DOCSLIB.ORG

Monthly M&A Insider

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

A mergermArket report on globAl m&A Activity Monthly M&A InsIder mAy 2010 CONTENTS GlobAl overvIew 01 AmericAs: Latin AmericA 06 North AmericA 14 AsiA-Pacific 24 europe 35 middle eAst & AfricA 47 mergermarket Monthly M&A InsIder Part of the mergermarket group www.mergermarket.com 80 strand 895 broadway #4 suite 2401-3 london, Wc2r 0rl new york, ny 10003 grand millennium plaza united kingdom usA 181 Queen’s road, central hong kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] glObal OvErviEw glob THE glObal M&a MarkET HaS witnessed a briSk STarT to THE SECOND QUarTEr OF THE A l overvie yEar wiTH a total OF 654 DEalS COMiNg to THE MarkET iN aPril, CarryiNg aN aggrEgaTE DiSClOSED valUE OF US$125.04bN. wHilE largE-CaP DEal FlOw OvEr THE FirST QUarTEr OF 2010 FEaTUrED SEvEral EMErgiNg MarkET PlayS, ParTiCUlarly iN THE SOUTH aMEriCaN aND W aFriCaN TMT SPaCE, rECENT activiTy HaS iNCrEaSiNgly CENTrED iN MOrE TraDiTiONal arEaS of activiTy. SEven of the top 10 announced dealS so Far seen iN the second quarter HavE Taken Place iN NOrth AmeriCa, aN encouragiNg SigN of for the US and CaNaDiaN ECONOMiES. The largest such transaction was announced in the US Elsewhere, private equity acquirers have had a busy start telecommunications sector and saw Century link agree to to Q2, undertaking a total of 100 buyouts across the globe, acquire Qwest Communications for a total consideration of worth a collective US$14.65bn. a number of sizeable US$22.15bn. The deal, which will create the third-largest firm transactions have been brokered with the average buyout in the space after aT&T and verizon, is not expected to close deal size currently standing at an instantly calculable until the first half of 2011 with mergermarket intelligence US$146m for the quarter. while this average value figure suggesting that regulators, particularly at state level, are likely could trend downwards over the course of May and June, to heavily scrutinise the deal. it currently stands as the highest quarterly seen since Q4 2007, highlighting to good effect the asset class’ increasing regulators are reportedly keen to avoid a repeat of FairPoint willingness to do deals at the top end of the market as Communications’ 2007 US$2.72bn acquisition of certain economic visibility continues to improve. verizon assets in Maine, New Hampshire and vermont which resulted in FairPoint eventually filing for bankruptcy due to its The two largest deals private equity-related deals in april significant debt burden. The Centuryl ink/Qwest tie up is an were both witnessed in the US industrials & Chemicals all stock offer although regulators will likely look at the capital niche. in a take private valued at US$1.5bn, Cerberus Capital structure of both firms and Centuryl ink will have to give Management acquired DynCorp international while TPg reassurances that service quality will not deteriorate Capital acquired american Tire Distributors from a consortium post-deal. of investors including berkshire Partners for US$1.3bn. with established markets in Europe struggling to shrug off while recent activity has moved to more standard areas of the effects of the financial and sovereign debt crises, it is dealmaking, it is telling that cash-rich emerging market encouraging that North america is showing robust signs of corporate acquirers have remained involved on the buy-side continued recovery, endorsed by the M&a strategies of both of transactions. The top deal saw Sinopec international corporate and private equity players. Petroleum Exploration and Production Company, part of Chinese state-owned enterprise Sinopec Corporation, acquire a 9.03% stake interest in