Q4 2018 CDMO – Transaction Comps

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Q4 2018 CDMO – Transaction Comps Q4 2018 CDMO – Transaction Comps CDMO Transaction Comps USD in millions Announced Geographic Enterprise EV / LTM EV / LTM Date Target Target Description Buyer Location Value LTM Revenue LTM EBITDA Revenue EBITDA CDMO offering services including analytical testing, API and Nov-18 Avista Pharma Solutions1 Drug Product development, early stage discovery, and Cambrex Corporation USA $252.0 $65.0 NA 3.9x NA microbiology testing support Operates as a custom manufacturer of APIs and registered Jul-18 AMPAC Fine Chemicals LLC2 SK Holdings Co., Ltd. USA 455.0 200.0 NA NA NA intermediates for the pharmaceutical industry globally Provides contract development and manufacturing services in Jul-18 Halo Pharma, Inc. Cambrex Corporation USA 425.0 105.0 $27.0 4.0x 15.7x various dosage forms and drug delivery platforms Offers services in the areas of early-phase formulation Madison Dearborn Jun-18 Alcami Corporation USA NA NA NA NA NA development, analytical testing, and manufacturing Partners Provides contract development and manufacturing services to Catalent Pharma Sep-17 Cook Pharmica LLC USA 950.0 177.8 NA 5.3x NA pharmaceutical and biopharmaceutical companies Solutions, Inc. Provides drug discovery and development services as well as Jul-17 Aptuit LLC Evotec AG USA 300.0 92.9 11.6 3.2x 25.8x API development and manufacturing services Provides chemical and analytical development and custom Jun-17 PCAS SA Novacap France 335.9 243.7 19.7 1.4x 17.0x manufacturing services Contract research and manufacturing company that provides Jun-17 Albany Molecular Research, Inc. The Carlyle Group L.P. USA 1,593.5 628.7 71.8 2.5x 22.2x integrated drug discovery, development, and manufacturing Provides outsourced pharmaceutical development and May-17 Patheon N.V. Thermo Fisher USA 7,205.3 1,933.0 351.2 3.7x 20.5x manufacturing services Develops dosage forms and solutions for the healthcare Dec-16 Capsugel, Inc. Lonza Group Ltd. USA 5,500.0 1,000.0 344.0 5.5x 16.0x industry around the world Specializes in developing, manufacturing, and scaling up APIs Sep-16 PharmaCore, Inc. Cambrex Corporation USA 25.0 17.0 2.0 1.5x 12.5x for clinical phase projects Notes: NA - Not Available Median $440.0 $188.9 $27.0 3.7x 17.0x Mean 1,704.2 446.3 118.2 3.5x 18.5x High 7,205.3 1,933.0 351.2 5.5x 25.8x Low 25.0 17.0 2.0 1.4x 12.5x Source: S&P Capital IQ, December 31, 2018 1) $65.0 is approximate revenue from the Cambrex press release “Cambrex Completes Acquisition of Avista Pharma Solutions” 2) AMPAC Fine Chemicals transaction EV is according to Korean Herald CRO – Transaction Comps CRO Transaction Comps USD in millions Geographic Enterprise EV / LTM EV / LTM Announced Date Target Target Description Buyer Location Value LTM Revenue LTM EBITDA Revenue EBITDA Full-service, clinical CRO that focuses on oncology, vaccines, Mar-18 Accelovance, Inc. Linical USA, Inc. USA $32.9 $26.8 NA 1.2x NA and general medicine Charles River Laboratories Feb-18 MPI Research Inc. Provides preclinical and early clinical contract research services USA 800.0 240.0 $68.4 3.3x 11.7x International, Inc. SMO providing solutions to CROs, pharmaceutical, Sep-17 Optimal Research Synexus Limited USA NA NA NA NA NA biotechnology, and medical device companies Non-clinical CRO that provides mission-critical research ICON Public Limited Jul-17 MAPI Development SAS France 139.5 NA NA NA NA services and products Company CRO that provides clinical development, scientific services, and Jul-17 Chiltern International Limited Covance Inc. UK 1,200.0 NA NA NA NA collaborative technologies PAREXEL International Outsourcing services company that provides clinical research , Pamplona Capital Jun-17 USA 5,007.4 2,097.0 342.8 2.4x 14.6x Corporation consulting, and commercialization Management LLP INC Research Holdings, May-17 inVentiv Health Custom synthesis/CRO USA 4,513.7 2,177.4 292.7 2.1x 15.4x Inc. Offers CRO support services including clinical trial PAREXEL International Sep-16 ExecuPharm Inc. USA 155.0 NA NA NA NA management, monitoring, and site management Corporation Provides information and technology services to healthcare Quintiles Transnational May-16 IMS Health Holdings, Inc. USA 13,266.8 3,063.0 743.0 4.3x 17.9x industry worldwide Holdings Inc. Engages in the identification, recruitment, and retention of Pharmaceutical Product May-16 Synexus Limited UK 257.8 68.8 15.9 3.7x 16.2x patients for clinical trials on behalf of sponsors Development, LLC