M&A in Healthcare and Pharma in France - H1 2017 … · M&A in Healthcare and Pharma in ... an...
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M&A in Healthcare and Pharma in France - H1 2017 Funding innovation through to Megadeals
Transcript of M&A in Healthcare and Pharma in France - H1 2017 … · M&A in Healthcare and Pharma in ... an...
M&A in Healthcare and Pharma in France - H1 2017Funding innovation through to Megadeals
PwC
Highlights
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For the first time, we take a combined look at deals that took place in both Pharmaceuticals and Healthcare sectors. In scope: deals involving at least one French party (acquirer or target company) and completed during the first semester of 2017. Deals also include the most significant fund raisings that occurred in the sector.
• M&A activity in Pharma and Healthcare was ripe with a total of almost 100 deals in H1 2017.
• This was mainly driven by sustained corporate M&A activity(two thirds of deal volume, including stock market operations)whilst Private Equity remains very active: one third of deal
volume and 6 out of the top 10 transactions in value terms.
• The three most active market segments in deal volume are PrivateHealthcare (27 transactions), busy with ongoing consolidation, Medtech (25) where PE supports technology development and Biotech (21) where investors help support development in strategic therapies (oncology, heart diseases, diabetes, etc.).
• Domestic deals represented ~60% of the activity. Foreignplayers’ investments mainly targeted French Biotechs which develop new treatments but they also play a key role in the PrivateHealthcare sector consolidation (>20% of inbounds deals).
• 4 out of the 5 largest corporate deals are cross-border: (yet to be completed) Essilor-Luxottica’s giant eyewear merger, Merial/Sanofi-Boehringer assets swap, Ipsen’s grab of Merrimack’s oncology products and Ecolab / Anios.
• At the other end of the spectrum, small size transactions(≤€10m in deal value or target turnover) represent half of deal volume. Key themes in this deal range include financing of innovation in Biotech / Medtech and consolidation in segments that are still relatively fragmented (e.g. local deals in specialty healthcare).
PwC 3
Target Country Acquiror Country Type Deal description Deal size
(€m)
Target
Revenues
(€m)
ESSILOR-LUXOTTICA FRLUXOTTICA /
DELFINIT Stock Market
French leading lens manufacturer Essilor and Italian
company Luxottica are expected to complete their merger
and strengthen their global leadership. Synergies are
expected to reach between €400m and €600m
46 000 15 537*
MERIAL SAS FRBOEHRINGER
INGELHEIM GMBHDE
Corporate
(100%)
Sanofi and Boehringer finalized their strategic exchange of
activities. Sanofi swapped its animal health business
Merial with Boehringer's consumer healthcare business.
Boehringer becomes the 2nd largest animal health
business in the world
4 700 -
DOMUSVI FR ICG / SRS UK/FRIndividual / PE
(majority stake)
ICG and SRS (holding of the founder of the Group)
acquired the majority stake held by PAI Partners in
DomusVi. The Group, which operates 334 facilities, is the
third private operator of nursing homes in Europe with
leading positions in France and in Spain. The investment
aims at financing a new phase of development.
2 300 1 300
MEDIPOLE
PARTENAIRESFR GROUPE ELSAN FR Corporate
Merger of "equals" in the French private clinical sector with
the take over of the 3rd largest clinic group Medipole
Partenaires by the 2nd one Elsan. Elsan will have to sell 3
clinics to meet with French competition regulation authority
requirements
- 866*
CERBA Healthcare FRPARTNERS GROUP
/ PSPCH/CA
PE
(Majority Stake)
PAI Partners sold Cerba Healthcare to the Swiss PE fund
Partners Group and the Canadian pension fund PSP.
Cerba's objective is to double its sales size within seven
years in EMEA, and extend its testing range
1 800 630
MERRIMACK
PHARMACEUTICALS
GLOBAL ONCOLOGY
ASSETS
US IPSEN FRCorporate
(Majority Stake)
French drug maker Ipsen acquired Merrimack's main
oncology asset to strengthen its capabilities in the US 950 -
LABORATOIRES
ANIOS FR ECOLAB INC. US
Corporate
(100%)
Ecolab, a global leader in water, hygiene and energy
technologies, acquired French-based Laboratoires Anios
to reinforce its position in the hygiene and disinfection
market for the healthcare sector
750 228
UNITHER
PHARMACEUTICALSFR
ARDIAN, ,
KEENSIGHT
CAPITAL,
PARQUEST
CAPITAL
FRPE
(Majority Stake)
Unither Pharmaceuticals, a French-based CDMO
specialized in sterile single-doses, was acquired by Ardian,
Keensight and Parquest. The capital will be used to
accelerate its growth in the US and South America, where
it already operates manufacturing plants, and begin
expansion in Asia
675 260
COLISEE GROUP FR
IK INVESTMENT
PARTNERS
LIMITED /
TEYCHENEY
FAMILY
UK/FRIndividual / PE
(majority stake)
IK Investment Partners (“IK”) acquired a majority stake in
Colisée Group. The management team and the founder
reinvested alongside IK. Colisée will continue its growth
strategy both organic and through add-on acquisitions in
France and across Europe
650 215
THE ELITECH
GROUPFR
PAI PARTNERS
SASFR
PE (Majority
Stake)
PAI Partners invested in in-vitro diagnosis specialist
ELITech Group – with growth prospects in both mature
and emerging markets
350 125
Subject to competition commission approval
* Note: 2015 Target Company revenues
Source: Zephyr, Capital Finance, Merger Market, Trade Press, PwC analysis
PwC
At a glance
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International features
Private EquityCorporate
> €100m <= €10m€10-100m (included)
Number of deals where deal value or target revenue is …
Number of deals by investor type
Domestic deals Inbound deals Outbound deals
Number of deals by segment
60 21 16
14 30 44
51
Transactions with no deal size / revenues not included
Stock Market
1234
Private Healthcare Biotechnology
Others (CRO/CMO)
Medtech
Pharmaceuticals
PwC
Pharma: Soft start to the year
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Big Pharma: Feed the drug pipeline through acquisitions to prepare for the future
• As announced mid-2016 by its new CEO, Ipsen has set a target of new launches or new indications for existing products every year to maintain its growth pattern. In H1 2017, Ipsen completed the largest deal of its history with the €950m acquisition of Merrimack’s strategic pancreatic cancer drug. Following the European Commission (EC) competition’s decision over the 2016 Sanofi-Boehringer deal, Ipsen took the opportunity to seal a tactical deal acquiring Sanofi’s 5 Consumer Healthcare products. EC divestiture requirements create a continuous Pharma deal flow in Europe.
• Sanofi was positioned to potentially acquire Swiss-based biotech Actelion which eventually fell under Johnson & Johnson’s ownership for €28bn. Sanofi is expected to look for new targets in H2, as evidenced by its takeover of flu vaccine maker Protein Sciences in August 2017.
• In line with its internationalization strategy, Servier’ssubsidiary Biogaran has chosen Nigeria-based generic drug manufacturer Swipha as the entry point for its first acquisition in Africa. It announced a commercial partnership with CardioRenal in August with a new e-health solution in the field of cardiology.