crude oil producer Syncrude Canada by tom Coughlan, remark from ConocoPhillips for US$4.65bn. The sale is part of ConocoPhillips’ US$10bn divestment programme, aimed at reducing the company’s debt. head of research – Elias latsis Global overview: Tom Coughlan editor – anna Henderson latin America: Matthew albert north America: aksana Fitzpatrick and irina arefyeva For advertising opportunities contact: Asia-Pacific:Debbie Jung, Shunsuke Okano and Maggie Cheung erik wickman europe: Samuel Tedjasukmana and Damien Julliard tel: + (1) 212 6863329 Middle east & Africa: Petra witowski , lars lundqvist and [email protected] Marie-laure keyrouz Monthly M&A Insider 01 TrEND graPHS GLOBAl M&A quArterly trend glob valUE vOlUME A l overvie 1,400,000 4,500 4,000 1,200,000 W 3,500 1,000,000 3,000 m) $ 800,000 2,500 600,000 2,000 alue (US V olume of deals V 1,500 400,000 1,000 200,000 500 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* GLOBAl M&A quArterly MId-MArket trend valUE vOlUME 140,000 2,000 120,000 1,500 100,000 m) $ 80,000 1,000 60,000 alue (US V Number of deals 40,000 500 20,000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* Moving average trend line Monthly M&A Insider 02 TrEND graPHS GLOBAl M&A quArterly PrIvAte equIty trend glob valUE vOlUME A l overvie 400,000 800 350,000 700 W 300,000 600 250,000 500 200,000 400 alue (US$m) V Number of deals 150,000 300 100,000 200 50,000 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* Global buyouts Global buyouts Global exits Global exits GLOBAl M&A seCtor breAkdown ytd 2010 valUE vOlUME 0.7% 0.4% 2.5% 1.1% 2.6% 0.7% 1.5% 2.8% 10.2% 2.7% 1.4% Industrials & Chemicals 3.8% 18.4% Industrials & Chemicals TMT 4.4% TMT 10.8% Consumer Consumer 17.2% Business Services 7.3% Business Services Financial Services Financial Services 14.3% Energy, Mining & Utilities Energy, Mining & Utilities Pharma, Medical & Biotech 10.3% Pharma, Medical & Biotech Construction Construction 21.9% 10.1% Leisure Leisure 2.9% Real Estate 10.5% 12.8% Real Estate Tr ansportation Tr ansportation 17.6% 11.1% Agriculture Agriculture Defence Defence Monthly M&A Insider 03 TrEND graPHS GLOBAl M&A deAl sIze breAkdown glob A valUE vOlUME l overvie 2,500 9,000 8,000 W 2,000 7,000 6,000 1,500 5,000 4,000 alue (US$bn) 1,000 V Number of deals 3,000 2,000 500 1,000 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010* 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010* > $501m > $501m $251m-$500m $251m-$500m $101m-$250m $101m-$250m $15m-$100m $15m-$100m $5m-$14.9m $5m-$14.9m Value not disclosed Monthly M&A Insider 04 M&A Insights FASB eyes possible "Big Bang" implementation of new standards Are your deal teams ready? The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) continue to push forward with their efforts to converge U.S. GAAP and IFRS, with a number of projects slated for completion in mid-2011 followed by a possible "Big Bang" implementation of the resulting accounting standards sometime thereafter. These developments could significantly impact the evaluation and structuring of acquisitions and dispositions in the U.S. and abroad. This new point of view: • Highlights the early results of several projects • Provides examples of how those results could impact dealmakers • Offers tips on how dealmakers might address these possible changes in their modeling and due diligence activities. Click here to download the full article. For more information, please contact: Matthew Himmelman Partner Deloitte & Touche LLP +1 714 436 7277 [email protected] For archive of past M&A Insights articles, please visit: www.deloitte.com/us/mainsights Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity.
Recommended publications
  • Philadelphia Investment Trends Report

