M&A IN HEALTHCARE AND PHARMA IN FRANCE - H1 2018 - PWC ...
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M&A in Healthcare and Pharma in France – H1 2018
Highlights Following the 2 reports of M&A in Healthcare and Pharma in France in 2017, we provide an overview of all deals that took place in both the Pharma and Healthcare sectors during the first semester of 2018. Deals included in the scope of this study involve at least one French party (acquirer or target company). This study also reports selected fundraisings that occurred in the sector. • Overall, the number of deals increased by 39% in H1 2018 versus H2 2017, and their value was also significantly higher due to a few larger acquisitions. • In H1 2018, M&A activity in Pharma and Healthcare involving a French acquirer or target reached the amount of 104 significant deals. • Activity was driven by both Private Equity (55 deals i.e. 53% of deal volume) and Corporate (41 deals i.e. 39% of deal volume), while other operations were fundraisings by already listed companies (8 deals i.e. 8% of deal volume). • In terms of sectors, Medtech, Biotech and Healthcare Services were the three most active with respectively 40%, 28% and 17% of deal volume. • Domestic operations increased to 62% of deal volume (versus 40% in H2 2017). Only 17% of H1 transactions were conducted by French acquirers targeting foreign companies, while 21% of transactions involved international acquirers investing in French companies. • The most important operation in H1 in terms of value was cross-border, with Sanofi acquiring the American haemophilia biotech specialist Bioverativ for €9.3bn. • Transactions with a deal value between €10m and €100m represented 47% of total deal volume (this concerns deals for which deal volume was known). 2 PwC
Top 10 deals in H1 2018
Target
Deal size
Target Country Acquirer Country Type Deal description revenues
(m€)
(FY17,m€)
Sanofi acquired Bioverativ, a company specializing in
hemophilia and spin-off of Biogen since 2017.
Corporate
1 Bioverativ US Sanofi FR Through this acquisition Sanofi aims at strengthening 9,347 800-1,000
(100%)
its position in rare diseases, when some of its flagship
drugs (e.g. Lantus) are challenged by generic drugs.
Sanofi acquired Ablynx, a company developing a new
Corporate class of therapeutic proteins. The French leading
2 Ablynx BE Sanofi FR 3,900 50-100
(100%) pharmaceutical company outweighed its competitor
Novo Nordisk on this acquisition.
Novartis acquired Advanced Accelerator Applications,
a pharmaceutical group specialized in the field of
Advanced
Corporate nuclear medicine. Through this acquisition, the Swiss
3 Accelerator FR Novartis AG CH 2,906 100-150
(100%) pharmaceutical company will expand its offering in the
Applications
treatment of neuroendocrine tumors and strengthen
its technological devices’ competencies.
Cerba HealthCare, a company owned by Private
Equity firms Partners Group and PSP Investments,
Cerba Corporate took over Bio7, a network of 70 medical biology
4 Bio7 FR FR 500 100
HealthCare (100%) laboratories primarily located in the Ile-de-France
area. Bio7 was previously owned by the Private
Equity firm Ardian.
Private Equity firm Symphony Technology Group sold
Maincare PE
5 FR Montagu UK Maincare Solutions, an editor of software for hospital 200 50-100
Solutions (100%)
management, to the Private Equity firm Montagu.
Astorg Partners acquired Cathay Capital’s and
OrbiMed’s respective stakes in Echosens, a leading
specialized diagnosis company focused on non-
PE
Astorg invasive products and associated services dedicated
6 Echosens FR FR (Minority 162 50-100
Partners to the assessment of chronic liver diseases. Well
stake)
implemented in the US where the company achieved
half of its revenues, Echosens now contemplates
selling lower-end products in China.
Sanofi sold 12 brands operating non-prescription
drugs to Cooper-Vemedia, a pharmaceutical company
Sanofi's 12
7 Cooper Corporate owned by Chaterhouse. Through this divestment,
pharmaceutical FR FR, NL 158 n.d.
Vemedia (100%) Sanofi will focus on its core business and rationalize
brands
its brands portfolio, while Cooper-Vemedia will
strengthen its presence in France and Italy.
DBV Technologies, specialized in allergies
Baker Bros, treatments, raised equity notably from Private Equity
8 DBV Stock
FR BPI France, USA, FR firms like BPI France and Baker Bros. The equity 140 0-20
Technologies market
Others raised will be used to develop and commercialize
Viaskin Peanut, the flagship drug of DBV, in the US.
Nupharm Group, owned by funds advised by Apax
Partners, acquired Laboratoire Biodim from Weinberg
Capital Partners. NuPharm Group is a leading
9 Laboratoire Nupharm Corporate European specialty pharma company focused on the
FR LU 130 32
Biodim Group (100%) treatment of central nervous system disorders.
