Global Healthcare Advisors’ M&A Database


Our proprietary platform provides market intelligence on M&A deals, notable developments and regulatory changes pertinent to our clients.

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Showing results 1 through 50 of 4797

Website
Vertical
Category
QTR
Year
Summary
Behavioral Health
Deal
Q2
2019
Ridgemont Equity Partners, a middle market private equity investor, today announced a strategic partnership with The Speech Pathology Group ("SPG"), a leading school and center-based provider of behavioral health and therapeutic services to children with autism and other special needs in Northern California. Ridgemont and SPG have formed Autism Intervention Services, a management services organization, to support SPG's growth. Financial terms of the transaction were not disclosed. "Ridgemont is excited to partner with SPG, whose clinical excellence, quality outcomes and strong reputation amongst therapists, schools and families provides a strong foundation for growth," said Scott Poole, Partner at Ridgemont. "We are looking forward to working closely with the team to help expand SPG's therapy offering in multiple care settings in order to meet the growing demand within its communities."
Behavioral Health
Deal
Q2
2019
Community Psychiatric Clinic and Sound, two providers of mental health and addiction treatment services in King County for more than 50 years, announced Wednesday their intent to combine operations to form a new, larger provider under the Sound name and brand. Patrick Evans, Sound's President & CEO, will oversee the new organization in the same role. The formation of a new Sound will be effective in early fall 2019. Combining operations creates a larger, expanded healthcare organization that will have 18 locations and serve more than 26,000 people in the region with mental health, addiction treatment, supportive housing, vocational and many other services. These programs will serve a wide range of people, from Medicaid-eligible clients to individuals who have private insurance, and bring expanded service options to more people.
Behavioral Health
Deal
Q2
2019
SyracuseÐbased Helio Health and Central New York Services Inc. (CNYS) Ñ described as two of the region's largest nonprofit behavioral-health systems Ñ on Wednesday announced their affiliation and planned merger. The organization will continue operations as Helio Health. It didn't release any financial terms of its agreement with CNYS. Central New York Services operates at 518 James St. in Syracuse. Helio Health has facilities in Syracuse, Rochester, Utica, and Binghamton. CNYS' annual operating budget is $17 million and it employs 248 people. The combined organization will operate under a $70 million budget with combined employee count of 729 people, Helio Health said in a Wednesday news release. The combined organization will include "dozens" of clinics and residential-care centers, Helio Health added.
Hospitals & Health Systems
Deal
Q2
2019
Southern California-based KPC Health announced Wednesday that U.S. Bankruptcy Court Judge Ernest M. Robles approved the Asset Purchase Agreement for KPC's Strategic Global Management to acquire Verity Holdings, LLC, St. Francis Medical Center in Lynwood, St. Vincent Medical Center in downtown Los Angeles, St. Vincent Dialysis Center, Seton Medical Center in Daly City, and Seton Coastside in Moss Beach. No other proposed bids exceeded the KPC Group's original stalking horse bid of $610 million. Therefore, no auction was required for the Verity hospitals. KPC's bid was approved by Verity Health System's Board of Directors on April 15, 2019. The court-approved bid will be submitted to the Attorney General for approval. KPC Health owns and operates a group of integrated healthcare delivery systems consisting of acute care hospitals, Independent Physician Associations, medical groups, and various fully integrated multi-specialty medical facilities.
Billing & Coding
Deal
Q2
2019
Global Financial, a leading national provider of financial solutions to healthcare providers and patients, announced Wednesday it has completed the acquisition of Omni Holdings. Financial terms of the private transaction were not disclosed. Founded in 2012, Omni Holdings is the leading medical lien funding company operating in the Southeastern U.S. Through its subsidiary companies, Omni helps finance essential medical treatment for individuals in need of physical therapy, surgery, chiropractic care, pain management, radiology, and other diagnostics and forms of treatment. Omni's funding solutions provide immediate working capital to healthcare providers administering such procedures, enabling patients to access care immediately, often in circumstances in which traditional funding sources, including health insurance, are insufficient or unavailable. Through affiliates, Omni also provides pre-settlement advances, which provide financing solutions to patients to help cover essential needs and other living expenses as they undergo care.
Pharmaceuticals & Biopharmaceuticals
Deal
Q2
2019
Mateon Therapeutics, Inc. (OTCQB:MATN) and Oncotelic Inc., a privately-held, late clinical-stage cancer immunotherapy company, announced today that they have entered into a definitive agreement with respect to a merger, creating a publicly traded immuno-oncology company with a robust pipeline of first in class TGF-_ immunotherapies for late stage cancers such as gliomas, pancreatic cancer and melanoma. The merger is subject to customary conditions to closing including the approval by Oncotelic's shareholders. Approval is expected within one business day, and the merger is expected to close on or about April 22, 2019. Mateon is a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, with programs in acute myeloid leukemia and immuno-oncology. Oncotelic is a privately held cancer immunotherapy company dedicated to the development of first in class in self-immunization protocol (SIP©) as a durable cure for difficult to treat cancers.