    Philadelphia Investment Trends Report

    Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of
  • European Technology, Media & Telecommunications Monitor

    European Technology, Media & Telecommunications Monitor

    European Technology, Media & Telecommunications Monitor Market and Industry Update Fourth Quarter 2012 Piper Jaffray European TMT Team: Eric Sanschagrin Managing Director Head of European TMT [email protected] +44 (0) 207 796 8420 Stefan Zinzen Principal [email protected] +44 (0) 207 796 8418 Jessica Harneyford Associate [email protected] +44 (0) 207 796 8416 Peter Shin Analyst [email protected] +44 (0) 207 796 8444 Julie Wright Executive Assistant [email protected] +44 (0) 207 796 8427 TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray 2012 TMT Transactions 2 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Contents 1. Internet and Digital Media A. Trading Update B. Transaction Update C. Public Market Trading Multiples 2. Software and IT Services A. Trading Update B. Transaction Update C. Public Market Trading Multiples 3. Communications Technology And Hardware A. Trading Update B. Transaction Update C. Public Market Trading Multiples 4. Equity Capital Markets and M&A Update 3 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS
  • Overview of Cleveland's Health Care Industry and Bioenterprise Initiative

    Overview of Cleveland's Health Care Industry and Bioenterprise Initiative

    Overview of Cleveland’s Health Care Industry and BioEnterprise Initiative November 14, 2007 1 Overview • Regional Health Care Base: 2002 • Transformation: Role of State • BioEnterprise and Entrepreneurship • Lessons Learned 2 Cleveland Health Care Base Nationally-recognized leaders in clinical care and research … • > $450 Million in annual research • Numerous nationally-distinctive programs including: • Cardiovascular • Cancer • Neurology • Orthopedics • Surgery • Pediatrics • Medical imaging • Biomedical engineering • Stem cells & tissue engineering • Advanced materials • Molecular diagnostics • Anti-infectives • Prions • Destination for innovation and care 3 Cleveland Health Care Base … a broad industry base… • ~500 health care Biopharma- companies in region ceutical 16% • Five >$1 billion companies Device/ or divisions Equipment Other 68% • Over 20,000 employees 6% Health Care Services/IT 10% 4 Weak Commercialization …However, few companies were attracting growth equity CLEVELAND AREA CLEVELAND AREA HEALTH CARE VENTURE INVESTMENT HEALTH CARE VENTURE INVESTMENT $ Millions Companies Financed 6 33 5 8 2 01 02 0 0 0 001 2 2 2 20 5 Source: Dow Jones Venture Wire; Venture Source; BioEnterprise Broad Effort Required • Community- People wide effort Pipeline • Collaboration Growth Clinical • Connectedness … regionally Capital and nationally 6 2002: Commitment to Growth • Private • Renewed focus on entrepreneurs and innovation • Technology transfer culture capabilities significantly enhanced • Investment firms and professional services • Public
  • Shareholder Meeting

    Shareholder Meeting

    17 June 2009 HarbourVest Global Private Equity Limited Informal Meeting for Shareholders Welcome Sir Michael Bunbury Chairman, HVPE HarbourVest and HVPE Attendees Sir Michael Bunbury Chairman of HVPE D. Brooks Zug Senior Managing Director and Founder of HarbourVest; Director of HVPE George Anson Managing Director of HarbourVest; Director of HVPE Steve Belgrad CFO of HVPE Amanda McCrystal Head of Investor Relations and Communications for HVPE 2 Agenda I. Welcome Sir Michael Bunbury II. Overview of the Manager – HarbourVest D. Brooks Zug III. HVPE Review Steve Belgrad • Financial Highlights • Portfolio • Commitments and Balance Sheet • Trading and Investor Relations • HVPE Outlook IV. Outlook for Private Equity George Anson V. Summary / Questions and Answers Steve Belgrad 6/1/2009 3 Overview of the Manager – HarbourVest D. Brooks Zug Senior Managing Director and Founder, HarbourVest Director, HVPE Overview of the Investment Manager – HarbourVest Partners Largest Private Independent, 100% owner-managed private equity fund-of-funds Equity Founders began private equity investing in 1978 Fund-of-Funds Manager with Total capital raised over 25 years of $30 billion Experienced, Global 78 investment professionals in Boston, London and Hong Kong Team together with a support staff of more than 140 Focus on three private equity investment strategies: primary Consistent partnerships, secondary investments, direct investments Private Equity Strategy Four principal product lines: U.S. fund-of-funds, non-U.S. fund-of-funds, secondary-focused funds, direct / co-investment funds Demonstrated One of the longest track records in the industry Upper Quartile Achieved by the same professionals that manage the portfolio today Investment Demonstrated top quartile performance across all private equity Performance strategies1 __________________ Note: (1) Where relevant benchmarks exist.
  • The Massachusetts-Israel Economic Impact Study

    The Massachusetts-Israel Economic Impact Study

    The Massachusetts-Israel Economic Impact Study 2016 Edition: The Boston-Israel Power Partnership An expanding relationship that generates revenue, jobs, and investment for the benefit of both economies Boston Tel Aviv June 2016 Prepared for the New England-Israel Business Council With support from CJP of Greater Boston Based on research by Stax, Inc. With additional research by TAMID @ Boston University by David Goodtree Table of Contents » Executive Summary ....................................................................................................... 4 » Israeli Innovation Is a Major Driver of the Massachusetts Economy ............................4 » About the Title of This Whitepaper .....................................................................................5 » Israeli Entrepreneurs Choose Boston To Build Global Businesses ..................... 6 » Boston is a Gateway for Israel to U.S. and Global Markets ............................................6 » Revenue ...................................................................................................................................7 » Jobs ...........................................................................................................................................8 » Capital ......................................................................................................................................8 » Acquisitions .............................................................................................................................10
  • Clarity on Mergers and Acquisitions