Specialty Pharma: Speed up the international development
• Family-owned pharmaco focused on rare diseases Serb Pharmaceuticals completed its first buy-out transaction with UK Private Equity fund Charterhouse. This operation supports its life sustaining product portfolio development in the US and future drug acquisitions.
• CycloPharma, specialized in molecular imaging in oncology and neurology, gets ~€5m further backingfrom Denos Pharma (Health Management) and welcomes IXO PE to finance R&D investments for new molecules and develop international partnerships (80% of sales in France).
• PAI-backed Ethypharm sealed its acquisition of Martindale Pharma, a UK specialty Pharmaco focused on segments with high unmet medical needs (opioid addiction, emergency care, etc.). Ethypharmstrengthens its UK footprint and significantly broadens its geographical reach (50 countries vs 30 today).
Natural Healthcare on the rise, driven by a global mega trend
• Ponroy Santé lab, well positioned to capture natural healthcare growth and benefit from convergence between Consumer and Pharmaceutical players,raised €150m from UK-based PE fund 3i. The French lab’s objective is to double sales in a 5-year span through both organic and external growth, especially in Asia.
• World leader in homeopathic medicines, Laboratoires Boiron pursues its consolidation strategy and acquired ArkoPharma's subsidiary Laboratoire Ferrier. ArkoPharma repositions itself on phytotherapy and nutritional supplements.
Animal Healthcare: “bullish” M&A activity
• Sanofi swapped its animal Health business Merialfor Boehringer's Consumer Healthcare asset. Boehringer becomes the second largest animal health business in the world. Following EC requirements, Ceva acquired some of Merial’s vaccines and Pharmaceutical products for horses and swines.
• Neovia (formerly InVivo NSA) realized 2 acquisitions of horses, ruminants and swines specialists in Mexico and France.
Other
• Roquette, an innovative plant-based ingredient specialist for food, nutrition and Pharma, acquires the Brazilian company Itacel to reinforce its Pharma excipient business and expand its presence in fast-growing markets. Roquette's ambition is to move from the fifth position to the top 3 in the world Pharma excipient market.
Pharma half-year M&A activity has been relatively quiet. Pharma is the less active sector in volume with 15 deals struck over the 6-month period despite several drivers favoring near-term M&A (patent expiries, new therapeutic areas…). Fortunes of big Pharma is contrasted. Natural Healthcare is a hot topic.
PwC
Target Country Acquiror Country Type Deal description Deal size
(€m)
Target
Revenues
(€m)
Big Pharmaceuticals
MERRIMACK
PHARMACEUTICALS
INC.'S GLOBAL
ONCOLOGY ASSETS
US IPSEN FR
Corporate
(Majority
Stake)
French drugmaker Ipsen, traditionally focused on endocrinology,
boosted its oncology portfolio with the acquisition of Merrimack's
US pancreatic drug assets (Onivyde). Merrimack will use the
resources to fund the development of new compounds, targeting
pancreatic, lung and other cancers
950 -
OTC products of
SANOFIFR IPSEN FR
Corporate
(Majority
Stake)
Ipsen acquired 5 leading Consumer Healthcare products (OTC)
from Sanofi and strengthens its Primary Care division footprint
(Eastern Europe). This transaction helps Sanofi to meet the
divestiture requirements set by the European Commission
following the asset swap with Boehringer
83 -
SWIPHA PHARMA NIG
LTDNG BIOGARAN FR
Corporate
(95%)
The acquisition of Swipha, a Nigerian Pharmaceutical company
specialized in generic drugs (tranquillizers, antimalarial drugs,
antibiotics), aligns with Biogaran’s international external growth
strategy. It gives Biogaran (Servier) its first foothold in Africa in a
184 million people country with growing demand. Swipha was
the first ISO 9001 Nigerian Pharma company (2007)
- 20
Specialty Pharma
SERB
PHARMACEUTICALSFR
CHARTERHOUSE /
FAMILY / MANAGERSUK PE
Charterhouse Capital Partners acquired a majority stake in
specialty Pharmaceutical group Serb to support portfolio
development in the US and drug acquisitions from big
Pharmaceuticals. Charterhouse completed several acquisitions
in the Pharma segment over the past 2 years (Cooper,
Vemedia, DOC Generici)
250 65
LABORATOIRES
CYCLOPHARMAFR
IXO PRIVATE EQUITY
/ DENOS PHARMA /
SOFIMAC
FR
PE
(Majority
Stake)
CycloPharma, specialized in the development and marketing of
molecular imaging in oncology and neurology, raised €5.4m to
develop new biomarkers molecules and increase its US (Joint-
Venture) and European footprints. CycloPharma aims at
doubling revenues within four years mainly with the
commercialization of two new cancer diagnosis molecules in
Europe
5 24
LABORATOIRE
FERRIERFR
LABORATOIRES
BOIRONFR
Corporate
(100%)
World leader in homeopathic medicines, Laboratoires Boiron,
pursues its consolidation strategy and acquired all shares of
ArkoPharma's subsidiary Laboratoire Ferrier specialized in
homeopathic remedies sold in French drugstores. ArkoPharma
repositions itself on phytotherapy and nutritional supplements
2 2*
MARTINDALE
PHARMAUK ETHYPHARM FR
Corporate /
PE
PAI Partners backed Pharmaceutical company Ethypharm to
acquire UK-based specialty Pharma Martindale, specialized in
opioid addiction, emergency care and sterile injectables. The
combined group will significantly broaden its geographical reach
- 85
FLAMEL
TECHNOLOGIESFR
AVADEL
PHARMACEUTICALS
PLC
IECorporate
(100%)
Following its restructuring strategy, Flamel Technologies, a
French specialty pharma company specialized in drug delivery,
completed a cross-border merger with its Irish subsidiary Avadel
Pharmaceuticals
- 23
Animal Health
MERIAL FRBOEHRINGER
INGELHEIM GMBHDE
Corporate
(100%)
Sanofi and Boehringer finalized their strategic exchange of
assets. Sanofi swapped its own animal Health business Merial
against Boehringer's Consumer Healthcare business.
