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Full Year 2017 Healthcare Industry Trends

2017 Key Highlights

  • Two of the industry's top three largest transactions in 2017 occurred in the Pharma Business Services segment: Pamplona Capital Management's announced acquisition of PAREXEL International Corporation, a global biopharmaceutical services provider, for $4.92 billion; and INC Research's announced merger with inVentiv Health for $4.55 billion, which will lead to the creation of the world's second largest biopharmaceutical outsourcing provider.
  • Financial sponsors represented 26 percent of total industry volume and 50 percent of value during the year.
  • 2017 Key Trends

  • Total transaction volume in 2017 remained almost constant over 2016, at 460.
  • Private equity backed volume increased 24 percent during this timeframe, from 96 to 119. Strategic volume in 2017 declined six percent over 2016, from 362 to 341.
  • Total transaction value in 2017 stayed nearly the same over 2016, at $30.72 billion.
  • The median revenue multiple improved from 1.9x in 2016 to 2.2x in 2017. The median EBITDA multiple rose from 9.5x to 12.5x, which was close to its 2015 level.
  • The combined Pharma IT, Pharma Business Services, and Pharma Information segments experienced a 16 percent increase in volume, from 80 to 93 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,370 Healthcare/Pharma Information and Technology transactions between 2015 and 2017, of which 287 disclosed financial terms, and calculated the aggregate value to be $65.55 billion. Based on known transaction values, we project values of 1,083 undisclosed transactions to be $13.09 billion, totaling $78.64 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Healthcare

    1st Half 2017 Healthcare Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Two of the top three and three of the top five highest value deals year-to-date occurred in the Pharma IT and Services segments. The largest of these was Pamplona Capital Management's announced acquisition of PAREXEL International Corporation, a global biopharmaceutical services provider, for $4.92 billion.
  • The industry's most active acquirer during the half year period was Bertelsmann SE & Co. KGaA with four transactions, each of which were completed through Relias Learning: WhiteCloud Analytics, a healthcare performance management technology company; Care Management Technologies, which offers evidence-based behavioral health analytics and decision support tools to payers and providers; Advanced Practice Strategies, an assessment, education, and analytics company that serves physicians and doctors; and Spm GmbH, which offers more than 300 courses for the acute and post-acute care sectors.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 decreased by four percent over 2nd Half 2016, from 221 to 213.
  • Total transaction value in 1st Half 2017 rose by 31 percent over 2nd Half 2016, from $12.66 billion to $16.53 billion.
  • The median revenue multiple improved from 1.5x in 2nd Half 2016 to 1.9x in 1st Half 2017.
  • The segment with the largest rise in volume in 1st Half 2017 over 2nd Half 2016 was Consumer Health, which almost doubled, from 10 to 19 transactions. Pharma IT was close behind with a 75 percent increase, from 16 to 28 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,122 Healthcare/Pharma Information and Technology transactions between 2015 and 1st Half 2017, of which 236 disclosed financial terms, and calculated the aggregate transaction value to be $54.11 billion. Based on known transaction values, we project values of 886 undisclosed transactions to be $9.28 billion, totaling $63.39 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Healthcare

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