skilled nursing facilities, with about 35% located in Florida. Also in this portfolio are the 36 senior living properties (with 2,661 units) that Formation Capital bought from Lone Star in June 2013 for approximately $400 million. As part of the current transaction, 36 of the senior living properties will be held in a RIDEA structure with NorthStar, and the remaining seven, plus the 37 skilled nursing facilities, will be structured as a sale/leaseback. Formation is staying in the deal as a joint-venture partner, providing 10% of the $430 million equity…….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
Sure, there were lots of VC funding announcements last week for biotech startups and late-stage trial support. One that caught our eye was relatively small, but came with a sexy subject, if you’re a techie. San Francisco-based startup Augmedix, a wearable-tech company launched a year ago from the Rock Health accelerator program, received $3.2 million in funding from DCM and Emergence Capital Partners. Augmedix is building clinical applications for doctors using Google Glass, which has been tested at hospitals and clinics across the country. According to the company, only 1% of patients objected to their physician wearing Google Glass during the examination, when it would come in most handy. Here’s looking at you, patient……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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