    Clarity on Mergers and Acquisitions

    Clarity on Mergers & Acquisitions Swiss deal flows hit record high January 2019 16 2018 activity and 2019 outlook An industry-by-industry look at last year’s deals and what you might expect over the next 12 months. 22 Private Equity and the Swiss economy SECA’s General Secretary shares his insights into how Private Equity makes the Swiss economy stronger. 76 Detailed 2018 transaction list View the M&A deals that involved a Swiss buyer, seller or target. 28 4 12 6 18 10 Clarity on Mergers & Acquisitions CONTENT Clarity on Mergers & Acquisitions EDITORIAL CHAPTER II 3 Switzerland’s M&A activity 34 Industry Sector Pages sets a new record 36 Chemicals 40 Commodities CHAPTER I 44 Consumer Markets Overview 48 Financial Services 52 Industrial Markets 12 Media headlines 56 Pharmaceuticals & Life Sciences 60 Power & Utilities 14 Summary 64 Private Equity 68 Real Estate 72 Technology, Media & Telecommunications Focus Topic: Private Equity CHAPTER III 22 What is it and how does it work? 76 List of Swiss M&A 26 The changing legal and regulatory framework for Private Equity in Switzerland transactions in 2018 30 Interview with Maurice Pedergnana, SECA: CHAPTER IV The national economy is healthier thanks to private equity 110 Tombstones 116 PINBOARD 117 CONTACT & IMPRINT 1 2 Clarity on Mergers & Acquisitions EDITORIAL Switzerland’s M&A activity sets a new record activity. In fact, acquisitions by Private Equity houses once more exceeded exits, in a further sign of the growing importance of this community on the M&A landscape. A considerable amount of the M&A activity observed last year is due to changing consumer behaviors and rapid advances in technology – not least i4.0, the ’fourth industrial revolution’ that is upon us thanks to developments in artificial intelligence.
  • HEALTHCARE INDUSTRY ASSOCIATION (HCIA) RESUME BOOK Columbia Healthcare and Pharmaceutical Management Program

    HEALTHCARE INDUSTRY ASSOCIATION (HCIA) RESUME BOOK Columbia Healthcare and Pharmaceutical Management Program

    HEALTHCARE INDUSTRY ASSOCIATION (HCIA) RESUME BOOK Columbia Healthcare and Pharmaceutical Management Program CLASS OF 2017 CLASS OF 2018 CONTENTS 2017 RESUMES 11 ROBERT MORIN 20 SONYA NANDA JT MUNCH JAY NICHOLAS 3 LISA AULT RICHARD MURPHEY LIZ NYLUND JULIE BAILEY BORMAN ELISA 12 SAM NELSON 21 PATIENCE OLANITORI ADAM NORRIS MILICA PAVLOVIC 4 WILLIAM CAMPBELL COURTNEY PITTENGER ALLISON PERRIN GUIDO CASTAGNOLA CECE CHEN 13 VARNA RAMAN 22 PRAMOD PRASAD MORGAN SHATTUCK DARPITA PUROHIT 5 JAMES CHEUNG STEPH SHAW FENG QIAN BIRCE CIRAVOGLU EVAN COHEN 14 XIN (TONY) SHU 23 DIVYA RAJ ALEXANDER APARNA RAMAKRISHNAN 6 ELIZABETH COLONNA VON FALENHAUSEN ISOBEL ROSENTHAL CHRISTIAN DUNNE PHILONG DUONG 24 MEREDITH SHIELDS 2018 RESUMES JASON ZE SU 7 LEV ELDEMIR KEITH TABIN PAWEL FEDEJKO 14 YAPRAK BARAN 25 JEFFERSON TAYLOR EMILY GARVIN 15 JAMES BEALL ANGELA WANG DIANA BERKOVITS 8 RACHEL HAN MALLORY WEST CAROLYN HEISLER TRAVIS BOWDEN 26 ELLEN YANG QIAN HU 16 JESSICA CHO THORSON ZACH 9 SCOTT JOHNSON JOSEPH COSENTINO HILLARY KAPLAN KATIE DEAN VICTORIA LAI 17 ADAM ESCALANTE 10 SHREYAS LAKSHMINARAYAN MATTHEW FOXMAN JOSEPHINE LINTHORST ANDREW GOTTESDIENER JAMIE MEYERSON 18 STEPHANIE HU NAMWON JUNG JESSICA KIM 19 CHASE KNIGHT MOLLY MAGNUSON ALEX MARGOLIS HCIA AT COLUMBIA BUSINESS SCHOOL The Healthcare Industry Association (HCIA) is committed to expanding opportunities outside of the classroom for Columbia Business School students to learn about the many segments of the healthcare industry. Working in close collaboration with the Healthcare and Pharmaceutical Management Program, HCIA organizes a variety of activities throughout the year. It offers members the opportunity to increase their knowledge of the healthcare industry, expand their professional networks, learn about diverse career paths, and secure internships, full-time opportunities, and in-semester projects.
  • Appendix D: Securities Held by Funds

