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2016 Pharma Dealmaking invivo.pharmamedtechbi.com SEPTEMBER 2016 Invol. 34 ❚ no. 08 Vivopharma intelligence ❚ informa 2016 Pharma Dealmaking: Waiting On The High-Value Deals Six pharma deals announced thus far in 2016 carried up-front values of $1 billion or more, down considerably from the high-volume, high-value M&A industry experienced the prior two years. Pharma manufacturers appear to be recalibrating, but fundamentals suggest dealmaking will pick up. By Jessica Merrill ❚ AstraZeneca’s Seasoned ❚ BTG Deals Its Way Into ❚ Pharma R&D Efficiency: ❚ Olympus Targets A Dealmaker Grady On Interventional Medicine Mid-Sized Companies Excel Bigger Medical Future Strategy To Grow Pipeline BY ASHLEY YEO BY AMANDA MICKLUS BY ASHLEY YEO BY STEN STOVALL invivo.pharmamedtechbi.com CONTENTS ❚ In Vivo Pharma intelligence | September 2016 10 COVER ❚ 2016 Pharma Dealmaking: Waiting On The High-Value Deals Jessica Merrill Six pharma deals announced thus far in 2016 carried up-front values of $1 billion or more, down considerably from the high-volume, high-value M&A industry experienced the prior two years. Pharma manufacturers appear to be recalibrating – digesting previous acquisitions, adjusting to new biotech valuations and taking stock of the political and macro-economic climate – but fundamentals suggest pharma dealmaking will pick up. Pfizer’s $14 billion offer for Medivation might represent a turning point. FEATURes 26 32 1 AstraZeneca’s Seasoned Olympus Targets A Bigger Dealmaker Grady On Strategy Medical Future To Grow Pipeline ASHLEY YEO STEN STOVALL A medical company that has some other AstraZeneca’s Shaun Grady is an affable businesses – that is the shorthand dealmaker whose talents – honed over description that Olympus Corp. of the three decades inside the group – are Americas president and CEO Nacho Abia being put to the test as he works to ascribes to a group that has emerged ensure that Britain’s second-biggest from difficult times with a new strategy, drugmaker can successfully transform new structure and new determination. itself, its therapy focus and pipeline. Targeted deals and M&A remain as important as ever to the group as it embarks, somewhat reinvented, on a new 18 five-year plan. BTG Deals Its Way Into 38 Interventional Medicine Pharma R&D Efficiency: Mid- ASHLEY YEO Sized Companies Excel UK-listed BTG PLC is on a route to a major future in interventional medicine, having AMANDA MICKLUS built solid foundations in licensing and Datamonitor Healthcare’s recent review specialty pharma. CEO Louise Makin of R&D efficiency using new product describes the deal- and decision-making launch success rates as a proxy shows rationale that has allowed a mid-cap that Mid Pharma companies outperform player to set billion-dollar plus ambitions Big Pharma and Japan Pharma firms, in interventional medicine, based on thanks to multiple blockbuster drugs. organic and M&A growth. The first in a two-part series evaluating R&D productivity. ©2016 Informa Business Information, Inc., an Informa company September 2016 | In Vivo ❚ CONTENTS In Vivo Pharma intelligence | September 2016 DEPARTMents EXCLUSIVE ONLINE content Invivo.pharmamedtechbi.com AROUND THE INDUSTRY ❚ Biopharma Quarterly 4 Medtechs Must Partner With US ❚ D eals In Depth Dealmaking Statistics Providers As Outcomes Revolution Ramps Up An overview of biopharma, medtech and Q2 2016 ASHLEY YEO diagnostics dealmaking in June/July 2016 MAUREEN RIORDAN AND AMANDA MICKLUS AMANDA MICKLUS 6 Cancer Moonshot To Tackle Hereditary Colon Cancer Screening MARK RatNER ❚ Polaris Stays Disciplined For Breakthroughs: 7 In Vivo’s Deals Of The Month: An Interview With Alan Crane August 2016 MARC WORTMAN NANCY DVORIN ❚ 8 CVRx Funding Boost Will Sustain Brexit Effects On Medtech: View From Switzerland ASHLEY YEO Barostim Heart Failure Device To US Launch ❚ ASHLEY YEO Pharma’s Progress in Precision Medicine NANCY DVORIN 42 ON THE MOVE Significant recent job changes in 2 pharma, medtech and diagnostics 46 DEALMAKING ❚ From The Editor Deals Shaping The Medical Industry, August 2016 In Vivo enters the fall season with a fresh new look, courtesy of our lead designer Gayle Rembold Furbert and her team. You’ll notice new fonts and You Asked...We Delivered! new layouts, enhanced graphics and more sign- Relevant and exclusive online-only posts to our online-exclusive content. Our print content at your fingertips 24/7 issue is now more closely aligned with our new website (bookmark invivo.pharmamedtechbi.com Access your subscription by visiting: if you haven’t already). We’ll be rolling out some invivo.pharmamedtechbi.com additional changes and features over the com- and log in. ing months, but rest assured that the one thing Don’t have an online user account? that will never change is In Vivo’s commitment Quickly and easily create one NANCY DVORIN to high-quality content. by clicking on the “Create your In this issue, we focus on dealmaking. In her account” link at the top of the page. annual mid-term review of biopharma dealmaking, Jessica Merrill notes that big-value M&A deals