Boehringer thus reinforces its position in the animal health
segment and becomes the second largest animal Health
business in the world
4 700 -
MERIAL SAS /
BOEHRINGER
INGELHEIM GMBH
FR CEVA FRCorporate
(100%)
Animal Healthcare company Ceva acquired vaccines and
Pharmaceutical products for horses and swines from Merial, as
Boehringer was not allowed by the European Commission to
acquire the totality of Merial's assets
114-
APLIGEN MX NEOVIA FR Corporate
Neovia, formerly InVivo NSA, acquired Mexican-based and
family-owned company Apligén, specialized in animal nutrition,
more specifically in ruminants and swines. Neovia thus becomes
one of the 5 market leaders in Mexico for premix nutrition
- 30
AGRANIX SAS FR NEOVIA FRCorporate
(100%)
Neovia acquired Agranix, a nutritional products specialist
company for ruminants and horses, expanding its premium
products range and strengthening its position in France
- 2*
APPLIFARM FR
NEOVIA / INNOVAL /
CEVA / EILYPS /
COGEDIS / ADISSEO
FR Corporate
Cluster of companies are injecting capital to create and support
Applifarm, a big data app for services in the ruminant sector,
counting on the soaring use of connected objects in the
agricultural sector
- -
6
* Note: 2015 revenues
PwC 7
Target Country Acquiror Country Type Deal description Deal size
(€m)
Target
Revenues
(€m)
Other
PONROY SANTE FR 3i UK
PE
(Majority
Stake)
PE fund 3i invested €150m in French Natural Consumer
Healthcare lab Ponroy. Ponroy's objective is to double its size in
a 5-year span through both organic and external growth,
especially in Asia
150 170*
ITACEL BR ROQUETTE FR Corporate
Family-owned specialty food and pharmaceutical excipients
group Roquette completed the acquisition of the Brazilian
Pharma excipients company Itacel (Blanver Group) to reinforce
its Pharma activity, natural based excipients solutions and
position itself in fast growing markets. Roquette's ambition is to
move from the fifth position to the top 3 in the world Pharma
excipient market
- -
PwC
Biotech: In-Vitro Diagnosis (IVD), cancer, heart diseases & diabetes “attractiveness”
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Biotech diagnosis & testing: Gain scale through acquisitions
• Following the acquisition of InGen Biosciences in 2012, France-based Diaxonhit acquired its other competitor Eurobio to reach critical size and build a European leader in in-vitro specialty solutions (IVD) for research in Life-Sciences.
• Global leader in bio-analytical testing “serial acquirer” Eurofins Scientifics pursues its European marketconsolidation with the takeover of Genoma Group, an Italian specialty diagnostics testing provider (non-invasive pre-natal testing, oncology) and Hygel, a German clinical diagnosis provider mainly operating in Northern Ruhr area.
• MBO partners invested in Icare, a French microbiological analysis specialist previously owned by Private Equity firms Naxicap and Sofimac. The new partner will support the testing services diversification and international acquisitions (Germany, Brazil, US).
• To strengthen its positioning in cosmetics and healthcare, international player in pharmaceutical synthesis and specialty chemicals Novacap acquired two French manufacturers specialized in botanical ingredients (ID Bio) and products for in-vitro diagnosis (H2B).
Therapies: Raise funds to pursue cancer, diabetes and heart diseases scientific developments and complete clinical trials
• French emerging biotech Vivet Therapeutics closeda €37m funding round from a syndicate of venture capitalists to further develop its pipeline of genetherapies for rare and inherited metabolic diseases.
• French clinical stage nanomedicine biotech Nanobiotix raised funds from European and US institutional investors in a private placement to advance the clinical development of its cancer programs.
• Chinese Pharmaceutical company Tasly invested €20m in French-based Pharnext specialized in neurodegenerative disorders and plans to create an R&D joint-venture to develop new molecules.
• French cardiometabolic diseases specialist Valbiotisraised a total of €12.5m during an IPO on Alternext. In line with their 2019 strategy, the resources will be used to increase the R&D team size, to accelerate clinical programs and buy new commercialization licences.
• Biotech company CellProthera raised €8.3m from nine family offices to complete the scientific development of cell therapies for myocardial infarction as well as launch new clinical trials, including in Singapore.
• French biotech Neovacs raised ~€10m in two private placements with US and European biotechnology institutional investors to support the development of its immunotherapy technologies.
Marine biotech: Find partner to capture high growth potential (€6bn+ market in 2025*)
• Nutrition company and Israel-based Maabarotacquired 40% in France-based Algaia, specialized in seaweed-based products. This acquisition reflects its strategy of international and capability expansion.
• HeMarina, the Breton marine biotech specialized in oxygen carriers, raised €8m to further develop and commercialize an innovative carrier solution.
Biotech has been an active segment in H1 2017 with 21 deals. Biotechs focused on diagnosis and testing seek critical mass through acquisitions while therapy developers raise funds to further advance scientific development targeting strategic therapeutic areas. Marine biotech is also on the rise.
* Marine Biotech study by EFIP
PwC
Target Country Acquiror Country Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
Diagnosis & Testing
LABORATOIRES
EUROBIOFR DIAXONHIT FR
Corporate
(100%)
Following the acquisition of InGen Biosciences in 2012, France-
based Diaxonhit acquired its other competitor Eurobio to reach
critical size and build a European leader in in-vitro specialty
diagnosis for research in life-science
29 16
ICARE FR MBO PARTENAIRES FR PE (44%)
MBO partners enters Icare's capital, a microbiological analysis
specialist, by acquiring shares previously owned by Private
Equity firms Naxicap and Sofimac
10 13
HYGEL GE EUROFINS SCIENTIFIC FR
Corporate
(Majority
Stake)
World bio-analytical test leader Eurofins pursues its European
development by acquiring Hygel, a German clinical diagnosis
provider mainly operating in Northern Ruhr area
- 35
GENOMA GROUP IT EUROFINS SCIENTIFIC FRCorporate
(100%)
After several clinical lab acquisitions in France and Germany,
French lab testing group Eurofins acquired the Italian specialty
diagnostics firm Genoma, focused on noninvasive prenatal and
oncology tests, to enter the Italian market and strengthen its
European footprint
- 20
H2B; ID BIO FR NOVACAP FR Corporate
To strengthen its positioning in Cosmetics and Healthcare
markets, Novacap acquired 2 manufacturers specialized in
botanical ingredients (ID Bio) and products for in-vitro diagnosis
(H2B)
- -
Therapies
VIVET
THERAPEUTICSFR
COLUMBUS VENTURE /
HEALTHCAP / KURMA /
NOVARTIS VENTURE /
ROCHE VENTURE /
YSIOS
INT
Early
stage
fund
raising
Biotech Vivet Therapeutics received €37.5m from an
international pool of investors, to fund the development of its
first gene therapy to treat inherited metabolic diseases
38 -
NANOBIOTIX FRINSTITUTIONAL
INVESTORSEU/US
Stock
Market
French clinical stage nanomedicine biotech raised funds from