Pharmaceuticals & Biopharmaceuticals
Deal
Q2
2019
Mereo BioPharma Group plc (AIM: MPH), a clinical stage, UK-based, biopharmaceutical company focused on rare diseases, announces today that stockholders of OncoMed (NASDAQ: OMED) have approved the transactions contemplated by the merger agreement dated 5 December 2018 between Mereo, OncoMed and certain other parties thereto (the "Merger Agreement"), pursuant to which OncoMed will become a wholly-owned indirect subsidiary of Mereo (the "Merger"), at a meeting of OncoMed's stockholders duly convened and held on 17 April 2019. Following this affirmative vote of OncoMed stockholders, the Merger is expected to occur and become fully effective not later than the close of business in New York, USA on 23 April 2019. Mereo is a biopharmaceutical company focused on the development and commercialisation of innovative therapeutics that aim to improve outcomes for patients with rare diseases.
Medical Devices
Deal
Q2
2019
Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, announces it has completed the acquisition of Leaf Healthcare, Inc., the developer of the unique Leaf Patient Monitoring System to monitor the orientation and activity of patients susceptible to pressure ulcers. The transaction follows Smith & Nephew's successful two-year partnership with Leaf Healthcare as an exclusive distributor and strategic investor. The Leaf Patient Monitoring System is a small, lightweight, wearable sensor that wirelessly monitors a patient's position and their mobility whilst in hospital. The tracking data is used to automate and document compliance with prescribed turn protocols for patients at risk of pressure injuries. The commercial terms of the acquisition have not been disclosed. Leaf is currently only available in the US.
Medical Devices
Deal
Q2
2019
Healthcare firm Medline Industries has agreed to acquire Namic fluid management business from AngioDynamics for $167.5m. As part of the deal, Medline will acquire Namic brand and its portfolio including manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers and interventional accessories. The deal also includes the acquisition of AngioDynamics' primary manufacturing facility located in Glens Falls of New York, as well as all related manufacturing jobs and the sales and marketing teams that support the Namic business. The deal is subject to customary closing conditions including antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Real Estate Investment Trust
Deal
Q2
2019
Global Medical REIT Inc. (NYSE: GMRE) (the "Company" or "GMRE") announced today that it completed the acquisition of four inpatient rehabilitation facilities from affiliates of CNL Healthcare Properties, Inc. (the "IRF Portfolio") for an aggregate purchase price of $94 million, with an initial capitalization rate of approximately 7.3% and an estimated second-year capitalization rate of 7.6%, assuming the scheduled lease increases. The IRF Portfolio is comprised of four inpatient rehabilitation facilities aggregating 207,204 square feet and leased to leading healthcare providers under long-term triple-net leases. The leases are in: Las Vegas, Nevada (Encompass Health); Surprise, Arizona (Joint Venture between Cobalt Rehabilitation and Tenet Healthcare); Oklahoma City, Oklahoma (Joint venture between Mercy Health and Kindred Healthcare); and Mishawaka, Indiana (St. Joseph's Health System).
Healthcare Investors / Advisors
Notable Developments
Q2
2019
Healthcare private equity outperformed other asset classes in 2018. In the face of growing economic and sociopolitical instability across the globe, healthcare assets attracted investors at record levels last year. Disclosed deal values surged almost 50 percent to $63.1 billion, topping last year's level of $42.6 billion, and deal count rose to 316 in 2018 from 265 in 2017, due to strong investment activity across all regions and in sectors such as healthcare IT (HCIT), provider and biopharma. This included 18 deals greater than $1 billion each in disclosed deal value, pushing larger assets to levels that are out of reach for most buyers. These are the findings from Bain & Company's eighth Global Healthcare Private Equity and Corporate M&A Report, released Wednesday.
Pharmacy
Notable Developments
Q2
2019
NexPhase Capital generated an approximately 5x return on Comprehensive Pharmacy Services, according to a source familiar with the situation. Frazier Healthcare Partners said April 16 it had acquired CPS, the Memphis provider of services and technology to help pharmacies manage and drive down drug costs. Terms of the transaction, which closed in March, weren't disclosed. The deal was valued north of $500 million, the source and a second said. Consistent with expectations, the process was competitive, encompassing both sponsors and strategic buyers. One of the sources characterized strategics as those in the universe of drug distribution as well as large hospital-services-type companies. Founded in 1971, CPS provides pharmacy services, IT and data informatics to more than 700 hospitals and health systems. CPS represents the largest provider of outsourced pharmacy services to hospitals in the U.S., followed by a unit of Cardinal Health. Cardinal provides inpatient pharmacy services to some 75 hospitals. The area is viewed as having tremendous room for growth. Only around 15 percent of hospital pharmacies in the U.S. outsource these services today, Buyouts reported.