Through this acquisition, NuPharm Group expands its
European footprint directly into its fifth country after
Germany, Spain, Italy and Poland.
Bridgepoint Development Capital sold the Group C2S,
Eurazeo PE
10 Group C2S FR FR which operates a dozen clinics in France, to the 103 150-200
Patrimoine (100%)
Private Equity firm Eurazeo Patrimoine.
n.d.: not disclosed
PwC 3
At a glance
Number of deals by segment
Medtech
Biotech
42
Healthcare Services
29
Pharma
18 15
International features
Domestic deals Inbound deals Outbound deals
64 22 18
Number of deals where deal value is …
> €100m €10-100m (included) < €10m
10
24
Transactions with no deal size not included
30
Number of deals by investor type
Stock Market
Corporate
Private Equity
55 41 8
4 PwC
PwC 5
Pharma: An activity driven by mega deals
and consolidation
designed to treat acute and life-threatening
Pharma first semester M&A activity stands- emergencies.
out in terms of value with four deals from
• After successfully entering Germany, Spain and
the Top 10, including the two mega deals in
Poland, Nupharm group, backed by funds advised
Big pharma. by Apax Partners acquired the French Laboratoire
Pharma reported 15 deals over the period. Biodim for €130m. With this acquisition, Nupharm
Main drivers are patent expiries and increases its drugs portfolio specialized in the
strategic repositioning. Speciality pharma treatment of central nervous system disorders. Biodim
undergoes a consolidation phase. was renamed Neuraxpharm France after the deal’s
Diagnostic is also a hot topic. completion.
• Private Equity firms ArchiMed and Téthys Invest
Big pharma: two mega deals for Sanofi took a stake in Provepharm. This manufacturer of
methylene blue, with a footprint in 25 countries
• After having failed to buy the Swiss Actelion and the
worldwide, is now ready to accelerate its geographical
US Medivation -respectively acquired by Johnson &
expansion and enlarge its product portfolio.
Johnson and Pfizer-, and in a context where many of
its patents on flagship drugs are expiring and
challenged by generic ones, Sanofi remains bullish in
its ambitions, with the acquisition of Bioverativ, an
American biopharma company specialized in
hemophilia and blood disorders, for €9.3bn.
Bioverativ was created in 2017 as part of Biogen spin-
off, one of the top US biotech company. With
established products such as Eloctate and Alprolix,
this transaction will strengthen Sanofi’s position on
the hemophilia growing market.
• Shortly after Bioverativ, Ablynx was the second big
acquisition for Sanofi in 2018, as part of its 2020
strategic roadmap which -among other things- aims at
building competitive positions in oncology and
immunology. Acquired for €3.9bn, Ablynx is a late-
stage clinical biopharmaceutical company engaged in
the development of nanobodies for the treatment of
inflammation, haematology, immuno-oncology,
oncology, and respiratory diseases.
Specialty: Pan-European consolidation
• Cooper Vemedia, a portfolio company owned by the
Private Equity firm Charterhouse Capital Partners,
contemplates becoming an OTC pan-European leader.
The company bought for €158m a total of 12
pharmaceutical brands from Sanofi. The
acquired brand portfolio notably addresses
dermatology, well-being and eye care.
• Further divesting non-core activities, Sanofi sold its
anti-venomous serums to Micropharm, a UK
company specialized in the production of
immunotherapeutic products. These products are
6 PwC
Target
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
Big pharma
Corporate
Bioverativ US Sanofi FR 9,347 800-1,000
(100%)
Corporate
Ablynx BE Sanofi FR 3,900 50-100
(100%)
Specialty
Sanofi's 12 pharmaceutical Corporate
FR Cooper Vemedia FR, NL 158 n.d.
brands (100%)
Corporate
Laboratoire Biodim FR Nupharm Group LU 130 32
(100%)
PE (Minority
Provepharm Life Solutions FR ArchiMed, Téthys Invest FR n.d. 20-50
stake)
Xerys, Finovam, Nord France Early stage
AlzProtect FR FR 14 n.d.
Amorçage fundraising
Paion AG DE Financiere Arbevel SA FR Stock market 5 0-20
Orphelia Pharma FR Octalfa FR Corporate n.d. 0-20
Même Cosmetics FR Pierre Fabre, Otium Capital FR PE n.d. 0-20
Sanofi Pasteur’s antivenom
equine immunoglobulin FR Micropharm UK Corporate n.d. n.d.
product range
Diagnostic
BPI France, Turenne Capital
Partenaires, BNP Paribas
Early stage
HalioDx SAS FR Private Equity, Quest for FR, Europe 19 n.d.
fundraising
Growth NV, Sofipaca SCR, MI
Care S.A.