European and US institutional investors in a private placement
to advance the clinical development of its cancer programs
22 2
PHARNEXT FR TASLY CN
Stock
Market
(12.6%)
Chinese Pharmaceutical company Tasly invested €20m in
Pharnext (Parkinson, Alzheimer…), and plans to create a
Research and Development Joint-Venture. Pharnext will also
license its leader product on the Chinese market
20 0-10
VALBIOTIS FRINVESTORS
(ALTERNEXT)FR
Stock
Market
French biotech Valbiotis raised a total of €12.5m during an IPO
on Alternext, aligned with their 2019 strategy the resources will
be used to increase the R&D team size, to accelerate diabetes
clinical programmes and buy new commercialization licences
13 0-10
CELLPROTHERA FR FAMILY OFFICES FR
PE /
Venture
Capital
Cell regeneration cardiac therapy company CellProthera raised
€8.3m from 9 family offices to complete product development
and launch new clinical trials, including in Singapore
8 0-10
NEOVACS FRINSTITUTIONAL
INVESTORSUS
Stock
Market
French biotech Neovacs raised €6m in a private placement with
US biotechnology institutional investors to support the
development of its immunotherapy technologies in the US
6 0-10
NEOVACS FR EUROPEAN INVESTORS EUStock
Market
French biotech Neovacs raised €3.7m in a private placement
with European investors to support the development of its
immunotherapy technologies
4 0-10
FEELIGREEN FR
FAMILY OFFICES /
INNOVACOM / SEB
ALLIANCE
FR
PE /
Venture
Capital
Derma-therapeutic and Cosmetic company Feeligreen raised
€3.5m from a family office and its historical partners Seb
Alliance and Innovacom to develop activities both in the US and
China
4 0-10
VECT-HORUS FRSCR PROVENÇALE ET
CORSEFR
PE /
Venture
Capital
To fund clinical programs, biotech company specialized in brain
drug vectors Vect-Horus raised €2.5m from family offices and
SCR Provencale et Corse (Banque Populaire Méditerranée's
subsidiary) to fund its next 2 years developments
3 0-10
ACTICOR
BIOTECH FR
CAP DECISIF
MANAGEMENTFR
PE /
Venture
Capital
Backed by Venture Capital fund CapDecisif, Acticor raised
€1.5m to start clinical trial programs for two of its stroke
emergency treatments
2 1
TXCELL FR
BPI FRANCE / AURIGA /
CVIINVESTMENTS /
NYENBURGH
FRStock
Market
French biotech company Txcell, specialized in cellular
immunotherapy, realized a €11m capital increase to finance
new research and development programs
11 1
POXEL SA FR GSA CAPITAL UKStock
Market
Biotech company Poxel, specialized in diabetes treatment
raised funds from new investors to finance product
diversification and its international expansion, especially
focused on Asia
- 0-10
SR2B FR BIOSYNEX FRCorporate
(100%)
To complete its offer in parasitology and tap potential growth in
Africa, South-East Asia and Latin America, quick diagnosis
company Biosynex acquired market pure player SR2B
- 0-10
9
PwC10
Target Country Acquiror Country Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
Marine Biotech
HEMARINA FR
BUSINESS ANGELS /
CMC-CIC INNOVATION /
FORCE29 / FAMILY
OFFICES
FR
PE /
Venture
Capital
HeMarina, the Breton marine biotech specialized in oxygen
carrier, completed its third round and raised €8m from historical
and new investors to further develop and commercialize two
breakthrough carriers for emergency care and organ
preservation applications
8 0-10
ALGAIA (40%
STAKE)FR
MAABAROT PRODUCTS
LTDIS
Corporate
(40%)
Nutrition company and Israel-based Maabarot acquired 40% in
Algaia, specialized in seaweed-based products. This acquisition
aligns with its strategy of international and capability expansion
5 0-10
CARGILL
(ALGINATE
BUSINESS)
FR ALGAIA FR
Corporate
(Majority
Stake)
Algaia acquired Pharmaceuticals company Cargill's alginate
business and its manufacturing plant in Brittany. Algaia plans to
invest €2m in the plant and thus reinforces its position as marine
ingredients specialist
0-20 -
PwC
Medtech: PE finances innovation
11
Technical equipment: PE-driven deals reflect capital needs to fund material developments. Deals are domestic
Biggest deal in diagnosis equipment
• ELITech Group, an in-vitro diagnostic products manufacturer and distributor, has been acquired by PAI Partners for €350m. ELITech is willing to play a key role in the consolidation of the IVD market.
• Oncology diagnosis equipment company Vitadxraised €2m from 2 investment funds as well as private investors. Vitadx aims at finalizing the development of its first product, an oncology test using artificial intelligence, to reach commercialization by 2020.
• The only outbound deal in Medtech is US-based neurodiagnosis target Moberg. Micromed, a portfolio company of ArchiMed, a PE investor focused on Healthcare, invested €3m to support innovation in the treatment of emergency brain injuries.
Medical Imagery represents more than a third of deals in technological Equipment
• Big player Supersonic Imagine raised €11.5m from multiple investors to launch a new echography platform.
• Rythm raised €8m from MAIF Avenir to commercialize its sleep data analysing headset (top 10 French Innovator award - MIT 2017).
• Other big player EOS Imaging, specialized in 2D/3D imagery, raised ~€8m to finance its investment program in product design and industrial processes.
• To push the development and commercialization of its skin imagery device, award-winning start-up DamaeMedical raised €2m from a pool of investors.
• Start-up Cardiawave raised €1.4m from business angels to develop its ultrasound imagery device treating aortic valve heart disease.
Dynamic Orthopaedics Care
• In’tech Medical, a surgical orthopaedic manufacturer, raised €78m from Eurazeo PME. The funds will support international growth to reach its goal of doubling revenues in the next 5 years.
• Safe Orthopaedics, specialized in one-time-use devices for spine operations, has increased its capital to finance R&D projects and focus on emerging markets.
• Spine operations smart devices company Spineguard has raised €2m to focus on increasing sales in the US and partnering with industrials.
Without a clear French champion as yet, medical equipment and disposable medical devices segments show signs of consolidation
• Within the disposal medical devices segment, Novomed acquired Mediq France and Amatsigroup took over Disposable Lab.
• Within the medical equipment segment, Bastide Le Confort Medical enhanced its product portfolio through four acquisitions, consolidating its position in a growing and partially fragmented market.
E-health platforms and services raise funds to reach commercialization and roll-out phases
• Care Labs, creator of the “Chèques Santé” raised ~€5m, backed primarily by private equity fund IXO, to develop its offer in the US and Canada.
• Facilitating remote medical monitoring, start-ups Hellocare and Nouveal e-santé both raised €1m to respectively develop their telemedicine and medical follow-up apps. Nouveal e-santé was backed by Mutual health insurance Malakoff Médéric.
• Oscadi, backed by Nexa, raised funds to commercialize its ultrasound device made for Ipad.
Medtech has been the 2nd most active segment M&A-wise, following Private Healthcare, with 25 deals completed over the 6-month period. A vast majority of the deals were domestic (80%). PE are the key Medtech deal makers (~60%) funding mainly technological equipment manufacturers. Consolidation ongoing in some sub-segments.