    Appendix D: Securities Held by Funds

    Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2015 Appendix D: Securities Held by Funds The Four Funds hold thousands of publicly and privately traded securities. Act 44 directs the Four Funds to publish “a list of all publicly traded securities held by the public fund.” For consistency in presenting the data, a list of all holdings of the Four Funds is obtained from Pennsylvania Treasury Department. The list includes privately held securities. Some privately held securities lacked certain data fields to facilitate removal from the list. To avoid incomplete removal of privately held securities or erroneous removal of publicly traded securities from the list, the Four Funds have chosen to report all publicly and privately traded securities. The list below presents the securities held by the Four Funds as of June 30, 2015. 1011778 BC ULC / NEW RED 144A ABCAM PLC ACCELYA KALE SOLUTIONS LTD 198 INVERNESS DRIVE WEST ABC-MART INC ACCENTURE PLC 21ST CENTURY FOX AMERICA INC ABC-MART INC NPV CFD ACCESS CIG 10/14 TL 21ST CENTURY ONCOLOGY 4/15 TL ABENGOA SA ACCIONA SA 22ND CENTURY GROUP INC ABENGOA YIELD PLC ACCO BRANDS CORP 32 CAPITAL FUND LTD (THE) ABERCROMBIE & FITCH CO ACCOR SA 361 DEGREES INTERNATIONAL LTD ABERDEEN ASSET MANAGEMENT PLC ACCRETIVE CO LTD CFD 3D SYSTEMS CORP ABERTIS INFRAESTRUCTURAS SA ACCRUED INTEREST FOR PRIVATE 3I GROUP PLC ABILITY ENTERPRISE CO LTD ACCTON TECHNOLOGY CORP 3M CO ABILITY NETWORK 5/14 COV-LITE ACCUVANT 12/14 COV-LITE 2ND 4L TECHNOLOGIES 5/14 COV-LITE ABINGWORTH BIOVENTURE V LP ACCUVANT 12/14
  • UHF's 2016 Annual Report

    UHF's 2016 Annual Report

    UNITED HOSPITAL FUND Building a more effective health care system for every New Yorker ANNUAL REPORT 2016 OFFICERS AND DIRECTORS Officers Directors Improving Health Care for Every New Yorker J. Barclay Collins II Michelle A. Adams United Hospital Fund works to build a more effective health care Chairman Bettina Alonso system for every New Yorker. An independent, nonprofit Stephen Berger organization, we analyze public policy to inform decision-makers, James R. Tallon, Jr. Lori Evans Bernstein find common ground among diverse stakeholders, and develop and President Jo Ivey Boufford, MD support innovative programs that improve the quality, accessibility, Rev. John E. Carrington John C. Simons Dale C. Christensen, Jr. affordability, and experience of patient care. Frederick W. Telling, PhD J. Barclay Collins II Vice Chairmen Michael R. Golding, MD Eugene Keilin Sheila M. Abrams Cary A. Kravet United Hospital Fund Annual Report Treasurer Josh N. Kuriloff Fiscal Year 2015–2016 David Levy, MD Sheila M. Abrams Howard P. Milstein 2 From the President Sally J. Rogers Susana R. Morales, MD 4 Programs Senior Vice Presidents Robert C. Osborne John C. Simons 11 Grantmaking Deborah E. Halper Michael A. Stocker, MD, MPH 13 Financial Report Chad Shearer James R. Tallon, Jr. 16 Contributors Vice Presidents Frederick W. Telling, PhD Mary Beth C. Tully 20 Staff Amanda A. Williams Corporate Secretary Honorary Directors John K. Castle Timothy C. Forbes Barbara P. Gimbel Mary H. Schachne Allan Weissglass FROM THE CHAIRMAN “Working to build a more effective health care system for every New Yorker.” J. BARCLAY COLLINS II It would be hard to get more explicit or more concise than this CHAIRMAN UNITED HOSPITAL FUND reformulation of United Hospital Fund’s mission statement, which we undertook this year to better reflect UHF’s role in our rapidly transforming health care system.
  • Quarterly Digest Israeli High Tech Market

