2017-2017全球医疗行业私募股权及公司并购报告_45页-3mb

2017 Global Healthcare Private Equity and Corporate M&A Report Summary

Core Content

This report provides an overview of the healthcare private equity (PE) and corporate M&A landscape in 2016, highlighting key trends, market dynamics, and strategic considerations for investors.

Main Points

1. Healthcare Private Equity Market Overview

• Total disclosed deal value for healthcare PE in 2016 reached $36.4 billion, the highest since 2007.
• Despite a 14% decline in total global PE deal value, healthcare PE activity surged, driven by regulatory uncertainty and low interest rates.
• Three of the top four healthcare PE deals were public-to-private (P2P) transactions.
• P2P deals accounted for nearly 30% of total disclosed deal value, reflecting a growing trend as investors sought to take advantage of the dislocation between public and private valuations.

2. Sector Trends

• Provider and related services remained the most active sector, with a focus on category leaders.
• Payer and related services also saw strong activity, especially with the rise of healthcare IT (HCIT) and outsourced services.
• Biopharma and related services experienced growth, particularly in HCIT.
• Medtech and related services and Healthcare IT were also key areas of investment, with HCIT deal value rising to $15.5 billion in 2016, more than four times the previous year.

3. Corporate M&A Activity

• Corporate M&A in healthcare saw a sharp decline in total value, but activity remained strong across the sector.
• Public-to-private deals were a significant trend, with investors looking to capitalize on undervalued assets.
• Dual-track exits became more common, where companies pursued both IPOs and private sales.

4. Investment Strategies

• Focus on category leaders was a key strategy, as these companies are better positioned to withstand macroeconomic uncertainty.
• Embracing efficiency was crucial, as healthcare companies face ongoing pressure to deliver services more cost-effectively.
• Creativity in deal structuring was emphasized, including pocket deals, consortium deals, and rolling over equity during mergers.

5. Regional Activity

• North America dominated the healthcare PE market, with nine of the top 10 deals involving US-based assets.
• Asia-Pacific saw a surge in activity, particularly in the provider sector, with Chinese investors actively seeking opportunities to bring foreign services to their domestic market.
• Europe was the second-most active region, though deal value and activity declined.

Key Information

• Valuation multiples for US-listed healthcare companies dropped in 2016, while private valuations remained higher, driving P2P deals.
• Healthcare IT (HCIT) emerged as a growth driver, with deal value increasing significantly.
• Investors were increasingly looking beyond traditional PE players, with generalist PE investors, technology investors, and corporate buyers entering the market.
• Institutional investors such as sovereign wealth funds, pension funds, and family offices became more active, contributing to increased competition.
• Deal count in North America fell by 13%, but total deal value more than tripled due to higher valuations and increased competition.

Strategic Insights

• Investors should focus on category leaders to navigate uncertainty and ensure long-term value creation.
• Efficiency and cost reduction are critical, as healthcare companies must deliver services more effectively.
• Creativity in deal structuring is essential, with pocket deals, consortium deals, and strategic roll-ups becoming more common.
• Public-to-private transactions are expected to continue as investors seek favorable valuations and greater control over assets.

Conclusion

The 2016 healthcare PE and M&A landscape was marked by increased activity, rising valuations, and strategic shifts in investment approaches. As the global population ages and healthcare demand grows, investors are advised to stay focused on category leaders, embrace efficiency, and be creative in their strategies to maximize returns in a challenging macroeconomic environment.