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Device/Diagnostics Quarterly Deal-Making Statistics, Q3 2017

A look at the financing, M&A and alliance activity July–September 2017

 
• By Amanda Micklus and Maureen Riordan

Third-quarter device financing at $2.38 billion – almost half of that amount from CooperSurgical's $1.1 billion bridge loan – was double the Q2 total, while device acquisitions showed a steep decrease at $3.38 billion versus Q2's $33.4 billion. Diagnostics fundraising also was up in the third quarter, reaching $2.4 billion (a 133% increase over Q2) mostly from Thermo Fisher Scientific's $1.5 billion follow-on offering, which accounted for 63% of the total. In line with the previous quarter's $1.7 billion in M&A, Q3 diagnostics acquisitions had an aggregate value of $1.8 billion, led by Konica Minolta's $1 billion buy of Ambry Genetics.

Quarterly Stats_1200x675

Financing by device companies in the third quarter of 2017 totaled $2.38 billion, double Q2's $1.2 billion. (See Exhibit 1.) Debt again this quarter made up most of the aggregate financing dollars (accounting for 61% of the total this time), but almost half of that category's amount came from outlier CooperSurgical Inc.(the gynecological devices division of Cooper Cos. Inc.), which entered a $1.1 billion bridge loan [See Deal] to fund its acquisition (of the same amount) of the Paragard intrauterine device (IUD) from Teva Pharmaceutical Industries Ltd.[See Deal] (Also see "Teva's US IUD Brings In $1.1bn For The Embattled Generics Firm" - Scrip, 12 September, 2017.)

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