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Week ending March 13, 2015:
Recent Health Care M&A Deals
Acquirer
Target
Price
Pharmaceuticals
Pernix Therapeutics Holdings, Inc.
Zohydro® ER franchise
$100 million
Epizyme, Inc.
Rights to EZH2 inhibitor
$40 million
Kura Oncology, Inc.
License to tipifarnib
Medical Devices
Synaptive Medical
ClearCanvas
N/A
Brookhaven Medical, Inc.
2 medical device companies
N/A
Endo Tries to Upstage Valeant’s Bid for Salix
It’s not over until the fat check arrives. That’s the story of Salix Pharmaceuticals (NASDAQ: SLXP), which last month accepted Valeant Pharmaceuticals’ (NYSE: VRX) $10.1 billion acquisition offer. Valeant thought it had snatched victory from Shire plc (NASDAQ: SHPG) and Endo International plc (NASDAQ: ENDP), which were also readying bids for the troubled Salix. Endo apparently wasn’t daunted, and last week came back with a cash and stock bid of approximately $11.1 billion. Stay tuned.
Year’s Biggest Billion-Dollar Deals Top $64 Billion
Already in 2015, we’ve recorded 11 billion-dollar-plus deals, for a total of $64.4 billion. Thanks to the $21 billion AbbVie (NYSE: ABBV) bid for Pharmacyclics (NASDAQ: PCYC), the biotechnology sector accounted for $27.5 billion of those big deals. Pharmaceuticals, with four billion-plus transactions, still ranks first, with combined spending of $30.45 billion.
Top 10 BIllion-Dollar Health Care Deals in 2015
Acquirer
Target
Price
AbbVie
Pharmacyclics
$21 billion
Pfizer
Hospira
$17 billion
Valeant Pharmaceuticals
Salix Pharmaceuticals
$10.1 billion
Shire plc
NPS Pharmaceuticals
$5.2 billion
Mallinckrodt plc
Ikaria
$2.3 bllion
Rite Aid Corporation
EnvisionRx
$2.0 billion
Cardinal Health
Cordis
$1.9 billion
Boston Scientific
American Medical Systems’ urology portfolio
$1.6 billion
Cyberonics
Sorin S.p.A.
$1.2 billion
Depomed
US rights to Nucynta franchise
$1.0 billion
Source: The Health Care M&A Information Source, March 13, 2015
Doc Group Acquisitions Pick Up
After a few quiet weeks with no announcements, the Physician Medical Group sector got busy. Sheridan Healthcare, a subsidiary of AmSurg Corp. (NASDAQ: AMSG), acquired Radiology Associates of Hollywood (Florida), which handles radiology services for 12 hospitals and other facilities in Broward County. US Anesthesia Partners picked up another Texas-based practice, Excel Anesthesia, P.A., which it will merge into Pinnacle Anesthesia Consultants, one of its founding partners. Then Partners HealthCare System, which was spurned by the Massachusetts Attorney General in its bid for South Shore Hospital, turned around and angered the AG once again by acquiring Harbor Medical Associates in South Weymouth, a 70-physician group with offices in eight suburban Boston locations. The MA AG doesn’t like the deal, but has no legal means to oppose it.
NKKR Buys a Texas Air Ambulance Company
Air ambulance companies are not on most investors’ radar, yet at least one acquisition of this ancillary healthcare service pops up about once a year. This year’s deal came early, as KKR & Co. LP (NYSE: KKR) paid an undisclosed amount for Air Medical, an air ambulance company based in Lewisville, Texas. It was owned by affiliates of private equity firms Bain Capital and Brockway Moran & Partners. Last year’s air ambulance deal was announced in August, when privately held REACH Air Medical Services of Santa Rosa, California acquired Emergency Airlift Service in North Bend, Oregon. No prices were disclosed, of course. In fact, the last price we recorded for an air ambulance company was $11.9 million, paid by Emergency Medical Services Corporation (NYSE: EMS) for Air Ambulance Specialists Inc. back in June 2006…………………Click here for a free trial to The Health Care M&A Information Source and download the current issue today.
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