THE HEALTH CARE M&A REPORT - Levin Associates · INTRODUCTION This is the 90th issue of The Health...

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THE HEALTH CARE M&A REPORTFOURTH QUARTER 2015A SUPPLEMENT TO THE HEALTH CARE M&A INFORMATION SOURCE

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THE HEALTH CARE

M&A REPORT

FOURTH QUARTER

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Fourth Quarter 2015 ISSN 1076-3511

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TABLE OF CONTENTS

INTRODUCTION .............................................................................. 7

BEHAVORIAL HEALTH CARE ......................................................... 45

BIOTECHNOLOGY ......................................................................... 53

eHEALTH ...................................................................................... 65

HOME HEALTH & HOSPICE ......................................................... 83

HOSPITALS ................................................................................... 91

LABORATORIES, MRI & DIALYSIS .............................................. 105

LONG-TERM CARE ...................................................................... 115

MANAGED CARE ......................................................................... 171

MEDICAL DEVICES ..................................................................... 179

PHARMACEUTICALS ................................................................... 195

PHYSICIAN MEDICAL GROUPS ................................................... 219

REHABILITATION ........................................................................ 233

OTHER SERVICES....................................................................... 239

INDEX ......................................................................................... 261

INTRODUCTION

This is the 90th issue of The Health Care M&A Report, which tracks the merger and acquisition market

in the health care industry. General trends in the market are discussed in this Introduction, followed

by a look at each of the 13 sectors we cover. In the Index, each entry details a transaction, from target

and acquirer to price, terms, acquisition multiples and other financial information, when available. The

commentary section offers additional analysis.

This issue reports on the 370 transactions that were announced in the fourth quarter of 2015, listed

alphabetically by target with 13 separate health care sectors.

Behavioral Health Care Managed Care

Biotechnology Medical Devices

eHealth Pharmaceuticals

Home Health & Hospice Physician Medical Groups

Hospitals Rehabilitation

Laboratories, MRI & Dialysis Other Services

Long-Term Care

We categorize these sectors as either Services or Technology. Services includes Behavioral Health

Care, Home Health & Hospice, Hospitals, Laboratories/MRI & Dialysis, Long-Term Care, Managed

Care, Physician Medical Groups, Rehabilitation and Other Services. The Technology sector includes

Biotechnology, eHealth, Medical Devices and Pharmaceuticals.

A note on our methodology: For reasons of timeliness, we record each transaction by the date of the

announcement rather than the closing date. Announcements generally coincide with a significant

event, such as the signing of a letter of intent, the receipt of regulatory clearance, or even the closing

date itself. The assumption is that, once a letter of intent is signed, for example, the parties to the deal

consider it to be economically viable relative to the market conditions at the time of the signing.

If the transaction is called off for any reason after the announcement, we remove the date of the

announcement so it does not show up in active database searches, but the details can be accessed if

the search specifies the name of the acquirer or target.

The one exception is the Hospital sector. An announcement that a letter of intent has been signed

means the parties have expressed an interest in a union of some sort, whether through acquisition,

affiliation, collaboration, merger or partnership. Talks and due diligence may go on for years, or be

called off entirely. We record hospital transactions when a deeper level of understanding is reached,

such as a definitive agreement. Just as with other sectors, if the transaction is called off for any reason

after that stage, we remove the date of the announcement but the details may still be accessed on a

company-name search.

The Health Care M&A Report, 4th Quarter, 2015 7

NOTABLE TRENDS IN Q4:15

1. Deal making activity slowed in the fourth quarter to 370 transactions, down 9.5% compared

with the previous quarter’s 409 deals but up 4% versus the same quarter in 2014. Despite the

dip in activity from the third quarter, this quarter sets a new record for all previous fourth

quarters—breaking the previous record set only a year ago, in Q4:14. The Services sectors were

even more robust than usual, making up 67% of the deal volume. The Technology sectors

accounted for 33%. Deal making in the rest of the economy continued to slow in the wake of

slowing economic growth in China, but with 1,490 transactions, health care M&A surpassed

last year’s record total of 1,312 transactions.

2. At $202.0 billion, the fourth quarter’s deal value also set a new record, for any quarter, ever.

However, this total is just a 1% increase over the third quarter’s $199.5 billion total, and an

increase of 46% over the same quarter a year ago. The massive spending is largely the result

of a single deal, the $160 billion acquisition of Allergan plc by Pfizer Inc., announced in

November 2015. Subtracting that deal from the quarter’s total leaves just $42 billion, which

paints a far different picture of spending in 2015. If the fourth quarter had realized just $42

billion, it would rank as the lowest quarter in the previous 12 months, and the smallest total

since the fourth quarter of 2012, which ended with $24.5 billion.

3. The first quarter of 2016 started off with even more turmoil in the global markets. China’s

economic performance was merely “on target” for 2015, and oil prices fell below $30 a barrel

for the first time since 2008. However, the U.S. dollar stayed strong, which doesn’t help

pharmaceutical or medical device companies overseas. Here in the States, health care M&A

rallied in the second week of January, as marketers timed their announcements to coincide

with the annual J.P. Morgan Healthcare Summit in San Francisco. Since then, the acquisition

announcements have petered out and it looks as if M&A fever may have broken. This could be

the start of something small.


Quarterly Mergers & Acquisitions by Deal Volume

Source: The Health Care M&A Information Source, January 2016

With 370 deals announced in the fourth quarter, acquisition activity was down 9.5%, compared with

the 409 transactions announced in the previous quarter. Deal volume was actually higher than the

same quarter in 2014, up 4% against the 356 deals reported then.

The fourth quarter of 2015 represents a new record for deal activity in all previous fourth quarters.

The previous record was set only a year ago, in Q4:14, which was the first time fourth-quarter deal

activity topped the 300 mark since 2007.

The health care services category was unusually strong in the last quarter of 2015, making up 67% of

the deals, compared with 33% for the health care technology category. In three of the four quarters of

2015, the services sectors made up at least 60% of the deal volume, with 60% in the second quarter

and 64% in the third quarter. In previous years, the services side typically makes up about 55% of

each quarter’s deal total.

217 220 207260 248

139 155137

149122

0

50

100

150

200

250

300

350

400

450

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Tran

sact

ion

s

Health Care Mergers & AcquisitionsTotal Transactions by Quarter

Services Technology


Deal Volume by Health Care Sector

Q4:15

Deals

Q3:15

Deals

Change Q4:14

Deals

Change

Services

Behavioral Health Care 12 12 0% 7 71%

Home Health & Hospice 12 12 0% 20 -40%

Hospitals 22 32 -31% 31 -29%

Labs, MRI & Dialysis 16 16 0% 7 129%

Long-Term Care 105 100 5% 88 19%

Managed Care 12 13 -8% 4 200%

Physician Medical Groups 22 19 16% 17 29%

Rehabilitation 7 8 -13% 6 17%

Other 40 48 -17% 37 8%

Services subtotal 248 260 -5% 217 14%

Technology

Biotechnology 20 42 -52% 45 -56%

eHealth 30 33 -9% 32 -6%

Medical Devices 28 32 -13% 27 4%

Pharmaceuticals 44 42 5% 35 26%

Technology subtotal 122 149 -18% 139 -12%

Grand Total 370 409 -10% 356 4%


Overall, the number of deals in Q4:15 decreased by 9.5% from the previous quarter’s deal volume, but

topped the same quarter the year before by 4%. Long-Term Care remained the most active sector with

a record 105 deals, up 5% from the previous record-setting quarter, and surpassing the same quarter

a year earlier by 19%. Several sectors posted increased activity compared with the fourth quarter the

year before, including Labs, MRI & Dialysis (+129%), Managed Care (+200%), Physician Medical

Groups (+29%) and Rehabilitation (+17%).

Pharmaceuticals was the most active of the technology sectors, with 44 deals in the fourth quarter,

an increase of 5% compared with the third quarter, and up 26% versus the same period the year

before. All of the other technology sectors lost strength compared with the totals announced in the

previous quarter, while the Medical Device sector eked out a 4% gain compared with the year-before

quarter.


Acquirers with Three or More Deals

Acquirer Sector Listing Deals

Welltower Inc. REIT NYSE: HCN 7

American Realty Capital Healthcare

Trust-II

REIT Private 5

Birchwood Health Care Properties Private investment firm Private 4

IPC Healthcare, Inc. Physician Medical Groups NASDAQ: IPCM 4

Molina Healthcare, Inc. Managed Care NYSE: MOH 4

MOTION PT Rehabilitation Private 4

PharMerica Corporation Other NYSE: PMC 4


A total of 296 companies were involved in fourth quarter health care transactions as buyers, compared

with 327 companies in the third quarter. Of that total, 113 publicly traded companies announced a

total of 183 deals during the quarter, valued at $191.2 billion.

There were 161 privately held companies that took part in 187 deals worth a total of approximately

$8.2 billion.

Finally, 22 not-for-profit entities announced 24 transactions, totaling $2.6 billion.


Acquirers by Listing and Market Share

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Deals Dollars Deals Dollars Deals Dollars Deals Dollars Deals Dollars

Publicly

traded

44% 90% 51% 94% 48% 93% 47% 96% 43% 95%

Privately held 50% 10% 43% 5% 45% 7% 44% 3% 51% 4%

Nonprofit 6% 0% 7% 0% 7% 0% 9% 0% 6% 1%


Privately held companies had the upper hand in the fourth quarter of 2015, with 51% (187 deals) of

the 370 transactions announced. That figure is virtually identical to the fourth quarter of 2014, when

these companies accounted for 50% (177) of the 356 transactions announced then. By contrast,

private companies accounted for just 4% ($8.2 billion) of spending in the quarter.

Publicly traded companies, which dominated deal volume by varying degrees in the first three quarters

of 2015, accounted for 43% (159) of the transactions in the fourth quarter. Not surprisingly, publicly

traded companies accounted for 95% ($191.2 billion) of the dollars announced in the fourth quarter.

Not-for-profit organizations, mostly health systems and hospitals, accounted for 6% (24) of the

transactions. The $2.6 billion these organizations spent on mergers and acquisitions made up just 1%

of the quarter’s total.


Financial Buyers


Financial buyers, which includes real estate investment trusts and private equity firms, are not the

dominant players in the health care M&A market. Their participation depends on many factors, with

the ability to win an auction being foremost. Private equity firms, in particular, have had a hard time

getting into and then winning auctions for health care entities in the past few years, as strategic buyers

have outspent or even pre-empted auctions.

In the fourth quarter, financial buyers accounted for 18% of the deal volume, slightly lower than the

previous quarter. Their share of committed dollars, at 3% in the fourth quarter, matched the previous

quarter’s 3% share of spending. The low level of participation is a consequence of the enormous

amount of money spent in both the third and the fourth quarter, a total of $199.5 billion and $202.0

billion, respectively.

Of the 65 deals announced by financial buyers in Q4:15, 25 were made by real estate investment

trusts and the remaining 40 were made by private equity firms. PE firms’ investments focused on Long-

Term Care (19), Other Services (9), eHealth (3), Pharmaceuticals (3), Hospitals (2), Laboratories, MRI

& Dialysis (2), Behavioral Health Care and Rehabilitation (1 each).

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Deals announced 57 51 53 77 65

Share of deal volume 16% 14% 15% 19% 18%

Dollars committed $11.3 billion $5.8 billion $6.7 billion $6.2 billion $5.6 billion

Share of dollars spent 8% 5% 12% 3% 3%


Dollar Value: Services vs. Technology Segments


Deal value in the fourth quarter hit a new record for any previous quarter, at $202.0 billion. That total

is a mere 1% increase over the third quarter, which topped $199.5 billion. Compared with the same

period in 2014, this quarter’s total was up 46%.

As noted earlier, the massive amount of spending comes from a single transaction, the $160 billion

acquisition of Allergan plc by Pfizer Inc., announced in November 2015. Subtracting that deal from the

quarter’s total leaves just $42 billion, which paints a far different picture of spending in 2015. If the

fourth quarter had realized just $42 billion, it would rank as the lowest quarter in the previous 12

months, and the smallest total since the fourth quarter of 2012, which ended with $24.5 billion. Things

are not always as rosy as they appear.

Needless to say, the Technology segment typically exceeds the Services sector in terms of dollars

committed to mergers and acquisitions, and that was clearly the case in Q4:15. The Technology

segment made up 93% of the total spending, dwarfing the Services side’s 7%.

In Q4:15, the median price was $32 million, far lower than the previous quarter’s median price of $99

million, but more in line with the fourth quarter of 2014, where the median price was $30 million.

115.5

81.7

28.9

89.5

188.7

23.0

24.8

26.7

110.0

13.3

0.0

50.0

100.0

150.0

200.0

250.0

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Do

llar

Vo

lum

e (

in $

bill

ion

s)

Health Care Mergers & AcquisitionsTotal Dollar Volume by Quarter

Technology Services


Dollar Volume and Share in Q4:15


A total of $202.0 billion was spent to fund the 370 transactions reported in Q4:15, which tops the

previous record of $199.5 billion spent on health care deals in any previous quarter. The amazing fact

is that the previous record was set only in the previous (third) quarter of 2015!

The Pharmaceutical sector completely dominated the dollar side of deal making, accounting for 85.9%

($173.4 billion) of spending. The majority of that total was due to Pfizer Inc.’s announcement that it

will acquire Allergan plc for $160 billion, making this the biggest health care deal, ever.

Far behind, in second place, was the Biotechnology sector, accounting for 3.6%, approximately $7.2

billion, of the total spending. Due to rounding, the Hospital, Medical Device and Other Services sectors

each contributed approximately 1.8%, although totals varied. Spending in the Medical Device sector

totaled $4.9 billion, followed by Other Services ($3.6 billion) and Hospitals ($3.5 billion). eHealth

comprised 1.4%, with $3.1 billion.

At or below the 1% mark, six sectors combined contributed 2% of the quarter’s dollar volume, based

on disclosed prices: Long-Term Care (1.1% and $2.2 billion); Labs, MRI & Dialysis (0.9% and $1.8

billion); Managed Care (0.9% and $1.9 billion); Home Health & Hospice (0.1% and $109 million);

Physician Medical Groups (0.1% and $135 million). Registering at 0.0% contribution to the spending

total were the Behavioral Health Care ($35 million) and Rehabilitation ($53 million) sectors.

Pharmaceuticals

86%

Biotechnology

4%

Medical Devices

2%

Other

2% Hospitals

2%

eHealth

1% Remaining

Sectors

3%


Top 10 Transactions in Q4:15

Acquirer Name Acquirer

Listing Target

Target

Listing Price Target Sector

Pfizer, Inc. NYSE: PFE Allergan plc NYSE: AGN $160 billion Pharmaceuticals

Shire plc NASDAQ:

SHPG

Dyax Corp. NASDAQ:

DYAX

$5.9 billion Biotechnology

AstraZeneca plc NYSE: AZN Acerta Pharma B.V. Private $4.0 billion Pharmaceuticals

Excelsior Union

Limited

Private Mindray Medical

International

Limited

NYSE: MR $3.3 billion Medical Devices

AstraZeneca plc NYSE: AZN ZS Pharma NASDAQ:

ZSPH

$2.7 billion Pharmaceuticals

Pamplona Capital

Management

Private MedAssets, Inc. NASDAQ:

MDAS

$2.7 billion eHealth

AmerisourceBergen

Corporation

NYSE: ABC PharMEDium

Healthcare

Holdings

Private $2.6 billion Other

Mediclinic

International Ltd.

OTCQB:

MCFFY

Al Noor Hospitals

Group plc

LSE: AHN.L $2.3 billion Hospitals

Teva

Pharmaceutical

Industries Ltd.

NYSE: TEVA Representaciones e

Investigaciones

Médicas (Rimsa)

Private $2.3 billion Pharmaceuticals

Kaiser Permanente Nonprofit Group Health

Cooperative

Nonprofit $1.8 billion Managed Care


With such a phenomenal quarter, it’s not surprising that 10 deals surpassed the $1 billion mark.

Although the cumulative total of those 10 deals is almost $187.6 billion, nine of the deals added

together account for just 15% of that total, or $27.6 billion.

These 10 deals accounted for 93% of the total dollar volume in the fourth quarter. The largest

transaction, Pfizer’s acquisition of Allergan plc, made up 79% of the quarter’s combined total of

$202.0 billion.


Resources for Our Readers

To keep you abreast of the rapid developments in the merger and acquisition market, Health Care

Deal News is published 50 times a year. This digital newsletter lists the health care merger and

acquisition deals announced during the previous week, as well as articles on the more interesting

Technology and Services deals and charts with data on a specific sector, or monthly and quarterly M&A

results.

Further detail and analysis of these transactions are provided in the monthly newsletter, Health Care

M&A News, which reports on the deals announced during the previous month and puts them in the

context of emerging trends, where public and private equity investors are moving, and the impacts of

those trends.

At the end of each quarter we issue this source book, The Health Care M&A Report, to follow up on

the transactions with more comprehensive information. We utilize sources such as SEC filings,

discussions with bankers, brokers and consultants involved in certain transactions, and interviews

with company management to bring our readers reliable, value-added information on the important

and rapidly evolving market.

Our online database, Deal Search Online, which includes 22 years’ worth of M&A data, is updated

weekly and can be at your disposal 24 hours a day, seven days a week. So even after the publication

of this report, we may update the deals contained in it. That information is available to our database

subscribers through our online database, DealSearchOnline.com. If interested in signing up, please

call. We hope that you find our services a valuable tool for your business.


Behavioral Health Care

Deal activity stayed steady in the fourth quarter, at 12 transactions. The quarter’s total represented

32% of the 38 transactions announced in the past 12 months and virtually no increase over the

previous quarter. Behavioral health care facilities and programs are largely community-based, and

transactions are often conducted between private parties and thus, not reported publicly.

Still, this category is seeing some consolidation from new players, such as American Addiction Centers,

and more private equity firms are buying and building platforms across state lines. Addiction treatment

programs became popular targets in 2015, although many programs treat co-occurring conditions,

such as addiction and mental health disorders. We expect to see continued strong interest in this

sector in 2016.


Three of the 12 deals disclosed prices in the fourth quarter. The total of $35.0 million was far below

the previous quarter’s $830 million, when three of the 12 deals also reported prices. The fourth

quarter represents 3% of the $1.1 billion spent in the past 12 months.

Dollars Spent on Behavioral Health Care Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$1,188,000,000 $83,161,916 $190,700,000 $830,000,000 $35,050,000

With such limited spending information, it’s not surprising that the largest deal was just $13 million.

AAC Holdings, through its operating subsidiary American Addiction Centers, acquired Solutions

Recovery, which provides detoxification, residential and intensive outpatient treatment as well as

sober living services in the greater Las Vegas area. Solutions Recovery's assets include 100 sober-

living beds (owned), 70 licensed in-network detox, residential and halfway house beds (leased), 24

78

6

12 12

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4

6

8

10

12

14

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Tran

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Behavioral Health Care Mergers & Acquisitions Total Transactions by Quarter


sober-living beds (leased) and three licensed, in-network outpatient centers. AAC is also acquiring the

real estate assets.

American Addiction Centers also paid $12.7 million for Wetsman Forensic Medicine, LLC. The New

Orleans-based company, dba Townsend, is a leading substance abuse treatment provider in Louisiana

and operates six in-network outpatient centers that deliver intensive outpatient treatment, as well as

a 20-bed in-network facility in Scott, Louisiana. Concurrent with this deal announcement, AAC

disclosed that its FitRx and The Academy operations would cease operations as of December 31,

2015, due to their continued unprofitability and management’s realignment to focus solely on adult

addiction treatment.

The third deal to disclose a price was a real-estate transaction. LTC Properties, Inc., a REIT that invests

primarily in long-term care and other healthcare facilities, paid $9 million for Harmon Hospital. The

Las Vegas, Nevada behavioral healthcare hospital has 116 medical hospital beds and two skilled

nursing beds, and is leased to Fundamental Long Term Care.

Five Largest Behavioral Health Care Deals in the Past 12 Months

Acquirer Target Quarter Price

Universal Health Services Inc. Foundations Recovery

Network, LLC

Q3:15 $350,000,000

Levine Leichtman Capital

Partners

Monte Nido Q3:15 $280,000,000

Molina Healthcare, Inc. 2 subsidiaries of Providence

Service Corp.

Q3:15 $200,000,000

Acadia Healthcare Company 3 behavioral health companies Q2:15 $145,000,000

Acadia Healthcare Company Quality Addiction Management Q1:15 $53,000,000


Biotechnology

Biotechnology deal activity slumped in the fourth quarter, falling 52% versus the previous quarter, to

20 deals. The total is just 13% of the 158 deals announced in the previous 12 months. Biotechnology

targets range from large, publicly traded companies to small startups, or established lines of products

to licenses or rights to technologies and drugs in various phases of development. Research

collaborations are included, when an acquirer pays an upfront fee for the rights to a promising

compound, and picks up the R&D, regulatory and commercialization costs. Hence, eight of the 20

transactions in the fourth quarter involved the purchase of an entire company, while five involved the

rights or license to a marketed product or a lead drug candidate. The remaining seven were

collaboration agreements.


A total of $7.2 billion financed the fourth quarter’s activity, representing 15% of the $48.5 billion

committed in the preceding 12 months. Although deal volume dropped considerably, the fourth

quarter’s spending was 76% higher than the previous quarter.

Dollars Spent on Biotechnology Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$1,748,817,252 $35,162,084,075 $2,049,744,746 $4,119,359,944 $7,237,092,000

The largest deal of the quarter was the $5.9 billion acquisition of Dyax Corp., a biotech focused on

treatments for a rare genetic disease called HAE (hereditary angioedema). This deal was the fourth

one announced in 2015 by Shire plc, and the largest of the four. The price equals $37.30 in cash per

Dyax share, plus additional value through a non-tradable contingent value right (CVR) that will pay

$4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing $646 million in

consideration. Even though Dyax’s lead product candidate, DX-2930, was about to enter Phase 3

clinical trials, the product had received Fast Track, Breakthrough Therapy and Orphan Drug

designations from the FDA, and achieved Orphan Drug status in the European Union.

