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August 18, 2014 Issue:
Recent Health Care M&A Deals
Biotechnology
Acquirer
Target
Price
PDI, Inc.
Cancer Test Portfolio
$8 million
Oncothyreon Inc.
Alpine Biosciences
$27 million
Pharmaceuticals
Allergan Inc.
Rights to LiRIS®
$67.5 million
Daiichi-Sankyo
U.S. Rights to
hydrocodone products
$100 million
Sanofi
Global License for Afrezza®
$150 million
Alvogen Buys Korean Dream Pharma
In yet another specialty pharma deal, privately held Alvogen Pharma US, Inc. of Pine Brook, New Jersey, acquired South Korea-based Dream Pharma for $187 million in cash. On completion, the new entity will become one of the largest generic pharmaceutical companies in South Korea. Alvogen’s stated ambition is to become one of the top five regional players in the Asia-Pac market. Dream has a portfolio of more than 100 products, and currently has a 35% share in the Korea obesity products market. The transaction is expected to close in the fourth quarter.
Private Equity Health Care M&A
Health care companies and providers have long been targets for private equity firms. Since 2008, 267 acquisitions have been conducted by private equity groups, which represents just 4% of the combined total of 6,766 deals recorded and closed in that timeframe. PE deal-making activity has picked up annually since 2011, and will likely surpass 2013’s level of 55 transactions. There’s still plenty of time till 2015.
PE Acquisitions in Health Care, since 2008
Year
PE Deals
Annual Total
PE Share
2008
32
1,001
3%
2009
18
944
2%
2010
37
1,006
4%
2011
31
1,021
3%
2012
49
1,092
4%
2013
55
1,027
5%
2014*
45
675
7%
* = through July 31. Source: The Health Care M&A Information Source, August 2014
IPC The Hospitalist Company Moves into Connecticut
IPC The Hospitalist Company (NASDAQ: IPCM), which acquires in hospital medicine and post-acute physician group practices, has acquired GeriCare, LLC, a post-acute medical group practice with operations throughout Connecticut. GeriCare estimates its patient encounters are approximately 42,500 on an annualized basis. Terms were not disclosed.
Tolero Pharmacetuicals Closes Series B Funding
Salt Lake City, Utah-based Tolero Pharmaceuticals, Inc., a clinical-stage biopharma that develops treatments for oncology and hematologic diseases, closed a $14.2 million Series B financing, led by Fred Alger Management Inc., and other institutional and individual investors. Proceeds will go toward the further development and commercialization of its lead program, alvocidib, in development for the treatment of acute myeloid leukemia. Phase 3 clinical trials are expected to begin in 2015. T.R. Winston & Company, LLC acted as exclusive placement agent to Tolero. ……….Click here for a free trial to The Health Care M&A Information Source and download the current issue today.
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