Hospitals & Health Systems
Notable Developments
Q2
2019
The total number of healthcare mergers and acquisitions hit a record high in 2018, and several deals have closed so far this year. Here are 17 mergers and acquisitions involving hospitals and health systems that closed since Jan. 1, as compiled by Becker's Hospital Review.
Health Plans
Q2
2019
Value-based care programs are flourishing across the U.S., with a seven-fold increase in the number of states implementing such initiatives in the past five years. That's according to Value-Based Care in America: State-by-State, the second national study of state healthcare payment programs published by Change Healthcare. Released Tuesday, the study finds 48 states have now implemented value-based care or payment programs, 50% of those programs are multi-payer in scope, and just four states have little or no value-based care initiatives underway. Other noteworthy findings: Accountable Care Organizations (ACOs) and ACO-like entities are in place or considered in 22 states, and 16 states established or are planning bundled-payment programs. Three states - New York, Pennsylvania, and Vermont - are noteworthy for the broad scope of their breadth of initiatives, embrace of payment models that involve shared risk, and willingness to test innovative strategies.
Telehealth
Notable Developments
Q2
2019
Best Buy, having already demonstrated it can remain relevant in the age of Amazon, has identified health as a key growth focus. The latest sign of that ambition: It's the first U.S. retailer to sell exclusively a telehealth device kit that allows consumers to perform medical tests on areas including heart, lungs, throat and ears and connect with physicians to remotely diagnose symptoms. Best Buy is selling the $299.99 TytoHome kit on its website and at some of its stores initially before a bigger rollout later on, Dedi Gilad, CEO and cofounder of the device maker Tyto Care, said in an interview. It marks the first time the FDA-cleared kitÑwhich allows users to conduct medical exams and send the captured information to a primary care provider for such diagnosis as ear infection or stomach ache at any time and from anywhereÑis being sold directly to consumers, he said.
Inpatient Rehabilitation Facilities
Regulatory
Q2
2019
The CMS is proposing to raise the estimated payments per discharge for inpatient rehabilitation facilities in federal fiscal 2020 by 2.3%, or $195 million, compared to 2019. The proposed rule also would boost payments in urban areas by 2.2% and rural areas by 4.3% compared to the year before. However, payments per discharge for freestanding rehabilitation hospitals are estimated to not increase or decrease in urban areas and decrease by 2% in rural areas, the rule said.
Behavioral Health
Deal
Q2
2019
Bridges Fund Management ("Bridges") is proud to announce a new partnership with Sunrise Treatment Holdings, LLC ("Sunrise"), through the latest investment made by the Bridges U.S. Sustainable Growth Fund, LP. Sunrise provides medication-assisted treatment and behavioral counseling programs to individuals suffering from opioid use disorder, treating patients through five clinics in Ohio. Sunrise's management team, led by its Founder and CEO, Dr. Jeffrey Bill, will continue to lead the company's operations and is retaining a significant ownership stake in the business. The investment in Sunrise builds on Bridges' experience in the healthcare sector. Notable recent investments include Medwood Holdings; the Hub pharmacy; Alina Homecare; and Shaw Healthcare.
Behavioral Health
Deal
Q2
2019
Pinnacle Treatment Centers (PTC), a leader in providing accessible treatment for substance use disorders, announced today it has acquired four outpatient opioid treatment programs within the state of Virginia, including one office-based opioid treatment program (OBOT) and three opioid treatment programs (OTPs) for adult men and women. The three OTPs are American Addiction Treatment Center (AATC), located at 883 C Mid County Center in Hayes; 12695 McManus Boulevard in Newport News; and 5583-B Mooretown Road, Office #1 in Williamsburg. The OBOT is Addiction Medicine Specialists Inc. and is also located at 12695 McManus Boulevard in Newport News. All four programs are planning to accept Medicaid in the near future.
Telehealth
Deal
Q2
2019
EMV Capital announced the acquisition and investment into Wanda Inc, a San Francisco-based digital health company commercialising advanced clinical decision support software powered by machine learning and real time patient data analysis. EMV Capital's investment will enable Wanda to accelerate its growth in the North American market, as well as to enter the UK and European markets. Wanda is dedicated to advancing the effectiveness and efficiency of medicine by combining machine learning, virtual care and modern software applications to empower payers and providers to better manage the risk and outcomes of caring for patients with chronic diseases such as heart failure. Wanda's predictive patient care platform is clinically proven to improved patients adherence and outcomes while dramatically lowering the cost of care.
