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Device/Diagnostics Quarterly Dealmaking Statistics, Q3 2019

A Look At The Financing, M&A And Alliance Activity In July–September 2019

 
• By Maureen Riordan and Amanda Micklus

Device financing increased substantially in Q3, thanks to debt raises led by Insulet. Acquisition dollar volume dropped, though, but Siemens' buy of Corindus for $1.1bn was a stand-out. Diagnostics/research tools financing dropped by 28% from Q2, while acquisition value greatly increased due to Exact Sciences' $2.8bn purchase of Genomic Health.

Financing activity during the third quarter reached $4.05bn, a 76% increase over Q2's $2.3bn total, with most (43%) of the Q3 dollars allocated to debt raises. (See Exhibit 1.) Insulet Corp., the maker of theOmnipod insulin management system, completed a private placement of $700m (net $684.3m) aggregate principal amount of convertible senior notes, the largest debt transaction and also the biggest financing deal of Q3 [See Deal].

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