have been missing from the landscape this year, but Contact: Pfizer/Medivation may trigger their return. AstraZeneca’s business develop- [email protected] ment head Shaun Grady speaks with Sten Stovall about AZ’s three-pronged or call: (888) 670-8900 or +1 (908) strategy for growth. And Ashley Yeo describes how BTG PLC leveraged part- 748-1221 for additonal information. nerships and M&A to transform itself into a player in interventional medicine. Turn the page to start reading these stories and the rest of our September line- up. And keep in mind that we’re always eager to hear from you – please send your questions, concerns and comments to [email protected]. /invivo @invivo /invivo In Vivo | September 2016 invivo.pharmamedtechbi.com invivo.pharmamedtechbi.com invivo.pharmamedtechbi.com Strategic Transactions Pharma intelligence | 3 The most trusted source of health care deal intelligence You can rely on the insight and information in Strategic Transactions to carry out these and many more critical business development activities. The top pharmaceutical firms and leaders in medical devices, diagnostics, finance and consulting already do. Available via annual subscription. For more information and to request a complimentary demonstration, visit: www.Pharmamedtechbi.com/STLP ©2016 Informa Business Information, Inc., an Informa company September 2016 | In Vivo ❚ Around The Industry Medtechs Must Partner With US Providers As Outcomes Revolution Ramps Up It’s probably a moot point, but history may well show that the element of the US PPACA vices (CMS) about how to get more value,” – the Affordable Care Act of 2010 – that had the most lasting impact was the importance he says. Historically, hospitals have been it placed on providers becoming outcomes-focused. paid even if a patient is readmitted. “Now, Medtech vendors have been and and 2) innovations that truly do change the people are beginning to wake up and start- will continue to be the unintended ben- long-term outcome of the patient – this is ing to figure why this happens. They are eficiaries of this change in orientation the area where the opportunity lies. taking a look at closer alignment between away from activity-based payments. The latter have perhaps have not been payer and provider, which leads to a very Forward-thinking companies have been monetized as much or as well as they different way of thinking in the long term.” busy doing a sweep of the landscape and could have been, but now the game is have seen that positioning themselves changing, and companies that succeed in THE PacE OF CHANGE AND NEXT early as partners with – rather than just the new world are those that have looked STAGES OF WORKING ToGETHER suppliers of – their hospital customers is at the impact of their product and seen The pace of adaptation to the changes the way to provide sustainable benefits how and where it can help the provider in the market at present is both frustrat- for both parties. economize. “It should be a very different ing and encouraging, says Chapman. In A new report from ZS Associates, conversation for the manufacturer when reality, cost is still very much the No. 1 Hospitals Have Spoken: How Medtech it can show the hospital how it can save consideration among hospitals. But this is 4 Can Benefit from the Affordable Care Act’s money,” notes Chapman. evolving in line with CMS quality-focused Focus on Outcomes, explains that, in the metrics. Respondents in the ZS survey new world, the zero-sum game, where MEDTEchs: ARE THEY MORE THAN rated quality care and revenue growth hospitals improve their costs by attacking MERE SUPPLIERS? nearly as important as cost reduction. manufacturers’ margins, is actually not ZS’ report, based on a survey of 85 US- The emphasis on balancing these three the only game in town. based hospital executives (C-suite and elements is expected to continue, to the In fact, in an era where poor clinical departmental leaders across service lines) extent they will remain the key priorities outcomes are coming back on providers in late 2015/early 2016, found that many in the period 2018–20. and affecting their bottom lines, hospitals are not yet convinced that medtechs can CMS’ risk-based payment model and have to be sharply focused on quality and help them address their biggest priorities. other new reimbursement models that performance, and medtechs have a critical From this, it is clear that the medtech in- promote accountability for outcomes have role to play here. dustry needs to boost hospital executives’ changed how hospital executives think confidence in manufacturers being able about cost containment. US hospitals HospITALS START To CARE to function as more than mere suppliers. are now bearing the costs arising from EcoNOMICALLY Chapman stresses that medtech hospital-acquired infection (HAIs) and “Suddenly, we’ve started to get to things companies need to ensure that they work other poor outcomes that require pro- that matter,” says Brian Chapman, prin- in ways that help their clients – the hos- longed stays or readmissions.
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