45

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20

30

40

50

60

70

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Tran

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Biotechnology Mergers & Acquisitions Total Transactions by Quarter


Japanese drug maker Astellas Pharma made the second largest acquisition, paying $379 million for

Marlborough, Massachusetts-based Ocata Therapeutics, Inc., a clinical-stage company that develops

and commercializes regenerative ophthalmology therapeutics in the United States. It is conducting

trials for treating various forms of macular degeneration and other ocular disorders. Astellas will pay

$8.50 per share in cash, representing a 79% premium to Ocata's closing share price of $4.75 on

November 6, 2015. The acquisition will establish Astellas’ presence in ophthalmology, and give it a

leading position in cell therapy.

Cardiovascular disease treatments were the focus of the third largest transaction in this sector last

quarter, as Bristol-Myers Squibb Company paid $300 million to acquire Cardiopxyl Pharmaceuticals.

The acquisition will give Bristol-Myers Squibb full rights to Cardiopxyl's lead asset, CXL-1427, a novel

nitroxyl (HNO) donor in Phase 2 clinical development as an intravenous treatment for acute

decompensated heart failure. The $300 million is an upfront payment, and Bristol-Myers agreed to a

potential consideration of up to $1.775 billion upon the achievement of certain development,

regulatory and sales milestones.

Five Largest Biotechnology Deals in the Past 12 Months


AbbVie Inc. Pharmacyclics Inc. Q1:15 $21,000,000,000

Shire plc Dyax Corp. Q4:15 $5,900,000,000

Shire plc NPS Pharmaceuticals, Inc. Q1:15 $5,200,000,000

Teva Pharmaceuticals Industries

Ltd. Auspex Pharmaceuticals, Inc. Q1:15 $3,200,000,000

Mallinckrodt plc Therakos, Inc. Q3:15 $1,325,000,000


eHealth

Merger and acquisition activity slipped in the fourth quarter, down 9% to 30 transactions. The fourth

quarter activity made up 24% of the 123 deals announced in the previous 12 months. Investor interest

in this sector remains strong, particularly for revenue cycle management programs and data analytics

technologies that help health care providers across the care continuum become more efficient and

cut costs. Companies deploying electronic health records may see a softening of interest in 2016, as

the Centers for Medicare and Medicaid Services changed its stance in January on implementing Stage

3 of its Meaningful Use requirements. The move effectively takes a huge burden off many smaller

hospitals and physician practices.


Of the 30 deals announced in Q4:15, five disclosed a price, for a total of $3.1 billion, a 17% increase

over the previous quarter. The dollar volume represents approximately 53% of the $5.9 billion spent

in this category in the last four quarters.

Dollars Spent on eHealth Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$628,838,854 $153,299,390 $5,500,000 $2,665,000,000 $3,125,676,000

Private equity firm Pamplona Capital Management announced the largest deal in this sector, at $2.7

billion, targeting MedAssets, Inc. MedAssets provides technology-enabled products and services for

hospitals, health systems, non-acute healthcare providers, payers and other service providers. It

serves four out of every five hospitals in the United States. Pamplona plans to divest MedAssets' Spend

and Clinical Resource Management segment to VHA-UHC Alliance, while retaining MedAssets' Revenue

Cycle Management segment and combine it with Precyse, a portfolio company that provides health

information management services. The price for the publicly traded MedAssets carries some fairly lofty

valuations of 36.0x revenue and 12.3x EBITDA. This deal closed on January 27, 2016, and is being

closely watched by the PE community.

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The second largest deal was for far less money. Computer Programs and Systems, Inc. spent $250

million to acquire Healthland Holding, Inc., which provides integrated technology solutions to rural

community and critical access hospitals. Its affiliates, Healthland Inc., American HealthTech, Inc. and

Rycan Technologies, Inc., are also part of the transaction. The acquisition will strengthen CPSI’s

position in providing healthcare information solutions in the markets it serves and will provide new

growth markets for the combined company. It closed on January 8, 2016.

HealthFusion Holdings, Inc. was acquired by Quality Systems, Inc. for $165 million. HealthFusion

develops web-based, cloud computing software for physicians, hospitals and medical billing services.

Its MediTouch® platform is currently used by more than 3,000 physician practices, ambulatory centers

and billing services. The transaction, which closed on January 8, 2016, is expected to capitalize on

both companies’ presence in the ambulatory surgery market segment.

Five Largest eHealth Deals in the Past 12 Months


Pamplona Capital Management MedAssets, Inc. Q4:15 $2,700,000,000

IBM Merge Healthcare Inc. Q3:15 $1,000,000,000

Emdeon Inc. Altegra Health Q3:15 $910,000,000

Premier, Inc. CECity, Inc. Q3:15 $400,000,000

Cardinal Health, Inc. NaviHealth Q3:15 $290,000,000


Home Health & Hospice

Deal making in the Home Health & Hospice sector was flat in Q4:15, with 12 deals. The quarter’s

transactions represent 26% of the 47 deals announced in the past 12 months. We know there is a

great deal of interest in acquisitions in this sector, but the numbers do not always reflect that interest.

Part of the reason is that many transactions are done privately. Also, home health agencies and

hospice services often are part of larger transactions involving hospitals, health systems or long-term

care providers, so the home health and/or hospice portion of a transaction may be recorded as part

of a larger deal in the Hospital or Long-Term Care sector.


Eleven of the target companies in Q4:15 were privately held, and one was not-for-profit. Six of the

acquirers were publicly traded; two were not-for-profit and four were privately held.

Three of the deals disclosed prices, for a total of $108.7 million for the quarter. That total accounts

for 21% of the $521 million spent in the past 12 months, and a decrease of 60% compared with

spending in the third quarter.

Dollars Spent on Home Health & Hospice Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$2,550,100,000 $138,500,000 $0 $273,854,200 $108,700,000

Infinity HomeCare of Sarasota, Florida was the quarter’s largest target in this sector. Amedysis, Inc.

agreed to pay $63 million for the home health company, which cares for more than 14,000 patients

per year through 15 centers in Florida. The transaction expands Amedysis’ presence in the state.

The second largest deal involved Black Stone Operations, LLC, which operates Home Care by Black

Stone, providing in-home personal care and skilled home health services in the western half of Ohio.

Almost Family, Inc., based in Louisville, Kentucky, paid $40 million to bolster its position as a leading

provider of services to Ohio's innovative managed care programs for seniors who are dually eligible for

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Medicare and Medicaid services. On a combined basis, Ohio revenues are expected to be over $120

million annually.

LHC Group, Inc. received approval from a U.S. Bankruptcy Court judge in Kentucky to acquire Nurses

Registry and Homes Health Care Corp. for $5.7 million. The company filed for Chapter 11 protection

on June 29, 2015, after facing accusations of fraud from Medicare officials, who claimed the company

had paid kickbacks to physicians. Judge Gregory R. Schaaf approved the settlement agreement, in

which 30% of the net sale proceeds went to the bankruptcy estate and 70% to the U.S. government. A

separate bid of $3.5 million from Atlanta-based Five Points Healthcare LLC was not accepted.

Five Largest Home Health and Hospice Transactions in the Last 12 Months


HealthSouth Corporation CareSouth Health System, Inc. Q3:15 $170,000,000

Extendicare Inc. Revera Home Health Q1:15 $83,000,000

Amedysis, Inc. Infinity HomeCare Q4:15 $63,000,000

LHC Group, Inc. Halcyon Hospice LLC Q3:15 $58,500,000

Almost Family WillCare HealthCare Q1:15 $49,500,000


Hospitals

Mergers and acquisitions in the Hospital sector slid 31%, to 22 deals, in the fourth quarter. This

quarter’s deal volume represents 22% of the 102 hospital transactions announced in the previous 12

months. In 2015, the trend in hospital transactions was a move away from true mergers or

acquisitions. Hospitals and health systems signed more collaboration agreements or joint ventures as

a way to test the waters before committing fully to a change in governance. In other cases, softer

language, such as “affiliation” or “collaboration” are used to describe the transaction, when it may in

fact be a merger. Throughout the year, the majority of deals that reached the ‘definitive agreement’

stage involved a smaller, financially troubled hospital joining a health system or network.


Nine of the transactions disclosed a price, for a combined total of nearly $3.5 billion, a 44% increase

over the previous quarter’s total. That figure represents 40% of the $8.7 billion spent on hospital deals

in the past 12 months.

Dollars Spent on Hospital Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$611,500,000 $737,850,000 $2,091,900,000 $2,427,365,000 $3,492,200,000

The largest deal in this sector was a foreign one, involving the publicly traded Al Noor Hospitals Group

plc, based in Abu Dhabi, United Arab Emirates, and the South African hospital operator, Mediclinic

International Ltd. Mediclinic operates private hospitals in South Africa, Namibia, Switzerland and the

UAE, and was the winning bidder for Al Noor Hospitals Group with a $2.3 billion offer. Al Noor was also

being pursued by its local rival, NMC Health plc. The combination of Al Noor and Mediclinic will create

the biggest private healthcare provider in the UAE, and will be renamed Mediclinic International plc

and listed on the London Stock Exchange.

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The state of Georgia declined to expand its Medicaid system under the Affordable Care Act, and now

several rural hospitals around the state are in financial trouble and looking for partners, or simply

closing. The climate is shaky, and led Tenet Healthcare Corp. to sell five of its hospitals around the

Atlanta metro area to WellStar Health System, a five-hospital chain in Marietta, Georgia, for $661

million. The Tenet hospitals included in the sale are the 466-bed Atlanta Medical Center (Atlanta), its

210-bed South Campus (East Point), the 158-bed North Fulton Hospital (Roswell), the 160-bed

Spalding Regional Hospital (Griffin) and the 10-bed Sylvan Grove Hospital (Jackson). All will become

not-for-profit entities following the close of the transaction, and WellStar will be the largest health

system in the state of Georgia.

The third largest transaction also had a foreign-based target, Hospital Samaritano in Sao Paulo, Brazil.

The buyer was the largest health insurer in the United States, UnitedHealth Group, Inc., which paid

approximately $350 million for the hospital, three years after its $4.3 billion purchase of the Brazilian

health insurer/hospital operator, Amil Participacoes. Hospital Samaritano, which has approximately

200 to 300 beds, becomes UnitedHealth’s 32nd hospital in Brazil.

Five Largest Hospital Deals in the Past 12 Months


Mediclinic International

Ltd. Al Noor Hospitals Group plc Q4:15 $2,300,000,000

Ventas, Inc. Ardent Health Services Q2:15 $1,750,000,000

Medical Properties Trust,

Inc. Capella Healthcare, Inc. Q3:15 $900,000,000

WellStar Health System 5 Tenet hospitals Q4:15 $661,000,000

LCMC Health West Jefferson Medical Center Q3:15 $540,000,000


Laboratories, MRI and Dialysis

The Labs, MRI & Dialysis sector recorded another 16 deals in the fourth quarter, sustaining a trend

that began in the second quarter. The Q4:15 deals represent 31% of the 52 deals announced in the

past 12 months. Diagnostic labs, radiology and imaging services were the most popular targets.


Seven of the transactions disclosed prices, for a combined total of nearly $1.8 billion. This quarter’s

deal value makes up 42% of the $4.3 billion spent in the last 12 months, and represents a 107%

increase over the third quarter’s $856.6 million total.

Dollars Spent on Laboratories, MRI & Dialysis Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$5,763,350,000 $70,000,000 $1,557,650,000 $856,600,000 $1,769,586,687

Private equity firm KKR & Co. LP, led by George Roberts, paid £650 million ($989 million) for LGC

Group, a portfolio company of Bridgepoint. Under Bridgepoint, LGC grew rapidly in the previous five

years and is now an international life sciences measurement and testing company that provides

services such as DNA sequencing, paternity and drug/alcohol testing with employees in 22 countries.

KKR plans to continue to build global leadership positions, with a particular focus on markets in the

United States and Asia.

GE Healthcare sold Clarient, Inc. and its wholly owned subsidiary, Clarient Diagnostic Services, Inc.,

which provides comprehensive cancer diagnostic testing to hospitals, physicians and the

pharmaceutical industry. The buyer, NeoGenomics, Inc., paid $275.2 million, which represents $80

million in cash, $110 million in preferred stock at $7.50 per share and 15 million shares of

NeoGenomics common stock ($85.2 million, based on the prior-day closing price of $5.68 per share).

In effect, GE Healthcare will own 32% of NEO.

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The third largest transaction also involved a British lab company as the target. Roper Technologies Inc.

picked up CliniSys Group Ltd. for approximately $261.1 million. This acquisition was announced

concurrently with Roper's acquisition of Atlas Medical. The two acquisitions will be combined with

Roper subsidiaries, Sunquest Information Systems and Data Innovations, and will expand Roper's

portfolio of companies focused on diagnostic solutions, adding capabilities that support clinical testing

processes and connectivity to systems, instruments and providers across the world.

Five Largest Laboratories, MRI and Dialysis Deals in the Past 12 Months


OPKO Health, Inc. Bio-Reference Laboratories Q2:15 $1,470,000,000

KKR & Co. L.P. LGC Group Q4:15 $989,085,487

DaVita HealthCare Partners

Renal Ventures

Management, LLC Q3:15 $415,000,000

NeoGenomics, Inc. Clarient, Inc. Q4:15 $275,200,000

Roper Technologies Inc. CliniSys Group Ltd. Q4:15 $261,100,000


Long-Term Care

Merger and acquisition activity stayed lively in the fourth quarter, increasing 5% to 105 transactions.

They represent 29% of the 356 deals announced within the past 12 months. For fourth quarter activity, the 105 transactions represent a record and resulted in another full-year record of seniors housing and care transactions, or 17% higher than in 2014.


Based on revealed prices, $2.2 billion was committed to finance the fourth quarter deals, a drop of

52% compared with the third quarter. The fourth quarter accounted for 16% of the $13.9 billion spent

in the last 12 months. Of the 105 deals announced, 76 disclosed prices.

Dollars Spent on Long-Term Care Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$8,790,910,000 $1,938,947,500 $5,215,446,000 $4,611,756,466 $2,206,442,044

Unlike recent quarters, there were no billion-dollar deals announced. The largest transaction was

Mainstreet’s $302.5 million acquisition of 11 skilled nursing facilities (with a combined total of 2,477

beds) in the Chicago market from Symphony Post Acute Network. Symphony will be leasing them back

from Mainstreet. Occupancy is about 90.5% with a census quality mix of about 25%. The sale

represents almost half of Symphony's portfolio of 26 facilities, with more than 5,200 licensed beds.

Kayne Anderson Real Estate Advisors made the second largest deal of the quarter, buying 11 senior

living communities in various states for an estimated $295 million. The sale included mostly assisted

living and Alzheimer's care communities located in Indiana (4), Virginia (2), Pennsylvania (2) and one

each in Alabama, Delaware and Maryland. The average age was about 7 to 8 years, with two newly

opened.

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Five retirement communities in Ontario, Canada, were acquired by Chartwell Retirement Residences

for approximately $192.9 million. The independent living communities contain a total of 616 units.

They were opened between 2008 and 2013 and had an average occupancy of 89.1%. Four of the

properties have an assisted living component, with 93 total units. Chartwell acquired these five

properties from five separate groups of sellers.

Five Largest Long-Term Care Deals in the Past 12 Months


Griffin-American Healthcare REIT III Trilogy Health Services Q3:15 $1,125,000,000

NorthStar Realty Finance Corp.

32 independent living

communities Q2:15 $875,000,000

HCP, Inc. 35 senior living properties Q1:15 $849,000,000

BayBridge Seniors Housing Amica Mature Lifestyles Q3:15 $804,402,600

NorthStar Healthcare Income, Inc. 15 CCRCs Q2:15 $640,000,000


Managed Care

The Managed Care sector saw unprecedented spending on deals in 2015, and heightened levels of

deal making in almost every quarter. The year ended with 12 deals announced in the fourth quarter,

which accounted for 27% of the 45 deals announced in the previous 12 months. Although the quarter’s

deal total was 8% below the third quarter, it was still up 200% compared with the sluggish fourth

quarter of 2014.


Only two of the 12 deals disclosed prices, for a total of approximately $1.9 billion. Compared with the

astronomical amount posted in the third quarter ($98 billion for just three deals), spending fell 98%.

The total represents 2% of the $100 billion spent in the past 12 months.

Dollars Spent on Managed Care Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$600,000,000 $65,000,000 $161,000,000 $98,000,000,000 $1,863,000,000

Even with a total of just $1.8 billion, Kaiser Permanente’s acquisition of the not-for-profit Group Health

Cooperative made the list of five largest transactions in the past 12 months. Kaiser Permanente, which

is also a not-for-profit health plan, serves more than 10 million members in eight states and the District

of Columbia. Group Health Cooperative is a nationally recognized health system offering both care

delivery and insurance coverage. It covers nearly 590,000 patients throughout Washington State. The

combination will advance the growth of the integrated model for health care and coverage together

and expand Kaiser Permanente's reach, adding nearly 590,000 members.

The other deal that disclosed financial terms was the $63 million acquisition of Universal American

Corp’s Traditional Insurance business by Nassau Reinsurance Group, a portfolio company of Golden

Gate Capital. The Traditional Insurance division consists of a closed block of insurance products,

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including Medicare supplement, other senior health insurance, specialty health insurance and life

insurance, including long-term care policies.

Five Largest Managed Care Deals in the Past 12 Months


Anthem, Inc. Cigna Corp. Q3:15 $54,200,000,000

Aetna Humana Inc. Q3:15 $37,000,000,000

Centene Corp. Health Net, Inc. Q3:15 $6,800,000,000

Kaiser Permanente Group Health Cooperative Q4:15 $1,800,000,000

Towers Watson & Co. Acclaris Q2:15 $140,000,000


Medical Devices

The 28 transactions reported in Q4:15 represented 25% of the 113 deals announced in the past 12

months in this sector. All but nine of the acquirers were publicly traded companies, and all but five of

the targets were privately held companies. Four target companies were publicly traded, and one was

a not-for-profit.


The fourth quarter’s $4.9 billion in spending accounted for 13% of the $51.7 billion recorded in the

previous 12 months. Eighteen of the 28 deals disclosed a price.

Dollars Spent on Medical Device Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$19,969,000,000 $5,279,300,000 $4,692,479,000 $21,968,066,931 $4,936,773,551

The quarter’s largest transaction was between two Chinese companies, as Solid Union Limited, a

subsidiary of Excelsior Union Limited, merged with the publicly traded Mindray Medical International

Limited and took that company private, for approximately $3.3 billion. Under the terms of the

agreement, Excelsior Union Limited agreed to pay $28.00 per ordinary share of Mindray, representing

a premium of 1.9% over the company's closing price of $27.47 per ADS on June 3, 2015, the day

before Mindray received the "going private" proposal.

The second largest deal was far smaller, but also involved a Chinese acquirer. Sinorcare Group, of

Changsha, China, paid approximately $273 million in cash for Nipro Diagnostics, a subsidiary of Nipro

Corporation. Nipro Diagnostics produces blood glucose monitoring devices, as does Sinocare. The

transaction closed on January 7, 2016, and Nipro Diagnostics was renamed Trividia Health.

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SurgiQuest, Inc., a privately held medical device company, was acquired by CONMED Corporation for

$265 million in cash. SurgiQuest develops, manufactures, and markets the AirSeal® System, the first

integrated access management technology for use in laparoscopic and robotic procedures.

Five Largest Medical Device Deals in the Past 12 Months


DENTSPLY International Inc. Sirona Dental Systems Inc. Q3:15 $13,300,000,000

St. Jude Medical Inc. Thoratec Corp. Q3:15 $3,400,000,000

Excelsior Union Limited

Mindray Medical

International Limited Q4:15 $3,300,000,000

Hill-Rom Holdings, Inc. Welch Allyn, Inc. Q2:15 $2,050,000,000

Cardinal Health Inc. Cordis Q1:15 $1,944,000,000


Pharmaceuticals

Drug manufacturers came under heavy scrutiny in the fourth quarter, both for their pricing practices

and their penchant for acquiring overseas rivals to gain lower corporate tax rates. The latter issue was

a major impetus for the largest health care deal ever announced, the $160 billion takeover of Dublin-

based Allergan plc by New York City-based Pfizer Inc. Despite some threats of increased regulatory

oversight by some presidential candidates, pharmaceutical companies carried on business as usual.

Indeed, M&A activity increased slightly (5%) in the fourth quarter, to 44 announced deals. The total

represents 26% of the 169 deals recorded in the previous 12 months.


This sector hasn’t lacked for billion-dollar deals for several quarters now, and the money just kept

increasing. The $173.4 billion spent in Q4:15 represents 58% of the $297.4 billion spent in the

previous 12 months, and an increase of 186% compared with the third quarter of 2015.

Dollars Spent on Pharmaceutical Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$93,141,100,000 $41,095,240,382 $22,182,723,588 $60,700,250,515 $173,449,043,208

As mentioned so often in this report, the Pfizer/Allergan deal is the largest ever in the healthcare

industry. It is structured as a reverse merger, in which a wholly owned subsidiary of Allergan will be

merged with and into Pfizer, and the Allergan parent company will be renamed Pfizer plc after the

closing. Allergan shareholders will receive 11.3 shares of the combined company for each of their AGN

shares. Pfizer stockholders will receive one share of the combined company for each of their Pfizer

shares. Following the transaction, Pfizer shareholders will own 56% of the combined company and

Allergan shareholders will own 44%. And the re-domiciled Pfizer will reap the benefits of a tax inversion.

The transaction is expected to close in the second half of 2016.

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AstraZeneca plc made two large acquisitions during the quarter. In November, the company

announced a $2.7 billion deal for ZS Pharma, a Texas-based company that had been approached in

September by another suitor, Swiss drug maker Actelion. AstraZeneca won the bidding with a $90 per-

share offer in an all-cash transaction. ZS Pharma uses its proprietary ion-trap technology to develop

novel treatments for hyperkalaemia, associated with chronic kidney disease and chronic heart failure.

Its lead compound is ZS-9, a potential best-in-class for treating hyperkalaemia.

