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September 2, 2014 Issue:
Recent Health Care M&A Deals
Medical Devices
Acquirer
Target
Price
Medtronic, Inc.
Sapiens Steering Brain Stimulation
$200 million
Orgentec Diagnostika
Corgenix Medical Corporation
$16 million
Covidien plc
Sapheon, Inc.
N/A
Other
Medtronic, Inc.
NGC Medical S.p.A.
$350 million
DPx Holdings B.V.
Gallus BioPharmaceuticals, LLC
N/A
Roche Buys InterMune
In the biggest deal of the month (as of August 29th), Roche (SIX: RO) agreed to pay $74.00 per share, or $8.3 billion, for InterMune, Inc. (NASDAQ: ITMN), in an all-cash transaction. Based in Brisbane, California, the biotechnology company focuses on research, development and commercializing therapies in pulmonary and fibrotic diseases, which fit nicely into Roche’s current portfolio. Citi is acting as financial advisor to Roche and Davis Polk & Wardwell LLP is acting as legal counsel. Centerview Partners and Goldman Sachs are acting as financial advisors to InterMune, and Cravath, Swaine & Moore LLP is acting as legal counsel.
The 10 Biggest Health Care Deals in August
Deal makers took it easy in August, after a busy July. Our preliminary totals show 75 deals and a total of $19.3 billion. Five of the top 10 deals occurred in the Long-Term Care sector, and there was even a major transaction in the Hospital sector. Of course, Roche’s (SIX: RO) $8.3 billion bid for InterMune (NASDAQ: ITMN) kept the Pharmaceutical sector in the lead in terms of spending, but the eHealth sector showed some muscle, with Cerner’s (NASDAQ: CERN) $1.3 billion acquisition of Siemens Health Services division. More to come next week, when we can look at the entire month.
10 Largest Health Care Transactions in August 2014*
Rank
Acquirer
Target
Price
1
Roche
InterMune, Inc.
$8.3 billion
2
NorthStar Realty Finance
Griffin-American Healthcare REIT II
$4.0 billion
3
Cerner Corporation
Siemens Health Services
$1.3 billion
4
Health Care REIT, Inc.
HealthLease Properties REIT
$950 million
5
Genesis HealthCare LLC
Skilled HealthCare Group, Inc.
$710 million
6
Duke LifePoint Healthcare
Conemaugh Health Sytem
$500 million
7
Harrison Street Real Estate
11 senior living properties
$498.5 million
8
Tecomet Inc.
OEM Solutions
$450 million
9
Medtronic, Inc.
NGC Medical S.p.A.
$350 million
10
Health Care REIT, Inc.
11 UK seniors housing properties
$257 million
* = through August 29. Source: The Health Care M&A Information Source, August 2014
Duke LifePoint Healthcare Acquires Conemaugh Health System
Late last week, Pennsylvania became the 27th state to expand Medicaid under the Affordable Care Act. The week before that, Duke LifePoint Healthcare (NASDAQ: LPNT) agreed to pay $500 million for Conemaugh Health System in Johnstown. Conemaugh has three hospitals, outpatient clinics and the Conemaugh Physician Group practice. Duke LifPoint, which is a joint venture between an academic health system and a hospital operations company, committed to investing $425 million in services and facilities over the next 10 years.
Mobile Health App Maker Raises $25 Million
AirStrip, a mobile healthcare applications maker, raised $25 million in a strategic funding round, led by the Gary and Mary West Health Investment Fund, Sequoia Capital and Wellcome Trust, among others. The funding will support the continued growth of the AirStrip ONE mobile tech solutions, expansion into the home health care space, internationalization and accelerated integration with analytics engines………..Click here for a free trial to The Health Care M&A Information Source and download the current issue today.
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