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December 16, 2013 Issue:
Recent Health Care M&A Deals
Hospitals
Acquirer
Target
Price
Novant Health
Halifax Regional Medical Center
Merger
Medical Devices
Covidien plc
Given Imaging
$860 million
Pharmaceuticals
Crealta Pharmaceuticals LLC
Savient Pharmaceuticals, Inc.
$120.4 million
Rehabilitation
U.S. Physical Therapy
12-clinic physical therapy business
$1.683 million
ATI Physical Therapy Holdings, LLC
3-outpatient physical therapy businesses
N/A
Technology Deal of the Week
Last summer we highlighted Given Imaging Ltd. (NASDAQ: GIVN), a medical device company whose claim to fame is the PillCam, an innovative swallowed capsule endoscope. Last week, Covidien plc (NYSE: COV) announced it will acquire all of the outstanding shares of Given Imaging for $30.00 per share in cash, or approximately $860 million, net of cash and investments acquired. Covidien gains additional scale to serve the global GI market, as Given Imaging adds a broad technology platform for visualizing, diagnosing and monitoring the digestive system……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
November 2013 saw seven billion-dollar deals announced, and the combined total for the top 10 deals of the month was nearly $17 billion. The combined deal value for the entire month was just $18.5 billion. Three of the largest deals were for Pharmaceutical targets, and two were in the Long-Term Care sector. Biotechnology, eHealth, Home Health & Hospice and Medical Devices each had one big deal.
Top 10 Health Care M&A Transactions in November 2013
Acquirer
Target
Price
Shire plc
ViroPharma Inc.
$4.2 billion
Salix Pharmaceuticals, Ltd
Santarus, Inc.
$2.6 billion
CVS Caremark
Coram LLC
$2.1 billion
Royal DSM and JLL Partners
Patheon Inc.
$1.95 bilion
Grifols S.A.
Blood transfusion diagnostics
$1.67 billion
Endo Health Solutions Inc.
Paladin Labs Inc.
$1.6 billion
Newcastle Investment Corp.
52 IL communities
$1.01 billion
Experian plc
Passport Health Communications
$850 million
CareFusion Corp.
GE’s Vital Signs division
$500 million
National Health Investors
25 IL communities
$491 million
Source: The Health Care M&A News, December 2013
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Services Deal of the Week
Clinical research organizations (CROs) are still hot properties, especially for private equity firms that like the cash flow. Bridgeport Development Capital acquired Quotient Clinical, an early-stage drug development company, from Quotient Bioresearch Group for an undisclosed price. Last summer, Kohlberg Kravis Roberts & Co. (NYSE: KKR) purchased PRA International and later combined it with ReSearch Pharmaceutical Services. (See the October issue of Health Care M&A News for a closer look at the interest in the CRO market.)….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
VC firms are pouring their love into late-stage companies. Sutro Biopharma secured $26 million in Series D financing to fund the expansion of its proprietary immune-oncology product pipeline. Sutro is developing a new generation of protein therapeutics, including next-generation antibody drug conjugates (ADCs) and bispecific antibodies. The round was led by existing investors: Alta Partners, Amgen Ventures, Celgene Corporation, Lilly Ventures, Skyline Ventures and SV Life Sciences. Since 2003, Sutro announced it has raised $90 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.
Dynamic Deal Making: New Rules, New Strategies, New Opportunities
Come to the 2014 AM&AA Winter Conference, January 21-23, Scottsdale, AZ.
As the US economy finally begins to find traction in the wake of the financial crisis, the mergers and acquisitions landscape is slowly thawing as well. Sellers, buyers and lenders – who reacted to the downturn by pulling in their oars – are starting to return to the marketplace. Smart investment bankers, private equity firms, and other deal-making professionals are finding ways to use M&A to add value for companies, investors and the economy.
You’ll hear from a diverse roster of successful dealmakers sharing their insights about current market conditions, and how to overcome the lingering obstacles to transactions. Participate in a slate of networking opportunities, including pre-scheduled one-on-one meetings and AM&AA’s famous Deal Bash networking event: Two hours of networking tabled by screened middle market Intermediaries/Investment Bankers, all bearing deals and transaction opportunities.
Visit this link for more information.
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