The second transaction was announced in December, targeting Dutch biopharma Acerta Pharma B.V.,

a clinical-stage biopharmaceutical company that has a potential best-in-class irreversible oral Bruton's

tyrosine kinase (Btk) inhibitor, acalabrutinib (ACP-196), currently in Phase 3 development for B-cell

blood cancers, and in Phase 1/2 for other trials. AstraZeneca paid $4 billion for a 55% stake in Acerta

and obtained the right to buy the remaining 45% of shares at a price of approximately $3.0 billion, net

of certain costs and payments incurred by AstraZeneca.

Five Largest Pharmaceutical Deals in the Past 12 Months


Pfizer, Inc. Allergan plc Q4:15 $160,000,000,000

Teva Pharmaceutical Industries

Limited Allergan Generics Q3:15 $40,500,000,000

Pfizer Inc. Hospira, Inc. Q1:15 $17,000,000,000

Valeant Pharmaceuticals

International

Salix Pharmaceuticals,

Ltd. Q1:15 $15,800,000,000

Alexion

Synageva BioPharma

Corp. Q2:15 $8,400,000,000


Physician Medical Groups

The 22 acquisitions announced in the fourth quarter represent 25% of the 88 deals announced in the

previous 12 months. Interest in acquiring physician medical groups picked up in the first half of 2015,

but waned in the third quarter, then picked up by 16% in the fourth quarter.


Only one deal disclosed a price in the fourth quarter, and it was not a very large acquisition. The

$135 million spent on that single deal represents 6% of the $2.34 billion spent in the previous 12

months.

Dollars Spent on Physician Medical Group Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$58,600,000 $105,000,000 $500,000,000 $1,600,000,000 $135,000,000

The only deal to come with a price ($135 million) was announced by Envision Healthcare Holdings,

which provides outsourced medical services to hospitals, health care systems and consumers. Its

target was Questcare Medical Services and its subsidiary, QRx Medical Management LLC. Questcare

Medical has more than 800 clinical providers at 50 facilities in Texas, Oklahoma and Colorado. QRx is

a management services organization.

The bigger news during the fourth quarter was AmSurg Corporation’s surprise $7.6 billion bid for Team

Health Holdings. Team Health was in the process of completing its own $1.6 billion takeover of IPC

Healthcare, and rejected all offers from AmSurg. Analysts were generally positive about the deal, as

the merger would create the largest national provider of outsourced physician services to health

systems. Also, there is very little overlap of services between AmSurg’s Sheridan Healthcare division

and Team Health, so that an FTC challenge or channel conflicts were not considered to be potential

issues. The hostilities ended fairly quickly, as AmSurg announced its bid on October 20 and withdrew

a second, higher bid on November 2.

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Four Largest Physician Medical Group Deals in the Past 12 Months


TeamHealth Holdings,

Inc. IPC Healthcare Inc. Q3:15 $1,600,000,000

MEDNAX, Inc. Virtual Radiologic Corporation Q2:15 $500,000,000

Envision Healthcare

Holdings, Inc. Questcare Medical Services Q4:15 $135,000,000

Envision Healthcare

Holdings, Inc. Scottsdale Emergency Associates Q1:15 $105,000,000


Rehabilitation

Seven deals were announced in the fourth quarter of 2015, down 13% from the previous quarter, but

well within normal for this sector. Like some skilled nursing facilities, ambulatory surgical centers and

urgent care clinics, rehabilitation hospitals and clinics are either stand-alone entities whose sale is not

widely publicized beyond the local market, or they are already part of a health or hospital system and

are acquired as part of a deal’s target. This quarter’s deals represent 23% of the 30 deals announced

in the previous 12 months.


One of the seven deals disclosed a price, and at $53 million, it represented just 7% of the $799.3

million spent in this sector in the previous 12 months.

Dollars Spent on Rehabilitation Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$1,075,000,000 $7,200,000 $734,800,000 $4,300,000 $53,000,000

The single deal to disclose a price was announced by ExamWorks Group, Inc., in Atlanta, Georgia.

The target, Argent Rehabilitation Services and Argent Investigation Services, are based in the United

Kingdom, where ExamWorks’ subsidiaries, Premex Group and 3rd Rehabilitation Services, are also

located. This acquisition makes ExamWorks one of the UK’s largest rehabilitation service providers.

The combination provides incremental scale to operations and brings expertise in the complex high-

value claim arena to the Premex portfolio.

6

9

6

87

0

1

2

3

4

5

6

7

8

9

10

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Tran

sact

ion

s

Rehabilitation Mergers & Acquisitions Total Transactions by Quarter


Five Largest Rehabilitation Deals in the Past 12 Months


HealthSouth Corporation Reliant Hospital Partners, LLC Q2:15 $730,000,000

ExamWorks Group, Inc. Argent Rehabilitation Services Q4:15 $53,000,000

U.S. Physical Therapy, Inc. 9-clinic physical therapy practice Q1:15 $7,200,000

U.S. Physical Therapy, Inc. 3 physical therapy clinics Q2:15 $4,800,000

U.S. Physical Therapy, Inc. 4-clinic physical therapy practice Q3:15 $4,300,000


Other Services

There were 40 transactions announced in the fourth quarter, representing 23% of the 177 deals in

the past 12 months. The “Other Services” category covers products and services related to human

health care, but in an ancillary way, such as contract research organizations, ambulatory surgery

centers, institutional and specialty pharmacy companies, dental practices and management, staffing

and pharmacy benefit plans. We do not include agriculture-based companies, animal nutrition or

veterinary products and infant nutrition products as targets.


Seven of the 40 deals revealed prices, for a total of nearly $3.6 billion. That figure represents only

8% of the $42.8 billion spent in the previous 12 months.

Dollars Spent on Other Services Mergers & Acquisitions, by Quarter

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

$2,405,931,237 $21,636,981,500 $16,211,644,465 $1,396,474,800 $3,592,762,271

PharMEDium Healthcare Holdings, a portfolio company of Clayton, Dubilier & Rice, was the target in

the largest acquisition of the quarter. AmerisourceBergen Corporation paid nearly $2.6 billion cash for

the company, which provides outsourced sterile preparations to acute care hospitals in the United

States. It operates four compounding facilities and serves more than 3,000 hospitals.

Francisco Partners cashed out of its investment in Aesynt, which enables health systems to reduce

costs and improve patient safety through the integration, automation and management of medication

preparation and delivery system-wide. It specializes in dispensing systems, central pharmacy robotics,

IV robotics and analytics. The buyer, Omnicell, Inc., paid $275 million, and expects Aesynt’s medication

management tools will complement its own portfolio.

37

4841

4840

0

10

20

30

40

50

60

Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

Tran

sact

ion

s

"Other Services" Mergers & Acquisitions Total Transactions by Quarter


Prestige Brand Holdings, Inc., which markets over-the-counter healthcare and cleaning products,

expanded its product portfolio with the $225 million acquisition of DenTek Oral Care, Inc., a worldwide

leader in oral care products including floss picks, interdental brush cleaners, dental guards, disposable

dental picks, braces care and dental repair products.

Five Largest Other Services Deals in the Past 12 Months


OptumRx Catamaran Corporation Q1:15 $12,800,000,000

CVS Health Corporation Omnicare Inc. Q2:15 $12,700,000,000

Private equity investors Life Time Fitness, Inc. Q1:15 $4,000,000,000

AmerisourceBergen

Corporation

PharMEDium Healthcare

Holdings Q4:15 $2,575,000,000

Rite Aid Corporation EnvisionRx Q1:15 $2,000,000,000


BEHAVIORAL HEALTH CARE

TARGET: MedMark Services, Inc. ACQUIRER: Behavior Health Holdings

LISTING: Private LISTING: Private

LOCATION: Lewisville, Texas CEO: Donald J. Steiner PHONE: 781-429-1504

UNITS: 950 Winter Street, Ste. 4200 FAX: REVENUE: Waltham, Massachusetts 02451

NET INCOME: WEB SITE:

MedMark Services, a portfolio company of Capital

Resource Partners, provides addiction treatment and

primary care services.

Behavior Health Holdings, a portfolio company of Webster Capital,

also owns Bay Area Addiction Research and Treatment Inc.

Behavior Health operates outpatient clinics across the country that

provide methadone treatment and counseling services.

ANNOUNCEMENT DATE: October 15, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

Behavior Health Holdings has combined MedMark and Bay Area Addiction Research to form a methadone

provider. The combination creates the third-largest methadone provider in the United States. Fifth Street Asset

Management Inc.'s affiliate, Fifth Street Management LLC, served as lead arranger and administrative agent for a

$130 million one-stop financing facility in support of Behavior Health Holdings.

TARGET: Northstar Psychological

Services, Inc.

ACQUIRER: Community Intervention Services, Inc.


LOCATION: Alpharetta, Georgia CEO: Kevin Sheehan PHONE: 617-262-8455

UNITS: 500 Boylston St., 20th Floor FAX: REVENUE: Boston, Massachusetts 02116

NET INCOME: WEB SITE: www.higgrowth.com

NPS provides community-based behavioral health

services to individuals and families across 38

counties in Georgia. The company employs a

clinical staff of more than 90, and provided

treatment to more than 2,600 patients in 2014.

Community Intervention Services is a portfolio of H.I.G. Growth

Partners. It was formed to acquire, develop and operate a national

network of specialized, community-based behavioral health

programs. Contact information is for H.I.G. Growth.


PRICE/INCOME:

Northstar Psychological Services marks CIS's seventh acquisition and further expands the company’s geographic

footprint in the southeastern United States. The acquisition closed on October 15, 2015.


TARGET: Claddagh Commision, Inc. ACQUIRER: Suburban Adult Services Inc.

LISTING: Nonprofit LISTING: Nonprofit

LOCATION: Derby, New York CEO: Anthony Annunziato PHONE: 716-805-1555

UNITS: 960 West Maple Street FAX: REVENUE: Elma, New York 14059

NET INCOME: WEB SITE: www.sasi.org

Claddagh Commission provides support and

services to people with developmental disabilities,

primarily in the towns of Brant and Evans.

Suburban Adult Services (SASi) serves individuals throughout

western New York State with developmental disabilities. It serves

people in Erie, Wyoming and Cattaraugus counties.

ANNOUNCEMENT DATE: October 19, 2015 PRICE: Merger PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

The agencies began collaborating about two years ago and soon recognized the similarities in their mission, history

and philosophy. Both boards of directors voted to merge, with SASi remaining as the corporate entity. The

Claddagh Commission name and logo will remain unchanged as a division of SASi. The merger creates a $46

million agency with nearly 1,000 employees.

TARGET: Harmon Hospital ACQUIRER: LTC Properties, Inc.

LISTING: Private LISTING: NYSE: LTC

LOCATION: Las Vegas, Nevada CEO: Wendy L. Simpson PHONE: 805-981-8655

UNITS: 118 (beds) 2829 Townsgate Rd., Suite 350 FAX: 805-981-8663 REVENUE: $ 26,653,700 (ttm,

12/31/2014) Westlake Village, California 91361

NET INCOME: $ 1,124,519 (EBITDA) WEB SITE: www.ltcproperties.com

The behavioral healthcare hospital has 116 medical

hospital beds and two skilled nursing beds. It is

leased to Fundamental Long Term Care.

LTC Properties is a self-administered real estate investment trust

that invests primarily in long-term care and other health care-related

facilities through lease transactions, mortgage loans and other

investments.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $ 9,300,000 PRICE PER UNIT: $ 78,814 TERMS: PRICE/REVENUE: .35

PRICE/INCOME: 8.27

This property was added to an existing Master lease with an affiliate of Fundamental at an initial lease rate of 8.5%

with 2.5% annual escalators. LTC also committed to up to $3.0 million for approved capital improvement projects.

This transaction closed early in the fourth quarter.


TARGET: 4 behavioral health

companies

ACQUIRER: Acadia Healthcare Company

LISTING: Private LISTING: NASDAQ: ACHC

LOCATION: Various, CEO: Joey A. Jacobs PHONE: 615-861-6000

UNITS: 121 (beds) 6100 Tower Circle, Ste. 1000 FAX: REVENUE: Franklin, Tennessee 37067

NET INCOME: WEB SITE: www.acadiahealthcare.com

The four acquisitions include two addiction

treatment centers: Discovery House and Duffy's

Napa Valley Rehab (61 beds); and two behavioral

healthcare facilities: Meadow View (28 beds) and

Cleveland House (32 beds).

Acadia Healthcare develops and operates inpatient psychiatric

facilities, residential treatment centers, group homes and substance

abuse facilities. On a trailing 12-month basis, it generated revenue

of $1.6 billion, EBITDA of $341.7 million and net income of

$100.2 million.

ANNOUNCEMENT DATE: November 3, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: The announcement was made in Acadia

Healthcare's third quarter results. PRICE/REVENUE:

PRICE/INCOME:

Discovery House operates 19 comprehensive care treatment centers in Rhode Island, Maine and Utah. Duffy's

Napa Valley Rehab is a 61-bed addiction treatment facility in Calistoga, California. Meadow View is a 28-bed

behavioral healthcare facility in Lincolnshire, United Kingdom. Cleveland House (32 beds) is in Southport, United

Kingdom. Acadia expects these four transactions, all closed in the fourth quarter, to produce in aggregate full-year

2015 revenues of more than $50 million, and to be accretive to its Q4:15 financial results.

TARGET: RHA Health Services, LLC ACQUIRER: Formation Capital, LLC


LOCATION: Asheville, North Carolina CEO: Brian Beckwith PHONE: 770-754-9660

UNITS: 3820 Mansell Road, Ste. 280 FAX: 770-754-3085 REVENUE: Alpharetta, Georgia 30022

NET INCOME: WEB SITE: www.formationcapital.com

RHA Health Services, LLC provides a broad range

of person-centered, integrated, and high-quality

supports and services focused on children and adults

living with mental health and substance abuse

challenges. RHA has over 5,000 employees.

Formation Capital is a private equity firm specializing in the seniors

housing and skilled nursing sectors. Since 1999, Formation Capital

and its affiliates have sponsored over $9.0 billion of investments in

healthcare services, seniors housing and care and post-acute

services.

ANNOUNCEMENT DATE: November 6, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

Formation Capital, along with its strategic partner Safanad, will provide RHA with board-level guidance, strategic

advice and greater access to equity and debt capital that will support the continued growth of RHA’s operations

through the Mid-Atlantic and Southeast regions. Capital One provided a senior credit facility to support Formation

Capital for this acquisition. The credit facility consists of a five-year, $68.1 million secured term loan and a five-

year $30 million revolver, in addition to other treasury and cash management solutions.


TARGET: MMO Behavioral Health

Systems

ACQUIRER: Acadia Healthcare Company

LISTING: Private LISTING: NASDAQ: ACHC

LOCATION: Baton Rouge, Louisiana CEO: Joey A. Jacobs PHONE: 615-861-6000

UNITS: 80 (beds) 6100 Tower Circle, Ste. 1000 FAX: REVENUE: $ 16,000,000 (ttm, 9/30/15) Franklin, Tennessee 37067

NET INCOME: WEB SITE: www.acadiahealthcare.com

MMO Behavioral Health operates two acute

inpatient behavioral health facilities with a total of

80 beds. They are located in Baton Rouge and in

Covington, which is in the northern part of the New

Orleans MSA.

Acadia develops and operates inpatient psychiatric facilities,

residential treatment centers, group homes and substance abuse

facilities. On a trailing 12-month basis, it generated revenue of $1.6

billion, EBITDA of $341.8 million and net income of $100.2

million.

ANNOUNCEMENT DATE: December 2, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

The transaction is expected to be immediately accretive to Acadia’s financial results, excluding transaction related

expenses. These are Acadia's first inpatient behavioral health facilities in the Baton Rouge and greater New Orleans

markets.

TARGET: Turning Point Family

CARE, PLLC

ACQUIRER: NcgCare


LOCATION: Durham, North Carolina CEO: Frank Viera PHONE: 804-433-3530

UNITS: 5540 Falmouth St., Ste. 200 FAX: 804-433-3531 REVENUE: Richmond, Virginia 23230

NET INCOME: WEB SITE: ncgcare.com

Turning Point Family Care provides services to

individuals and families through two office

locations in Durham and Raleigh.

NcgCare is the recently created parent company of the National

Counseling Group. It began as Northern Virginia Counseling Group

in 1993, and its providers offer mental health services, foster care

and outpatient services through its family of brands.


PRICE/INCOME:

This is the first transaction announced by NcgCare, which is looking to grow in Atlanta and in West Virginia. In

early December, the company closed on a six-month management contract for Community Alternatives in

Pennsylvania. This transaction closed on November 16, 2015.


TARGET: Solutions Recovery, Inc. ACQUIRER: AAC Holdings, Inc.

LISTING: Private LISTING: NYSE: AAC

LOCATION: Las Vegas, Nevada CEO: Michael T.

Cartwright

PHONE: 615-732-1231

UNITS: 174 (beds) 115 East Park Drive, 2nd Floor FAX: REVENUE: $ 4,500,000 (through

9/30/15) Brentwood, Tennessee 37027

NET INCOME: WEB SITE: americanaddictioncenters.com

Solutions Recovery provides detoxification,

residential and intensive outpatient treatment as

well as sober living services in the greater Las

Vegas area.

AAC Holdings, through its operating subsidiary American

Addiction Centers, provides inpatient substance abuse treatment

services. On a trailing 12-month basis, it generated revenue of

$175.3 million, EBITDA of $32.4 million and net income of $13.2

million.

ANNOUNCEMENT DATE: December 11, 2015 PRICE: $ 13,000,000 PRICE PER UNIT: $ 74,713 TERMS: $6.75 million in cash and $6.25 million

of restricted shares of AAC Holdings'

common stock.

PRICE/REVENUE: 2.89

PRICE/INCOME:

Solutions Recovery's assets include 100 sober-living beds (owned), 70 licensed in-network detox, residential and

halfway house beds (leased), 24 sober-living beds (leased) and three licensed, in-network outpatient centers. AAC

is also acquiring the real estate assets. Solutions Recovery generated revenue of approximately $4.5 million for the

nine months ending September 30, 2015. AAC expects EBITDA to reach approximately $2 million in the first 12

months of ownership.

TARGET: Wetsman Forensic

Medicine, LLC

ACQUIRER: AAC Holdings, Inc.

LISTING: Private LISTING: NYSE: AAC

LOCATION: New Orleans, Louisiana CEO: Michael T.

Cartwright

PHONE: 615-732-1231

UNITS: 20 (beds) 115 East Park Drive, 2nd Floor FAX: REVENUE: Brentwood, Tennessee 37027

NET INCOME: WEB SITE: americanaddictioncenters.com

Wetsman Forensic Medicine, dba Townsend, is a

leading substance abuse treatment provider in

Louisiana and operates six in-network outpatient

centers, as well as a 20-bed in-network facility in

Scott, Louisiana.

AAC Holdings, through its operating subsidiary American

Addiction Centers, provides inpatient substance abuse treatment

services. On a trailing 12-month basis, it generated revenue of


million.

ANNOUNCEMENT DATE: December 11, 2015 PRICE: $ 12,750,000 PRICE PER UNIT: $ 637,500 TERMS: $12.75 million in cash and $8.50 million

in restricted shares of AAC’s common

stock. The total purchase price is subject

to an escrow of $2.0 million that is

contingent upon a minimum adjusted

EBITDA of $3.0 million for 2016.

PRICE/REVENUE:

PRICE/INCOME:

AAC also disclosed that its FitRx and The Academy operations will cease operations as of December 31, 2015,

due to their continued unprofitability and management’s realignment to focus solely on adult addiction treatment.

This transaction is expected to close in the first half of 2016.


TARGET: Geriatric Essentials ACQUIRER: TeamHealth Holdings, Inc.

LISTING: Private LISTING: NYSE: TMH

LOCATION: Jackson, Tennessee CEO: Michael D. Snow PHONE: 865-693-1000

UNITS: 265 Brookview Centre Way,

Ste. 400

FAX:

REVENUE: Knoxville, Tennessee 37919

NET INCOME: WEB SITE: www.teamhealth.com

Geriatric Essentials' advanced nurse practitioners

partner with 19 nursing homes, assisted care living

facilities and assisted residential communities

throughout Tennessee and Mississippi.

TeamHealth provides outsourced healthcare professional staffing

and administrative services to hospitals and other healthcare

providers. On a trailing 12-month basis, it generated revenue of $3.4


million.


PRICE/INCOME:

Geriatric Essentials provides psychiatric and multidisciplinary behavioral interventions. Through these

partnerships, the group provides services for approximately 9,000 patient encounters annually. This is one of

TeamHealth's first acquisitions since its merger with IPC Healthcare on November 23, and is one of its first in the

area of behavioral health care.

TARGET: Philhaven ACQUIRER: WellSpan Health


LOCATION: Mount Gretna, Pennsylvania CEO: Kevin Mosser, MD PHONE: 717-851-6800

UNITS: 3421 Concord Road FAX: 717-755-7190 REVENUE: York, Pennsylvania 17402

NET INCOME: WEB SITE: www.wellspan.org

Philhaven is the 14th largest mental and behavioral

health provider in the country. It serves residents in

Adams, York, Lancaster and Lebanon counties.

WellSpan operates five hospitals, more than 120 patient care

locations, a home health agency and the WellSpan Medical Group.

In 2014, it added behavioral health providers to seven of its primary

care physician offices, and has expanded the initiative to 10.

ANNOUNCEMENT DATE: December 17, 2015 PRICE: Merger PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

The affiliation will combine Philhaven's 55 programs with WellSpan Health to develop an integrated system of

behavioral health care. This affiliation will result in a merger of the region's most complete continuum of

behavioral health services and south central Pennsylvania's most comprehensive nonprofit health system. The

merger will be effective on January 1, 2016.


BIOTECHNOLOGY

TARGET: License to Glycotope’s

recombinant technology

ACQUIRER: Octapharma AG


LOCATION: Berlin, Germany CEO: Wolfgang Marguerre,

Chairman

PHONE: +41 55 4512121

UNITS: Seidenstrasse 2 FAX: +41 55 4512110 REVENUE: Lachen, Switzerland 8853

NET INCOME: WEB SITE: www.octapharma.com

Glycotope GmbH Berlin is selling the exclusive

worldwide license to certain intellectual property

pertaining to its recombinant technology.