Medical Devices
Deal
Q2
2019
Osiris Therapeutics, Inc. (NASDAQ: OSIR), a regenerative medicine company focused on developing and marketing products for wound care, orthopedics, and sports medicine, announced today that it has completed the previously announced sale of Osiris to Smith & Nephew plc ("Smith & Nephew") through the consummation of a merger of Osiris with and into an indirect wholly-owned subsidiary of Smith & Nephew (the "Subsidiary") without a vote of the Osiris stockholders in accordance with Section 3-106.1 of the Maryland General Corporation Law. A majority of the outstanding shares of Osiris common stock were tendered in the tender offer. In the second-step merger, each share of Osiris common stock that was not purchased by Smith & Nephew in the tender offer (other than shares directly owned by the Subsidiary or by any subsidiary of Osiris) has been converted into the right to receive $19.00 per share in cash, without interest, subject to any required withholding of taxes, which is the same cash price per share as was paid in the tender offer. As a result of the merger, Osiris became an indirect wholly-owned subsidiary of Smith & Nephew and Osiris' shares will cease to be traded on the NASDAQ Global Select Market.
Health Plans
Deal
Q2
2019
Austin-based Fringe Benefit Group, which creates employee benefit packages, said Tuesday that it has acquired North Texas-based Century Healthcare. Century Healthcare, which will keep its name under the deal, specializes in customized medical plans for employers. Fringe Benefit Group said the acquisition will double the company's limited benefit medical plan premium, bringing it to roughly $100 million. Financial terms of the deal were not disclosed. The company will have 220 employees after the acquisition, with 130 based in Austin, 60 in North Texas and the remainder in other locations nationwide. Century Healthcare has 56 employees who will remain in The Colony, a suburb of Dallas.
Pharmaceuticals & Biopharmaceuticals
Deal
Q2
2019
Falfurrias Capital Partners, a Charlotte-based private equity firm focused on investing in growth-oriented, middle-market businesses, announced that portfolio company E-Technologies Group (ETech) has closed its acquisition of Superior Controls Inc. Superior Controls, founded in 1993 and based in Seabrook, New Hampshire, is a leading provider of automation and control systems integration services to the life sciences industry. Superior Controls serves blue-chip biotech and pharmaceutical manufacturers across the U.S. with more than 135 engineers and other professionals, most in close proximity to the nation's life sciences hubs on the Eastern Seaboard and West Coast. With the addition of Superior Controls, West Chester, Ohio-based ETech becomes one of the nation's leading providers of automation software and systems integration and engineering design services with more than 400 employees, including approximately 350 engineers and project professionals.
Health Plans
Deal
Q2
2019
Integrity Marketing Group, LLC ("Integrity"), the nation's largest independent distributor of life and health insurance products, today announced it has completed the acquisition of Savers Marketing ("Savers"), an insurance marketing organization focused on Senior Market life and health products in the Southeastern United States. As part of the deal, Savers co-owners President Bill Douglass, and Executive Vice Presidents Brad Campbell, Matt Francis and Scott Francis become owners in Integrity. Financial terms of the private transaction were not disclosed. Winston-Salem, N.C.-based Savers has a proud history of excellence dating back to 1985 with a focus on Medicare and Final Expense insurance.
Real Estate Investment Trust
Deal
Q2
2019
CBRE completed the sale of 23 medical buildings in three separate transactions valued at roughly $90 million. The assets were sold to separate unnamed buyers, and encompassed more than 300,000 square feet across four states. Properties include the Greenleaf Center Medical Portfolio in the Chicago Metropolitan Area (13 MOBs), the Dermatology Solutions Group Portfolio in multiple markets in Florida and Alabama (eight dermatology facilities), and 2061 Peachtree located in Atlanta (five-story MOB).
Notable Developments
Q2
2019
Business Insider named 10 healthcare leaders to its list of 100 People Transforming Business. They include a doctor using his healthcare experience to fix the industry's flaws, an insurance executive drawing on her own tough experiences with the system, and a professor who pioneered a tool that could change how we treat genetic diseases.
Billing & Coding
Notable Developments
Q2
2019
New Mountain Capital is weighing a sale of Equian LLC in a potential deal that could value the health-care payments business at about $3.5 billion, according to people with knowledge of the matter. The private equity firm has held talks with financial advisers about strategic options for the company that could include a sale, said the people, who asked not to be identified because the process is private. Equian could draw interest from other private equity firms, they said. A final decision hasn't been made and New Mountain could decide against pursuing a sale, the people said. New Mountain bought Equian for $225 million in 2015 from Great Point Partners, according to a statement at the time. In conjunction with that deal, New Mountain merged Equian with Trover Solutions Inc., a software and services company that had been owned by Abry Partners. Indianapolis-based Equian handles more than $500 billion in health-care claims data a year, helping ensure that payments are correctly allocated, according to its website. The company says it counts 20 of the top 25 health plans in the U.S. as clients. Its services save insurers and the government about $3 billion a year, it said.