PwC
Target Country Acquiror Country Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
Technical equipment
THE ELITECH GROUP FR PAI PARTNERS FR
PE
(Majority
Stake)
PAI partners invested in in-vitro diagnosis manufacturing
specialist ELITech Group to support acquisitions in both
mature and emerging markets
350 125
IN'TECH MEDICAL FR
EURAZEO PME /
EDMOND DE
ROTHSCHILD
INVESTMENT
PARTNERS /
MANAGERS
FR
PE
(Majority
Stake)
Surgical orthopaedics manufacturer In'Tech Medical, which
operates in France, the US and Malaysia, welcomed a new
majority stakeholder to support its international growth and
double its revenues in the next 5 years
78 55
SUPERSONIC IMAGINE FR MULTIPLE INVESTORS FRStock
Market
Supersonic Imagine successfully managed a €11,5m share
capital increase, to launch its new echography platform and
finance its development
12 23
EOS IMAGING FR
BPIFRANCE
INVESTISSEMENT /
ACTIONNAIRES /
EURONEXT (BOURSE)
FR
Stock
Market
(Minority
Stake)
2D/3D imagery company EOS Imaging realized a €7,8m fund
raising to accelerate its investments in industrial processes
and product conception, aiming at improving its net
operational profitability. BPI, historical shareholder of the
company, participated for €1,7m
8 31
RYTHM FR MAIF AVENIR FR
PE /
Venture
Capital
Rythm raised €8m through health insurance fund MAIF
Avenir, in order to commercialize in France a sleeping data
analyzing headset, its first product
8 -
SAFE ORTHOPAEDICS FR
KURMA PARTNER /
FINANCIERE ARBEVEL /
SIGMA GESTION /
IDINVEST / RMA AM /
TURGOT AM
FR
Stock
Market
(Minority
Stake)
Safe Orthopaedics raised €5,8m to finance R&D projects and
the development of its operations in Europe and in developing
markets
6 3*
ROBOCATH FR
M CAPITAL PARTNERS
(EX MIDI CAPITAL) /
NORMANDIE
PARTICIPATIONS / GO
CAPITAL / NCI GESTION
/ BUSINESS ANGEL(S)
FR
PE /
Venture
Capital
(Majority
Stake)
Robocath raised €4,7m through multiple investors to pursue
its internal growth strategy and commercialize its first medical
robotic platform in Europe and Middle-East by 2018
5 0-20
MOBERG US MICROMED FR
Corporate
/ Private
Investors
(Minority
Stake)
Micromed, a portfolio company of ArchiMed Healthcare
investment fund, acquired minority stake in the US-based
manufacturer Moberg to support innovation in the precision
management of critical brain injuries
3 3
SPINEGUARD FR
INVESTISSEURS
INSTITUTIONNELS 'LP'S‘
/ SALARIES /
ACTIONNAIRES
FRStock
Market
Smart devices for spine operations company Spineguard
raised €2m from European institutional investors, employees
and shareholders to develop its sales in the US and also
contract partnerships with industrials
2 8
DAMAE MEDICAL FR
KURMA PARTNERS /
IDINVEST PARTNERS /
NEWS INVEST /
PARTECH VENTURES /
BUSINESS ANGEL(S)
FR
PE /
Venture
Capital
(Minority
Stake)
To push the development and commercialization of its main
product, skin-specialized imagery start-up Damae raised €2m
from a pool of investors, led by Kurma Partners and Idinvest
2 0-20
VITADX FR
GO CAPITAL / AURIGA
PARTNERS /
PERSONNE(S)
PHYSIQUE(S)
FR
PE /
Venture
Capital
Diagnostis Medtech Vitadx raised €1,6m through 2
investment funds GO (Capital and Auriga IV, private
investors) to finance the development and commercialization
of its main product, an oncology test using artificial
intelligence
2 0-20
CARDIAWAVE FR
ANGEL SOURCE / PARIS
BUSINESS ANGELS /
ANGELS SANTÉ /
ANGELS BAY INVEST
FR
Early
stage
fund
raising
Start-up Cardiawave raised €1,4m to fund the development of
its single product, an ultrasound medical device treating aortic
valve heart disease
1 0-20
DIAGAST FRCROISSANCE NORD-
PAS-DE-CALAIS / GEIFR
PE
(Minority
Stake)
Croissance Nord Pas de Calais and GEI invested in
transfusion specialist Diagast, a subsidiary of l'Etablissement
Français du Sang. The capital will be used to launch a new
product and double production size
- 35
12
* Note: 2015 revenues
PwC 13
Target Country Acquiror Country Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
E-Health
CARE LABS FR
IXO PRIVATE EQUITY /
SORIDEC / SOCIÉTÉ
FINANCIÈRE DU
LANGUEDOC
ROUSSILLON /
SOFIMAC
FR
PE / Venture
Capital
(Minority
Stake)
“Health Cheques” company Care Labs raised €5,2m, IXO
PE being the major investor, to strenghten its leadership
position in France and to develop its offer globally,
especially in Anglo-Saxon countries
5 -
NOUVEAL E-SANTÉ FR MALAKOFF MÉDÉRIC FR Corporate
Lyon-based start-up Nouveal e-santé received €1m from
Mutual health insurance Malakoff Mederic to accelerate
the development of its digital assistant for medical follow-
up
1 0-20
HELLOCARE FR INOVALIS / P.FACTORY
FR &
foreign
investors
Early stage
fund raising
Created in 2016, French e-Health Hellocare raised €1m
from start-up accelerator and real estate investment fund
to support the development of its telemedicine app
1 -
OSCADI FR NEXA FRPE (Minority
Stake)
Oscadi, based in La Reunion, raised funds from the local
agency for development, to support the commercialization
of the first Ultrasound made for iPad
- 0-20
Multiple/single use equipment
HYGECO FRABENEX CAPITAL /
MANAGERSFR
MBO
(Majority
Stake)
Dutch Group De Facultatieve subsidiary Hygeco
completed Management Buy-Out with the support from
Abenex Capital which takes a majority stake. The plan is
to further develop medical devices manufacturing activities
in France and abroad
- 31
MEDIQ FRANCE (ex NM
MEDICAL)FR NOVOMED GROUP FR
Corporate
(100%)
To build a French medical equipment champion in Europe
and accelerate its digital transition, disposable medical kits
Novomed group acquired Mediq France's shares from its
Dutch parent company
- 26
MMO INTERNATIONAL FR MEDSTROM LTD. UK
Corporate
(Majority
Stake)
Acting as a UK distributor for the French-based hospital
beds and furniture manufacturer MMO International,
Medstrom acquired a controlling stake in MMO to become
the only UK independent hospitals bed manufacturer
- 16*
ATS / AIR+ SANTÉ /
MEDSOFT / BORDO²
MÉDICAL
FRBASTIDE LE CONFORT
MEDICALFR
Corporate
(100%)
Medical home care specialist Bastide Le Confort Medical
enhanced its product portfolio through four acquisitions,
consolidating its position in a growing and partially
fragmented market
- 8
DISPOSABLE LAB FR AMATSIGROUP FR
Corporate
(Majority
Stake)
After acquiring the Belgian process development and
biologicals manufacturing company Q-Biologicals in 2016,
Amatsigroup acquired the medtech company Disposable
Lab in January 2017
- 2
PULSSAR
TECHNOLOGIESFR TECAN GROUP LTD CH Corporate
Swiss laboratory instruments company Tecan extended its
product range in liquid handling technologies through the
acquisition of French-based medtech Pulssar, specialized
in manufacturing pumps for in-vitro diagnostic
- 0-20
RTD FR DENTSPLY SIRONA US
Corporate
(Majority
Stake)
The American dental solutions company Dentsply Sirona
acquired its former French supplier RTD to offer a more
comprehensive offer for dental professionals, and they will
benefit from geographical and product-related synergies
- -
Other
REVOL GROUPE FR PROCHILAB FR
Corporate
(Majority
Stake)
Through the acquisition of the Revol Group, a selling
platform for laboratories, medtech Prochilab aims at
creating a central purchasing organization for big
Pharmaceutical companies wanting to rationalize
purchases
- 4,5
* Note: 2015 revenues
PwC14
PwC
Private Healthcare: Market consolidation by corporate companies and PE funds
15
Clinics: Ongoing consolidation at national and regional levels continues.