Octapharma is one of the largest human protein product

manufacturers in the world and has been committed to patient care

and medical innovation since 1983. It has 48 subsidiaries.

Octapharma’s revenue forecast for 2015 is €1.5 billion.

ANNOUNCEMENT DATE: October 8, 2015 PRICE: $ 90,920,000 Approximate PRICE PER UNIT: TERMS: €80 million upfront that includes a

minority stake in Glycotope GmbH. PRICE/REVENUE:

PRICE/INCOME:

In addition to this investment Glycotope will be commissioned by Octapharma to a series of research and

development projects that enable the technology transfer and accelerated development of certain therapeutic

proteins. This engagement is an important step for Octapharma’s development and will provide significant growth

opportunities.

TARGET: Adheron Therapeutics ACQUIRER: Roche

LISTING: Private LISTING: SIX: RO

LOCATION: Berkeley, California CEO: Dr. Severin Schwan PHONE: 41 61 688 11 11

UNITS: Konzern-Hauptsitz

Grenzachersan 124

FAX:

REVENUE: Basel, Switzerland 4070

NET INCOME: WEB SITE: www.roche.com

Adheron Therapeutics is a biotechnology company

focused on leveraging pioneering technology that

disrupts cell adhesion to treat a variety of diseases.

Roche operates in the pharmaceuticals and diagnostics businesses in

Europe, North America and Asia. On a trailing 12-month basis, it

generated revenue of $52.1 billion, EBITDA of $19.6 billion and

net income of $9.3 billion.

ANNOUNCEMENT DATE: October 9, 2015 PRICE: $105,000,000 PRICE PER UNIT: TERMS: Adheron's shareholders will receive an

upfront cash payment of $105 million,

plus additional contingent payments of

up to $475 million based on

achievement of certain predetermined

milestones.

PRICE/REVENUE:

PRICE/INCOME:

Adheron Therapeutics has developed a pioneering technology that disrupts immune cell adhesion through a cell

surface protein called Cadherin-11. This deal brings together Adheron's deep understanding of the underlying

science of Cadherin-11 with Roche's vast experience in researching and developing next-generation medicines.

The deal is expected to close in the fourth quarter.


TARGET: Collaboration on gene

editing technology

ACQUIRER: Vertex Pharmaceuticals Incorporated

LISTING: Private LISTING: NASDAQ: VRTX

LOCATION: Cambridge, Massachusetts CEO: Dr. Jeffrey M. Leiden PHONE: 617-341-6100

UNITS: 50 Northern Avenue FAX: REVENUE: Boston, Massachusetts 02210

NET INCOME: WEB SITE: www.vrtx.com

CRISPR Therapeutics is collaborating with Vertex

on the use of its gene editing technology known as

CRISPR-Cas9. The goal is to discover and develop

potential treatments aimed at the underlying genetic

causes of human disease.

Vertex engages in discovering, developing, manufacturing and

commercializing small molecule drugs targeting serious diseases in

specialty markets. On a trailing 12-month basis, it generated

revenue of $628.1 million and a net loss of $733.9 million.

ANNOUNCEMENT DATE: October 26, 2015 PRICE: $105,000,000 PRICE PER UNIT: TERMS: Cash upfront, including $75 million in

cash and a $30 million equity

investment in CRISPR. Other payments

contingent on achieving future

development, regulatory and sales

milestones, and royalty payments on

future sales.

PRICE/REVENUE:

PRICE/INCOME:

The collaboration will evaluate the use of CRISPR-Cas9 across multiple diseases where targets have been validated

through human genetics. Vertex and CRISPR will focus their initial gene editing research on discovering

treatments to address the mutations and genes known to cause and contribute to cystic fibrosis and sickle cell

disease.

TARGET: Cardiopxyl

Pharmaceuticals, Inc.

ACQUIRER: Bristol-Myers Squibb Company

LISTING: Private LISTING: NYSE: BMY

LOCATION: Chapel Hill, North Carolina CEO: Giovanni Caforio,

MD

PHONE: 212-546-4000

UNITS: 345 Park Avenue FAX: REVENUE: New York, New York 10154

NET INCOME: WEB SITE: www.bms.com

Cardioxyl is a private biotechnology company

focused on the discovery and development of novel

therapeutic agents for the treatment of

cardiovascular disease.

Bristol-Myers Squibb develops, licenses, makes and distributes

biopharmaceutical products worldwide. On a trailing 12-month

basis, it generated revenue of $16.5 billion, EBITDA of $4.5 billion

and net income of $1.8 billion.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $300,000,000 PRICE PER UNIT: TERMS: $300 million upfront and potential

additional consideration of up to $1.775

billion upon the achievement of certain


milestones.

PRICE/REVENUE:

PRICE/INCOME:

The acquisition will give Bristol-Myers Squibb full rights to Cardioxyl's lead asset, CXL-1427, a novel nitroxyl

(HNO) donor in Phase 2 clinical development as an intravenous treatment for acute decompensated heart failure.

The acquisition closed on December 8, 2015.


TARGET: Dyax Corp. ACQUIRER: Shire plc

LISTING: NASDAQ: DYAX LISTING: NASDAQ: SHPG

LOCATION: Burlington, Massachusetts CEO: Dr. Flemming

Ornskov

PHONE: 353 1 429 7700

UNITS: 5 Riverwalk, Citywest Business

Campus

FAX:

REVENUE: $ 97,550,000 (ttm) Dublin, Ireland 24

NET INCOME: $- 17,720,000 (EBITDA) WEB SITE: www.shire.com

Dyax develops plasma kallikrein (pKal) inhibitors

for the treatment of HAE (hereditary angioedema),

a rare genetic disease. Its lead pipeline product, DX-

2930, is a Phase-3 ready asset, offering potential

transformative prophylactic therapy for HAE.

Shire develops treatments in therapeutic areas such as rare diseases,

neuroscience, ophthalmics, hemtology, and gastrointestinal

disorders. On a trailing 12-month basis, it generated revenue of $6.3

billion, EBITDA of $2.7 billion and net income of $3.0 billion.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $5,900,000,000 PRICE PER UNIT: TERMS: $37.30 in cash per Dyax share, plus

additional value through a non-tradable

contingent value right that will pay

$4.00 in cash per Dyax share upon

approval of DX-2930 in HAE,

representing $646 million.

PRICE/REVENUE: 60.48

PRICE/INCOME: - 332.96

Dyax's DX-2930 product has received Fast Track, Breakthrough Therapy and Orphan Drug designations from the

FDA, and has achieved Orphan Drug status in the EU. It is expected to enter Phase 3 clinical trials by the end of

2015. Deutsche Bank, Evercore and Morgan Stanley are acting as financial advisers to Shire. Centerview Partners

is acting as exclusive financial adviser to Dyax. Ropes & Gray, Davis Polk & Wardwell, and Slaughter & May are

acting as legal advisers to Shire and Sullivan & Cromwell are acting as legal adviser to Dyax.

TARGET: Exclusive license to

oncology drug discovery

ACQUIRER: Merck KGaA

LISTING: WSE:SLV LISTING: XETRA: MRK.DE

LOCATION: Krakow, Poland CEO: Karl-Ludwig Kley PHONE: 49 6151 72 0

UNITS: Frankfurter Strasse 250 FAX: 49 6151 72 5577 REVENUE: Darmstadt, Germany 64293

NET INCOME: WEB SITE: www.merck.de

Selvita, a drug discovery company, has agreed to a

three-year collaboration to validate new therapeutic

concepts in the field of oncology.

Merck is a leading science and technology company in healthcare,

life science and performance materials. On trailing 12-month basis,

the company generated revenue of $12.5 billion, EBITDA of $3.3

billion and net income of $1.3 billion.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merck will have an exclusive license to

the joint intellectual property and

Selvita will receive milestone payments

and royalties upon successful

development and commercialization of

products by Merck.

PRICE/REVENUE:

PRICE/INCOME:

This collaboration will steer a joined portfolio of discovery projects in a risk/reward sharing model and builds on

the framework that the two companies have developed during a two-year partnership in cancer metabolism,

which began in 2013.


TARGET: 5 cancer immunotherapies ACQUIRER: Sanofi

LISTING: Private LISTING: NYSE: SNY

LOCATION: Mainz, Germany CEO: Olivier Brandicourt PHONE: 33 1 53 77 40 00

UNITS: 54, Rue La Boetie FAX: 33 1 53 77 42 96 REVENUE: Paris, France 75008

NET INCOME: WEB SITE: www.sanofi.com

Sanofi and BioNTech A.G. will develop up to five

cancer immunotherapies, each consisting of a

mixture of synthetic messenger RNAs (mRNAs).

This is a multiyear exclusive collaboration and

license agreement.

Sanofi researches, develops, and markets various therapeutic

solutions. On a trailing 12-month basis, it generated revenue of

$41.0 billion, EBITDA of $12.1 billion and net income of $5.8

billion.

ANNOUNCEMENT DATE: November 3, 2015 PRICE: $ 60,000,000 PRICE PER UNIT: TERMS: Sanofi will pay BioNTech $60 million

in upfront and near-term milestone

payments. BioNTech could receive over

$300 million in development, regulatory

and commercial milestones and other

payments per product.

PRICE/REVENUE:

PRICE/INCOME:

BioNTech will combine the use of its proprietary mRNA technology platform with its extensive capabilities in

developing immune-stimulating pharmaceuticals. BioNTech will also supply part of the mRNA material needed

for development activities from its in-house GMP manufacturing unit. BioNTech has the option to co-develop and

co-commercialize two of the five mRNA therapeutics products with Sanofi in the European Union and the United

States.

TARGET: License to tavilermide

(MIM-D3)

ACQUIRER: Allergan plc

LISTING: Private LISTING: NYSE: AGN

LOCATION: Gloucester, Massachusetts CEO: Brent L. Saunders PHONE: 862-261-7000

UNITS: Clousbaugh Business Park FAX: REVENUE: Dublin, Ireland D17 E400

NET INCOME: WEB SITE: www.allergan.com

Mimetogen Pharmaceuticals will develop and

commercialize tavilermide (MIM-D3), a topical

formulation of a novel small molecule TrkA agonist

for the treatment of dry eye disease.

Allergan develops, manufactures and distributes generic, branded,

biosimilar and over-the-counter pharmaceutical products. On a

trailing 12-month basis, it generated revenue of $17.7 billion,

EBITDA of $7.2 billion and a net loss of $2.6 billion.

ANNOUNCEMENT DATE: November 4, 2015 PRICE: $ 50,000,000 PRICE PER UNIT: TERMS: Upfront payment of $50 million to

Mimetogen and will fund Phase 3

development of tavilermide. Mimetogen

is entitled to receive potential milestone

payments and royalties, based on

commercialization.

PRICE/REVENUE:

PRICE/INCOME:

Tavilermide has shown the ability to improve patient-reported blurriness and poor vision with a positive comfort

and tolerability profile in recent clinical studies. This development program is encouraging for the ophthalmology

community seeking new therapies to better address this important area of patient treatment.


TARGET: Antibody pilot plant

manufacturing facility

ACQUIRER: Agenus Inc.

LISTING: NASDAQ: XOMA LISTING: NASDAQ: AGEN

LOCATION: Berkeley, California CEO: Garo H. Armen PHONE: 781-674-4400

UNITS: 3 Forbes Road FAX: REVENUE: Lexington, Kentucky 02421

NET INCOME: WEB SITE: www.agenusbio.com

XOMA Corporation is selling its antibody pilot

plant manufacturing facility and capabilities.

Agenus is an immunology company developing novel checkpoint

modulators, vaccines and adjuvants to treat cancer. On a trailing 12-

month basis, it generated revenue of $18.8 million and a net loss of

$98.5 million.

ANNOUNCEMENT DATE: November 5, 2015 PRICE: $ 6,000,000 PRICE PER UNIT: TERMS: Agenus will pay at closing $5.0 million

in cash and up to $1.0 million in

common stock.

PRICE/REVENUE:

PRICE/INCOME:

The acquisition of XOMA’s facility will enable Agenus to manufacture checkpoint modulator (CPM) antibodies to

meet its growing GMP antibody production requirements for development and future clinical trials. Agenus will

offer employment to experienced XOMA professionals currently operating the facility. The transaction closed on

January 4, 2016.

TARGET: Cell line development

technology

ACQUIRER: Agenus Inc.

LISTING: Private LISTING: NASDAQ: AGEN

LOCATION: Geneva, Switzerland CEO: Garo H. Armen PHONE: 781-674-4400



Selexis SA, a global life science company, has

entered into a collaboration agreement with Agenus

to use its cell line development technology.



month basis, it generated revenue of $18.8 million, EBITDA loss of

$64.1 million and net loss of $98.5 million.


PRICE/INCOME:

The Selexis collaboration will offer Agenus significant advantages in the creation of high expressing and stable

master cell lines needed for antibody manufacturing. Agenus will use the newly acquired capabilities to accelerate

the development of its portfolio of CPM candidates for its own programs and those of potential collaborators.


TARGET: Hepregen Corporation ACQUIRER: BioTime, Inc.

LISTING: Private LISTING: NYSE: BTX

LOCATION: Medford, Massachusetts CEO: Michael D. West,

PhD

PHONE: 510-521-3390

UNITS: 1301 Harbor Bay Parkway FAX: 510-521-3389 REVENUE: Alameda, California 94502

NET INCOME: WEB SITE: www.biotimeinc.com

Hepregen Corp. is engaged in the development and

marketing of proprietary drug screening products. It

is merging with BioTime to form a new company

called Ascendance Biotechnology, Inc.

BioTime is a clinical-stage biotechnology company engaged in the

research and product development of regenerative medicine. On a

trailing 12-month basis, it generated revenue of $6.3 million and a

net loss of $38.8 million.

ANNOUNCEMENT DATE: November 6, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: In exchange for its contribution of

certain assets relating to its research

products and related patents and

technology, BioTime will acquire a

majority equity position in Ascendance.

PRICE/REVENUE:

PRICE/INCOME:

Ascendance combines Hepregen's application-director, cellular micro-patterning drug and chemical screening

technologies with BioTime's ESI BIO research products and proprietary stem cell technologies. This asset

combination will allow Ascendance to offer a broad portfolio of current and new stem-cell-derived assays and

other products and services to Hepregen's major pharmaceutical and chemical company customers.

TARGET: Rights to taladegib oncology

program

ACQUIRER: Ignyta, Inc.

LISTING: NYSE: LLY LISTING: NASDAQ: RXDX

LOCATION: Indianapolis, Indiana CEO: Dr. Jonathan E. Lim PHONE: 858-255-5959

UNITS: 11111 Flintkote Avenue FAX: REVENUE: San Diego, California 92121

NET INCOME: WEB SITE: www.ignyta.com

Eli Lilly and Company is selling the exclusive

license of worldwide rights to its taladegib oncology

development program. Taladegib is a potent, orally

bioavailable small molecule hedgehog/smoothened

antagonist in Phase 2 trials.

Ignyta, Inc. is a precision oncology biotechnology company

engaged in discovering, acquiring and commercializing new cancer

drugs. On a trailing 12-month basis, it generated a loss on net

income of $67.1 million.

ANNOUNCEMENT DATE: November 8, 2015 PRICE: $ 15,272,000 Approximate PRICE PER UNIT: TERMS: $2 million in cash and the issuance to

Lilly of approximately 1.2 million

shares of Ignyta's common stock

($13,272,000), priced at $11.06 per

share on November 6, 2015. Plus

development and sales milestones up to

$38 million.

PRICE/REVENUE:

PRICE/INCOME:

Concurrent with the transaction, Lilly will purchase 1.5 million more shares of Ignyta common stock at a price of

$20 per share in a private placement. Lilly has agreed not to sell or otherwise transfer any of the shares until May

10, 2016. Ignyta retained exclusive rights to develop and commercialize taladegib-containing products in

combination with certain Lilly compounds. Lilly is required to pay Ignyta a royalty on net sales of such products.

Latham & Watkins LLP advised Ignyta on this transaction.


TARGET: Ocata Therapeutics, Inc. ACQUIRER: Astellas Pharma, Inc.

LISTING: NADAQ: OCAT LISTING: TSE: 4503

LOCATION: Marlborough, Massachusetts CEO: Yoshihiko Hatanaka PHONE: 81 3 3244 3000

UNITS: 2-5-1, Nihonbashi-Honcho FAX: REVENUE: $ 157,870 (ttm) Tokyo, Japan 103-8411

NET INCOME: $- 24,300,000 (EBITDA) WEB SITE: www.astellas.com

Ocata Therapeutics, a clinical stage biotechnology

company, develops and commercializes

regenerative ophthalmology therapeutics in the

United States. It is conducting trials for treating

various forms of macular degeneration and other

ocular disorders.

Astellas Pharma manufactures, markets and imports/exports

pharmaceutical products worldwide. On a trailing 12-month basis, it

generated revenue of $11.0 billion, EBITDA of $2.5 billion and net

income of $1.4 billion.

ANNOUNCEMENT DATE: November 9, 2015 PRICE: $379,000,000 PRICE PER UNIT: TERMS: Astellas will pay $8.50 per share in

cash, representing a 79% premium to

Ocata's closing share price of $4.75 on

November 6, 2015.

PRICE/REVENUE: 2,400.71

PRICE/INCOME: -15.60

Astellas will acquire Ocata through Laurel Acquisition Inc., a wholly owned subsidiary of Astellas US Holding,

Inc. Acquiring Ocata will enable Astellas to establish a presence in ophthalmology and a leading position in cell

therapy. Citigroup Inc. is acting as exclusive financial advisor to Astellas, and Covington & Burling LLP is acting

as legal counsel. Jefferies LLC is acting as exclusive financial advisor to Ocata, and Goodwin Procter LLP is

acting as legal counsel.

TARGET: Rights to XMetA program ACQUIRER:

Novo Nordisk A/S

LISTING: NASDAQ: XOMA LISTING: NYSE: NVO

LOCATION: Berkeley, California CEO: Lars Rebien

SÃ‚rensen

PHONE: 45 44 44 88 88

UNITS: Novo All FAX: 45 44 49 05 55 REVENUE: $ 11,610,000 (ttm) Bagsvaerd, Denmark 2880

NET INCOME: $- 53,280,000 ttm) WEB SITE: www.novonordisk.com

XOMA Corporation is selling the exclusive global

rights to its XMetA program of allosteric

monoclonal antibodies that up-regulate the insulin

receptor for the treatment of diabetes.

Novo Nordisk is a global healthcare company with more than 90

years of innovation and leadership in diabetes care. On a trailing

12-month basis, NVO generated revenue of $14.8 billion,

EBITDA of $6.8 billion and net income of $4.7 billion.

ANNOUNCEMENT DATE: December 1, 2015 PRICE: $ 5,000,000 PRICE PER UNIT: TERMS: XOMA will receive $5.0 million in an

upfront payment, and up to $290.0

million in additional potential

development, regulatory and

commercial milestones. XOMA is also

eligible to receive tiered royalties on

product sales.

PRICE/REVENUE: .43

PRICE/INCOME: - .09

XOMA will retain commercialization rights for rare disease indications. Novo Nordisk has an option to add

these additional rights in rare diseases to its license.


TARGET: Collaboration on antibody

therapeutics

ACQUIRER: GlaxoSmithKline plc

LISTING: Private LISTING: NYSE: GSK

LOCATION: Vancouver, British Columbia CEO: Andrew Philip Witty PHONE: 44 20 8047 5000

UNITS: 980 Great West Road FAX: REVENUE: Brentford, United Kingdom TW8 9GS

NET INCOME: WEB SITE: www.gsk.com

Zymeworks, Inc. has agreed to collaborate to

further develop Zymeworks’ Effector Function

Enhancement and Control Technology (EFECT™)

platform.

GlaxoSmithKline creates, discovers, develops, manufactures, and

markets pharmaceutical products worldwide. On a trailing 12-

month basis, GSK generated revenue of $35.9 billion, EBITDA of

$9.6 billion and net income of $14.8 billion.

ANNOUNCEMENT DATE: December 3, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: GSK has the right to develop a

minimum of four products across

multiple disease areas. Zymeworks will

receive pre-clinical, clinical, and

commercial milestones of up to $110

million for each product, as well as

tiered sales royalties.

PRICE/REVENUE:

PRICE/INCOME:

GSK and Zymeworks will develop and commercialize monoclonal and bi-specific antibody candidates that

incorporate Zymeworks’ optimized immune-modulating Fc domains. The collaboration will allow Zymeworks to

combine the novel immune-modulating Fc domains with GSK's Azymetric™ platform to generate bi-specific

antibodies with customized immune modulatory functions.

TARGET: Cytos Biotechnology AG ACQUIRER: Kuros Biosurgery Holding AG

LISTING: SIX: CYTN LISTING: Private

LOCATION: Schlieren, Switzerland CEO: Didier Cowling PHONE: 41 44 200 56 00

UNITS: Technoparkstrsse 1 FAX: REVENUE: Zurich, Switzerland 8005

NET INCOME: WEB SITE: www.kuros.ch

Cytos is focused on the development of targeted

immunotherapies with a VLP B-cell vaccines

platform and ongoing preclinical development

programs based on the platform.

Kuros Biosurgery develops novel biomaterials and bioactive-

biomaterial combination products that are focused in therapeutic

areas covering sealants and orthobiologics (bone healing). It

completed a financing of more than CHF20 million in November

2015.

ANNOUNCEMENT DATE: December 3, 2015 PRICE: Merger PRICE PER UNIT: TERMS: All-stock transaction. Each Kuros

outstanding share will convert to

approximately 27 newly issued Cytos

shares.

PRICE/REVENUE:

PRICE/INCOME:

Current shareholders of Cytos will own about one-fifth and Kuros' shareholders will hold about four-fifths of the

combined company, which will be called Kuros Biosciences AG. The combined company aims to be a leader in

the field of tissue repair and regeneration.


TARGET: Collaboration with BioAtla ACQUIRER: Pfizer Inc.