Distribution
Pharma Sante Developpement Connect , Etoile ID, ACG PE (Majority
FR FR n.d. 0-20
(Pharma Group Santé) Management, Sofipaca stake)
Biochimex FR Safic-Alcan FR Corporate n.d. 0-20
Sub-contracting (CRO, CDMO/CMO)
PE (Majority
Pharmatis FR BPI France, MACSF, Africinvest FR n.d. 20-50
stake)
Keensight Capital, Edmond de PE (Majority
Biovian Oy FI FR n.d. 0-20
Rothschild Private Equity stake)
n.d.: not disclosed
7 PwC
Biotech: Dynamic M&A and fundraising
activity in therapies and diagnosis (1/2)
• Treatments using the intestinal microbiome are
The Biotech sector remains the 2nd most increasingly attracting VCs. The pioneer French
active sector in H1 2018 with 29 deals. company Enterome raised a further €32m. Primary
Biotech M&A activity was essentially driven intention is to finance clinical trials for its lead
by early stage start-ups’ fundraisings development programs against IBD and cancer. In
seeking to further advance clinical addition, Enterome secured a €40m loan facility to
development. further enhance its pipeline and technology
Total Biotech fundraisings represent ~62% development.
of H1 total raised capital.
Therapies companies are the most Therapies - Allergies: DBV Technologies
attractive investments in Biotech for achieves the largest fundraising of H1 2018
Private Equity firms, main deal makers of
the sector. • Peanut allergy is one of the most common food
allergies and can cause severe, potentially fatal,
allergic reactions. The clinical-stage company
Therapies - Cancer, IBD* and autoimmune committed to developing treatments against food
diseases: Novartis completes AAA’s mega allergies, DBV Technologies raised €140m,
purchase notably from two of its historical investors, Baker Bros
and BPI France, through the offering of new ordinary
• Advanced Accelerator Applications (AAA), a shares. The proceeds will mostly finance the
French company leader in nuclear medicine development and commercialization of their lead
theranostics, was acquired by Novartis in January product, Viaskin Peanut, and the development of
2018. AAA makes radioactive drugs used to diagnose other product candidates.
and treat diseases such as cancer. This €2.9bn deal
aims at reinforcing Novartis oncology activities. In
particular, it will expand its neuroendocrine tumor Diagnosis: BioMérieux reinforces its global
(NET) pipeline with radiopharmaceutical candidates leadership through external growth
led by the first-in-class Lutathera. • Acute Kidney Injury (AKI) is a major public health
• Key drivers of the global cancer therapeutics market threat (up to 50% of severely ill patients develop some
include the surge in geriatric population and the rise form of AKI), costly and potentially fatal for
of collaborations and partnerships aiming at hospitalized patients. Building upon a 3-year long
facilitating drug development. Crescendo Biologics partnership, BioMérieux, the key worldwide player
illustrates it well, since this biopharmaceutical in in vitro diagnostics, acquired Astute Medical, and
company developing potent, multi-functional cancer their diagnostics solutions for detecting high-risk
therapeutics received €57m in a Series B funding conditions and diseases through immunoassay
round led by Andera Partners. These funds will allow biomarkers for €73m. Through this acquisition,
the British biotech to accelerate the development of its BioMérieux gets engaged in the large AKI market for
lead program CB307 into clinical stage. which Astute diagnosis test has proven its efficiency.
• Over a tenth of American adults suffer from NASH
(liver disease). Despite this large patient population
and potential life-threatening effects, no FDA
approved treatments are on the market. Inventiva,
specializing in fibrosis, oncology and orphan diseases
such as NASH completed a €36m capital increase on
Euronext. The European and American investors’ new
funds will ensure the clinical development of the
company’s portfolio compounds, including
Lanifibranor’s Phase III preparation.
(*): Inflammatory bowel diseases
8 PwC
Biotech: Dynamic M&A and fundraising
activity in therapies and diagnosis (2/2)
Other therapies: Professional investors
continue to look for differentiation and
innovation
Vaccines: Advancing key drug programs to
• Corvidia Therapeutics raised €49m from a pool clinical evaluation
of new Private Equity companies including Andera
• Themis Bioscience, which develops immune-
Partners. This Series B funding round will notably be
modulation therapies, raised €10m in Series C from a
dedicated to accelerate its clinical work on chronic
pool of historic and new investors. The proceeds will
kidney disease as well as enhancing its scientific and
be used to advance Themis’ pre-clinical and clinical
market access capabilities.
vaccine development programs.
• The serious orphan disorders therapy market might
• Neovacs, specialized in the treatment of chronic
have found a future leader. The 2 year-old French
autoimmune and inflammatory diseases, made a €5m
biotech Dynacure raised €47m from a syndicate of
capital increase on Alternext. The proceeds will be
Private Equity firms led by Andera Partners to pursue
allocated to the further development of drug
the clinical trial against centronuclear myopathy and
candidates and the launch of a clinical study.
other preclinical programs. The final objective is to
bring to the market the first-ever treatment for severe
orphan disorders.