Notes: Median $800.0 $1,168.5 $292.7 2.9x 15.4x NA - Not Available Mean 2,819.2 1,278.8 292.6 2.9x 15.2x High 13,266.8 3,063.0 743.0 4.3x 17.9x Low 32.9 26.8 15.9 1.2x 11.7x Source: S&P Capital IQ, December 31, 2018 Distribution – Transaction Comps Pharma Distribution Transaction Comps USD in millions Geographic Enterprise EV / LTM EV / LTM Announced Date Target Target Description Buyer Location Value LTM Revenue LTM EBITDA Revenue EBITDA Aquilant Limited distributes and sells IV therapy, regional Aug-18 Aquilant Limited anesthesia and pain management products, and other devices H2 Equity Partners UK $26.7 $94.5 NA 0.3x NA for medical and scientific sectors Distributes and supplies healthcare products and business AmerisourceBergen Nov-17 H. D. Smith, LLC USA 815.0 NA NA NA NA solutions to manufacturers and healthcare providers Corporation Distributes pharmaceutical products, medical devices, and Shanghai Pharma Century Nov-17 Cardinal Health (L) Co., Ltd. Malaysia 557.0 3,845.7 $83.3 0.1x 6.7x specialty pharmaceuticals to pharmacies and hospitals Global Limited Engages in the trade of pharmaceuticals, cosmetics, and Korporacja Inwestycyjna Mar-17 Pelion S.A. parapharmaceuticals operating through wholesale, retail, Poland 323.4 2,399.5 31.5 0.1x 10.3x Polskiej Farmacji Sp. z o.o. services, and other segments Distributes generic, branded, specialty, and over-the-counter Teva Pharmaceutical Aug-16 Anda, Inc. USA 500.0 NA NA NA NA pharmaceutical products Industries Limited Distributes generic drugs for privately insured individuals AlliancePharma Inc. Jul-16 Pharmapar Inc. Canada 11.1 17.3 NA 0.6x NA offering a range of medication types (nka:KDA Group Inc.) RoundTable Healthcare May-16 Symmetry Surgical, Inc. Manufactures and distributes medical devices worldwide USA 129.5 84.1 9.1 1.5x 14.2x Partners IV, L.P Operates a network of retail pharmacy stores in Canada McKesson Canada Mar-16 Rexall Pharma Plus Ltd. offering prescription centers that focus primarily on prescription Canada 2,154.3 2,000.0 200.0 1.1x 11.1x Corporation and over-the-counter products Provides access to unlicensed pharmaceutical products Apr-15 Idis Group Holdings Ltd. Clinigen Group Plc UK 341.4 274.5 19.0 1.2x 18.0x internationally Distributes specialty pharmaceuticals and medical supplies, Feb-15 BioRx, LLC Diplomat Pharmacy, Inc. USA 347.8 227.0 23.0 1.5x 15.1x and provides infusion services in the United States Notes: Median $344.6 $250.7 $27.2 0.9x 12.7x NA - Not Available Mean 520.6 1,117.8 61.0 0.8x 12.6x NM - Not Meaningful High 2,154.3 3,845.7 200.0 1.5x 18.0x Low 11.1 17.3 9.1 0.1x 6.7x Source: S&P Capital IQ, December 31, 2018 CDMO – Trading Comps CDMO - Trading Comps USD in millions, except for per-share amounts 12/31/2018 LTM NTM Forecast NTM YoY Growth Share Shares Equity Net Debt Total Enterprise Interest Book Dividend Company Ticker Price Out Value (Cash) Debt Value Sales EBITDA EBIT EPS Expense Sales EBITDA EPS Sales EBITDA Value /share Bachem Holding AG SWX:BANB $115.5 13.6 $1,567.7 $134.3 $145.9 $1,702.0 $254.7 $68.6 $47.1 $2.3 $0.3 $286.3 $77.5 $3.5 12.4% 13.1% $26.2 $2.8 Balchem Corporation NasdaqGS:BCPC 78.4 32.2 2,526.6 135.3 178.0 2,662.0 639.4 155.1 111.2 1.78 7.8 668.6 163.9 3.2 4.6% 5.6% 21.2 0.4 Cambrex Corporation NYSE:CBM 37.8 33.6 1,267.2 227.9 325.0 1,495.1 579.0 176.6 143.6 2.71 1.1 621.8 180.2 3.5 7.4% 2.1% 19.7 NA Catalent, Inc. NYSE:CTLT 31.2 145.4 4,532.7 2,013.0 2,279.1 6,545.7 2,471.3 505.6 301.6 0.92 115.2 2,542.3 595.0 1.8 2.9% 17.7% 10.5 NA Consort Medical plc LSE:CSRT 11.9 49.1 585.3 121.6 152.3 706.8 395.3 71.2 54.2 0.67 4.7 400.2 73.5 0.8 1.2% 3.3% 6.4 0.3 Eurofins Scientific SE ENXTPA:ERF 373.3 17.6 6,587.9 1,912.1 2,564.3 8,500.0 3,871.0 686.4 431.2 13.14 71.6 4,945.8 924.1 20.9 27.8% 34.6% 165.8 2.8 Johnson Matthey Plc LSE:JMAT 35.7 192.0 6,848.4 1,359.4 1,543.3 8,207.8 19,244.9 898.8 690.1 2.13 56.1 5,400.0 960.1 3.0 (71.9%) 6.8% 17.4 1.1 Jubilant Life Sciences Limited BSE:530019 10.2 155.8 1,588.3 444.7 530.6 2,033.0 1,194.8 231.1 195.3 0.59 36.5 1,362.6 290.3 0.9 14.0% 25.6% 4.1 NA Lonza Group Ltd SWX:LONN 258.9 74.2 19,217.9 3,755.3 4,246.5 22,973.2 5,912.3 1,482.6 1,030.7 6.72 14.1 6,363.0 1,682.5 13.5 7.6% 13.5% 86.0 2.8 Recipharm AB (publ) OM:RECI B 12.7 67.4 858.5 359.0 485.2 1,217.5 694.8 106.4 41.3 0.11 16.5 787.3 133.3 0.6 13.3% 25.3% 8.8 NA Siegfried Holding AG SWX:SFZN 341.5 4.2 1,430.2 57.6 80.9 1,487.8 783.6 119.0 68.4 9.08 2.6 848.6 151.1 18.4 8.3% 26.9% 171.1 2.4 Thermo Fisher Scientific Inc.
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