LISTING: Private LISTING: NYSE: PFE

LOCATION: San Diago, California CEO: Ian Read PHONE: 212-733-2323

UNITS: 235 E. 42nd Street FAX: REVENUE: New York, New York 10017

NET INCOME: WEB SITE: www.pfizer.com

BioAtla LLC has agreed to a license and option

agreement to advance the development and

commercialization of a new class of antibody

therapeutics based on its Conditionally Active

Biologic (CAB) platform, with Pfizer's proprietary

ADC payloads.

Pfizer is a biopharmaceutical company with global operations. On a



ANNOUNCEMENT DATE: December 7, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: BioAtla is eligible to receive a potential

of more than $1.0 billion in upfront,

regulatory and sales milestone

payments, as well as tiered marginal

royalties reaching double digits and

potential future product sales.

PRICE/REVENUE:

PRICE/INCOME:

BioAtla and Pfizer will each have a license to the other's respective technology to pursue the development and

commercialization of several CAB-ADC antibodies. Pfizer also gains an exclusive option to develop and

commercialize BioAtla CAB antibodies that target CTLA4, a validated immuno-oncology target in humans. If

successful, BioAtla's technology would allow the selective targeting of CTLA4 expressed on immune cells

localized in the tumor microenvironment.

TARGET: Open Monoclonal

Technology, Inc.

ACQUIRER: Ligand Pharmaceuticals Incorporated

LISTING: Private LISTING: NASDAQ: LGND

LOCATION: Palo Alto, California CEO: John L. Higgins PHONE: 858-550-7500

UNITS: 11119 North Torrey Pines Rd.,

Ste. 200

FAX:

REVENUE: La Jolla, California 92037

NET INCOME: WEB SITE: www.ligand.com

Open Monoclonal Technology, Inc. (OMT), a

portfolio company of Essex Woodlands Health

Ventures, specializes in genetic engineering of

animals for the generation of human therapeutic

antibodies through its OmniAb™ platform.

Ligand Pharmaceuticals is a biopharmaceutical company focused on

developing or acquiring royalty generating assets. On a trailing 12-

month basis, it generated revenue of $73.7 million, EBITDA of

$29.9 million and net income of $255.9 million.

ANNOUNCEMENT DATE: December 17, 2015 PRICE: $178,000,000 Approximate PRICE PER UNIT: TERMS: Ligand will pay OMT shareholders

$92.6 million in cash and $85.4 million

in Ligand common stock.

PRICE/REVENUE:

PRICE/INCOME:

OMT has existing licenses with Amgen, Celgene, Genmab, Janssen, Merck KGaA, Pfizer, Seattle Genetics, Five

Prime, Symphogen and various other biotechnology and pharmaceutical companies. The transaction is expected to

add 5% to 2016 revenue and 7% to 10% to annual revenue over the next decade. It is projected to be slightly

accretive to adjusted EPS in 2016 and accretive to adjusted EPS by approximately 4% to 8% per year over the next

several years.


TARGET: Portfolio of preclinical HIV

assets

ACQUIRER: ViiV Healthcare

LISTING: NYSE: BMY LISTING: NYSE: GSK

LOCATION: New York, New York CEO: David Redfern PHONE: 44 20 8380 6200

UNITS: 980 Great West Road FAX: REVENUE: Brentford, Middlesex, United Kingdom TW8 9GS

NET INCOME: WEB SITE: www.viivhealthcare.com

Bristol-Myers Squibb is selling its portfolio of

preclinical and discovery-stage HIV assets,

including a novel biologic (BMS-986197) with a

triple mechanism of action, a maturation inhibitor,

an allosteric integrase inhibitor and a capsid

inhibitor.

ViiV Healthcare is the global HIV business of GlaxoSmithKline

plc.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: $ 33,000,000 PRICE PER UNIT: TERMS: $33 million upfront, followed by

development and first commercial sales

milestones of up to $587 million, and

further consideration contingent on

future sales performance.

PRICE/REVENUE:

PRICE/INCOME:

This is one of two transactions announced between these parties on the same date. These potential therapies have

novel modes of action and would offer significant new treatment options to patients with HIV. A number of

Bristol-Myers Squibb employees will also be offered the opportunity to transfer to ViiV Healthcare. The two

transactions are anticipated to complete independently during the first half of 2016.

TARGET: PhosImmune Inc. ACQUIRER: Agenus Inc.

LISTING: Private LISTING: NASDAQ: AGEN

LOCATION: Charlottesville, Virgina CEO: Garo H. Armen PHONE: 781-674-4400



PhosImmune, an immunotherapy company, has

discovered an entirely new portfolio of cancer

neoantigens, specifically, phosphopeptide tumor

targets that are fragments of proteins expressed in

cancer cells.




$98.5 million.

ANNOUNCEMENT DATE: December 23, 2015 PRICE: $ 9,900,000 PRICE PER UNIT: TERMS: PhosImmune’s equity holders will

receive an upfront payment of $2.5

million in cash and $7.4 million in

shares of Agenus common stock at

closing, plus milestone payments of up

to $35 million in cash and/or stock.

PRICE/REVENUE:

PRICE/INCOME:

The acquisition will accelerate Agenus' development of new cancer vaccines and other single agent immuno-

oncology approaches, as well as combination therapies. Its AutoSynVax program targets cancer neoantigens with

an autologous synthetic vaccine approach.


eHEALTH

TARGET: Practice management

business

ACQUIRER: Pulse System, Inc.


LOCATION: CEO: Jeff Burton PHONE: 800-444-0882 UNITS: 3020 North Cypress Drive FAX: REVENUE: Wichita, Kansas 67226

NET INCOME: WEB SITE: www.pulseinc.com

Nightingale Informatix Corporation is selling its

U.S.-based practice management business, which

includes the assets of Nightingale's Medrium,

Ridgemark, Secure Connect and Northern Health

Products.

Pulse System, a subsidiary of Cegedim, provides certified,

integrated, electronic healthcare management systems to thousands

of providers across more than 40 specialties.


PRICE/INCOME:

Following the closing, Pulse's focus on its U.S. clients will include an upgrade each medical organization into its

growing offering of state-of-the-art technology and service solutions. These solutions enable each medical

organization to leverage the power of Pulse's suite of fully integrated proprietary products offered in both client

server and cloud environments. This transaction closed on August 4, 2015.

TARGET: HealthCare Revenue

Strategies LLC

ACQUIRER: RevSpring


LOCATION: Boston, Massachusetts CEO: Tim Schriner PHONE: 248-567-7300

UNITS: 29241 Beck Road FAX: REVENUE: Wixom, Michigan 48393

NET INCOME: WEB SITE: www.revspring.com

HealthCare Revenue Strategies provides revenue

cycle consulting, analytics and hosted workflow

solutions for healthcare providers. Its leading

product is RemitWeb™, which provides denial

management solutions.

RevSpring provides patient and consumer engagement, delivering

end-to-end technology enabled solutions that accelerate cash flow,

improve consumer satisfaction and strengthen client relationships.


PRICE/INCOME:

HRS will operate as a stand-alone subsidiary of RevSpring and will continue to be led by Chuck Duncan, Chief

Executive Officer and CTO. RemitWeb™ will be integrated with RevSpring's emerge™ platform and available to

RevSpring customers.


TARGET: EXINI Diagnostics AB ACQUIRER: Progenics Pharmaceuticals, Inc.

LISTING: Stockholm: EXINI.ST LISTING: NASDAQ: PGNX

LOCATION: Lund, Sweden CEO: Mark R. Baker, JD PHONE: 914-789-2800

UNITS: 777 Old Saw Mill River Road FAX: 914-789-2817 REVENUE: Tarrytown, New York 10591

NET INCOME: WEB SITE: www.progenics.com

EXINI Diagnostics develops software solutions for

medical decision support, based on advanced image

analysis.

Progenics Pharmaceuticals develops clinical-stage medicines for

oncology in the United States and internationally. On a trailing 12-

month basis, it generated revenue of $43.3 million and net income

of $2.85 million.

ANNOUNCEMENT DATE: October 13, 2015 PRICE: $ 7,000,000 PRICE PER UNIT: TERMS: Cash on hand. The purchase price

implies a price per share of

approximately SEK 3.15 (USD $0.39).

PRICE/REVENUE:

PRICE/INCOME:

The acquisition complements Progenics' strategy to support its imaging and therapeutic agents with sophisticated

software and other technologies that help physicians and patients visualize, understand, target and treat cancer. It

will bring new personnel with key medical and scientific expertise in the area of medical imaging to Progenics, and

will help Progenics work with European partners, clinicians and researchers.

TARGET: Benaissance ACQUIRER: WEX Inc.

LISTING: Private LISTING: NYSE: WEX

LOCATION: Omaha, Nebraska CEO: Melissa Smith PHONE: 207-773-8171

UNITS: 97 Darling Avenue FAX: REVENUE: South Portland, Maine 04106

NET INCOME: WEB SITE: www.wexinc.com

Benaissance provides integrated Software-as-a-

Service (SaaS) technologies and services for

healthcare premium billing, payment and workflow

management.

WEX is a multi-channel provider of corporate payment solutions

representing more than 9 million vehicles and offering payment

security and control access across a wide spectrum of business

sectors.


PRICE/INCOME:

Effective with the transaction's closing on November 18, 2015, Benaissance became part of WEX's Evolution1

business unit.


TARGET: Medworxx ACQUIRER: Aptean Inc.


LOCATION: Toronto, Ontario CEO: Kim Eaton PHONE: 855-411-2783

UNITS: 4325 Alexander Drive, Ste. 100 FAX: REVENUE: Alpharetta, Georgia 30022

NET INCOME: WEB SITE: www.aptean.com

Medworxx delivers health information technology

solutions to over 350 hospitals internationally,

including Canada, United States, United Kingdom,

France and Australia.

Aptean is a leading provider of industry-focused mission critical

enterprise software solutions. Aptean's solutions help nearly 5,000

organizations stay at the forefront of their industries.


PRICE/INCOME:

This is Aptean's first acquisition in the healthcare sector. Aptean’s strong operational efficiencies will enable

Medworxx to accelerate its efforts to advance its growth internationally. The acquisition closed on October 15,

2015.

TARGET: Vree Health ACQUIRER: PatientSafe Solutions

LISTING: NYSE: MRK LISTING: Private

LOCATION: Annandale, New Jersey CEO: Joseph Condurso PHONE: 858-746-3100

UNITS: 5375 Mira Sorrento Place FAX: 858-746-3101 REVENUE: San Diego, California 92121

NET INCOME: WEB SITE: patientsafesolutions.com

Merck & Co. is selling its wholly owned subsidiary,

Vree Health, which provides service-enabled care

coordination technology designed to influence

positive behavioral change and enhance the patient

experience.

PatientSafe Solutions provides Connected Patient Care® networks

that extend engagement and connectivity to physicians, nurses and

patients to eliminate harm, reduce waste and improve productivity.


PRICE/INCOME:

Vree Health’s patient engagement and care management platform is designed to help coordinate care across

providers; aggregate and analyze disparate data sources; and engage patients in managing their care. These services

will complement PatientSafe’s mobile workflow solutions. PatientSafe Solutions is backed by investments from

Merck Global Health Innovation Fund, TPG Biotech, Psilos Group, Camden Partners and EDBI of the Singapore

Economic Development Board.


TARGET: Xtend Healthcare ACQUIRER: Navient Corporation

LISTING: Private LISTING: NYSE: NAVI

LOCATION: Hendersonville, Tennessee CEO: John F. Remondi PHONE: 302-283-8000

UNITS: 123 Justison Street FAX: REVENUE: $ 70,000,000 (2015,

approximate) Wilmington, Delaware 19801

NET INCOME: WEB SITE: www.navient.com

Xtend Healthcare is one of the fastest-growing

revenue cycle management companies in the

industry. The company has grown from $17 million

in revenue in 2010 to approximately $70 million in

2015.

Navient provides financial products and services in the United

States. On a trailing 12-month basis, it generated revenue $2.4

billion and net income of $973 million.


PRICE/INCOME:

With this acquisition, Navient is leveraging its asset recovery and business process outsourcing capabilities into the

healthcare payments sector. Xtend currently serves more than 130 hospitals, ranging from large teaching

university-affiliated hospitals and urban medical centers to rural critical access hospitals. Services include health

insurance claims billion and account resolution, patient billing, customer service and follow-up, as well as revenue

cycle consulting.

TARGET: Lavender & Wyatt Systems ACQUIRER: Netsmart Technologies


LOCATION: Little Rock, Arkansas CEO: Mike Valentine PHONE: 800-472-5509

UNITS: 4950 College Boulevard FAX: REVENUE: Overland Park, Kansas 66211

NET INCOME: WEB SITE: www.ntst.com

Lavender & Wyatt Systems, Inc. provides electronic

health records (EHRs) and related services for

behavioral health provider organizations.

Netsmart Technologies provides post-acute electronic health records

(EHRs) and technology for health and human services providers.


PRICE/INCOME:

LSWI clients will now have access to Netsmart's CareRecord EHR options and a range of other solutions and

services that help to deliver quality care and maximize operational efficiencies. Its own Essentia general ledger

modules will be added to the Netsmart CareGuidance suite and made available to all Netsmart clients.


TARGET: Atlas Medical ACQUIRER: Roper Technologies, Inc.

LISTING: Private LISTING: NYSE: ROP

LOCATION: Calabasas, California CEO: Brian D. Jellison PHONE: 914-556-2601

UNITS: 6901 Professional Pkwy. East,

Ste. 200

FAX:

REVENUE: Sarasota, Florida 34240

NET INCOME: WEB SITE: www.roperind.com

Atlas Development Corporation is selling its

subsidiary, Atlas Medical, which provides software

that supports clinical process and connectivity

solutions for hospitals, health systems, laboratory,

radiology and other clinical disciplines.

Roper Technologies designs and develops software and solutions

for healthcare, transportation, food, energy and other industries. On

a trailing 12-month basis, it generated revenue of $3.6 billion,

EBITDA of $1.2 billion and net income of $673.4 million.


PRICE/INCOME:

Roper Technologies' subsidiary, Sunquest Information Systems Inc., will take over Atlas Medical and its

LabWorks platform that connects diagnostic testing facilities to their customers. The platform also connects

physicians and patients with lab test results via Atlas Physician Portal.

TARGET: Mach7 Technologies, Inc. ACQUIRER: 3D Medical Limited

LISTING: Private LISTING: ASX:3DM

LOCATION: South Burlington, Vermont CEO: Max Ghobrial PHONE: 61 3 9646 2222

UNITS: 435 Williamstown Road, Unit 4 FAX: 61 3 9645 4707 REVENUE: Victoria, Australia 3207

NET INCOME: WEB SITE: www.3dmedical.com.au

Mach7 Technologies is a global provider of

enterprise image management systems that allow

healthcare enterprises to easily identify, connect and

share diagnostic image and patient care intelligence

where and when needed.

3D Medical is a medical specific 3D printing and holographic

projection and data integrations provider. On a trailing 12-month

basis, it generated revenue of $167,100 and a net of $6.9 million.

ANNOUNCEMENT DATE: October 26, 2015 PRICE: $ 3,676,000 Approximate PRICE PER UNIT: TERMS: 3DM will issue 459.5m shares (at $0.08

per share) to the owners of Mach7 in

return for 100% of the Mach7 assets and

intellectual property. Performance-

related shares will also be available for

certain agreed financial milestones.

PRICE/REVENUE:

PRICE/INCOME:

The merger will provide access via public capital markets for Mach7 while preserving corporate self-determination

regarding its mission and product roadmap. The merged entity will be publicly listed on the Australian stock

exchange (ASX) and will trade as Mach7 Technologies Ltd. The transaction will drive earnings and transform the

combined entity into a global operation, allowing significant opportunities to scale 3DM’s value-adding data

activities to leading healthcare institutions globally.


TARGET: Health Heritage ACQUIRER: NantHealth


LOCATION: Evanston, Illinois CEO: Dr. Patrick Soon-

Shiong

PHONE: 855-949-6268

UNITS: 9920 Jefferson Blvd. FAX: REVENUE: Culver City, California 90232

NET INCOME: WEB SITE: www.nanthealth.com

Health Heritage is part of NorthShore University

HealthSystem. Health Heritage is an online

genomic medicine decision support application that

aggregates and analyzes data from medical records,

genetic tests and family history to assess disease

risk.

NantHealth, a subsidiary of NantWorks, LLC, is a healthcare IT

company working to provide actionable health data at the point of

care.


PRICE/INCOME:

Funding was rapidly running out for Health Heritage before NantHealth stepped in. Soon-Shiong views Health

Heritage as a potential flagship product for NantHealth. The acquisition will continue the record of NantHealth

rolling up or partnering with other companies in implementing Soon-Shiong’s vision.

TARGET: PPS Plus Software ACQUIRER: Kinnser Software, Inc.


LOCATION: Biloxi, Mississippi CEO: Christopher Hester PHONE: 512-879-3135

UNITS: 2600 Via Fortuna Dr., Ste. 150 FAX: REVENUE: Austin, Texas 78746

NET INCOME: WEB SITE: www.kinser.com

PPS Plus Software is a national leader in clinical

analysis and benchmarking solutions for home

health agencies.

Kinnser Software provides web-based solutions to more than 2,100

home health and hospice agencies. The company reported 2014

revenue of $34 million, compared with $14.5 million in 2012.


PRICE/INCOME:

PPS Plus solutions integrate with a number of home health software solutions, including Kinnser. PPS Plus’s

strategic alliances, software integrations and energetic team are not changing. PPS Plus will continue to work with

all agencies and software vendors without disruption or limitations, while being wholly owned by Kinnser.


TARGET: HealthFusion Holdings,

Inc.

ACQUIRER: Quality Systems, Inc.

LISTING: Private LISTING: NASDAQ: QSII

LOCATION: San Diego, California CEO: Sheldon Razin PHONE: 94-255-2600

UNITS: 18111 Von Karman Ave., Ste.

700

FAX:

REVENUE: $ 30,000,000 (est.

annualized

revenue)

Irvine, California 92612

NET INCOME: WEB SITE: www.qsii.com

HealthFusion develops web-based, cloud computing

software for physicians, hospitals and medical

billing services. Its MediTouch® platform is

currently used by more than 3,000 physician

practices, ambulatory centers and billing services.

Quality Systems develops and markets healthcare information

systems that automate medical and dental practices, and networks of

practices. On a trailing 12-month basis, it generated revenue of


million.

ANNOUNCEMENT DATE: October 30, 2015 PRICE: $165,000,000 PRICE PER UNIT: TERMS: $165 million upfront, plus an additional

contingent consideration of up to $25

million, based on the generation of $43

million of HelathFusion product

revenues during calendar year 2016.

PRICE/REVENUE: 5.50

PRICE/INCOME:

The transaction is expected to capitalize on the both companies' successes in the ambulatory market segment. J.P.

Morgan Securities LLC is acting as financial advisor, and Latham & Watkins is serving as legal counsel to Quality

Systems. TripleTree is acting as exclusive financial advisor, and Wilson Sonsini Goodrich & Rosati is serving as

legal counsel to HealthFusion. The transaction closed on January 4, 2016.

TARGET: MedAssets, Inc. ACQUIRER: Pamplona Capital Management

LISTING: NASDAQ: MDAS LISTING: Private

LOCATION: Alpharetta, Georgia CEO: Jeremby Gelber,

MD, partner

PHONE: 212-207-6820

UNITS: 375 Park Avenue FAX: REVENUE: $ 74,995,000 (ttm) New York, New York 10152

NET INCOME: $218,880,000 (EBITDA) WEB SITE: www.pamplonafunds.com

MedAssets provides technology-enabled products

and services for hospitals, health systems, non-

acute healthcare providers, payers and other

service providers. It serves four out of every five

hospitals in the United States.

Pamplona Capital Management provides an alternative

investment platform across private equity, hedge funds and single

manager hedge fund investments. It manages over $10 billion in

assets across a number of funds.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $2,700,000,000 Approximate PRICE PER UNIT: TERMS: $31.35 per share, which represents a

total enterprise value of $2.7 billion for

the acquisition. Pamplona received

committed financing from Morgan

Stanley, Barclays, Macquarie and

Golub Capital for the transaction.


PRICE/INCOME: 12.34

Pamplona will divest MedAssets' Spend and Clinical Resource Management segment to VHA-UHC Alliance.

It will retain MedAssets' Revenue Cycle Management segment and combine it with Precyse, a portfolio

company that provides health information management services. The combined enterprise will offer end-to-end

RCM and HIM solutions. Morgan Stanley and Barclays are serving as Pamplona's financial advisors, and

Simpson Thacher & Bartlett LLP is serving as its legal advisor.


TARGET: MedAssets' SCM business ACQUIRER: VHA-UHC Alliance NewCo. Inc.

LISTING: NASDAQ: MDAS LISTING: Private

LOCATION: Alpharetta, Georgia CEO: Curt Nonomaque PHONE: 972-750-4972

UNITS: 290 E. John Carpenter Freeway FAX: REVENUE: Irving, Texas 75062

NET INCOME: WEB SITE: www.vha.com

As part of MedAssets' acquisition by Pamplona

Capital Management, MedAssets' Spend and

Clinical Resource Management segment, including

Sg2, is being sold to VHA-UHC Alliance.

Effective April 1, 2015, VHA, the national health care network of

not-for-profit hospitals and UHC, the alliance of the nation's leading

academic centers, combined to form the largest member-owned

health care company in the United States.


PRICE/INCOME:

This acquisition makes VHA-UHC Alliance a global leader in health care supply chain procurement, market

intelligence, strategic analytics and comprehensive consulting services. VHA-UHC plans to announce a new name

in January 2016. Piper Jaffray & Co. is acting as VHA-UHC Alliance's financial advisor and Greenbery Traurig

LLP is acting as its legal advisor. NHA-UHC has received committed financing from Barclays for the transaction.

TARGET: 1DocWay ACQUIRER: Genoa


LOCATION: New York, New York CEO: John Figueroa PHONE: 800-519-1139

UNITS: 18300 Cascade Ave. South, Ste.

251

FAX: 253-218-0336

REVENUE: Tukwila, Washington 98188

NET INCOME: WEB SITE: www.genoa-qol.com

1DocWay is the nation's largest outpatient

telepsychiatry provider. Its services are provided on

smartphones, tablets and desktop computers, and

has helped to treat 25,000 patients across 11 states.

