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Device/Diagnostics Quarterly Deal Statistics, Q4 2016

A look at the financing, M&A and alliance activity October–December 2016

 
• By Amanda Micklus and Maureen Riordan

Medtech companies raised $2.4 billion in the fourth quarter, the second-strongest of the year; Q4 device M&A deals totaled $9 billion in value, led by Allergan's $2.9 billion buy of Acelity's LifeCell division. Diagnostics financings finished out the year at $721 million, an increase over the previous quarter and 2016's second-highest quarter, but diagnostics M&A activity was the lowest of the year at $87 million, with only two completed acquisitions.

Quarterly Stats_1200x675

Device companies aggregated $2.4 billion in financing for the fourth quarter of 2016, representing an 18% decrease from Q3's $3 billion. Despite the decline, Q4 put up the second-strongest quarter of the year by value. In all, device fundraising totaled $8.9 billion in 2016, a huge 65% increase over 2015's $5.4 billion. (See Exhibit 1.) Much of the growth came from debt offerings, which at over $4 billion accounted for nearly half of 2016's financing aggregate. And among those were a couple of big outliers, including note sales by Nuvasive Inc. ($536 million [See Deal]) and Acelity LP Inc.'s Kinetic Concepts Inc. and KCI USA Inc. ($400 million [See Deal] and $1.8 billion, respectively. [See Deal])

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