• Two years after its Series A, ENYO Pharma, a
clinical stage Biotech which is developing a unique
drug discovery engine inspired by viruses, closed a
€40m new fundraising round. This investment will
notably be used for the upcoming clinical
developments on liver diseases (hepatitis B and
NASH).
Cosmetics: International expansion through
capital reallocation
• Laboratoire Embryolisse realized an OBO through
a €80m deal with the Private Equity firm MBO
Partnenaires. The company, well known by
professional make-up artists for its Cream Milk
Concentrate®, intend to capitalize on its reputation to
deepen its international presence, since it already
realized half of its revenues abroad.
• Surfing the enthusiasm for organic products, the
phenomenon now spreads into cosmetics. Ekkio
Capital conducted an LBO on Laboratoire
Gravier, which mainly produces certified organic
cosmetics, along with hygiene products, cleaning
products, and essential oils.
9 PwC
Target
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
Therapies - Cancer, Autoimmune diseases and/or Inflammatory bowel diseases (IBD)
Advanced Accelerator Corporate
FR Novartis AG CH 2,906 100-150
Applications (100%)
Andera Partners, Sofinnova
Early stage
Crescendo Biologics UK Partners, Quan Capital and FR, Others 57 n.d.
fundraising
existing investors
BVF Partner, Sofinnova
Inventiva FR FR, USA Stock market 36 0-20
Partners, Euronext
Omnes Capital, Seventure
Partners, LundbeckFonden
FR, DN, CH, Early stage
Enterome FR Ventures, Nestlé Health 32 n.d.
IT, USA fundraising
Science, Principia, Bristol-
Myers Squibb
Early stage
Nextbiotix FR Auriga Partners FR 7 n.d.
fundraising
Capital Grand Est, FA diese,
Early stage
Medsenic FR Ouest angels capital, Business FR 2 0-20
fundraising
angels
Therapies - Allergies
DBV Technologies FR Baker Bros, BPI France, Others USA, FR Stock market 140 0-20
Therapies - Infection
Auriga Partners, Go capital,
Omnes capital, ACE Early stage
Pherecydes Pharma FR FR 9 0-20
Management, Business angels, fundraising
Others
Corporate
Biovertis AT Deinove FR 8 n.d.
(100%)
Therapies - Others
Andera Partners, Cormorant
Asset Management, HBM
Healthcare Investments,
FR, USA, Early stage
Corvidia Therapeutics USA Fresenius Medical Care 49 0-20
Europe fundraising
Ventures GmbH and Venrock
Healthcare Capital Partners
(VHCP)
Andera Partners, Pontifax, BPI
Early stage
Dynacure FR France, Kurma Partners, FR 47 0-20
fundraising
Idinvest Partners
OrbiMed Advisors, Andera
Partners, BPI France Large
Cap, Sofinnova Partners, Early stage
ENYO Pharma FR FR, USA 40 0-20
Morningside Venture fundraising
Investments, Inserm Transfert
Initiative
Sofinnova Partners, Epidarex Early stage
Nodthera UK FR, USA 32 n.d.
Capital, F-Prime, 5AM Ventures fundraising
Sofinnova Partners, Innogest, Early stage
EryDel IT FR, Italy 27 0-20
Genextra fundraising
Deinove FR TVM Capital, Others GE, Others Stock market 9 0-20
Novalis, Alto Invest, Nyenburgh
Sensorion FR Investment Partners, FR, NL Stock market 9 n.d.
Institutional investors
Omnes Capital, BNP Paribas, Early stage
Antabio FR FR 5 n.d.
Sham innovation, Galia Gestion fundraising
Société Génerale Capital PE (Minority
OST Developpement FR FR n.d. 0-20
Partenaires (SGCP) stake)
Atlas Venture L.P., Sofinnova Early stage
HotSpot Therapeutics USA USA, FR n.d. n.d.
Partners fundraising
Diagnosis
Corporate
Astute Medical USA bioMérieux FR 73 0-20
(100%)
Cathey World Investment,
SurgiMab FR HK, CH PE 7 0-20
Abalis Finance
PwC 10Target
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
Cosmetics
Laboratoire Embryolisse FR MBO Partenaires FR PE 80 20-50
PE (Majority
Laboratoire Gravier FR Ekkio Capital FR n.d. 10-20
stake)
Solabia FR TA Associates USA PE n.d. n.d.
Vaccines
VenTech, Credit Agricole Early stage
Themis Bioscience AT FR 10 n.d.
