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The Health Care M&A Report THE HEALTH CARE M&A REPORT FIRST QUARTER 2015 A SUPPLEMENT TO THE HEALTH CARE M&A INFORMATION SOURCE I II III IV www.levinassociates.com THE HEALTH CARE M&A REPORT FIRST QUARTER 2015 A SUPPLEMENT TO THE HEALTH CARE M&A INFORMATION SOURCE Irving Levin Associates Publications and Services Subscriptions & Memberships Annual and Data Reports The SeniorCare Investor The Senior Care Acquisition Report The Health Care M&A Information Source The Health Care Services Acquisition Report Health Care M&A News The Home Health & Hospice Acquisition Report Dealmakers Forum The Hospital Acquisition Report Health Care Deal News The Not-for-Profit Senior Housing Development News Acquisition Report Deal Search Online Webcasts & Training M&A Webcast Series Senior Living Business Interactive CEU Program The Health Care M&A Report First Quarter 2015 ISSN 1076-3511 ISBN 978-1-939107-34-3 ISBN 978-1-939107-33-6 (Four-Volume Set) Published by: Irving Levin Associates, Inc. 268-1/2 Main Avenue Norwalk, CT 06851 203-846-6800 Fax 203-846-8300 [email protected] www.levinassociates.com Publisher: Eleanor B. Meredith Senior Editor: Stephen M. Monroe Editor: Lisa E. Phillips Analyst: Benjamin Swett Annual Subscription $2,497.00 © 2015 Irving Levin Associates, Inc. All rights reserved. Reproduction or quotation in whole or part without permission is forbidden. Flat Rate Postage is paid at Norwalk, CT. This publication is not a complete analysis of every material fact regarding any company, industry or security. Opinions expressed are subject to change without notice. Statements of fact have been obtained from sources considered reliable but no representation is made as to their completeness or accuracy. POSTMASTER: Send address changes to Irving Levin Associates, Inc., 268-1/2 Main Avenue, Norwalk, CT 06851. Health Care and Seniors Housing Investment Resources THE HEALTH CARE M&A INFORMATION SOURCE ($2,497/year) Stay ahead of M&A activity. This is a comprehensive membership. Week in and week out, this membership alerts you to developments in the health care M&A market. THE SENIORCARE INVESTOR ($697/year) Make smart investment decisions with the inside scoop. For over 50 years, The SeniorCare Investor has been tracking mergers, acquisitions, IPOs and corporate news in the senior care market. Find the latest deals and key financial events with expert news and analysis. HEALTH CARE DEAL NEWS - PREMIUM EDITION ($679/year) Health Care Deal News is an award-winning weekly e-newsletter that covers the health care mergers and acquisitions market. By sifting through thousands of records, we’re able to extract just the information you need in this Premium Edition and deliver it to your inbox each week. SENIOR LIVING BUSINESS INTERACTIVE ($587/year) An eLearning platform of webcasts from the experts in senior living. Leading experts reveal actionable strategies and best practices that you can implement in seniors housing, assisted living, long-term care, skilled nursing and CCRC environments via online webcasts. MERGER & ACQUISITION WEBCAST SERIES ($727/year) An eLearning platform of webcasts from experts in health care. Leading financial and operational experts reveal actionable strategies and best practices that you can implement to develop, finance, manage and improve your business. HEALTH CARE SERVICES ACQUISITION REPORT, 21st Edition ($595/copy) Get exclusive trend analysis on M&A in hospitals, managed care companies, physician medical groups, rehabilitation, labs/MRI/dialysis, behavioral health care and more. SENIOR CARE ACQUISITION REPORT, 20th Edition ($595/copy) Get essential market knowledge of senior care M&A. Investors and executives alike rely on this report which includes unit and revenue multiples and insightful analyses of all senior care mergers and acquisitions of nursing homes, independent and assisted living facilities, home health care and other senior care providers. HOSPITAL ACQUISITION REPORT, 6th Edition ($497/copy) An analysis of hospital M&A activity is at your fingertips. There's no quicker way to get current on the hos- pital M&A market or review historic hospital M&A data. Reference the facts and figures you need to evaluate a target, assess your hospital's potential asking price or complete a consulting project. HOME HEALTH CARE & HOSPICE ACQUISITION REPORT, 7th Edition ($497/copy) Learn all about today’s home health care merger and acquisition market, not just what’s covered in major media. This report gives you the critical details on the deals associated with the recent trends in the home health care and hospice acquisition market. DEALS ON DEMAND ($997/ Two years of data) Sectors available: Biotechnology, eHealth, Medical Device, Not-for-Profit & Pharmaceutical. Payment method: Bill