- Healthcare Growth Partners’ (HGP) summary of Health IT/digital health mergers & acquisition (M&A) activity, and public company performance during the month of November 2019
We did a doubletake when we noticed all of the HGP healthcare indices climbed approximately 10% during the month of November. Year-to-date, the S&P 500 is up over 25% and the HGP healthcare indices are all hovering in that range. In the two month period since September, when talk of universal healthcare reached its peak in the recent election cycle, the HGP Payer Index climbed over 25%. If it feels like valuations are up this year, it’s because they are.
Some valuations, including those of Teladoc and Veeva, and recent IPOs of Phreesia and Health Catalyst, are up over 50%. It goes to show that valuation is as much about sentiment as metrics. Sentiment, and the markets are at an all-time high. More news and transaction highlights from the month of November are as follows.
Noteworthy M&A Transactions
Noteworthy M&A transactions during the month include:
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– HMS Holdings acquired Accent from Intrado Corporation (formerly known as West Corporation) for approximately $155mm. The acquisition extends HMS further into the coordination of benefits across both Medicare and commercial payers.
– Health Prime acquired Kareo’s Managed Billing businesses, creating a combined operating entity that will provide RCM services to more than 2,500 physicians across the United States.
– Biofourmis acquired Switzerland-based Biovotion AG, enabling Biofourmis to offer clinical-grade wearables as part of its Biovitals ecosystem.
– NextGen Healthcare agreed to acquire Medfusion for a total purchase price of $43 million. The Medfusion Patient Experience Platform includes patient intake, patient scheduling, and payment capabilities used by more than 16 million patients today.
– Invitae agreed to acquire Clear Genetics. Using chatbots, Clear Genetics equips patients with actionable information throughout the genetic testing process and provides guidance for understanding test results.
– Censis has been acquired by Fortive Corporation. Censis will work closely with Advanced Sterilization Products, another Fortive company, to tackle a combined mission of patient safety.
Source: HIT Consultant