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Week Ending October 31, 2014:
Recent Health Care M&A Deals
Acquirer
Target
Price
Biotechnology
CTI BioPharma Corp.
License to tosedostat
$21.3 million
Triphase Accelerator Corp.
License for antibody
N/A
eHealth
Booz Allen Hamilton
Epidemico, Inc.
N/A
Hospitals
University of Pennsylvania
Health System
Lancaster General Health
Merger
Wright Medical Group Merges with Tornier N.V.
Undeterred by the U.S. Treasury’s change in regulations regarding tax inversions, Wright Medical Group Inc. (NASDAQ: WMGI) last week announced it will merge with another orthopedic device maker, Tornier N.V. (NASDAQ: TRNX), based in Amsterdam. The all-stock transaction, valued at $3.3 billion, means each outstanding share of WMGI common stock will be exchanged for 1.0309 ordinary shares of Tornier. Upon closing, Wright shareholders will own approximately 52% of the combined company, and Tornier shareholders will own approximately 48%. Wright will re-domicile from Memphis to Amsterdam, and will change its name to Wright Medical Group N.V. Take that, Treasury.
October’s Top Health Care M&A Deals
October was a busy month for deal makers, and some saved the largest deal announcements until the last week. Preliminary totals show deal volume around 130 for the month, and deal value around $29 billion. The Medical Device sector saw the biggest deals, while the Long-Term Care sector broke its previous record for number of deals, ending the month with 31 announcements. That’s a busy start to the fourth quarter, for sure.
Top 5 Health Care M&A Transactions in October 2014
Acquirer
Target
Price
BD
CareFusion Corp.
$12.2 billion
Wright Medical Group, Inc.
Tornier N.V.
$3.3 billion
Omega Healthcare Investors
Aviv REIT, Inc.
$3.0 billion
Endo International plc
Auxilium Pharmaceuticals
$2.6 billion
Steris Corporation
Synergy Health plc
$1.9 billion
Source: The Health Care M&A Information Source, October 31, 2014
Another $3 Billion Merger: Omega Healthcare and Aviv REIT
Big mergers were all the rage last week, as Omega Healthcare Investors, Inc. (NYSE: OHI) and Aviv REIT, Inc. (NYSE: AVIV) announced an all-stock transaction valued at $3 billion. Omega will acquire all of the outstanding shares of Aviv. Aviv shareholders will receive a fixed exchange rate of 0.90 Omega shares for each share of Aviv common stock they own. Based on the closing price on October 30th, that equates to $34.97 of Omega stock for each Aviv share. Upon closing, Omega shareholders will own approximately 70% of the new company and Aviv shareholders, together with the limited partners of Aviv Healthcare Properties Limited Partnership, are expected to own approximately 30%. Following the merger, Omega’s CEO, Taylor Pickett, will serve as CEO of the combined company and current Aviv CEO, Craig Bernfield, will join the Board of Directors.
Sorin Group Puts $20 Million into Respicardia
Sorin Group (MI: SORN), a global medical device company specializing in treating cardiovascular diseases, announced a $20 million minority investment in Respicardia, Inc., a developer of implantable therapies to improve Respiratory Rhythm Management™. Sorin also acquired the exclusive right to distribute the remedē® System for the next five years in selected countries in Europe, and an exclusive option to acquire the Minneapolis-based Respicardia in the future. Sorin’s initial investment will finance on-going clinical testing of the technology, and complements Sorin’s own therapeutic solutions for heart failure patients……….Click here for a free trial to The Health Care M&A Information Source and download the current issue today.
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