Healthcare Investors / Advisors
Notable Developments
Q2
2019
Shore Capital Partners ("Shore" or the "Firm"), a strategic private equity firm focused on the healthcare and food & beverage industries, today announced the first and only closings of its third institutional healthcare private equity fund, Shore Capital Healthcare Partners Fund III ("HC Fund III"), and its inaugural food & beverage fund, Shore Capital Food & Beverage Partners Fund I ("F&B Fund I"). HC Fund III raised $293 million, while F&B Fund I raised $148 million. With these respective closings, Shore now manages a total committed capital base of more than $1 billion. HC Fund III surpassed its original target of $250 million and was substantially oversubscribed. HC Fund III will invest primarily in control buyouts, focusing on microcap healthcare businesses with revenues between $5 million and $100 million.
Billing & Coding
Notable Developments
Q2
2019
FTV Capital is preparing to launch a sales process for VPay, whose e-payment services focus on medical providers and auto-repair shops, five sources said. FTV hopes to command north of $700 million for the B2B payments company, two of the people said. One of these people placed the Richardson, Texas, company's Ebitda at about $25 million to $30 million. From a strategic-buyer perspective, several large financial firms are said to be looking at the company, one of the people added. Whether financial sponsors will be in the mix is unclear. FTV's investment in VPay dates to February 2016. The firm led a $76 million investment in the company, a statement at the time said. VPay makes billions in payments on behalf of health plans, dental plans, third-party administrators and workers' compensation and auto insurers. The company serves more than 900,000 medical providers, auto-repair shops, policyholders, claimants and members. The VPay auction is the latest in the highly coveted payments sector. Instamed, a VC-backed healthcare company, is up for sale and could fetch $500 million to $600 million, Buyouts reported in February.
Hospitals & Health Systems
Notable Developments
Q2
2019
The number of hospital transactions hit its lowest mark in nearly a decade in the first quarter of 2019, indicating that providers may be taking a more deliberate approach to dealmaking, according to a new white paper. Fourteen deals were announced in the first quarter, the fewest in any quarter since the fourth quarter of 2009, Ponder & Co. said in a new report. It was the fourth consecutive quarter in which hospital M&A lagged the rolling annual quarterly average. The median target hospital was more than 40% smaller than that of 2018, Ponder's data shows. The frenetic sell-off by Community Health Systems, Tenet Healthcare Corp. and other investor-owned hospital systems has cooled. Systems are digesting and integrating acquisitions. Declining inpatient utilization has quelled interest in small community hospitals. Fewer low-performing targets remain, allowing those that do to be more selective, said Eb LeMaster, a managing director at Ponder & Co. Still, the drivers of healthcare consolidation have not changed. Hospitals feel the pressure to grow faster than expense inflation and combat declining reimbursement. They also need to keep up with technology, capital expenses and value-based payment models, according to the paper. If informal discussions are any indication, merger and acquisition interest has not waned, LeMaster said.
Digital Health / Health Tech, Healthcare Investors / Advisors
Notable Developments
Q2
2019
Mercom Capital Group, llc, a global communications and research firm, released its report on funding and merger and acquisition (M&A) activity for the Digital Health (Healthcare Information Technology) sector for the first quarter of 2019. Mercom's report covers deals of all sizes from across the globe. Venture capital (VC) funding, including private equity and corporate venture capital into Digital Health (Healthcare IT) companies in Q1 2019, came to $2 billion (B) in 149 deals versus $1.4B in 142 deals in Q4 2018. VC funding in Q1 2019 fell 19% versus in Q1 2018 when nearly $2.5B was raised in 187 deals. Top funded categories in Q1 2019 included: $557M raised by Data Analytics companies, mHealth Apps with $392M, Telemedicine with $220M, Healthcare Booking with $177M, Clinical Decision Support with $107M, Mobile Wireless with $90M and $80M for Healthcare IT Service Providers.
Health Plans, Oncology
Notable Developments
Q2
2019
Humana launched a new payment model for Medicare Advantage and commercial members receiving treatment for cancer, the Louisville, Ky.-based insurer announced Tuesday. The program, called the Oncology Model of Care, will offer additional payment to participating cancer practices for improved performance on certain metrics over a one-year period. There are currently 16 practices participating in the model, which started in January. The Center for Medicare and Medicaid Innovation currently has a payment model for oncology care but it's episode-based and focuses on appropriateness of chemotherapy treatment. Commercial payers are involved in the model. HHS Secretary Alex Azar also said in November that the CMS would launch a mandatory payment model for Medicare cancer patients but it hasn't yet been announced. Humana will be looking at several measures to determine quality of cancer care at the practices including inpatient admissions, emergency room visits, medications ordered and education provided to patients on their illness and treatment.
