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    Healthcare Q1 2021

    Q1 2021 Healthcare

    M&A Transaction Trends

    Largest Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Business Divisions of DuPont de Nemours, Inc.
    • International Flavors & Fragrances Inc.
    • $26,541.56
    • Viela Bio, Inc.
    • Horizon Therapeutics USA, Inc.
    • $3,043.89
    • BioTelemetry, Inc.
    • Philips Holding USA Inc.
    • $2,889.60
    • Thrive Earlier Detection Corp.
    • Exact Sciences Corporation
    • $2,033.58
    • AeroCare Holdings, Inc.
    • AdaptHealth Corp.
    • $2,025.66
    • Oncology Business of Agios Pharmaceuticals, Inc.
    • Servier Pharmaceuticals LLC
    • $2,000.00
    • New Hanover Regional Medical Center, Inc.
    • Novant Health, Inc.
    • $1,500.00
    • American Renal Associates Holdings, Inc.
    • Innovative Renal Care, LLC
    • $1,391.73
    • Eidos Therapeutics, Inc.
    • BridgeBio Pharma, Inc.
    • $1,137.53
    • Prevail Therapeutics Inc.
    • Eli Lilly and Company
    • $1,068.55

     

    Source S&P Capital IQ as of 4/12/2021 and PCE Proprietary Data

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    David Jasmund

     

    David Jasmund

    Investment Banking | ESOP

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    djasmund@pcecompanies.com

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    Eric Zaleski

     

    Eric Zaleski

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    Chicago Office

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    Melissa Ritter

     

    Melissa Ritter

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    mritter@pcecompanies.com

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    Michael Rosendahl

     

    Michael Rosendahl

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    mrosendahl@pcecompanies.com

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    Will Stewart

     

    Will Stewart

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    Orlando Office

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    wstewart@pcecompanies.com

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    whitcomb-woody

     

    Woody Whitcomb

    Investment Banking

    Orlando Office

    407-621-2113 (direct)

    wwhitcomb@pcecompanies.com

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    Michael Poole

    Investment Banking

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    mpoole@pcecompanies.com

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    Paul Vogt

    Valuation

    Atlanta Office

    678-641-4760 (direct)

    pvogt@pcecompanies.com

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    Mackenzie Moran

     

    Mackenzie Moran

    Investment Banking

    New York Office

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    mmoran@pcecompanies.com

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    Isabel Carta

     

    Isabel Carta

    Investment Banking

    Orlando Office

    407-621-2149 (direct)

    icarta@pcecompanies.com

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    Philipp Seubert

     

    Philipp Seubert

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    pseubert@pcecompanies.com

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    Pearl-Rachel 667 x 667

     

    Rachel Pearl

    Valuation

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    rpearl@pcecompanies.com

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    R Winston 667 x 667

     

    Richard Winston

    Valuation

    Atlanta Office

    404-994-4650 (direct)

    rwinston@pcecompanies.com

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    Thomas Harrington

     

    Thomas Harrington

    Investment Banking

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    tharrington@pcecompanies.com

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    Data Assumptions

    This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.

    Glossary

    EBIT - Earnings Before Interest and Taxes
    EBITDA - Earnings Before Interest, Taxes, Depreciation, Amortization
    LTM - Last Twelve Months
    TEV - Total Enterprise Value

    Sources:

    1. “Biden Administration Announces Historic Manufacturing Collaboration Between Merck and Johnson & Johnson to Expand Production of COVID-19 Vaccines.” HHS.gov, U.S. Department of Health & Human Services, 2 Mar. 2021.
    2. Hackett, Mallory. “Healthcare M&A's down in 2020 but Analysts Say COVID-19 Is a Catalyst for Future Deals.” Healthcare Finance News, HIMSS Media, 14 Jan. 2021.
    3. Lagasse, Jeff. “U.S. Hospitals and Health Systems Face a Long Road to Recovery.” Healthcare Finance News, HIMSS Media, 22 Feb. 2021.
    4. Lombardo, Cara, and Miriam Gottfried. “Apollo's LifePoint in Talks to Buy Ardent Health Services.” The Wall Street Journal, Dow Jones & Company, 11 Feb. 2021.
    5. Lagasse, Jeff. “Financial Incentives for Hospitals Spur Rapid Changes to Opioid Use Disorder Treatment.” Healthcare Finance News, HIMSS Media, 1 Mar. 2021.
    6. Roth, Mandy. “Amazon Care Expansion Positions Company to Become Significant Healthcare Player.” HealthLeaders Media, HcPro, 17 Mar. 2021.
    7. Wolff-Mann, Ethan. “23andMe To Go Public at $3.5 Billion with Sir Richard Branson's SPAC.” Yahoo! Finance, Yahoo!, 4 Feb. 2021.
    8. Armour, Stephanie. “Senate Confirms Xavier Becerra as Secretary of Health and Human Services.” The Wall Street Journal, Dow Jones & Company, 18 Mar. 2021.
    9. Anderson, Kelly, et al. “Regulation of Provider Networks in Response to COVID-19.” AJMC, The American Journal of Managed Care, 19 Mar. 2021.

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