Me Check enclosed payable to: Irving Levin Associates, Inc. Charge my credit card (select one): Visa MasterCard American Express Name: Fax Credit Card Orders to: (203) 846-8300 Card #: Email to: [email protected] Security Code: Exp: Email: Phone: Fax: Company: 268 ½ Main Avenue Norwalk, CT 06851 Address: (203) 846-6800 City, State, Zip: [email protected] • www.levinassociates.com TABLE OF CONTENTS INTRODUCTION.............................................................................5 BEHAVORIAL HEALTH CARE .................................................43 BIOTECHNOLOGY ......................................................................49 eHEALTH ........................................................................................83 HOME HEALTH & HOSPICE ....................................................99 HOSPITALS ..................................................................................109 LABORATORIES, MRI & DIALYSIS ......................................123 LONG-TERM CARE ...................................................................127 MANAGED CARE .......................................................................163 MEDICAL DEVICES ..................................................................171 PHARMACEUTICALS ...............................................................185 PHYSICIAN MEDICAL GROUPS ............................................209 REHABILITATION .....................................................................223 OTHER ..........................................................................................229 INDEX ............................................................................................255 INTRODUCTION This is the 87th issue of The Health Care M&A Report, which tracks the merger and acquisition market in the health care industry. General trends in the market are discussed in this Introduction, followed by a look at each of the 13 sectors we cover. In the Index, each entry details a transaction, from target and acquirer to price, terms, acquisition multiples and other financial information, when available. The commentary section offers additional analysis. This issue reports on the 358 transactions that were announced in the first quarter of 2015, listed alphabetically by target with 13 separate health care sectors. Behavioral Health Care Managed Care Biotechnology Medical Devices eHealth Pharmaceuticals Home Health & Hospice Physician Medical Groups Hospitals Rehabilitation Laboratories, MRI & Dialysis Other Services Long-Term Care We categorize these sectors as either Services or Technology. Services includes Behavioral Health Care, Home Health & Hospice, Hospitals, Laboratories/MRI & Dialysis, Long-Term Care, Managed Care, Physician Medical Groups, Rehabilitation and Other Services. The Technology sector includes Biotechnology, eHealth, Medical Devices and Pharmaceuticals. A note on our methodology: For reasons of timeliness, we record each transaction by the date of the announcement rather than the closing date. Announcements generally coincide with a significant event, such as the signing of a letter of intent, the receipt of regulatory clearance, or even the closing date itself. The assumption is that, once a letter of intent is signed, for example, the parties to the deal consider it to be economically viable relative to the market conditions at the time of the signing. The one exception is the Hospital sector. An announcement that a letter of intent has been signed usually means the parties have expressed an interest in a union of some sort, whether acquisition, affiliation, collaboration, merger or partnership. Talks and due diligence may go on for years, or be called off entirely. We record hospital transactions when a more definitive level of understanding is reached, and we remove them from our data if they are called off after that stage. The Health Care M&A Report, 1st Quarter, 2015 5 NOTABLE TRENDS IN Q1:15 1. After the wild M&A ride the health care industry experienced in 2014, the first quarter of 2015 started off with the same energy. As first quarters go, Q1:15 set a new record in deal volume with 358 transactions, far surpassing the previous record of 298 deals in the first quarter of 2012. On deal value, the $104.9 billion in financing for this quarter’s transactions did not set any records, as it fell short of the $127.2 billion spent in Q1:09. 2. The Long-Term Care sector once again posted the highest number of deals in the first quarter. But the 68 transactions recorded were far off the torrid pace set in the third and fourth quarters of 2014, with 83 and 84 deals, respectively. Sixty-eight transactions is still a large number, and it exceeds the deal volumes posted in the first and second
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