Kidney Dialysis Centers
Notable Developments
Q2
2019
UnitedHealth Group's effort to acquire DaVita Medical Group has dragged on longer than expected for an acquisitive healthcare company known for closing transactions on time and with little regulatory hassle. But there appears to be little concern from UnitedHealth executives who provided an update Tuesday on the $4.3 billion acquisition during an 80-minute call to discuss first quarter earnings with Wall Street analysts. "We are progressing toward the close of the DaVita Medical Group transaction and we look forward to adding more markets, more doctors, and clinical staff serving more patients," UnitedHealth CEO David Wichmann told analysts. The acquisition of DaVita, first announced in December of 2017, has yet to close even after UnitedHealth and DaVita amended their original purchase agreement to lower the price of the large operator of clinics and doctor practices to help win approval of the deal from the Federal Trade Commission.
Home Health & Hospice
Notable Developments
Q2
2019
Protech Home Medical Corp. ("Protech" or the "Company") (TSXV: PTQ), a healthcare services company with operations in the United States, is pleased to announce that it has executed a non-binding letter of intent (LOI) to acquire a private company in the Northeastern United States. reporting unaudited trailing 12 month annual revenues of approximately C$4 million and positive EBITDA. The target company is a leader in the respiratory home care services industry in the Northeastern United States. It currently has four locations and, with this acquisition, Protech will further expand its geographical footprint to provide more services in the United States.
Medical Devices
Regulatory
Q2
2019
The Food and Drug Administration on Tuesday ordered the two remaining medical device companies selling surgical mesh for the repair of pelvic organ prolapse to stop all sales and distribution in the United States. It is the most stringent action the F.D.A. has taken in the lengthy legal and medical battles over vaginal mesh, a synthetic product that has been implanted in millions of women to strengthen weakened pelvic muscles that can cause the bladder, the uterus and other organs to sag into the vaginal area. The agency issued the decision against the two companies, Boston Scientific and Coloplast, at a time when multimillion-dollar verdicts against manufacturers of the devices continue to be awarded or upheld on appeal. Litigation over pelvic mesh, also called transvaginal mesh, ranks as one of the largest mass tort cases in the nation's history in terms of claims filed, number of corporate defendants and settlement dollars. Seven medical device manufacturers, including Boston Scientific and Johnson & Johnson, are paying nearly $8 billion to resolve the claims of more than 100,000 women.
Pharmacy
Deal
Q2
2019
Comprehensive Pharmacy Services ("CPS" or the "Company"), a leading provider of enterprise pharmacy solutions to hospitals and health systems, announced today its sale to Frazier Healthcare Partners ("Frazier"). The Company's partnership with Frazier will allow CPS to continue to expand its capabilities and solution suite and provide differentiated access to potential business partners and customers. This combination makes Frazier the ideal partner to support CPS's continued penetration into a growing market. The transaction closed at the beginning of March 2019. Founded nearly 50 years ago and employing over 2,500 pharmacy professionals, Comprehensive Pharmacy Services is one of the nation's largest provider of pharmacy services to more than 800 hospitals and healthcare facilities nationwide.
OBGYN / Women's Health
Deal
Q2
2019
Women's Health Texas (WHT) and its partner, Women's Health USA, recently expanded its business footprint in Texas by adding the well-established Ob-Gyn group in San Antonio, Institute for Women's Health (IFWH). Since 1996, IFWH has been committed to exceptional women's healthcare and includes more than 30 physicians at 8 locations. This new arrangement will make IFWH part of the Women's Health Texas physician group and will allow both groups to expand their influence as a leading and high-performance women's care delivery network in Texas - sharing collective resources and learnings to provide an exceptional patient experience. The groups will draw on the more than 20-year expertise of Women's Health USA, a leading MSO in the women's health space, for their management services. The addition of this new group expands Women's Health USA's visibility as a premier women's health services company; with nearly 90 providers throughout Texas and more than 350 other providers in other states.
Behavioral Health, Pediatrics
Deal
Q2
2019
Blue Sprig Pediatrics, Inc. ("BlueSprig") announces that it has acquired the assets of West Texas Autism Center, a West Texas based autism therapy provider with two clinics in Abilene and San Angelo. West Texas Autism Center is a clinic-based provider of Applied Behavior Analysis (ABA) therapy services treating children with Autism Spectrum Disorder (ASD). Terms of the transaction were not disclosed. Headquartered in Houston, TX, BlueSprig is the largest autism services provider in Texas with locations in Ohio, Oklahoma, Oregon, South Carolina, and Washington.