Genoa, a QoL Healthcare Company, is a leading behavioral health

specialty pharmacy. It was created in July 2014 by the merger of

Genoa Healthcare with QoL meds.


PRICE/INCOME:

1DocWay raised $1.7 million in July from iSeedVC, Rock Health, Asset Management, Great Oaks Venture

Capital, and Waterline Ventures. It developed a telepsychiatry network that connects hospitals with community

health centers, skilled nursing facilities, military bases, critical access hospitals, and other underserved care settings

to offer patients mental health services. Genoa plans to launch Genoa Telepsychiatry using 1DocWay’s offering.


TARGET: iVantage Health Analytics ACQUIRER: The Chartis Group


LOCATION: Portland, Maine CEO: Ken Graboys PHONE: 877-667-4700

UNITS: 220 West Kinzie Street, Third

Floor

FAX:

REVENUE: Chicago, Illinois 60654

NET INCOME: WEB SITE: www.chartis.com

iVantage is a leading provider of healthcare analytic

and decision support tools. iVantage serves

hundreds of hospitals and health systems across the

country.

Chartis is a national advisory services firm. Chartis provides

strategic and economic planning, accountable care, clinical

transformation, and informatics and technology consulting services

to the country’s leading healthcare providers.


PRICE/INCOME:

iVantage's capabilities and tools, coupled with The Chartis Group's knowledge of healthcare economics, markets,

clinical models and technology, will enable both Chartis and iVantage to continue to deliver unequaled results to

its respective clients.

TARGET: Integrity Digital Solutions,

LLC

ACQUIRER: Alphaeon Corporation


LOCATION: Temple, Texas CEO: Robert E. Grant PHONE:


500

FAX:

REVENUE: Irvine, California 92612

NET INCOME: WEB SITE: www.alphaeon.com

Integrity Digital Solutions is an innovator in

electronic medical record software for

ophthalmology and optometry. Its Integrity EMR

for Eyes™ is designed to expedite EMR

implementation and enhance patient care.

Alphaeon is a lifestyle healthcare company that promotes consumer

wellness, beauty and performance. It works in partnership with

board-certified physicians ensuring access to leading advancements

in lifestyle healthcare.

ANNOUNCEMENT DATE: November 12, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Also on Nov. 12, 2015, Alphaeon

completed a private placement of Series

B Preferred stock in a transaction led by

Sailing Capital, H&S Ventures LLC,

Longitude Capital and Chow Tai Fook

Enterprises.

PRICE/REVENUE:

PRICE/INCOME:

This transaction is expected to close on or before December 31, 2015.


TARGET: Optima Healthcare

Solutions

ACQUIRER: Alpine Investors


LOCATION: Palm City, Florida CEO: Josh Pickus PHONE: 415-392-9100

UNITS: 3 Embarcadero Center, Ste.

2330

FAX:

REVENUE: San Francisco, California 94111

NET INCOME: WEB SITE: alpine-investors.com

Optima Healthcare Solutions provides therapy

management software for post-acute providers. Its

team will maintain minority ownership and remain

active in the management of the company.

Alpine Investors is a private equity firm committed to building

purpose-driven companies through its PeopleFirst model. It has

raised more than $900 million of committed capital and invested in

more than 50 companies since its launch in 2001.


PRICE/INCOME:

Optima is the leading therapy management SaaS software company serving the post-acute care market. Its

signature offering is RehabOptima, a solution used by more than 8,000 skilled nursing facilities, assisted living

facilities and contract therapy companies.

TARGET: ikaSystems ACQUIRER: Blue Cross Blue Shield of Michigan

LISTING: Private LISTING: Nonprofit

LOCATION: Southborough, Massachusetts CEO:

Daniel J. Loepp

PHONE: 855-237-3501

UNITS: 600 E. Lafayette Blvd. FAX: REVENUE: Detroit, Michigan 48226

NET INCOME: WEB SITE: www.bcbsm.com

ikaSystems delivers business automation and

process solutions that transform how health plans

conduct commercial, Medicare, Medicaid,

Exchange and ACO business. ikaSystems will

become an independent subsidiary of BCBSM.

Blue Cross Blue Shield of Michigan is an independent licensee of

the Blue Cross and Blue Shield Association.


PRICE/INCOME:

The new relationship will position ikaSystems for further growth in solution expansion, new capabilities and new

services across all lines of business. ikaSystems’ existing management team will continue to lead the Boston-area

company. Oppenheimer & Co. Inc. acted as exclusive financial advisor to ikaSystems.


TARGET: Healthland Holding Inc. ACQUIRER: Computer Programs and Systems, Inc.

LISTING: Private LISTING: NASDAQ: CPSI

LOCATION: Minneapolis, Minnesota CEO: J. Boyd Douglas PHONE: 251-639-8100

UNITS: 6600 Wall Street FAX: 251-639-8214 REVENUE: Mobile, Alabama 36695

NET INCOME: WEB SITE: www.cpsi.com

Healthland Holding Inc. provides integrated

technology solutions to rural community and critical

access hospitals. Its affiliates, Healthland Inc.,

American HealthTech, Inc. and Rycan

Technologies, Inc., are also part of the transaction.

CPSI is a leading provider of healthcare solutions for community

hospitals. CPSI is the parent of Evident, LLC and TruBridge, LLC.

On a trailing 12-month basis, it generated revenue of $184.2

million, EBITDA of $35.3 million and net income of $21.3 million.

ANNOUNCEMENT DATE: November 25, 2015 PRICE: $250,000,000 PRICE PER UNIT: TERMS: $250 million - 65% in cash and 35% in

CPSI common stock. CPSI will use cash

available on its balance sheet, $150

million of funded debt from a new

senior secured credit facility and shares

of its common stock.

PRICE/REVENUE:

PRICE/INCOME:

The acquisition will strengthen CPSI’s position in providing healthcare information solutions in the markets it

serves and will provide new growth markets for the combined company. Allen & Company LLC served as

financial advisor to CPSI for this transaction, and Maynard, Cooper & Gale, P.C. and Paul, Weiss, Rifkind,

Wharton & Garrison LLP served as legal counsel. Shearman & Sterling LLP served as legal counsel to Healthland.

The transaction closed on January 8, 2016.

TARGET: Lively ACQUIRER: GreatCall, Inc.


LOCATION: San Francisco, California CEO: David Inns PHONE: 855-888-6357

UNITS: 10935 Vista Sorrento Pkwy.,

Ste. 200

FAX:

REVENUE: San Diego, California 92130

NET INCOME: WEB SITE: www.greatcall.com

Founded in 2012, Lively has developed a remote

monitoring system for seniors. Its safety watch

works with a system of passive activity sensors to

alert family members and share seniors' daily

routines.

GreatCall has created a suite of products for active aging, including

GreatCall Splash, Jitterbug5, Touch3 and health, safety and medical

apps, including Urgent Care, GreatCall Link, MedCoach and 5Star.


PRICE/INCOME:

This acquisition is a key step in GreatCall's commitment to growth and the development of its connected health

portfolio.


TARGET: PDR Network, LLC ACQUIRER: Genstar Capital


LOCATION: Montvale, New Jersey CEO: Robert Weltman,

Managing Director

PHONE: 415-834-2350

UNITS: 4 Embarcadero Center, Ste.

1900

FAX: 415-834-2383

REVENUE: San Francisco, California 94111

NET INCOME: WEB SITE: www.gencap.com

PDR Network, a portfolio company of Lee Equity

Partners, LLC, delivers health knowledge products

and services that support prescribing decisions and

patient adherence to improve health.

Genstar Capital is a private equity investment firm that makes

leveraged investments in middle-market companies.


PRICE/INCOME:

PDR connects the largest aggregated provider-patient network, including healthcare providers’ eRx, EMR and

EHR applications and systems, chain and independent pharmacies, and a direct-to-provider communications

capability that reaches more than 1.5 million healthcare providers. Piper Jaffray & Co and Weil, Gotshal &

Manges, LLP served as financial and legal advisors, respectively.

TARGET: AOD Software ACQUIRER: MatrixCare


LOCATION: Fort Lauderdale, Florida CEO: John Damgaard PHONE: 952-995-9800

UNITS: 10900 Hampshire Ave. South,

Ste. 100

FAX: 952-995-9735

REVENUE: Bloomington, Minnesota 55438

NET INCOME: WEB SITE: www.matrixcare.com

AOD Software focuses on electronic health records

for the continuing care retirement community

(CCRC) market. It serves more than 800 CCRCs

and other long-term care facilities, in addition to

1,400 home health care locations.

MatrixCare, a portfolio company of OMERS Private Equity, is a

leading provider of electronic health record systems designed

specifically for skilled nursing facilities and other long-term care

sites.


PRICE/INCOME:

AOD Software complements MatrixCare's focus on the long-term care sector and expands its access to other areas

of the market. By integrating their collective technologies, the combined company will be able to offer a full-

spectrum solution to help LTPAC operators and others deliver better care and patient outcomes.


TARGET: UMS s.r.l. ACQUIRER: Ascom

LISTING: Private LISTING: SWX: ASCN

LOCATION: Florence, Italy CEO: Fritz Mumenthaler PHONE: +41 41 544 78 00

UNITS: Zugerstrasse 32 FAX: +41 41 761 97 25 REVENUE: Baar, Switzerland CH-6340

NET INCOME: WEB SITE: www.ascom.com

UMS delivers modular, point-of-care, electronic

health records software solutions for life-critical

patient care. UMS offers more than 200 medical

device integrations and 1,000 different EHR forms

and integrations.

Ascom is an international solutions provider with comprehensive

know-how in healthcare workflows and telecommunications. It has

subsidiaries in 19 countries and employs around 1,700 people

worldwide.


PRICE/INCOME:

With this acquisition, Ascom will gain access to new software and additional competence for global integrated

workflow solutions in Healthcare ICT. Ascom will leverage the acquired software solutions globally. UMS will be

renamed “Ascom UMS s.r.l.” Gabriele Unterberger, founder of UMS will continue to run it and will be Managing

Director.

TARGET: RightCare Solutions, Inc. ACQUIRER: naviHealth

LISTING: Private LISTING: NYSE: CAH

LOCATION: Horsham, Pennsylvania CEO: Clay Richards PHONE: 615-577-1900

UNITS: 210 Westwood Place, #400 FAX: REVENUE: Brentwood, Tennessee 37027

NET INCOME: WEB SITE: www.navihealth.us

RightCare Solutions is a discharge decision support

platform that works to reduce readmissions for

hospitals and health systems.

naviHealth, a subsidiary of Cardinal Health, is a post-acute care

management company with operations in 28 states.


PRICE/INCOME:

RightCare licenses its proprietary software to hospitals and health systems to assess patients for post-acute needs,

determine risk of readmission and coordinate patient discharges to post-acute care providers. It also licenses its

software to post-acute care providers to help save time and money in managing referrals from nearby hospitals.


TARGET: OCS HomeCare and

Hospice analytics division

ACQUIRER: ABILITY Network

LISTING: NASDAQ: NRCI LISTING: Private

LOCATION: Seattle, Washington CEO: Mark Pulido PHONE: 888-858-0506

UNITS: 100 North 6th St., Ste. 900A FAX: REVENUE: Minneapolis, Minnesota 55403

NET INCOME: WEB SITE: www.abilitynetwork.com

National Research Corp. is selling its OCS

HomeCare and Hospice analytics division.

ABILITY® Network is a leading healthcare technology company

serving thousands of payers and providers through its

comprehensive suite of care coordination and workflow solutions.


PRICE/INCOME:

ABILITY has acquired the analytics software services that offer clinical outcomes improvement, hospitalization

insights and quality assurance benchmarking and reporting. National Research will retain the Home Health CAHPS

business segment of the OCS division.

TARGET: ImageVision.Net ACQUIRER: Invoice Cloud, Inc.


LOCATION: Mechanicsburg, Pennsylvania CEO: Robert P. Bennett PHONE: 781-848-3733

UNITS: 30 Braintree Hill Office Park,

Suite 303

FAX:

REVENUE: Braintree, Massachusetts 02184

NET INCOME: WEB SITE: www.invoicecloud.net

ImageVision.Net created HealthPay24™ to

specifically address the need for point-of-service

and online payments at integrated healthcare

providers.

Invoice Cloud provides secure e-payments and electronic bill

presentment with payment (EBPP) solutions. It has more than 500

clients in 36 states in the United States.


PRICE/INCOME:

HealthPay24 provides point-of-service and online payment processing for hospitals.


TARGET: Qforma, Inc. ACQUIRER: QPharma, Inc.


LOCATION: Morris Plains, New Jersey CEO: Patrick P. Den Boer PHONE: 973-656-0011

UNITS: 22 South Street FAX: REVENUE: Morristown, New Jersey 07960

NET INCOME: WEB SITE: www.qpharmacorp.com

Qforma, a portfolio company of BelHealth

Investment Partners, offers an array of life sciences

solutions that include healthcare analytics,

predictive modeling and product launch services.

QPharma provides a suite of solutions to the life sciences industry.

QPharma works closely with pharmaceutical, medical device, and

biotechnology manufacturers to validate their systems and facilities.


PRICE/INCOME:

The Qforma brand will be phased out, and the company will operate as QPharma. With the purchase, QPharma will

increase its headcount by 10 percent, with new sales, strategy, and technology personnel based at offices

throughout the United States.

TARGET: Compressus, Inc. ACQUIRER: Versata Enterprises, Inc.


LOCATION: Washington, D.C. CEO: Randall Jacops PHONE: 512-874-3100

UNITS: 401 Congress Avenue, Suite

2650

FAX:

REVENUE: Austin, Texas 78701

NET INCOME: WEB SITE: www.versatabrms.com

Compressus Inc.'s primary product is Compressus

MEDxConnect, a software solution that enables the

use of patient information throughout a healthcare

organization.

Versata is a leading provider of enterprise software solutions.


PRICE/INCOME:

Versata will operate Compressus as a stand-alone entity. Versata veteran Leela Kaza will assume the role of CEO

of Compressus.


HOME HEALTH & HOSPICE

TARGET: Hospice Advantage ACQUIRER: Compassus


LOCATION: Bay City, Michigan CEO: Jim Deal PHONE: 888-594-3289

UNITS: 12 Cadillac Drive, Ste. 360 FAX: 615-373-4457 REVENUE: Brentwood, Tennessee 37027

NET INCOME: WEB SITE: www.compassushealthcare.com

Hospice Advantage, a portfolio company of

Sentinel Capital Partners, offers end-of-life care

with locations in Alabama, Georgia, Illinois,

Indiana, Kansas, Michigan, Minnesota, Mississippi,

Missouri, Oklahoma, Pennsylvania, South Carolina,

Tennessee and Wisconsin.

Compassus, formerly Hospice Compassus, is a nationwide network

of community-based hospice and palliative care services, now

including Life Choice Hospice and Hospice Advantage.


PRICE/INCOME:

The service area of the combined company, which will operate as Compassus, will extend to 150 locations in 28

states, serving more than 30,000 patients and their families each year. This acquisition builds on Compassus'

acquisition of Life Choice Hospice earlier in 2015.

TARGET: Autumn Bridge, LLC ACQUIRER: New Century Hospice, LLC


LOCATION: Oklahoma City, Oklahoma CEO: David Gasmire PHONE: 972-239-0907

UNITS: 4101 McEwen Road, Ste. 500 FAX: 972-239-0908 REVENUE: Dallas, Texas 75244

NET INCOME: WEB SITE: www.newcenturyhospice.com

Autumn Bridge is a local hospice provider. New Century Hospice, a portfolio company of Petra Capital

Partners, is one of the nation's largest regional hospices. The

company now operates 18 locations in six states, including

Colorado, Georgia, Louisiana, Oklahoma, Texas and Virginia.


PRICE/INCOME:

This acquisition is part of New Century's strategy to expand beyond its Tulsa location and into other parts of the

state of Oklahoma. Autumn Bridge will change its name to New Century Hospice of Oklahoma City. This

transaction closed on October 31, 2015.


TARGET: Heritage Healthcare

Services, Inc.

ACQUIRER: Good Samaritan Society HCBS-Heritage,

LLC


LOCATION: Albuquerque, New Mexico CEO: David J.

Horazdovsky

PHONE: 866-382-1406

UNITS: 4800 W. 57th St. FAX: REVENUE: Sioux Falls, South Dakota 57108

NET INCOME: WEB SITE: www.good-sam.com

Heritage is a major provider of home care services

and Medicare home health services. It has five

locations in New Mexico and one in Arizona, and

all will retain their original names.

Good Samaritan Society HCBS-Heritage, LLC is an affiliate of The

Evangelical Lutheran Good Samaritan Society. The Society is the

nation's largest not-for-profit provider of senior care and services. It

owns and operates more than 240 locations nationwide.


PRICE/INCOME:

This acquisition will help the Society grow its home- and community-based services. The Braff Group originated

the transaction, and served as the exclusive mergers and acquisitions advisor to Heritage Healthcare Services. The

transaction closed on October 31, 2015.

TARGET: Nurses Registry and Home

Health Corp.

ACQUIRER: LHC Group, Inc.

LISTING: Private LISTING: NASDAQ: LHCG

LOCATION: Lexington, Kentucky CEO: Keith G. Myers PHONE: 337-233-1307

UNITS: 420 West Pinhook Road, Ste. A FAX: REVENUE: Lafayette, Louisiana 70503

NET INCOME: WEB SITE: www.lhcgroup.com

Nurses Registry and Home Health Corp. filed for

Chapter 11 bankruptcy protection on June 29. 2015.

A U.S. Bankruptcy Court judge approved the sale to

LHC Group.

LHC Group provides post-acute continuum of care primarily for

Medicare beneficiaries in 29 U.S. locations. On a trailing 12-month

basis, it generated $756.2 million in revenue; $71.8 million in

EBITDA and net income of $27.5 million.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $ 5,700,000 PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

Nurses Registry and Home Health Corp. previously faced accusations of fraud from Medicare officials who

claimed the company had paid kickbacks to physicians. Judge Gregory R. Schaaf approved the settlement

agreement in which 30% of the net sale proceeds went to the bankruptcy estate and 70% to the U.S. government. A

separate bid of $3.5 million from Atlanta-based Five Points Healthcare LLC was not accepted.


TARGET: Infinity HomeCare ACQUIRER: Amedysis, Inc.

LISTING: Private LISTING: NASDAQ: AMED

LOCATION: Sarasota, Florida CEO: Paul B. Kusserow PHONE: 225-292-2013

UNITS: 5959 S. Sherwood Forest Blvd. FAX: REVENUE: $ 50,000,000 (annual

revenue) Baton Rouge, Louisiana 70816

NET INCOME: $ 6,400,000 (ttm, adjusted

EBITDA) WEB SITE: www.amedysis.com

Infinity HomeCare, founded in 2006, cares for more

than 14,000 patients per year in 15 care centers in

Florida.

Amedysis provides home health and hospice care services. On a


EBITDA of $89.3 million and a net loss of $6.8 million.

ANNOUNCEMENT DATE: November 3, 2015 PRICE: $ 63,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 1.26

PRICE/INCOME: 9.84

This acquisition expands Amedysis' footprint in Florida. CEO Paul Kusserow promises it is the first of many high-

quality asset acquisition to come in key markets. The transaction is expected to close on December 31, 2015.

TARGET: Black Stone Operations,

LLC

ACQUIRER: Almost Family, Inc.

LISTING: Private LISTING: NASDAQ: AFAM

LOCATION: Cincinnati, Ohio CEO: William B. Yarmuth PHONE: 502-891-1000

UNITS: 9510 Ormsby Station Road FAX: 502-891-8067 REVENUE: $ 46,700,000 -2014 Louisville, Kentucky 40223

NET INCOME: WEB SITE: www.almostfamily.com

Home Care by Black Stone provides in-home

personal care and skilled home health services in the

western half of Ohio.

Almost Family provides home health services in the United States.

On a trailing 12-month basis, it generated revenue of $506 million,

EBITDA of $36.6 million and net income of $18.0 million.

ANNOUNCEMENT DATE: November 4, 2015 PRICE: $ 40,000,000 PRICE PER UNIT: TERMS: The total purchase price of $40 million

will be funded through borrowings on

Almost Family's bank credit facility

($27.5 million), seller notes ($5 million)

and the issuance of 188,000 of Almost

Family common shares.

PRICE/REVENUE: .86

PRICE/INCOME:

This transaction enhances Almost Family's position as a leading provider of services to Ohio's innovative managed

care programs for seniors who are dually eligible for Medicare and Medicaid services. On a combined basis, Ohio

revenues are expected to be over $120 million annually.


TARGET: BestCare HomeCare ACQUIRER: Addus HomeCare Corporation

LISTING: Private LISTING: NASDAQ: ADUS

LOCATION: Woodbridge, Virginia CEO: Mark S.Heaney PHONE: 630-296-3400

UNITS: 2300 Warrenville Road FAX: REVENUE: Downers Grove, Illinois 60515

NET INCOME: WEB SITE: www.addus.com

Five Points Healthcare of Virginia, LLC (dba as

BestCare HomeCare), serves consumers in 11

counties in northern Virginia. It had annualized

revenue of approximately $5.7 million for the first

nine months of 2015.

Addus HomeCare provides home and community-based services to

older adults and younger disabled persons. On a trailing 12-month

basis, it generated revenue of $344.7 million, EBITDA of $23.9

million and net income of $11.9 million.


PRICE/INCOME:

Addus anticipates the transaction to be accretive to earnings in 2015, excluding transaction costs. Winston &

Strawn LLP served as legal advisor to Addus and Provident Healthcare Partners LLC served as financial advisor.

This transaction closed on November 9, 2015.

TARGET: AlexaCare Holdings, Inc. ACQUIRER: OptumRx Inc.

LISTING: Private LISTING: NYSE: UNH

LOCATION: Lenexa, Kansas CEO: Larry Renfro PHONE: 714-825-3600

UNITS: 2300 Main Street FAX: REVENUE: Irvine, California 92614

NET INCOME: WEB SITE: www.optumrx.com

AlexaCare Holdings, a portfolio company of

Harvest Partners since April 2013, is a technology-

enabled provider of home infusion services for

chronic and acute conditions.

