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    Healthcare Q1 2022

    Q1 2022 Healthcare

    Largest Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Alexion Pharmaceuticals, Inc.
    • AstraZeneca PLC
    • $43,364.73
    • PPD, Inc.
    • Thermo Fisher Scientific Inc.
    • $21,709.41
    • Varian Medical Systems, Inc.
    • Siemens Healthineers AG
    • $17,159.96
    • athenahealth, Inc.
    • Hellman & Friedman LLC; GIC Pte. Ltd.; Abu Dhabi Investment Authority; H&F Investors IV LLC; Bain Capital Private Equity, LP; Bain Capital Investors, LLC; Bain Capital Tech Opportunities, L.P.
    • $17,000.00
    • PRA Health Sciences, Inc.
    • ICON Public Limited Company
    • $12,783.70
    • Hill-Rom Holdings, Inc.
    • Baxter International Inc.
    • $12,268.77
    • Aldevron, LLC
    • Danaher Corporation
    • $9,563.00
    • PAREXEL International Corporation
    • EQT Partners AB; Goldman Sachs Asset Management, L.P.
    • $8,500.00
    • GRAIL, Inc.
    • Illumina, Inc.
    • $8,000.00
    • Acceleron Pharma Inc.
    • Merck Sharp & Dohme Corp.
    • $7,589.72

    Other Financial Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • MedRisk, LLC
    • CVC Capital Partners Limited
    • $1,150.00
    • Springstone Health Opco, LLC
    • Medical Properties Trust, Inc.
    • $950.00
    • Cordis Corporation
    • Hellman & Friedman LLC
    • $927.00

    Other Strategic Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • CIOX Health
    • Datavant, Inc.
    • $7,000.00
    • Arena Pharmaceuticals, Inc.
    • Pfizer Inc.
    • $6,728.19
    • Majority of Alliance Healthcare Businesses of Walgreens Boots Alliance, Inc.
    • AmerisourceBergen Corporation
    • $5,908.42

     

    Source S&P Capital IQ as of 4/7/2022 and PCE Proprietary Data

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    PCE Transactions

    Contacts

    Michael Poole

    Orlando Office

    407-621-2112

    David Jasmund

    Orlando Office

    407-621-2111

    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. Hodgson, Leah. “Biotech industry faces reset as public market turmoil impacts valuations.” News & Analysis, Pitchbook, 11 Mar. 2022.
    2. Alkire, Michael J. “For Health Care Providers, Five Trends To Watch In 2022.” Health Affairs Forefront, Health Affairs, 31 Jan. 2022.
    3. Beirne, Logan. “Regulators put United Health-Change Healthcare Merger on Life Support.” Mergers & Acquisitions, Law Street, 8 Mar. 2022.
    4. Bestsenny, O., Chmielewski, M., Koffel, A., and Shah, A. “From facility to home: How healthcare could shift by 2025” Healthcare Systems & Services, McKinsey & Company, 1 Feb. 2022.

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