• Merger of "equals" in the French private clinics with the take over of the 3rd largest clinic group MedipolePartenaires by number two Elsan. The new company will be the French co-leader with Généralede Santé which was acquired by Ramsay in 2014.
• Private Healthcare company Groupe Clinique Saint-Gatien acquired Polyclinique Bordeaux Tondu from C2S. The group, which is primarily present in Ile-de-France, is reinforcing its position in the Bordeaux area.
• Normandy-based Clinique DéveloppementGroup raised €15m to acquire Le Normandy, one of the largest rehabilitation centers in France.
Elderly care: PE funds and Corporates’ appetite for “silver deals”. Large room for consolidation in retirement housing
• DomusVi’s founder (SRS) partners with ICG, a UK PE fund, to acquire the majority stake from PAI Partners. The Group operates 334 establishments both in France and Spain and will continue its European expansion strategy.
• Colisée Group acquired 12 nursing homes from GDP Vendôme. In April, the Group also welcomed IK Investment Partners as its new majority shareholder as a replacement for Eurazeo PME. The management team and the founder reinvested alongside IK to support the growth strategy of the Group.
• Domidep raised €90m to support its external growth strategy in France.
• Continuing its European consolidation strategy, Orpea acquired Anavita, making the company an elderly care market leader in Czech Republic, and the Austrian group Dr. Wagner.
• After entering Belgium in 2016, Korian reinforces its position as local market leader with the acquisition of 8 additional facilities.
• As part of its diversification strategy, La Posteentered the Healthcare market by acquiring the home care company Asten Santé.
Eyewear: Largest player in the eyewear market
• French lens manufacturer Essilor announced the merger with Italy top glasses maker Luxottica(RayBan, Oakley) to capture growth of prescription glasses and sunglasses driven by ageing population and increasing awareness about eye care. Essilor also strengthens its online retail.
Medical biology laboratories: Continuing interest for M&A to further consolidate the fragmented French market and expand internationally
• PAI Partners sold the French leading operator of biological testing laboratories Cerba Healthcare to Partners Group and PSP. The objective is to double sales within 7 years in EMEA and extend its testing range.
• Biogroup LCD group pursues its domestic market consolidation with the takeover of Les LaboratoiresAssociés which operates 10 laboratories in the West of France and Laboratoire St-Remy positioned in the East of France.
Other Healthcare
• Ecolab, global leader in water, hygiene and energy technologies acquired French-based LaboratoiresAnios from co-owners and PE fund Ardian to reinforce its position in the hygiene and disinfection products for hospitals and Healthcare operators.
Private Healthcare is the most dynamic segment (27 deals) and has witnessed significant consolidation in the clinics, retirement homes and biological testing laboratories sub-segments. French Private Healthcare corporates are very active, playing a part in more than half of deal activity. PE funds also remain very active in the sector.
PwC16
Target Country AcquirorCou
ntry Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
Medical Biology Laboratories
CERBA Healthcare FR PARTNERS GROUP / PSPCH/C
A
PE (Majority
Stake)
PAI Partners sold Cerba Healthcare to the Swiss PE fund
Partners Group and the Canadian pension fund PSP.
Cerba's objective is to double its sales size within seven
years in EMEA, and extend its testing range
1 800 630
LES LABORATOIRES
ASSOCIÉSFR
BIOGROUPFR
Corporate
(Majority
Stake)
Biogroup LCD, mainly located in Ile-de-France and
eastern France, pursues its domestic market
consolidation with the takeover of Les Laboratoires
Associés which operates 10 laboratories in western
France
- 15
LABORATOIRE SAINT-
REMYFR BIOGROUP-LCD FR
Corporate
(100%)
France third biggest medical analysis laboratory Biogroup
LCD pursues its acquisition strategy with the takeover of
Laboratoire St-Remy from its founder to consolidate its
volume and position in eastern part of France
- 8
MECHEM SGP EUROFINS SCIENTIFIC FR Corporate
In line with its international testing services consolidation
strategy, Eurofins Scientic acquired Mechem which will
become its entry platform in Singapore
- 0-10
Clinics
MEDIPOLE
PARTENAIRESFR GROUPE ELSAN FR Corporate
Merger of "equals" in the French private clinical sector
with the take over of the 3rd largest clinic group Medipole
Partenaires by the 2nd one Elsan. Elsan will have to sell
3 clinics to meet with French competition regulation
authority requirements
- 866*
POLYCLINIQUE DE
BORDEAUX TONDUFR
GROUPE CLINIQUE SAINT-
GATIENFR
Corporate
(Majority
Stake)
Private Healthcare company Groupe Clinique Saint-
Gatien acquired Polyclinique Bordeaux Tondu from C2S.
The group, well implanted in Ile-de-France, is reinforcing
its position in the Bordeaux area, where it already owns
two other clinics
30 15
LE NORMANDY FRGROUPE CLINIQUE
DEVELOPPEMENTFR
Corporate /
PE (Minority
Stake)
Normandy-based Clinique Développement group
acquired rehabilitation center and health institution Le
Normandy (Granville), one of the largest rehabilitation
center in France
- 36
CLINIQUE SOURDILLE
(80% STAKE)FR GROUPE ELSAN FR
Corporate
(80%)
Elsan reinforced its position in Pays de la Loire through
the acquisition of the eye clinic clinic Sourdille in Nantes.
The ambition of the Group is to transform the clinic into
an European eye care center
- 15
CENTRE CLINIQUE DE LA
PORTE DE SAINT-CLOUDFR
AMERICAN HOSPITAL OF
PARISFR
Corporate
(Majority
Stake)
The American Hospital of Paris acquired Centre Clinique
de la Porte de Saint-Cloud, and thus progresses towards
its 2020 Horizon strategic plan and complete its oncology
offer
- 10
CADE FR DIAVERUM SW Corporate
Renal care company Diaverum acquired the dialysis
center Cade in Ile-de-France, strengthening its foothold
in the region, where it already acquired two centers in
2016
- 2
ACURA KLINIKEN
RHEINLAND-PFALZ | IRDDE/CH RAD-X FR
Corporate
(100%)
French-based RAD-x acquired two health centers in
Switzerland and Germany, participating in the medical
imagery’s consolidation in the European market
- -
* Note: 2015 revenues
PwC 17
Target Country AcquirorCou
ntry Type Deal description
Deal
size
(€m)
Target
Revenues
(€m)
Elderly Care
DOMUSVI FR ICG / SRSUK/F
R
Individual /
PE (majority
stake)
ICG and SRS (holding of the founder of the Group)
acquired the majority stake held by PAI Partners in
DomusVi. The Group, which operates 334 facilities, is the
third private operator of nursing homes in Europe with
leading positions in France and in Spain. The investment
aims at financing a new phase of development.
