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Device/Diagnostics Quarterly Deal-Making Statistics, Q2 2017

A look at financing, M&A and alliance activity April–June 2017

 
• By Amanda Micklus and Maureen Riordan

Device and diagnostics fundraising slumped in Q2, but there was a substantial uptick in M&A activity. Device financings totaled just slightly over half of the previous quarter, while acquisitions grew almost six-fold, thanks primarily to Becton Dickinson's $23.5 billion play for CR Bard. Financing in diagnostics slid to $1.03 billion, less than half of Q1, whereas the $1.7 billion in M&As (most of that from PerkinElmer's $1.3 billion buy of EuroImmun) was more than double Q1's aggregate.

Quarterly Stats_1200x675

Continuing the downward trend in financing over the past several quarters, the device industry collected $1.2 billion in Q2 funding, a 48% decrease from Q1's $2.3 billion total. It is worth noting, however, that Q1 did include a single outlier transaction worth $800 million (by Verily Life Sciences LLC[See Deal]), significantly boosting that quarter's value.

In the second quarter, just over one-third of financing came from debt transactions, which totaled $436 million. (See Exhibit 1.) Endologix Inc.'s concurrent six-year secured term loan and three-year...

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