Private Equity fundraising
Neovacs FR French investors FR Stock market 5 0-20
Specialty
Financiere Tuileries, Banque
Early stage
Vect-Horus FR Populaire, Crédit Agricole, FR 4 0-20
fundraising
Others
Early stage
Stimunity FR Portage Biotech CA 2 0-20
fundraising
Primer Capital,
Early stage
Acticor Biotech FR Anaxago,Capdecisif, Business RU, FR 2 0-20
fundraising
angels
n.d.: not disclosed
PwC 11Medtech: French players think international
(1/2)
Dental prosthesis: The largest Medtech
With 42 deals throughout H1 2018, fundraising of the semester
Medtech ranks as the most active sector in
• Innovation, R&D and consolidation are key drivers of
the Healthcare and Pharma industry.
the dental implants and prosthesis market. Sofina and
~88% of deals involved a French target, out Ceres Capital Partners invested €52m in Biotech
of which 3/4 were domestic. Dental in exchange for 26% of the innovative dental
E-health and Surgery are on the rise. implant and prosthesis company to initiate its
Consolidation is ongoing or expected on international expansion, especially in China, India and
promising segments (Imaging, Dental the US. An additional €48m bank credit lines will be
prosthesis, Equipment) used for external growth on the US market.
Imaging: Consolidation to build a French global
E-health is riding high! player in Imaging
• The booming market for connected monitoring • The high-end French Imaging segment is undergoing
devices is also developing in Healthcare. Dreem, the a consolidation phase to better target international
French start-up which claims to improve sleep quality customers and rationalize their costs. Intrasense,
with its connected headband, has raised €31m as its specialist in medical image software solutions valued
2nd fundraising from Johnson & Johnson and BPI at €7m, and DMS Group, specialized in medical
France. This promising start-up is originally backed by imaging diagnostics valued at €40m, announced their
successful entrepreneurs such as Xavier Niel and merger to capitalize on strong synergies between their
Laurent Alexandre. complementary activities*. The merger would allow
• On the E-health’s software sub-segment Montagu Intrasense to generate new commercial opportunities
Private Equity acquired Maincare Solutions while DMS would gain from access to Intrasense’s
from Symphony Technology for a total amount of platform Myrian® to develop new innovative
€200m, realizing the largest Medtech acquisition of softwares.
the semester. Maincare Solutions develops and sells
business intelligence, human resource, and Multiple/single use equipment: a new player is
operational management software solutions to in town
hospitals. It has become one of the main software
• H1 2018 was a dynamic period for the multiple and
solutions provider for the healthcare sector in France.
single use equipment market, characterized by several
acquisitions. Along with the management team,
Surgery: Intense fundraising activities Mérieux Development and Gimv acquired
• Whether to facilitate surgeon work, reduce surgery Stiplastics Healthcaring from Stage Capital for
risks for the patient and improve the associated €60m to support their innovative strategy and
treatment, investments have also been dynamic on the international development ambitions. The company
Surgery sub-segment. Historical investors BPI France has been a provider of medical plastics packaging and
and Balestier renewed their trust in LimFlow during devices for over 30 years and now shows great
its 3rd capital increase round of €27m led by potential in the connected health sector.
Sofinnova Partners. This capital increase will finance • Stiplastics Healthcaring, renamed SGH
strategic initiatives through mid 2020, including the Healthcaring, initiated its build-up strategy with the
completion of a US pivotal study and international acquisition of Rovipharm and RR Plastiques. This
commercialization. operation strengthened its portfolio of dosage and
administration of medication devices, on both solid
• TRiCares, developing a minimally invasive heart
and liquid form.
valve replacement system received €22m to
accelerate product development, conduct clinical trials
and obtain CE registration in Europe.
* Deal subject to both companies’ shareholders approval
12 PwCMedtech: French players think international (2/2) Others – New shareholding for the French Diagnosis champion Echosens on its way to global leadership • The hepatology diagnosis segment has not finished to be disrupted by Echosens. Private Equity Astorg Partners acquired Cathay Capital and OrbiMed’s stakes in the innovative high-technology company Echosens for €162m. Specialized in liver disease diagnosis, Echosens offers a non-invasive, easier to use and more cost-effective solution to carry on biopsy in order to detect chronic liver diseases (~700m people affected worldwide). In partnership with Inner Mongolia FuRui, the Chinese reference shareholder, Astorg will contribute to secure Echosens’s international growth ambition and market penetration, and strengthen its leadership through innovation, improvement of its value proposition for end users and the set-up of strategic partnerships. 13 PwC
Target
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
E-Health
Maincare Solutions FR Montagu UK PE (100%) 200 50-100
Johnson&Johnson, BPI France, Early stage
Dreem FR FR, USA 31 0-20
Maif avenir, Business Angels fundraising
Early stage
Dental Monitoring FR Straumann CH 15 0-20
fundraising
Early stage
Mdoloris FR Siparex, Seventure Partners FR 7 0-20
fundraising
Kurma Partners, BNP Paribas Early stage
Sensome SAS FR FR 5 0-20
Developpement fundraising
Sofimac Innovation, Aquiti Early stage
Eurekam FR FR 2 0-20
Gestion, Swen Capital fundraising
Go Capital, Crédit agricole, Early stage
Biosency FR FR 1 0-20
private investors fundraising
Fizimed SAS FR Business Angels FR Individuals 1 0-20
Nokia Oyj (Digital Health
FR Eric Carreel (Private Investor) FR Individuals n.d. n.d.