2 300 1 300
COLISEE GROUP FR
IK INVESTMENT
PARTNERS LIMITED /
TEYCHENEY FAMILY
UK/F
R
Individual /
PE (majority
stake)
IK Investment Partners (“IK”) acquired a majority stake in
Colisée Group. The management team and the founder
reinvested alongside IK. Colisée will continue its growth
strategy both organic and through add-on acquisitions in
France and across Europe.
650 215
DOMIDEP FR
UI GESTION / BPIFRANCE
INVESTISSEMENT / BNP
PARIBAS
DEVELOPPEMENT /
CREDIT AGRICOLE
REGIONS
INVESTISSEMENT
FRPE (Minority
Stake)
Domidep raised €90m backed by its current investors to
support its external growth strategy in France, by
acquiring independent facilities or small groups
90 200
ASTEN SANTE FR GROUPE LA POSTE FRCorporate
(53%)
La Poste entered the Healthcare market and realized its
biggest acquisition in the service sector with home
Healthcare company Asten Santé, reflecting the
diversification strategy of La Poste
- 100
DR. WAGNER AT ORPEA FR Corporate
Orpea continues its acquisitions in central Europe with
the take over of the Austrian group Dr. Wagner, a major
player in the Austrian elderly care market
- 60
ANAVITA CZ ORPEA FR CorporateOrpea acquired Anavita, making the Group an elderly
care market leader in Czech Republic - 7
VOTRE OPTICIEN A
DOMICILEFR IMPACT PARTENAIRES FR PE
Impact Partenaires, specialized in social impact
investments, invested an undisclosed amount in French
optician company VOAD, specialized in home
consultation for dependent patients
- 0-20
8 nursing homes in
BelgiumBE KORIAN FR Corporate
After entering the Belgian elderly care market in 2016,
Korian reinforces its position as local market leader with
the acquisition of 8 new facilities
- -
2 clinics located in Salon
de Provence and IstresFR ALMAVIVA SANTE FR Corporate
Almaviva Santé acquired 2 clinics from Ramsay
Générale de Santé to strengthen its coverage in
Provence Alpes Côte d’Azur
- 21
INCISIV FR IMPACT PARTENAIRES FR PE
Created in 2013, Incisiv, a dental care provider for
seniors and disabled persons raised fund to deal with a
distress situation
- 0-20
12 nursing homes of GDP
VENDOMEFR GROUPE COLISEE FR Corporate
Still very active in the sector’s consolidation movement,
Colisée pursued its external growth strategy in France
with the acquisition of 12 elderly care centers
- -
CETTEFAMILLE
(CANNETROTTER)FR
FAMILY OFFICES / MAIF
INVESTISSEMENTFR
PE / Venture
Capital
(Minority
Stake)
CetteFamille backed by a family office and Maif
Investissement Social et Solidaire raised €0,5m to work
on their development before exporting its business model
in southern Europe
1 0-20
Other
ESSILOR-LUXOTTICA FR LUXOTTICA / DELFIN IT Stock Market
French leading lens manufacturer Essilor and Italian
company Luxottica have merged to become a global
eyewear powerhouse. Synergies are expected to reach
between €400m and €600m
46 000 15 537
LABORATOIRES ANIOS FR ECOLAB INC. US Corporate
Ecolab, global leader in water, hygiene and energy
technologies acquired French-based Laboratoires Anios
to reinforce its position in the hygiene and disinfection
products manufacturing for the Healthcare market
750 228
OXYMASTER CO AIR LIQUIDE FR Corporate
Air Liquide pursues its growth strategy in Home
Healthcare services in South America with the acquisition
of Oxymaster, national leader in Colombia
- 9
INTERNATIONAL
HEALTH SOLUTIONS
(IHS)
FR/AFRI
CAINTERNATIONAL SOS SGP Corporate
In line with its 2020 strategic plan, Europ Assistance
decided to divest its African medical onsite service
business, taken over by Singapore-based International
SOS
- -
PwC
CRO/CMO are investing in Pharmaceuticals’ non-core assets…
• Contract Development and Manufacturing Organization Cenexi acquired Merck Sharp and Dohme’s Schering Plough Pharmaceutical plant to solve a production’s capacity issue and reach its goal of doubling revenue by 2020.
• Pharmaceutical company Bertin Pharma sold its non-core Pharmaceutical development assets to CDMO Amatsi (which also acquired the medtechcompany Disposable Lab in H1 2017).
...consolidating the local and European/global markets
• Unither Pharmaceuticals, French-based CDMO specialized in sterile single-doses, has been acquired by Ardian Mid Cap Buyout, Keensight Capital and Parquest Capital for c. €675m. The capital will be used for its international development in the US and South America where it already operates manufacturing plants, and its expansion in Asia.
• Leader in biopharmaceutical testing CDMO Eurofins Scientific acquired Canadian CDMO Alphora, to strengthen its drug development business unit. Eurofins Scientific is the serial acquirer in H1, with four acquisitions (2 in Biotech, 1 in Private Healthcare and 1 pure CRO/CDMO).
• Pharmaceutical CMO P&B Group acquired distress family-owned CMO Laboratoire M Richard to consolidate the local market, and plans to invest €2m in the production site to develop dietary supplements and new technologies.
• German subsidiary of analytic instrumentation
company Shimadzu acquired CDMO French
company AlsaChim to extend its portfolio of analytical standards.
Others: the continuing consolidation of the CRO/CDMO* market
18
The Others segment involved 9 deals during H1 2017. Contract Research/ Manufacturer Organizations (CRO, CMO) is the most active sub-segment with 8transactions. CRO/CMO’s key objectives are to consolidate the market, and build capability and scale.