    Quarterly Digest Israeli High Tech Market

    Quarterly Digest Israeli High Tech Market (4th Quarter, 2013) 1 Contents Introduction 3 Report methodology 3 The trends 6 Public Market reopened for Israeli tech companies 6 IT and Mobile are the engines of the local industry 7 Enterprise software is an old-new superstar 8 Chemical industry and new materials 9 R&D centers of multinationals – from Facebook to unknown insurance company- everybody wants boots on the ground 10 Source of technology for Asian giants 10 Future trends – modest prediction attempt 11 Fundraising during Q4 12 IT 12 Biotech 15 Medical technologies 15 Engineering 18 Energy efficiency & clean-tech 19 Mobile 20 IPO Pipeline 24 M&A Deals during Q4 25 IT 26 Medical Technologies 26 Engineering 27 Mobile 29 Investment and Venture Capital in Israel 30 Technologies 37 IT 37 Medical Technologies 37 Mobile 38 Significant trade transaction and other related headlines 40 IT 40 Mobile 42 BioTech 42 Companies of special interest 43 2 Introduction Introduction This digest is an overview of the high tech industry, venture capital and adjusting areas news line of Israeli Hebrew written press and blogs. The main purpose of it is to present an unbiased picture of what is happening on one of the most vibrant technology markets. Usually, every technology start-up is trying to be secretive and not to reveal too much. Significant events in the company life (fundraising, M&A, significant trade transactions and contracts) allow the observers to get a picture of the market, to spot trends, to see where the investors (VC funds) are putting their money and what are strategic players after.
  • Opioid Addiction

    Opioid Addiction

    Opioid Addiction Industry Outlook and Investment Opportunities 7 February 2021 1 Introduction Opioid addiction is a national epidemic with dangerous consequences, and without intervention, it will remain so for decades to come. The increase in opioid use, addiction and related deaths poses a critical challenge to society, as it affects all ages and demographic groups in the U.S. Private capital can play a significant role in combating the opioid crisis. Funding the development of new interventions, alternative drug therapies and innovative technologies can reduce widespread dependence and suffering. Within these distinct approaches lie many opportunities for investors to advance solutions capable of delivering affected individuals from despair and matching the desired risk-return profile. Highlights About 2 million people have been diagnosed with opioid use disorder (OUD) in the U.S. An additional 4 to 6 million people may also have the disease but have not been formally diagnosed. • According to the National Institute for Drug Abuse (NIDA), more than 130 Americans die every day from overdoses. • This translates into an annual cost of more than $78.5 billion in the U.S. across factors like systemic healthcare costs, lost productivity, treatment, and criminal justice activity. In one study, 35% of patients who were prescribed an opioid had a known risk factor for opioid use disorder (e.g. another substance abuse disorder). • Alerting healthcare providers about patients’ risk factors can allow doctors to make informed decisions when determining if patients should receive opioids or an alternative medication. • Significant progress can be achieved by improving how high-risk patients are handled and averting new opioid use disorder cases proactively.
  • VC Transactions Polish Market 2019 Summary

    VC Transactions Polish Market 2019 Summary

    VC transactions on the Polish market 2019 summary Authors PFR Ventures manages 6 fund of funds Inovo Venture Partners is a venture that, together with private investors, capital fund with PLN 200 million of business angels and corporations, assets under management, focused on invest in Venture Capital funds. Their late Seed and Series A investments goal is to provide capital to Polish, across Poland and Central and Eastern innovative enterprises at early stages of Europe. So far, the fund has made 18 development. Currently, PFR Ventures investments in European technology has over 50 funds in its portfolio that companies, with a perspective of have made total of 250 investments. another 15 over the next few years. www.pfrventures.pl www.inovo.vc [email protected] [email protected] Overview Key data for 2019 269 294 transactions executed EUR mln of provided capital 85 8x VC funds engaged increase in transaction value from 2018 VC investments in Poland in 2010–2019 VC investments in mln EUR 350 294 300 mega-round 250 DocPlanner: EUR 80 mln 200 150 100 50 38 36 50 29 29 29 25 10 4 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mega-round of the DocPlanner company is presented separately as it distorts the statistical overview (see:outlier). Source: Invest Europe (2010-2018) Authors’ comments Aleksander Mokrzycki, Tomasz Swieboda, CFO/COO, PFR Ventures partner, Inovo Venture Partners 2019 will go down in the history of the Polish Venture As Inovo, we've been on the market since 2012, and Capital market. For the first time in 10 years, we have privately we follow the market even longer.