Healthcare Information Technology
Deal
Q2
2019
symplr, a leading healthcare governance, risk and compliance ("GRC") software-as-a-service ("SaaS") platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake") and SkyKnight Capital (together with its affiliates, "SkyKnight"), today announced that it has completed the acquisition of IntelliSoft Group ("IntelliSoft"). The acquisition further strengthens symplr's platform, adding IntelliSoft's complementary provider credentialing software and NCQA certified Credentials Verification Organization ("CVO") service offering. Growth through acquisition, coupled with innovation, is an integral part of symplr's business strategy to deliver the industry's leading healthcare GRC SaaS platform. The acquisition of IntelliSoft represents symplr's seventh successful acquisition in the past six years, and its second under sponsorship from Clearlake and SkyKnight, which was announced in October 2018. Based in Nashua, NH, IntelliSoft Group, LLC is a leading provider of medical credentialing, provider enrollment, and contract management software in combination with CVO services.
Healthcare Consulting
Q2
2019
A combined, 500-person, national nonprofit health care consulting firm has been created from the merger of two industry leaders. Qualis Health and HealthInsight are now Comagine Health. Comagine Health collaboratively reimagines health care with stakeholders through quality improvement, care management, and data analytics initiatives and services. Comagine Health works within communities to solve the most challenging problems in health care. Services include practice transformation consulting and working with government, private funders and cross-system stakeholders to improve care delivery and outcomes through a variety of programs and initiatives. Comagine Health is also a Medicare Quality Innovation Network - Quality Improvement Organization (QIN-QIO) in six states - Idaho, Nevada, New Mexico, Oregon, Utah and Washington - and works with state Medicaid agencies in Alabama, Alaska, the District of Columbia, Kansas, New Mexico, Washington and Wyoming.
Pharmaceuticals & Biopharmaceuticals
Deal
Q2
2019
Histogenics Corporation (Nasdaq: HSGX) and Ocugen, Inc., a privately held clinical-stage biopharmaceutical company focused on discovering, developing and commercializing a pipeline of innovative therapies that address rare and underserved eye diseases, jointly announced that they have entered into a definitive merger agreement under which the stockholders of Ocugen will become the majority owners of Histogenics' outstanding common stock upon the close of the merger. The proposed merger will result in a combined publicly-traded, clinical-stage biopharmaceutical company operating under the Ocugen name. Histogenics (Nasdaq: HSGX) develops restorative cell therapies that may offer rapid-onset pain relief and restored function. Histogenics' technology platform has the potential to be used for a broad range of restorative cell therapy indications.
Life Sciences
Deal
Q2
2019
Nightstar Therapeutics plc ("Nightstar") today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the recommended acquisition of the entire issued and to be issued share capital of Nightstar by Tungsten Bidco Limited ("Bidco"), a newly-incorporated company and wholly-owned subsidiary of Biogen Switzerland Holdings GmbH (the "Acquisition"). Nightstar has also received notice from Bidco's representatives that the German Federal Cartel Office will not assert jurisdiction to review the Acquisition. Therefore, Condition C set out in Part III of the scheme document dated 9 April 2019 relating to the Acquisition (the "Scheme Document") has been satisfied.
Multi-Specialty and Other Physician's Offices
Deal
Q2
2019
HealthLynked Corp (OTCQB: HLYK) (the Company), a leader in digital healthcare technology, announced today that it closed its acquisition of Hughes Center for Functional Medicine, P.A. (HCFM) on April 12, 2019. HCFM, a private entity, is a leader in functional medicine focusing on Neurodegenerative diseases such as Alzheimer's, Parkinson's and Multiple Sclerosis. HCFM provides cutting-edge treatments to improve health and slow aging, including hormones, thyroid, weight loss, wellness and prevention. HCFM's income streams are derived from patient office visits, a dedicated IV room, hyperbaric oxygen chambers, ozone, UVlrx, and the sale of supplements. DNA sequence testing has recently been added to its suite of services.
Real Estate Investment Trust
Deal
Q2
2019
A joint venture of Catalyst Healthcare Real Estate and Bain Capital Real Estate has acquired Greenville Medical Tower, a six-story medical building in Dallas. The partners bought the 81,000-square-foot asset from Jetall Cos. The property is located at 7150 Greenville Ave., across the street from the 857-bed Texas Health Presbyterian Hospital Dallas. Jetall Cos. purchased the asset, completed in 1984, from Texas Retina Associates for $20 million in 2008, and the Class B property underwent cosmetic renovation in 2016.
Industry Trends
Notable Developments
Q2
2019
It was a slow first quarter, and March's monthly deal results didn't change that fact. Just 115 transactions were announced, following February's total of 106. Compared with March 2018's 149 deals, last month's deal volume sank 23%. The over-heated market we saw in 2018 is cooling, at least momentarily. Of course, there was a time when seeing 115 deals in a month was unusual. Dare we say, exciting? Even with the slowdown, there were a couple of standouts. The two best performing sectors in March 2019 were Long-Term Care with 33 deals (29% share for the month) and eHealth with 21 deals (18% share). Digital health deal announcements have mostly stayed in the 15-to-20 range in recent months. As fragmented as this market is, between electronic health records, artificial intelligence-driven data analysis and telehealth, consolidation among startups is rivaled by acquisitions from outside the sector, such as hospitals, managed care organizations, physician practice management companies and home health agencies.