business)
Corporate
Inovelan FR Agfa HealthCare BE n.d. n.d.
(100%)
Surgery
Sofinnova Partners, BPI France, Early stage
LimFlow FR FR, SG 27 n.d.
Balestier fundraising
Andera Partners, Wellington
Early stage
TRiCares FR Partners, BiodMed Partners, FR, Europe 22 n.d.
fundraising
other European funds
Biom'up FR Euronext, Athryum Capital FR, USA Stock market 16 0-20
Idinvest Partners, Innovation
Early stage
Biomodex FR Capital, Inserm Transfert FR 12 0-20
fundraising
Initiative.
Stentys FR BPI France, Others FR, Others Stock market 12 0-20
Corporate
Minvasys FR Stentys SA FR 8 0-20
(100%)
Ally Bridge Group (HK) Ltd, Early stage
Quantum Surgical FR HK, CN 6 0-20
Lifetech Scientific (CN) fundraising
Early stage
Safeheal SASU FR Sofinnova Partners, MD Start FR 6 n.d.
fundraising
Dental prosthesis
Biotech Dental FR Sofina, Ceres Capital Partners BE, CH PE (26%) 52 20-50
Laboratoire Thomas FR Laboratoire Incisal FR Corporate n.d. 0-20
Denterbridge FR Lifco SE Corporate n.d. n.d.
Imaging
Corporate /
Intrasense FR Diagnostic Medical System FR 47 20-50
Stock market
BPI France, Sigma Gestion, Early stage
Surgivisio FR FR 11 n.d.
Founders, Business Angels fundraising
Orthopaedics
PE (Minority
Auxilium DE CM-CIC Capital Prive FR n.d. 100-150
stake)
Tynor Orthotics Pvt Ltd IN Thuasne, Lighthouse funds FR, IN PE / Corporate 18 0-20
Kisco, Otsuka, Idinvest, JP, FR,
Safe Orthopaedics FR Stock market 7 0-20
Ostrium, Keren, Others Others
Corporate
Addidream FR I.CERAM FR n.d. 0-20
(49%)
PE (Majority
FX Solutions FR Ekkio Capital FR n.d. n.d.
stake)
Orthotaxy FR Apsis (Johnson & Johnson) FR Corporate n.d. n.d.
Cenomy (ex Proteor Aides Stephan Klingler (Private
FR FR Individuals n.d. n.d.
Electroniques) Investor)
PwC 14Target
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
Multiple/single use equipment
Gimv NV, Merieux PE (Majority
Stiplastics FR BE, FR 60 20-50
Developpement stake)
PharmaSet SE Hemodia FR Corporate n.d. 20-50
Bradshaw Medical USA In'Tech Medical FR Corporate n.d. 20-50
Biocorp Production SA FR Vatel Capital, Inocap Gestion FR Stock market 5 0-20
Rovipharm, RR Plastiques FR SGH Healthcaring FR Corporate n.d. n.d.
Technical equipment
PE (Minority
Eloi FR Isatis Capital, A+ Finance FR 6 20-50
stake)
PE (Majority
Soest Medical Group NL ArchiMed FR n.d. 0-20
stake)
Eove FR Air Liquide FR Corporate n.d. 0-20
Saint-Gobain’s Performance CA, FR,
Micro Hydraulics Pharma IE Corporate n.d. n.d.
Plastics Life Sciences USA
Others
PE (Minority
Echosens FR Astorg Partners FR 162 50-100
stake)
Sofinnova, BPI France,
Pixium FR FR Stock market 11 0-20
Institutional investors
Otium Capital, Plug and Play
Early stage
OWKIN FR Tech Center, Cathay Innovation, FR, USA 9 0-20
fundraising
NJF Capital Limited
n.d.: not disclosed
PwC 15Healthcare Services: An attractive domestic
market still driven by consolidation
Elderly care: Diversification of groups
M&A activity in Healthcare Services is the
• A leader in France in elderly care, Korian aims at
3rd most active (18 deals) and continues to
diversifying its existing offer towards more autonomous
be driven by significant consolidation in retired people. The company acquired 70% of
laboratories, clinics, elderly care, and Ages&Vie, company specialized in house-sharing for
home care segments, whether it is to elderly people. This collaboration will strengthen
achieve critical size or expand at a larger Ages&Vie’s national network, while giving support for
level. an international status with openings in Germany,
Thermalism becomes really attractive for Belgium and Italy.
build-ups, taking advantage of a growing
market.