* Contract Research Organization (CRO), Contract Development and Manufacturing Organization (CDMO)
PwC19
Target Country Acquiror Country Type Deal description Deal size
(€m)
Target
Revenues
(€m)
Sub-Contracting (Contract Research Organization - CRO, Contract Manufacturing Organization - CDMO/CMO)
UNITHER
PHARMACEUTICALSFR
ARDIAN,
KEENSIGHT
CAPITAL,
PARQUEST CAPITAL
FR
PE
(Majority
Stake)
Unither Pharmaceuticals, a French-based CDMO
specialized in sterile single-doses, was acquired by Ardian,
Keensight and Parquest. The capital will be used to
accelerate its growth in the US and South America, where
it already operates manufacturing plants, and begin
expansion in Asia
675 260
ALPHORA RESEARCH CAEUROFINS
SCIENTIFICFR
Corporate
(100%)
Leader in biopharmaceutical testing, Eurofins Scientific,
acquired Alphora, a Canadian contract research,
development and manufacturing company. Eurofins thus
strengthens its integration of drug development processes
- 20
BERTIN Pharma FR AMATSIGROUP FR Corporate
Contract Research Organization Bertin Pharma sold its
non-core Pharmaceuticals development activity to industry
pure player Amatsigroup
- 16
JACO FR SANNER GMBH DE
Corporate
(Majority
Stake)
German desiccant packaging manufacturer for
Pharmaceutical and Healthcare sectors Sanner completed
its first major acquisition with Plastina Holding, the parent
company of the French-based printed and unprinted
plastic tubes manufacturer
- 13
IMMR FRMBO PARTENAIRES
/ MANAGERSFR
MBO
(Majority
Stake)
IMMR, a Contract Research Organization specialized in
pre-clinical surgery research sold a majority stake to MBO
Partenaires and Managers with the objective to finance its
future growth
- 10
LABORATOIRE M
RICHARDFR P&B GROUP FR
Corporate
(70%)
Pharmaceutical and Cosmetics sub-contractor P&B Group
integrated distress family-owned Laboratoire M Richard
and plan to invest ~€2m to on the production site and in
new technologies
- 5
ALSACHIM FRSHIMADZU EUROPA
GMBHDE
Corporate
(100%)
To enhance its analytical standards portfolio, Germany-
based Shimadzu acquired AlsaChim, a French contract
research, development and manufacturing company
- 0-20
SCHERING PLOUGH
(HEROUVILLE-SAINT-
CLAIR PLANT)
FR CENEXI FR Corporate
To reach its goal of doubling revenue size by 2020 and
solve a production capacity issue, CDMO Cenexi acquired
the Schering Plough Pharmaceutical plant from Merck
Sharp and Dohme
- -
Retail
SANTÉDISCOUNT FR ARDIAN FR PE
ParaPharmacy online retailer Santédiscount opened its
capital to private investment company Ardian, to take
advantages of upcoming external growth opportunities in
Europe
- 15
PwC
Our involvement during H1 2017
20
CADE
2017Assisted Boehringer
Ingelheim in the separation of its OTC business sold to
Sanofi.
2017Assisted Merial on
separation matters in the context of its disposal of c.10 Animal Health vaccines and NSAIDs to CEVA following
its acquisition by BI.
2017Provided financial, tax, IT
and environmental due diligence, and tax structuring
services to Partners Group for their acquisition of
Cerba Healthcare, a leading European operator of
medical biology laboratories.
2017Financial, tax and social due
diligence to one Private Equity fund in connection
with the not completed acquisition of Unither.
2017Provided financial, legal and
social due diligence to Recherche Techniques
Dentaires (RTD), a company that patents and commercialises
fiber-reinforced endodontic posts, for their divestiture to
Dentsply Sirona.
2017Provided financial due
diligence to ICG and SRS for the acquisition of the majority stake of PAI
Partners in DomusVi, a group of care nursing homes
present in France andin Spain.
2017Provided financial due
diligence to Eurazeo PME for the acquisition of a majority stake in In’Tech Medical, an industry leader in surgical
instruments for the orthopaedic industry.
2017Provided financial, IT, tax, tax structuring, legal and
social due diligence to 3i for the acquisition of a majority
stake in Ponroy Santé, a leader in the natural
Consumer Healthcare industry in France.
2017Provided financial, tax, and
social due diligence to Diaverum for their
acquisition of CADE (Centre d’Autodialyse
d’Epinay), an auto-dialysis center based in the
Paris area.
PwC21
Confidential
2017Support Management of a
major Pharma co in the definition of its e-health
development strategy
2017Post merger Integration
support following Ipsen'sacquisition of Merrimack's
oncology assets
2017Financial and operational
due diligence to HRA Pharma for the acquisition of
Compeed from J&J.
2017Provided financial, tax, legal
and social due diligence to IK Investment Partners for the
acquisition of a majority stake in Group Colisée, a
leading player in the elderly care segment in France.
2017Financial and tax due
diligence to two Private Equity in connection with
the not completed acquisition of Laboratoires
SERB.
2017Financial due diligence to
Sanofi for the acquisition of Protein Sciences in the US.
2017Performed a carve out due
diligence and synergy review for HRA Pharma in the
context of its acquisition of the Compeed brand.
2017Provided Financial due
diligence to La Poste Silver for their acquisition of Asten
Santé, a private company specialised in ambulatory
care and homecare services.
2017Provided financial due
diligence to Montagu Private Equity
for the refinancing of Arkopharma, a
pharmaceutical laboratory specialised in phytotherapy.
PwC
• Identify and assess value creation levers and related financial impact with fully integrated due diligences: Finance, Strategy, Operations inc.carve out, and ESG – Environment, Social, Governance, Tax & Legal aspects
• Assist, prepare and negotiate transition contracts
• Plan & execute Take Over (“Day-1” plan)
• Define Integration Strategy
• Prepare 100-Day plan
• Set up Integration Management Office
• Deep dive into target’s business and operational performance and design value creation plan
• Execute 100-Day plan
• Assist on the integration / transformation and track synergy delivery
• Manage change and acculturation
• Corporate and Business Unit strategy
• Determine and validate deal rationale
• Identify potential acquirers or build-up opportunities and assess Target’s potential
• Prepare divestment and conduct carve-out project
• Review strategy, identify further growth opportunities and assess potential
• Diagnose and improve operational performance (sales and marketing, supply chain, manufacturing, footprint, support functions…)
• Turnaround and restore profitability with restructuring plan
• Review ESG risks and opportunities and assist on ESG strategic plan
PwC Deals Strategy & Operations
22
2
Ops.
Fin.
Strat.
1
5
3
Services provided by Deals Strategy & Operations teams along the Deal cycle
4
Thought leadership
Strategy
Pre deal
Deal execution
1 2
4
5 3Deal cycle
supports Private Equity and Corporates in every steps of their acquisition, integration and divestment processes
PwC23
PwC
Your contacts in France
24
Benoit Cambournac
Partner - PwC TransactionsHealthcare Leader
+33 1 56 57 71 38
Anne-Lise Glauser
Partner - Strategy&
+33 1 56 57 84 53
Loic Le Claire
Partner - PwC Société d’Avocats
Health Industries Leader
+33 1 56 57 45 51
Marion Le Moign
Marketing & Business Development Health industries
+33 1 56 57 17 54
Transactions Deals Strategy & Operations
Health industries
Philippe Loiselet
Partner - Strategy&
+33 1 56 57 59 41
Thomas Abier
Manager - Strategy&
+33 1 56 57 82 47
Philip Dykstra
Partner - PwC TransactionsPharma & Life-Sciences Leader
+33 1 56 57 82 06
Pierre-Mikhael Voyer
Senior Manager - PwC Transactions
+33 1 1 56 57 76 64
Cécile Debin
Partner - PwC Société d’Avocats - Transactions
+33 1 56 57 81 93