OptumRx, a subsidiary of UnitedHealth Group's Optum, is a

pharmacy benefits manager working with commercial, Medicare,

Medicaid and other government health plans, and with employers

and unions through a national network of 67,000 community

pharmacies.


PRICE/INCOME:

The addition of AlexaCare continues OptumRxs strategy of improving care and reducing costs by integrating

information and services for its clients. AxelaCare enhances OptumRx's ability to deliver the best care to

consumers with complex conditions. The acquisition will expand the scope of treatment that can be offered in the

home rather than in higher-cost institutional settings. The transaction was completed on November 17, 2015.


TARGET: Family Hospical, LLC ACQUIRER: New Century Hospice, LLC


LOCATION: Boulder, Colorado CEO: David Gasmire PHONE: 972-239-0907

UNITS: 4101 McEwen Road, Ste. 500 FAX: 972-239-0908 REVENUE: Dallas, Texas 75244

NET INCOME: WEB SITE: www.newcenturyhospice.com

Family Hospice is a local hospice provider in

Boulder.

New Century Hospice, a portfolio company of Petra Capital

Partners, is one of the nation's largest regional hospices.


PRICE/INCOME:

With this acquisition, New Century Hospice now operates 19 hospices in six states, including Colorado, Georgia,

Louisiana, Oklahoma, Texas and Virginia. Family Hospice will do business as New Century Hospice of Boulder

after an undisclosed time of transition. The transaction closed on November 30, 2015.

TARGET: American HomePatient ACQUIRER: Lincare Holdings Inc.


LOCATION: Brentwood, Tennessee CEO: Kristen Hoefer PHONE: 800-284-2006

UNITS: 19387 U.S. 19 North FAX: REVENUE: Clearwater, Florida 33764

NET INCOME: WEB SITE: www.lincare.com

American HomePatient, a portfolio company of

Highland Capital Management L.P., is one of the

top five diversified home healthcare providers in the

United States, with more than 200 locations. It

supplies home medical products and services.

Lincare Holdings is part of The Linde Group in Germany. Lincare

Holdings is one of the largest providers of oxygen and other

respiratory therapy services to patients in the home. It has

approximately 1,000 locations in 48 U.S. states and Canada.


PRICE/INCOME:

Jefferies LLC served as financial advisor to American HomePatient in this transaction. The transaction is expected

to close in the first quarter of 2016.


TARGET: Alliance Home Health ACQUIRER: Sutter Care at Home


LOCATION: Salinas, California CEO: Marcia Ressig PHONE: 800-698-1273

UNITS: 1900 Powell St., Ste. 300 FAX: REVENUE: Emeryville, California 94608

NET INCOME: WEB SITE: suttercareathome.org

Alliance Home Health serves the areas of Monterey,

Carmel, Pebble Beach, Pacific Grove, Seaside,

Marina, Salinas, Gonazales and Soledad counties

with a full array of homecare services.

Sutter Care at Home is part of the not-for-profit Sutter Health

network and delivers personalized care to more than 150,000

patients in 24 northern California counties each year. It offers both

home health and hospice care services.


PRICE/INCOME:

This acquisition will expand Sutter Care at Home's home health programs and services in Monterey County.

Alliance will continue to offer skilled nursing, occupational therapy, physical therapy, speech therapy, home health

aide services and medical social services.

TARGET: Alternacare Infusion

Pharmacy

ACQUIRER: PharMerica Corporation

LISTING: Private LISTING: NYSE: PMC

LOCATION: Olathe, Kansas CEO: Gregory S. Weishar PHONE: 502-627-7000

UNITS: 1901 Campus Place FAX: REVENUE: Louisville, Kentucky 40299

NET INCOME: WEB SITE: www.pharmerica.com

Alternacare Infusion Pharmacy provides specialty

home infusion services in the Greater Kansas City

metropolitan area.

PharMerica operates as an institutional pharmacy services company

in the United States. On a trailing 12-month basis, it generated

revenue of $2.0 billion, EBITDA of $133.5 million and net income

of $18.1 million.


PRICE/INCOME:

This transaction was announced together with PharMerica's acquisition of Integrated Pharmacy Network in

Midland, Michigan. With these two acquisitions, PharMerica has achieved its goal of completing acquisitions that

generate at least $100 million of annualized sales in the aggregate in 2015. The company now operates 95

institutional pharmacies, 16 specialty home infusion pharmacies and five specialty oncology pharmacies in 45

states.


HOSPITALS

TARGET: Titusville Area Hospital ACQUIRER: Meadville Medical Center


LOCATION: Titusville, Pennsylvania CEO: Philip Pandolph PHONE: 814-333-5000

UNITS: 72 (beds) 751 Liberty Street FAX: REVENUE: $ 26,223,324 (ttm,

6/30/2014) Meadville, Pennsylvania 16335

NET INCOME: $- 2,471,529 (EBITDA) WEB SITE: meadvillemedicalcenter.com

Titusville Area Hospital is a 72-bed acute care

facility serving the residents of eastern Crawford

County, as well as portions of Venango and Forest

Counties. It will continue to operate under its own

name.

Meadville Medical Center and its subsidiaries have served residents

of Crawford County for more than 146 years.

ANNOUNCEMENT DATE: October 1, 2015 PRICE: $ 8,000,000 Merger PRICE PER UNIT: $ 111,111 TERMS: In August, the two hospital sought $8

million in funding through the Crawford

County Hospital Authority. Meadville

Medical used the money to purchase

Titusville and its related corporations.

PRICE/REVENUE: .31


Talks between the two independent hospitals began in 2014, and the merger was finalized in mid September. The

transaction became effective on October 1, 2015.

TARGET: Bethesda Health, Inc. ACQUIRER: Baptist Health South Florida


LOCATION: Boynton Beach, Florida CEO: Brian E. Keeley PHONE: 786-596-1960

UNITS: 481 (beds) 50 Barracuda Lane FAX: REVENUE: $309,871,664 (ttm,

9/30/2014) Coral Gables, Florida 33037

NET INCOME: $ 26,064,019 (EBITDA) WEB SITE: www.baptisthealth.net

Bethesda Health is comprised of two hospitals,

Bethesda Hospital East (401 beds) and Bethesda

Hospital West (80 beds). The financial data listed

below is for Bethesda Hospital East only.

Baptist Health is one of the largest not-for-profit hospital systems in

Florida, with seven hospitals in Dade and Monroe counties, and 18

outpatient facilities in Dade, Monroe and Broward counties.


PRICE/INCOME:

Baptist Health South Florida and Bethesda Health have signed an agreement to merge, pursuant to a 24-month

transition period culminating on September 30, 2017. During the transition period, both organizations will

collaborate to enhance effectiveness in their operations and share best practices to address the ongoing evolution in

the health care industry.


TARGET: St. Francis Hospital Inc. ACQUIRER: LifePoint Health

LISTING: Nonprofit LISTING: NASDAQ: LPNT

LOCATION: Columbus, Georgia CEO: William F. Carpenter

III

PHONE: 615-920-7000

UNITS: 312 (beds) 330 Seven Springs Way FAX: REVENUE: $211,655,313 (ttm,12/31/13) Brentwood, Tennessee 37027

NET INCOME: $ 27,434,620 (EBITDA) WEB SITE: www.lifepoint.com

St. Francis Hospital is a 312-bed facility offering a

full range of inpatient, outpatient and emergency

room services. It is the only area hospital offering

open heart surgery.

LifePoint Health provides quality inpatient, outpatient and post-

acute services in 21 states. On a trailing 12-month basis, it

generated revenue of $4.9 billion, EBITDA of $627.5 million and

net income of $135.2 million.


PRICE/INCOME:

Upon joining the LifePoint system, St. Francis will become a tax-paying entity. LifePoint has satisfied St. Francis'

financial obligations, including paying off its loan from the U.S. Dept. of Housing and Urban Development. As

part of LifePoint, St. Francis will continue its existing charity care policies. This transaction closed on January 4,

2016.

TARGET: St. Luke's Cornwall

Hospital

ACQUIRER: Montefiore Health System


LOCATION: Newburgh, New York CEO: Steven M. Safyer,

MD

PHONE: 718-920-4321

UNITS: 193 (beds) 111 East 210th Street FAX: REVENUE: $166,987,608 (ttm,

12/31/2014) Bronx, New York 10467

NET INCOME: $- 16,897,935 (EBITDA) WEB SITE: www.montefiore.org

St. Luke's Cornwall Hospital is a 193-bed acute care

facility with two campuses in Newburgh.

Montefiore Health System owns 10 hospitals and is the University

Hospital and academic medical center for Albert Einstein College of

Medicine.


PRICE/INCOME:

St. Luke’s will enter into a passive parent relationship, with Montefiore as the parent organization. The SLCH

Board of Trustees will remain intact, comprised of its existing community leaders, who will be joined by three

members-at-large from Montefiore Health System. SLCH embarked on the search for a strategic partner in early

2014, and had been posting operating losses and working capital deficiencies since 2012.


TARGET: Al Noor Hospitals Group plc ACQUIRER: Mediclinic International Ltd.

LISTING: LSE: AHN.L LISTING: OTCQB: MCFFY

LOCATION: Abu Dhabi, United Arab Emirates CEO: Danie P. Meintjes

B.PI

PHONE: 27 21 809 6500

UNITS: Strand Road FAX: REVENUE: $468,250,000 (ttm) Stellenbosch, South Africa 7600

NET INCOME: $ 98,590,000 (EBITDA,

ttm) WEB SITE: www.mediclinic.co.za

Al Noor Hospitals Group provides primary,

secondary and tertiary care services through its

portfolio of hospitals and medical centers in the

United Arab Emirates.

Mediclinic International operates private hospitals in South Africa,

Namibia, Switzerland and the UAE. On a trailing 12-month basis, it

generated revenue of $2.6 billion, EBITDA of $542 million and net

income of $321.45 million.

ANNOUNCEMENT DATE: October 14, 2015 PRICE: $2,300,000,000 Merger PRICE PER UNIT: TERMS: This transaction is a reverse takeover.

Al Noor shareholders can opt to get a

special dividend of £3.28 per share or

tender their stock for £11.60 apiece,

which represents a 39% premium over

the October 1 closing price.

PRICE/REVENUE: 4.91

PRICE/INCOME: 23.33

Mediclinic shareholders will own a majority stake (84% to 93%) in the combined company, which will have 73

hospitals and approximately 10,200 beds and 35 clinics. Al Noor spurned interest from rival NMC Health plc, also

in Abu Dhabi. The combination of Al Noor and Mediclinic will create the biggest private healthcare provider in the

UAE, and will be renamed Mediclinic International plc and listed on the London Stock Exchange.

TARGET: Bartow Regional Medical

Center

ACQUIRER: BayCare Health System

LISTING: NYSE: CYH LISTING: Nonprofit

LOCATION: Bartow, Florida CEO: Glenn Waters, EVP PHONE: 877-692-2922

UNITS: 72 (beds) 2985 Drew Street FAX: REVENUE: $ 48,592,231 (ttm,

3/31/2014) Clearwater, Florida 33759

NET INCOME: $ 2,302,272 (EBITDA) WEB SITE: baycare.org

Community Health Systems, Inc. is selling the 72-

bed Bartow Regional Medical Center and its related

outpatient services. This is the second Florida

hospital Community Health has sold in the past two

months. It still operates 24 others in the state.

BayCare Health operates 13 hospitals and hundreds of outpatient

locations throughout the Tampa Bay and central Florida regions.

Bartow Regional will be its second hospital in Polk County.


PRICE/INCOME:

Bartow Regional Medical Center will be connected with Winter Haven Hospital and South Florida Baptist

Hospital in Plant City, which anchor a continuum of broader community health services in eastern Hillsborough

and Polk County. This transaction closed on December 31, 2015.


TARGET: River Valley Health

Partners

ACQUIRER: Prime Healthcare Services

LISTING: Nonprofit LISTING: Private

LOCATION: East Liverpool, Ohio CEO: Prem Reddy PHONE: 909-235-4400

UNITS: 152 (beds) 3300 East Guasti Road FAX: REVENUE: $ 50,978,082 (ttm,

12/31/2014) Ontario, California 91761

NET INCOME: $- 5,690,729 (EBITDA) WEB SITE: www.primehealthcare.com

River Valley Health Partners (RVHP) is comprised

of The City Hospital Association, dba East

Liverpool City Hospital, a 152-bed acute care

hospital, River Valley Physicians LLC and Ohio

Valley Home Health Services, Inc.

Through its nonprofit subsidiary Prime Healthcare Foundation,

Prime Healthcare Services is acquiring RVHP. Prime Healthcare

Services owns 38 acute-care hospitals in 11 states.


PRICE/INCOME:

RVHP serves a population of more than 115,000 throughout the tri-state region of Ohio, West Virginia and

Pennsylvania. The acquisition is expected to close in the first quarter of 2016.

TARGET: Southern Regional Medical

Center



LOCATION: Riverdale, Georgia CEO: Prem Reddy, MD PHONE: 909-235-4400

UNITS: 244 (beds) 3300 East Guasti Road FAX: REVENUE: $186,281,500 (ttm, 6/30/14) Ontario, California 91761


The U.S. Bankruptcy Court for the Northern District

of Georgia approved the sale of Southern Regional

Medical Center (244 beds) to Prime Healthcare on

October 27.

Prime Healthcare Services and the Prime Healthcare Foundation

own and operate 38 acute care hospitals in 11 states.

ANNOUNCEMENT DATE: October 28, 2015 PRICE: $ 51,000,000 PRICE PER UNIT: $ 209,016 TERMS: Prime has committed to at least $50

million in capital improvements in the

hospital over the next five years,

including equipment replacement,

operational and emergency department

improvements, and $1 million to recruit

physicians.

PRICE/REVENUE: .27


In late July, Prime Healthcare Foundation, an affiliate of Prime Healthcare Services, submitted a letter of intent to

purchase most of Southern Regional's assets. Prime Healthcare Foundation will operate the hospital under a

management services agreement until the sale is completed in early December.


TARGET: Saket City Hospital Private

Limited

ACQUIRER: Max Healthcare


LOCATION: New Delhi, India CEO: Rajit Mehta, MD PHONE: 91 11 2651 5050

UNITS: 230 (beds) 1,2 Press Enclave Road, Saket FAX: 91 11 2651 0050 REVENUE: New Delhi, India 110 017

NET INCOME: WEB SITE: www.maxhealthcare.in

Smart Health City Pte Ltd., the Singapore-based BK

Modi Group company, which manages and operates

the Saket City Hospital, is selling a majority stake

to Max Healthcare. The hospital opened in 2013

with 230 operational beds and is expanding to 300

beds.

Max Healthcare now operates 12 hospitals (1,900-plus beds) in

delhi-NCR, Punjab and Uttarakhand, employing 2,100 physicians

and 9,300 support staff. Its one of the leading hospital chains in

India.

ANNOUNCEMENT DATE: October 29, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: 51% stake in Saket City Hospital. PRICE/REVENUE:

PRICE/INCOME:

Max Healthcare plans to further expand this facility by 900 additional beds, bringing Saket City Hospital's total to

1,200 beds. Max Healthcare already operates Max Super Specialty Hospital-Saket, which is contiguous with Saket

City Hospital. Together, the facilities will have more than 2,000 beds in Saket, which is part of New Delhi.

TARGET: 2 hospitals in North

Carolina

ACQUIRER: Duke LifePoint Healthcare

LISTING: NYSE: THC LISTING: Private

LOCATION: Hickory and Sanford, North

Carolina

CEO: William J. Fulkerson,

Jr. MD

PHONE: 615-920-7651

UNITS: 492 (total beds) 330 Seven Springs Way FAX: REVENUE: $285,612,615 (ttm,

5/31/2014) Brentwood, Tennessee 37027

NET INCOME: $ 50,122,849 (EBITDA) WEB SITE: dukelifepointhealthcare.com

Tenet Healthcare Corporation is selling Central

Carolina Hospital (137 beds) in Sanford, and Frye

Regional Medical Center (355 beds) in Hickory, as

well as 19 physician practices.

Duke LifePoint is a joint venture of Duke University Health System

and LifePoint Health (NASDAQ: LPNT), which brings together

LifePoint's experience in community-based hospital management

and Duke's leadership in clinical service.


PRICE/INCOME:

Duke LifePoint will maintain all services currently provided at Central Carolina Hospital and Frye Regional

Medical Center. Duke LifePoint operates 12 hospitals, seven of which are in North Carolina, as well as a company

that offers hospital-based and mobile catheterization lab services. When the transaction is completed, Duke

LifePoint will operate 14 hospitals nationwide. This transaction closed on January 4, 2016.


TARGET: University General Hospital ACQUIRER: Foundation HealthCare, Inc.

LISTING: OTCQB: UGHS LISTING: OTCQB: FDNH

LOCATION: Houston, Texas CEO: Stanton Nelson PHONE: 405-608-1700

UNITS: 69 (beds) 14000 N. Portland Ave., Ste.

200

FAX:

REVENUE: $ 70,000,000 (net revenue,

2014) Oklahoma City, Oklahoma 73134

NET INCOME: WEB SITE: www.fndh.com

University General Hospital (69 beds) was part of

University General Health System, which

announced the closing of the facility on December

23, 2014. UGHS filed for reorganization under

Chapter 11 on February 27, 2015.

Foundation owns and operates hospitals in Texas and Oklahoma,

and has interests in ambulatory surgery centers in several states. On

a trailing 12-month basis, it generated revenue of $124.7 million,

EBITDA of $14.4 million and net income of $919,700.


PRICE/INCOME:

In documents filed with the Bankruptcy Court, UGH reported net revenues in excess of $70 million for 2014.

Foundation expects this acquisition to be immediately accretive. Foundation built and manages seven ambulatory

surgery centers and one surgical hospital in the Houston area. The transaction closed on December 31, 2015.

TARGET: Memorial Family of

Services

ACQUIRER: Virginia Mason Health System


LOCATION: Yakima, Washington CEO: Gary S. Kaplan, MD PHONE: 888-862-2737

UNITS: 208 (beds) 1100 Ninth Avenue FAX: REVENUE: $356,061,113 (ttm,

10/31/2014) Seattle, Washington 98101

NET INCOME: $ 7,369,999 (EBITDA) WEB SITE: www.virginiamason.org

Memorial Family of Services includes Yakima

Valley Memorial Hospital, a 208-bed acute care

community hospital, as well as primary care

practices and specialty care services such as cardiac

care, cancer and hospice care, among others.

Virginia Mason Health System includes the 336-bed Virginia

Mason Medical Center; eight regional medical centers in the Puget

Sound area; a skilled nursing facility and an outpatient chronic care

management program.

ANNOUNCEMENT DATE: November 11, 2015 PRICE: Merger PRICE PER UNIT: TERMS: Non-cash transaction. PRICE/REVENUE:

PRICE/INCOME:

The affiliation is a non-cash transaction in which Memorial will become part of Virginia Mason Health. It will

expand Virginia Mason's presence in central Washington, where it already has partnerships with Kittitas Valley

Healthcare in Ellensburg and Confluence Health in Wenatchee for providing or supporting specific services. The

affiliation is expected to take effect in early 2016, following FTC regulatory clearance.


TARGET: RegionalCare Hospital

Partners

ACQUIRER: Apollo Global Management, LLC

LISTING: Private LISTING: NYSE: APO

LOCATION: Brentwood, Tennessee CEO: Joshua Harris, co-

founder

PHONE: 212-15-3200

UNITS: 1,027 (total beds) 9 West 57th Street, 43rd Floor FAX: REVENUE: $757,642,265 (ttm, various in

2014) New York, New York 10019

NET INCOME: $ 87,788,033 (total

EBITDA) WEB SITE: www.agm.com

RegionalCare Hospital Partners, a portfolio

company of Warburg Pincus, owns and operates

eight non-urban hospitals in Alabama, Arizona,

Connecticut, Iowa, Montana, Ohio and Texas.

Apollo is a leading global alternative investment manager with

offices around the world. It had assets under management of

approximately $162 billion as of September 30, 2015 in private

equity, credit and real estate funds.

ANNOUNCEMENT DATE: November 12, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: The financials below include Sierra

Vista Regional Health, Sierra Vista,

Arizona, which was replaced by Canyon

Vista Medical Center in April 2015.

PRICE/REVENUE:

PRICE/INCOME:

UBS Investment Bank served as the exclusive financial advisor to RegionalCare. Willkie Farr & Gallagher LLP

and Waller Lansden Dortch & Davis LLP services as RegionalCare's legal advisors. Barclays and Citi served as

financial advisors to Apollo. Akin Gump Strauss Hauer & Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison

LLP served as Apollo's legal advisors. This deal closed on December 11, 2015.

TARGET: 5 Tenet hospitals ACQUIRER: WellStar Health System

LISTING: NYSE: THC LISTING: Nonprofit

LOCATION: Atlanta MSA, Georgia CEO: Candice Saunders PHONE: 770-956-7827

UNITS: 1,004 (beds) 805 Sandy Plains Road FAX: REVENUE: $714,525,138 (ttm,

12/31/2014) Marietta, Georgia 30066

NET INCOME: $ 62,687,346 (EBITDA) WEB SITE: www.wellstar.org

Tenet Healthcare is selling five Atlanta-area

hospitals and 26 physician clinics. The hospitals are

Atlanta Medical Center and its South Campus,

North Fulton Hospital, Spalding Regional Hospital

and Sylvan Grove Hospital.

WellStar Health System consists of five hospitals, seven urgent care

centers, 16 satellite imaging centers, one skilled nursing facility, one

adult congregate living facility and two inpatient hospices.

ANNOUNCEMENT DATE: December 1, 2015 PRICE: $661,000,000 PRICE PER UNIT: $ 658,367 TERMS: $575 million upfront, plus the

assumption of $86 million in debt

related to the lease of North Fulton

Hospital.

PRICE/REVENUE: .93

PRICE/INCOME: 10.54

The Tenet hospitals included in the sale are the 466-bed Atlanta Medical Center (Atlanta), its 210-bed South

Campus (East Point), the 158-bed North Fulton Hospital (Roswell), the 160-bed Spalding Regional Hospital

(Griffin) and the 10-bed Sylvan Grove Hospital (Jackson). All will become not-for-profit entities following the

close of the transaction, and WellStar will be the largest health system in the state of Georgia.


