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May 5, 2014 Issue:
Recent Health Care M&A Deals
Pharmaceuticals
Acquirer
Target
Price
Endo International plc
Grupo Farmaceutico Somar
N/A
Prestige Brands
Insight Pharmaceuticals
$750 million
Forest Laboratories
Furiex Pharmaceuticals
$1.1 billion
Physician Medical Groups
MEDNAX, Inc.
Cross River Anesthesiologist
Services, P.C.
N/A
Rehabilitation
U.S. Physical Therapy, Inc.
13 clinic physical therapy practice
$11.025 million
Technology Deal of the Week
It’s the deal that isn’t a deal – yet. Last week ended with the world’s largest pharma company, Pfizer Inc. (NYSE: PFE) being spurned by AstraZeneca plc (NYSE: AZN), yet again. Pfizer had approached AstraZeneca about a takeover back in January, with an offer of $98 billion, but the target wasn’t interested. Last week Pfizer upped its bid to approximately $106 billion, and once again, AstraZeneca’s board declared the mix of cash and stock “inadequate.” Under the revised offer, which represents a 7% premium over the previous bid, shareholders would receive 1.845 shares in the combined company and £15.98 in cash. This isn’t over, yet……….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
Despite the attention being paid to post-acute care sectors, publicly traded Home Health & Hospice companies have not been announcing many transactions. Our database shows just 11 deals announced in this category in 2014, compared with 16 reported in the first four months of 2013. LHC Group, Inc. (NASDAQ: LHCG) has made three transactions public so far this year, one of them for $60 million. Deal-making activity was picking up in April, with five of the 11 deals announced, so there may be some momentum building. We’ll keep you posted.
Home Health & Hospice Acquisitions by Public Companies, thru May 1, 2014
Acquirer
Target
Price
LHC Group, Inc.
Deaconess HomeCare
$60 million
LHC Group, Inc.
St. Joseph Hospital Home Health
N/A
LHC Group, Inc.
Professional Nursing Services
N/A
Almost Family, Inc.
Caldwell County Hospital Home Health Agency
N/A
The Ensign Group, Inc.
Life’s Doors Home Health and Hospice Agency
N/A
Source: The Health Care M&A News, May 2014
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
Services Deal of the Week
Last week saw U.S. Physical Therapy, Inc. (NYSE: USPH) take a 70% stake in a 13-clinic physical therapy practice, for $11.03 million. Following its own protocol, the company didn’t identify its target, except to say that the business sees more than 125,000 patient visits per year and generates approximately $12.4 million in annual revenue. USPH made two acquisitions last year, both in December and both unidentified targets……..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
As if there weren’t enough money chasing biotech startups, Lightstone Ventures last week announced it had closed its first fund at $172 million. It’s already starting invest that fund, too. Three investments went to Catabasis, a clinical-stage biopharma developing new treatments for inflammatory and metabolic diseases; Fire1, an Irish company focused on therapeutic devices for major unmet needs; and EarLens, which is developing a novel hearing technology that provides users with improved speech recognition. Lightstone Ventures was founded in 2012 by the general partners of the life science teams at Advanced Technology Ventures and Morgenthaler Ventures……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.
Private Equity Investment in Provider Healthcare Summit 2014, June 11, 2014, New York
iGlobal Forum is pleased to announce the Private Equity Investment in Provider Healthcare Summit 2014 taking place on June 11th, 2014 in New York. The Affordable Care Act continues to transform the U.S. healthcare sector as pressure for increased efficiencies reshapes how healthcare services are delivered. One component under rapid expansion is provider care-critical to the new health care specialization model-and core to the creation of community-based, accessible medical care. The Summit will bring private equity experts, institutional investors, and provider care companies together to review risks and opportunities in this booming healthcare sub-sector. Click here for more information.
NEW – The Health Care Services Acquisition Report, 20th Edition – Order Today!
Deals have been made. The 2014 Health Care Services Acquisition Report contains private deals in this market that are frequently too small to make it into the financial press. Order by May 31st and get our FREE white paper “Hospitals: Buying, Selling and Valuing”, plus a complimentary $150 of transactions in our online health care M&A database. Now that’s a deal! Go to http://www.levinassociates.com/landing/har20order or call 800-248-1668 to preorder today.
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