Homecare: A race to critical size
• Build-ups remain the spearhead strategy for homecare
Medical Laboratories: The consolidation trend
companies to grow their market share. The specialist in
continues in 2018
homecare delivering respiration, Elivie, targets to
• Since its last year takeover by Partners Group and PSP become number 2 in the French market. Owned by the
Investments, the objectives of Cerba HealthCare have Private Equity firm HDL since 2015, the company
been to double its sales size within 7 years in EMEA and overtook Proxim’Santé, Paca Perf, Horus Santé,
extend its testing range. In line with this strategy, the Dimedo and Perfulor during the last 6 months.
group acquired the medical testing lab group Bio7 from
Ardian for €500m. Shortly after, Cerba HealthCare also
Others: As a growing market, thermalism
announced the acquisition of Histalim, a laboratory in
becomes very attractive for build-up strategies
Montpellier providing specific services in histology and
specialist in immunohistochemistry (IHC), in situ • The number of thermal clients in France has risen by
hybridization (ISH), and image analysis. 20% since 2009, supported by population ageing and
the enthusiasm for soft medicines. Capitalizing on
• In the same spirit, Biogroup-LCD reinforced its
these positive market trends, Gimv became the
position in Ile-de-France by acquiring Biolaboplus,
majority stakeholder of France Thermes through a
an Essonne-based network of medical biology
€40m deal. The Private Equity firm aims at
laboratories. Biogroup ambitions to reach €300m of
transforming France Thermes into a build-up
consolidated revenues.
platform.
• Smaller structures consolidation trend continues with
Clinics: Pursuit of the regional consolidation,
the acquisition by the industrial holding Sagesse
backed by Private Equity firms
Retraite Santé of Arenadour for €50m. Located
• Bridgepoint sold for €103m Group C2S, the 8th in Landes region (40), Arenadour was already formed
operator of private clinics in France owning a dozen of by the consolidation of 2 thermal operators in Dax.
establishments in Rhônes-Alpes, to Eurazeo
Patrimoine. The group recently expanded its
activities to Auxerre by acquiring Polyclinique Sainte
Marguerite.
16 PwCTarget
Deal size
Target Country Acquirer Country Type revenues
(m€)
(FY17,m€)
Medical laboratories
Corporate
Bio7 FR Cerba HealthCare FR 500 50-100
(100%)
Histalim FR Cerba HealthCare FR Corporate n.d. n.d.
Biolaboplus FR Biogroup-LCD FR Corporate n.d. n.d.
Clinics
Group C2S FR Eurazeo Patrimoine FR PE (100%) 103 150-200
Mr Jean-Louis Oger (Private
Groupe Clinique Saint George FR FR Individuals n.d. 100-150
Investor)
Clinique Saint Joseph
(Angoulême), Clinique Pasteur
FR Vivalto Sante FR Corporate n.d. 20-50
(Evreux),Clinique Richelieu
(Saintes)
Polyclinique de la Manche
(Saint-Lô), Clinique Saint-Brice
FR DocteGestio Group FR Corporate n.d. n.d.
(Provins), Clinique Pays de
Seine (Romilly)
CA3D (Centre Aquitain pour le
développement de la dialyse à FR Groupe Elsan FR Corporate n.d. n.d.
domicile)
Elderly care
Corporate
Ages&Vie FR Korian FR 15 n.d.
(70%)
Château de Bon Attrait FR Orpea FR Corporate n.d. 0-20
Clinidom FR Korian FR Corporate n.d. 0-20
DomusVi Domicile (10
FR DV Orange FR Corporate n.d. n.d.
retirement homes)
Corporate
Résidence du Lac FR SGMR FR n.d. n.d.
(100%)
Homecare
Proxim'Sante, Horus Sante,
FR Elivie FR Corporate n.d. 0-20
Paca Perf, Dimedo
Perfulor FR Elivie FR Corporate n.d. 0-20
Corporate
Services Oxygene 13-31 FR, UK Bastide Le Confort Medical FR n.d. 0-20
(100%)
Others
Sagesse Retraite Santé, Arkea
Arenadour FR FR Corporate / PE 50 n.d.
Capital, Ouest croissance
Corporate
France Thermes FR Gimv FR, Europe 40 n.d.