Pharmacy
Notable Developments
Q2
2019
Optum Hospice Pharmacy Services is collaborating with Genoa Healthcare to establish pharmacies specializing in hospice care in 47 states, designed to improve local access to medications and facilitate speedier delivery for hospice providers and patients. Optum - which is owned by UnitedHealth Group (NYSE: UNH) - will bring its hospice-centric pharmacy services to Genoa's pharmacy network of 450 locations. Genoa Healthcare is the fifth-largest pharmacy chain in the United States, primarily serving the Medicare and Medicaid patient population. The company's pharmacies are oriented towards serving behavioral health care patients who share some qualities with hospice patients, such as complex medication regimens, need for 24/7 access to medications, and difficulties with transportation.
Pharmaceuticals & Biopharmaceuticals
Notable Developments
Q2
2019
Biohaven Pharmaceutical Holding Co., a developer of migraine treatments, is exploring options including a possible sale of the company after attracting interest from potential bidders, according to people familiar with the matter. The drugmaker, which is working with a financial adviser, is in the early stages of considering a sale or partnerships and the talks may not lead to a deal, said the people, who asked not to be identified as the details aren't public. Analysts have pointed to Biohaven as a target for potential partnerships or deals. The company is gearing up to launch a migraine product, which is under consideration for approval at the U.S. Food and Drug Administration. The migraine market has gotten a boost as drugmakers like Amgen Inc., Eli Lilly & Co. and Teva Pharmaceutical Industries Ltd. have introduced new products in recent years.
Pharmaceuticals & Biopharmaceuticals
Notable Developments
Q2
2019
Achaogen, Inc. (Nasdaq: AKAO), a biopharmaceutical company developing and commercializing innovative antibacterial agents to address multi-drug resistant (MDR) gram-negative infections, announced today that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the Court). Achaogen has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. Achaogen has filed a series of motions with the Court seeking to ensure the continuation of normal operations during this process. Achaogen has the support of its secured lender, Silicon Valley Bank, which has made a $25 million financing commitment to fund the Company's operations through the auction and sale process. The Company believes that this commitment provides it with sufficient liquidity to continue to meet its operational and financial obligations to patients, physicians, suppliers and employees.
Hospitals & Health Systems
Notable Developments
Q2
2019
Mendocino Coast District Hospital's newly hired interim chief executive officer announced April 11 that the hospital's board of directors has decided "that the timing is appropriate to seek options regarding a potential lease or sale" of the hospital. Interim CEO Wayne Allen also issued a Request for Proposal to potential healthcare "partners" to lease or buy the hospital, which opened in Fort Bragg as a district hospital in 1971. According to Allen, the proposal has been sent to five healthcare organizations: Adventist Health, American Advanced Management Group, Common Spirit Health (formerly Dignity Health), Sutter Health and St. Joseph Health.
Hospitals & Health Systems
Notable Developments
Q2
2019
Jackson General Hospital is one step closer to becoming a member of the West Virginia University Health System. The West Virginia Health Care Authority approved WVU Hospitals' Certificate of Need (CON) application to acquire the hospital on March 28. Jackson General Hospital entered into a management agreement with WVU Hospitals on Sept. 1. Earlier this year, Jackson General Hospital signed a letter of intent to join the WVU Health System, and WVU Hospitals requested a CON to acquire the hospital. Jackson General Hospital, which was founded in 1964, is a 25-bed non-profit critical access hospital that employs more than 300 people. The hospital provides inpatient, outpatient, primary, and emergency care; specialty services, including ophthalmology, orthopaedics, general surgery, urology, and interventional pain; infusion, physical, and respiratory therapies; and imaging and laboratory services.
Ophthalmology
Deal
Q2
2019
Omni Ophthalmic Management Consultants ("Omni"), a portfolio company of NMS Capital ("NMS"), announced today its strategic partnership with Ludwick Eye Center ("Ludwick"), a market-leading regional provider of medical-surgical eye care services in Pennsylvania and Maryland. Terms of the transaction were not disclosed. Remarking on the transaction, Dr. Christopher Quinn, CEO of Omni, said, "Ludwick marks our first affiliation in Maryland, while at the same time, supports our strategy of building density in our existing markets by adding three additional clinics and two ambulatory surgery centers in the Mid-Atlantic. Ludwick's reputation in the Pennsylvania and Maryland markets is unparalleled and we are excited to begin our partnership with Drs. Ludwick, Weigel, and their team."