(Majority stake)
n.d.: not disclosed
PwC 17Our experience in H1 2018
2018 2018 2018
Provided financial and social Provided financial and Provided financial, tax, social
due diligence to Biosency legal due diligence to and legal due diligence to
for their initial capital Deinove for their acquisition Korian, a private company
fundraise from Go Capital, of Biovertis AG and its specialized in the elderly
Credit Agricole and Business German subsidiary healthcare, for their
Angels. Biosency is Morphochem, an Austrian acquisition of Ages&Vie, a
specialized in medical company developing a group developing and
devices for remote clinical-stage antibiotic managing elderly-care
monitoring and prevention related to a disruption of the serviced residences.
dedicated to chronic gut microbiota.
respiratory insufficiency.
2018 2018 2018
Provided financial due Provided vendor tax Provided financial
diligence to Montagu Private structuring to the vendor due diligence
Equity for their acquisition shareholders, in the interest to the founders for their
of Maincare Solutions, a of their sale of Eove, a French sale of Pharmatis,
company specialized in start-up specialized in a company specialized
electronic patient records designing & manufacturing in pharmaceutical
and hospital administration ventilators, and other manufacturing.
software. medical devices.
2018 2018 2018
Provided financial, tax and Provided financial due Provided financial due
legal due diligence to diligence to diligence to Johnson &
Gimv for their majority SRS for their acquisition of Johnson (J&J) for their
stake acquisition of Groupe acquisition of Orthotaxy, a
France Thermes Arenadour (thermalism). privately-held developer of
(thermalism). software-enabled surgery
technologies, including a
differentiated robotic-
assisted surgery solution.
18 PwC2018 2018 2018
Provided financial, tax, Provided tax due diligence, Provided financial, carve out,
and legal due diligence, tax structuring and R&D and manufacturing due
as well as tax structuring, to social due diligence to diligence to a Private Equity
NuPharm Group for their Advent International for fund in connection with the
acquisition of Laboratoire their acquisition of Zentiva, not completed acquisition of
Biodim. Sanofi’s European generics Zentiva, Sanofi’s European
business. generics business.
2018 2018
Provided ESG review Provided ESG review
including : identification of including : identification of
the main ESG challenges, the main ESG challenges,
assessment and analysis of assessment and analysis of
ESG performance, proposal ESG performance, proposal
of an action plan for the of an action plan for the
holding period. holding period.
19 PwCPwC Deals Strategy & Operations
supports Private Equity and Corporates in every steps of
their acquisition, integration and divestment processes
Services provided by Deals Strategy & Operations teams along the Deal cycle
1 2
• Corporate and Business Unit strategy • Identify and assess value creation levers
• Determine and validate deal rationale and related financial impact with fully
integrated due diligences: Finance, Fin.
• Identify potential acquirers or build-up
opportunities and assess Target’s potential Strategy, Operations inc. Ops. Strat.
carve-out, and ESG (Environment, Social,
• Prepare divestment and conduct carve-out
Governance), Tax & Legal aspects
project
Pre deal
Thought 1 2
Strategy
leadership
Deal Deal execution
5 3
cycle 3
• Assist, prepare and negotiate
transition contracts
5 • Plan & execute Take Over
• Review strategy, identify further (“Day-1” plan)
4
growth opportunities and assess • Define Integration Strategy
potential
• Prepare 100-Day plan
• Diagnose and improve operational
• Set up Integration
performance (sales and marketing,
Management Office
supply chain, manufacturing,
footprint, support functions…)
• Turnaround and restore profitability
4
with restructuring plan • Deep dive into target’s business and operational performance and
• Review ESG risks and opportunities design value creation plan
and assist on ESG strategic plan • Execute 100-Day plan
• Assist on the integration / transformation and track synergy
delivery
• Manage change and acculturation
20 PwCPwC 21
Your contacts
Transactions Deals Strategy & Operations
Philip Dykstra Philippe Loiselet
Partner – PwC Transactions Partner – Strategy&
Pharma & Life-Sciences Transaction Leader
PwC France philippe.loiselet@pwc.com
philip.dykstra@pwc.com +33 1 56 57 59 41
+33 1 56 57 82 06
Benoit Cambournac Anne-Lise Glauser
Partner – PwC Transactions Partner – Strategy&
Healthcare Leader
PwC France anne-lise.glauser@pwc.com
benoit.cambournac@pwc.com +33 1 56 57 84 53
+33 1 56 57 71 38
Thomas Abier
Senior Manager – Strategy&
thomas.abier@pwc.com
+33 1 56 57 82 47
Business Development
Loic Le Claire Marion Le Moign
Partner – PwC Société d’Avocats Marketing & Business Development
Health Industries Leader Health Industries
loic.le.claire@pwcavocats.com marion.le.moign@pwc.com
+33 1 56 57 45 51 +33 1 56 57 17 54
22 PwC
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