TARGET: Memorial Hospital of Salem

County


LISTING: NYSE: CYH LISTING: Private

LOCATION: Salem, New Jersey CEO: Prem Reddy, MD PHONE: 909-235-4400

UNITS: 126 (beds) 3300 East Guasti Road FAX: REVENUE: $ 57,964,957 (ttm,

12/31/2014) Ontario, California 91761


Community Health Systems is selling the 126-bed

acute-care Memorial Hospital of Salem County and

related businesses, including physician clinic

operations and ancillary services.

Prime Healthcare Foundation, the private charity arm of Prime

Healthcare Services, has signed a definitive agreement to acquire

the hospital. It has $650 million in assets, all donated by Dr. Prem

Reddy and his family.


PRICE/INCOME:

Memorial Hospital of Salem County offers emergency and medical/surgical services, including cardiopulmonary

care and wound care. Community Health does not expect the divestiture to have a meaningful impact on financial

operations. The transaction is expected to close in the second quarter of 2016.

TARGET: Hospital Samaritano ACQUIRER: UnitedHealth Group Inc.

LISTING: Private LISTING: NYSE: UNH

LOCATION: Sao Paulo, Brazil CEO: Richard T. Burke, Sr. PHONE: 952-936-1300

UNITS: 9900 Bren Road East FAX: REVENUE: Minnetonka, Minnesota 55343

NET INCOME: WEB SITE: www.unitedhealthgroup.com

Hospital Samaritano has approximately 200 to 300

beds.

UnitedHealth is the country's largest health insurer, operating as a

diversified health and well-being company in the United States. On



ANNOUNCEMENT DATE: December 9, 2015 PRICE: $350,000,000 Approximate PRICE PER UNIT: TERMS: The Minneapolis Star Tribune cited

Brazilian press reports on the

approximate price of this transaction.

PRICE/REVENUE:

PRICE/INCOME:

Following its $4.3 billion purchase of the Brazilian health insurer/hospital operator, Amil Participacoes, in

December 2012, UnitedHealth Group owns 31 hospitals in Brazil. This deal adds a 32nd hospital. UnitedHealth is

committed to developing international operations as a complement to its U.S. health insurance and health services

businesses.


TARGET: Hutcheson Medical Center ACQUIRER: ValorBridge Partners


LOCATION: Fort Oglethorpe, Georgia CEO: Christopher Durham PHONE: 678-235-6700

UNITS: 114 (beds) 5665 New Northside Drive, Ste.

550

FAX: 678-235-6701

REVENUE: $ 58,839,193 (ttm,

9/30/2014) Atlanta, Georgia 30328

NET INCOME: $- 786,605 (EBITDA) WEB SITE: www.valorbridge.com

Hutcheson Medical Center filed for Chapter 11

bankruptcy protection in November 2014. The 114-

bed acute care facility closed on December 4. It also

included Parkside Nursing Home, which was sold

separately.

ValorBridge Partners provides capital management through a

holding company structure. One such company, ApolloMD, had

been operating the emergency department at Hutcheson Medical

Center. CEO Chris Durham also serves as president of ApolloMD.

ANNOUNCEMENT DATE: December 14, 2015 PRICE: $ 4,200,000 PRICE PER UNIT: TERMS: Parkside Nursing Home and an adjacent

children's day care center was sold to

Maybrook Healthcare LLC for $7.2

million.

PRICE/REVENUE: .07


ValorBridge Partners submitted the winning bid for Hutcheson late on December 11, 2015, topping a $4 million

bid from People's Choice Hospital, a boutique company that specializes in managing struggling healthcare systems.

The hospital owed more than $32 million to its creditors, primarily Erlanger Health System and Regions Bank, a

three-county hospital authority and the governments of Catoosa and Walker counties.

TARGET: Pocono Health System ACQUIRER: Lehigh Valley Health Network


LOCATION: East Stroudsburg, Pennsylvania CEO: Brian A. Nester PHONE: 610-402-8000

UNITS: 213 (beds) 1200 S. Cedar Crest Blvd. FAX: REVENUE: $252,734,471 (ttm,

6/30/2014) Allentown, Pennsylvania 18105

NET INCOME: $ 37,293,635 (EBITDA) WEB SITE: www.lvhn.org

Pocono Medical Center is celebrating its 100th year

in 2015. It operates the 213-bed Pocono Medical

Center, and has collaborated with LVHN on

services such as interventional radiology and

radiation oncology in recent years.

Lehigh Valley Health Network (LVHN) includes five hospital

campuses, 13 health centers in five counties, over 130 primary and

specialty care physician practices, as well as imaging, home health

services and lab services.


PRICE/INCOME:

The entities signed a letter of intent to merge in May 2015, and now have an agreement for a full-asset merger.

LVHN anticipates developing with PHS a new hospital, called Pocono Medical Center West in Pocono Township,

as was announced in the late fall of 2014. The proposed merger is expected to take effect in the first half of 2016.


TARGET: Silverton Health ACQUIRER: Legacy Health


LOCATION: Silverton, Oregon CEO: George J. Brown,

MD

PHONE: 503-415-5600

UNITS: 48 (beds) 1919 N.W. Lovejoy St. FAX: REVENUE: $ 99,655,696 (ttm,

9/30/2014) Portland, Oregon 97209

NET INCOME: $ 2,889,498 (EBITDA) WEB SITE: www.legacyhealth.org

Silverton Health is a single-hospital system. It had

been holding discussions with other systems,

particularly Providence Health & Services in

Renton, Washington, with which it shared programs

such as telemedicine.

Legacy Health operates six hospitals, as well as primary and urgent

care clinics, outpatient services and Hopewell House Hospice.

ANNOUNCEMENT DATE: December 16, 2015 PRICE: $ 60,000,000 PRICE PER UNIT: $ 1,250,000 TERMS: Legacy has committed to invest more

the $60 million over eight years to

support and grow programs and services

at Silverton.

PRICE/REVENUE: .60

PRICE/INCOME: 20.76

The two parties began talks in March 2015 and signed a letter of intent to affiliate on June 10, 2015. With this

definitive agreement signed, the transaction is expected to be finalized in early spring 2016. Upon closing,

Silverton Hospital will be renamed Legacy Silverton Medical Center.

TARGET: Dauterive Hospital ACQUIRER: Iberia Medical Center


LOCATION: New Iberia, Louisiana CEO: Parker Templeton PHONE: 337-374-0441

UNITS: 79 (beds) 2315 East Main Street FAX: REVENUE: $ 37,652,750 (ttm,

12/31/2014) New Iberia, Louisiana 70560

NET INCOME: $- 3,334,672 (EBITDA) WEB SITE: www.iberiamedicalcenter.com

Dauterive Hospital is a 79-bed hospital that has

struggled for several years. It will be closed on or

about December 31, 2015, and will reopen in the

spring of 2016.

Iberia Medical Center is licensed for 99 aacuter-care beds, and

accommodates medical, surgical, obstetric, pediatric and critical

care patients. Its operating budget is currently about $55 million.


PRICE/INCOME:

The two organizations signed a letter of intent in October 2015. When the hospital reopens, it will be called Iberia

Medical Center - North Campus and will offer short-stay and outpatient surgery, behavioral health services,

inpatient rehabilitation, imaging, sleep lab services and other outpatient services.


TARGET: WCA Hospital ACQUIRER: UPMC


LOCATION: Jamestown, New York CEO: Jeffrey A. Romoff PHONE: 412-647-8762

UNITS: 317 (beds) 200 Lothrop St. FAX: REVENUE: $102,155,220 (ttm,

12/31/2014) Pittsburgh, Pennsylvania 15213-2582

NET INCOME: $ 8,072,923 (EBITDA) WEB SITE: www.upmc.com

WCA Hospital, formerly known as Women's

Christian Association, is a 317-bed acute care

facility, and the largest in southwestern New York.

It is the first New York State hospital to sign an

affiliation agreement with UPMC.

UPMC (University of Pittsburgh Medical Center) has more than 20

hospitals, more than 500 doctors' offices and outpatient sites, a 2.8

million-member health insurance division and international and

commercial operations.

ANNOUNCEMENT DATE: December 17, 2015 PRICE: $ 25,000,000 PRICE PER UNIT: $ 78,864 TERMS: UPMC has committed to invest at least

$25 million over the next 10 years to

support enhancements. It has also

agreed to relieve WCA's debt and cover

its pension obligations.

PRICE/REVENUE: .24

PRICE/INCOME: 3.10

The two entities signed a strategic affiliation agreement on August 12, 2012, and WCA and UPMC Hamot, a

regional referral hub in northwestern Pennsylvania, have had a long-standing collaboration. This integration is

expected to be finalized in late summer of 2016.

TARGET: 2 Indiana hospitals ACQUIRER: Community Health Systems, Inc.

LISTING: Private LISTING: NYSE: CYH

LOCATION: La Porte and Knox, Indiana CEO: Wayne T. Smith PHONE: 615-465-7000

UNITS: 277 (beds) 4000 Meridian Blvd. FAX: REVENUE: $188,878,000 -2014 Franklin, Tennessee 37067

NET INCOME: $ 30,368,500 (2014,

EBITDA) WEB SITE: www.chs.net

Indiana University Health is selling an 80% stake in

two of its hospitals, the 227-bed Indiana University

Health La Porte Hospital and the 50-bed IU Health

Starke Hospital in Knox. It will retain a 20% stake.

Community Health Systems provides general and specialized

hospital care services in the United States. On a trailing 12-month

basis, CYH generated revenue of $19.6 billion, EBITDA of $2.8

billion and net income of $397 million.


PRICE/INCOME:

Community Health Systems will operate 11 hospitals in Indiana, following this acquisition. It will provide capital

and expand resources for physicain and employees to deliver better health care.


LABORATORIES, MRI & DIALYSIS

TARGET: Viztek, LLC ACQUIRER: Konica Minolta Medical Imaging USA

LISTING: Private LISTING: OTCQB: KNCAY

LOCATION: Garner, North Carolina CEO: David Widmann PHONE: 973-633-1500

UNITS: 411 Newark Pompton Turnpike FAX: REVENUE: Wayne, New Jersey 07470

NET INCOME: WEB SITE: www.konicaminolta.com

Viztek is a leading provider of complete digital

software and hardware imaging solutions. It

recently introduced its Exa platform for PACS, RIS

and EHR systems.

Konica Minolta Medical Imaging, a subsidiary of Konica Minolta,

focuses on primary imaging, digital radiography, ultrasound,

healthcare IT and services.


PRICE/INCOME:

Viztek’s strong presence and customer loyalty complements Konica Minolta’s customer base and healthcare

solutions lineup across hospitals, outpatient clinics, imaging centers and teleradiology. As part of the acquisition,

20/20 Imaging LLC, the partner company of Viztek LLC, will also become an autonomous subsidiary of Konica

Minolta. The acquisition was completed on October 1, 2015.

TARGET: DNA Diagnostics Center ACQUIRER: GHO Capital Partners LLP


LOCATION: Fairfield, Ohio CEO: Mike Mortimer,

Executive Partner

PHONE: +44 20 3700 7440

UNITS: 44 Davies Street FAX: REVENUE: London, United Kingdom W1K 5JA

NET INCOME: WEB SITE: ghocapital.com

DDC is one of the largest DNA testing companies

in the world, offering comprehensive DNA testing

services for paternity and other family relationships,

forensics, cell line authentication, and ancestry.

DDC is a portfolio company of MTS Health

Investors, LLC.

Global Healthcare Opportunities, or GHO Capital, was founded in

2014 as a specialist healthcare investment adviser based in London.

ANNOUNCEMENT DATE: October 13, 2015 PRICE: $118,201,200 Approximate PRICE PER UNIT: TERMS: Total transaction value of €104 million. PRICE/REVENUE:

PRICE/INCOME:

This is GHO Capital's first acquisition since its founding in 2014, when it raised an initial €400 million fund.

Deloitte LLP provided corporate finance debt advisory services to GHO Capital and Goldman Sachs Specialty

Lending Group provided debt financing for the transaction. Ropes & Gray LLP provided legal advice to GHO

Capital. Robert W. Baird & Co served as the financial advisor to DDC and MTS. Hogan Lovells provided legal

counsel to DDC and MTS. The transaction closed on October 13, 2015.


TARGET: Olea Medical SA ACQUIRER: Toshiba Medical Systems Corporation


LOCATION: La Ciotat, France CEO: Toshio Takiguchi PHONE: 0287-26-6211

UNITS: 1385, Shimoishigami, Otawara-

shi

FAX: 0287-26-6050

REVENUE: Tochigi, Japan 324-8550

NET INCOME: WEB SITE: toshibamedicalsystems.com

Olea Medical designs and markets medical imaging

applications that significantly improve diagnostic

processes and treatment evaluation.

Toshiba Medical Systems, a subsidiary of Toshiba Corporation, is a

leading providers of medical diagnostic imaging systems and

comprehensive medical solutions, such as CT, X-ray and vascular,

ultrasound, nuclear medicine and MRI systems.


PRICE/INCOME:

This acquisition enables Toshiba to accelerate the growth of its MRI business and offer new clinical added value to

healthcare providers by leveraging Olea's cutting-edge software technology for advanced post-processing and

image analysis, as well as its broad relationships with the world's key research institutions and customers.

TARGET: DMS Health Technologies,

Inc.

ACQUIRER: Digirad Corporation

LISTING: Private LISTING: NASDAQ: DRAD

LOCATION: Fargo, North Dakota CEO: Matthew G. Molchan PHONE: 858-726-1600

UNITS: 1048 Industrial Court, Ste. E FAX: 858-726-1700 REVENUE: $ 65,000,000 (est., 2014) Suwanee, Georgia 30024

NET INCOME: WEB SITE: www.digirad.com

Platinum Equity, a Los Angeles-based private

equity firm, is selling Project Rendezvous Holding

Corp., the ultimate parent of DMS Health

Technologies, Inc. DMS provides mobile diagnostic

imaging and related services to small and regional

hospitals.

Digirad provides diagnostic solutions through its two segments,

Diagnostic Services and Diagnostic Imaging. On a trailing 12-

month basis, it generated revenue of $57.4 million, EBITDA of $5.9


ANNOUNCEMENT DATE: October 14, 2015 PRICE: $ 36,000,000 PRICE PER UNIT: TERMS: Cash. PRICE/REVENUE: .55

PRICE/INCOME:

Once the acquisition is complete, Digirad expects the consolidated Digirad entity to generate pro forma annual

revenue and adjusted EBITDA of over $125 million and $17 million, respectively. The transaction is expected to

close in the fourth quarter of 2015.


TARGET: Clarient, Inc. ACQUIRER: NeoGenomics, Inc.

LISTING: NYSE: GE LISTING: NASDAQ: NEO

LOCATION: Aliso Viejo, California CEO: Douglas M. VanOort PHONE: 239-768-0600

UNITS: 12701 Commonwealth Dr, Ste. 9 FAX: 239-690-4237 REVENUE: $127,000,000 (2014,

approx.) Fort Myers, Florida 33913

NET INCOME: $ 13,000,000 (EBITDA) WEB SITE: www.neogenomics.org

GE Healthcare is selling Clarient, Inc. and its

wholly owned subsidiary Clarient Diagnostic

Services, Inc., provides comprehensive cancer

diagnostic testing to hospitals, physicians and the

pharmaceutical industry.

NeoGenomics, together with its subsidiary, NeoGenomics

Laboratories, Inc., operates a network of cancer-focused testing labs

providing genetic and molecular services. On a trailing 12-month

basis, it generated revenue of $95.6 million, and EBITDA of $7.6

million.

ANNOUNCEMENT DATE: October 21, 2015 PRICE: $275,200,000 PRICE PER UNIT: TERMS: $80 million in cash, $110 million in

preferred stock at $7.50 per share, and

15 million shares of NEO common

stock ($85.2 million, based on the prior-

day closing price of $5.68 per share).

GE Healthcare will own 32% of NEO.

PRICE/REVENUE: 2.17

PRICE/INCOME: 21.17

The acquisition will allow NeoGenomics to broaden its offering of cancer diagnostic tests to hospitals and

physicians across the country, and to accelerate its growth in the global market for pharmaceutical clinical trials

and reach. In addition, NeoGenomics and GE Healthcare have agreed to collaborate on a new bioinformatics

initiative that combines their shared interest in precision oncology. This transaction is expected to close in the

fourth quarter of 2015.

TARGET: CliniSys Group Ltd. ACQUIRER: Roper Technologies Inc.

LISTING: Private LISTING: NYSE: ROP

LOCATION: Chertsy, Surrey, United Kingdom CEO: Brian D. Jellison PHONE: 941-556-2601

UNITS: 6901 Professional Pkwy. East,

Ste. 200

FAX:

REVENUE: Sarasota, Florida 34240

NET INCOME: WEB SITE: www.roperind.com

CliniSys is one of the largest European suppliers of

laboratory information systems, providing clinical

laboratory and order communication systems to

more than 2,000 laboratories in 34 counties.

Roper Technologies designs and develops software and solutions

for healthcare, transportation, food, energy and other industries. On


EBITDA of $1.2 billion and net income of $673.4 million.

ANNOUNCEMENT DATE: October 26, 2015 PRICE: $261,100,000 PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

This acquisition was announced concurrently with Roper's acquisition of Atlas Medical. The two acquisitions

will be combined with Roper subsidiaries, Sunquest Information Systems and Data Innovations, and will expand

Roper's portfolio of companies focused on diagnostic solutions, adding capabilities that support clinical testing

processes and connectivity to systems, instruments and providers across the world.


TARGET: Pacific Cancer Institute ACQUIRER: Alliance Oncology

LISTING: Private LISTING: NASDAQ: AIQ

LOCATION: Maui, Hawaii CEO: Greg Spurlock,

President

PHONE: 615-263-7888

UNITS: 1801 West End Avenue, Suite

700

FAX:

REVENUE: $ 6,300,000 Projected 2015 Nashville, Tennessee 37203

NET INCOME: WEB SITE: www.allianceoncology.com

PCI is focused on radiation oncology treatments. As

the only radiation therapy provider on the island of

Maui, PCI delivers care utilizing a state-of-the-art

TrueBeam STx System, offering both conventional

radiation therapy and stereotactic radiosurgery.

Alliance Oncology is a division of Alliance HealthCare Services, a

leading national provider of outsourced healthcare services.

Alliance Oncology is the nationwide leader in radiosurgery

programs and patient satisfaction.

ANNOUNCEMENT DATE: October 28, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Alliance Oncology will acquire a 95%

controlling interest in Pacific Cancer

Institute.

PRICE/REVENUE:

PRICE/INCOME:

Alliance Oncology believes PCI will be a strategic partner to further expand its footprint, while adding value to

Alliance Oncology’s vast network of physicians and physicists. The PCI facility includes a full radiation therapy

team: radiation oncologists, medical physicists, nurses, and radiation therapists who work with patients to develop

customized cancer treatment plans and will continue treating patients throughout the acquisition. The transaction is

expected to close in the fourth quarter of 2015.

TARGET: Consultants in Laboratory

Medicine

ACQUIRER: Aurora Diagnostics


LOCATION: Toledo, Ohio CEO: Daniel D. Crowley PHONE: 866-420-5512

UNITS: 11025 RCA Center Drive, Suite

300

FAX: 561-626-4530

REVENUE: Palm Beach Gardens, Florida 33410

NET INCOME: WEB SITE: www.auroradx.com

Consultants in Laboratory Medicine of Greater

Toledo, Inc. is a hospital-based practice providing

anatomic laboratory medicine professional

pathology services to 11 hospitals in Michigan and

Ohio.

Aurora Diagnostics is the leading independent specialized

laboratory company focused on anatomic pathology at 25 locations

in the United States.


PRICE/INCOME:

This acquisition gives Aurora a strong presence in the northwest Ohio market, where there is great potential to

provide exceptional inpatient and outpatient pathology services. Aurora’s entry into northwest Ohio is also

beneficial because of its proximity to Detroit, Mich., where Aurora Diagnostics operates Pinkus Laboratories, a

renowned full-service dermatopathology laboratory.


TARGET: Clinical Laboratory

Partners

ACQUIRER: Quest Diagnostics Inc.

LISTING: Nonprofit LISTING: NYSE: DGX

LOCATION: Hartford, Connecticut CEO: Stephen H.

Rusckowski

PHONE: 973-520-2700

UNITS: 3 Giralda Farms FAX: REVENUE: Madison, New Jersey 07940

NET INCOME: WEB SITE: www.questdiagnostics.com

Clinical Laboratory Partners is a wholly owned

subsidiary of Hartford HealthCare, which has five

hospitals in Connecticut. Its hospital-based labs and

inpatient and outpatient services are not included in

the transaction.

Quest Diagnostics provides diagnostic testing information services

in the United States and internationally. On a trailing 12-month


and net income of $703.0 million.


PRICE/INCOME:

HHC and CLP have collaborated with Quest since CLP's formation in 1998, with Quest providing reference testing

for CLP and HHC's five hospitals. CLP will transition lab testing now provided by its lab in Newington to Quest's

rapid-response clinical labs in Stratford, Torrington, and Wallingford, Connecticut, and full-service, state-of-the-art

clinical laboratory in Marlborough, Mass. The acquisition also includes several CLP patient service centers and

other select assets. This transaction is expected to close early in 2016.

TARGET: Oncotest GmbH ACQUIRER: Charles River Laboratories

International, Inc.

LISTING: Private LISTING: NYSE: CRL

LOCATION: Freiburg, Germany CEO: James C. Foster PHONE: 781-222-6000

UNITS: 251 Ballardvale Street FAX: 978-988-5665 REVENUE: Wilmington, Massachusetts 01887

NET INCOME: WEB SITE: www.criver.com

Oncotest GmbH is a contract research organization

(CRO) providing discovery services for oncology.

Oncotest offers an integrated portfolio of target

discovery and validation services for preclinical

oncology researchers.

Charles River Laboratories International, Inc. is a global, early-

stage contract research company. On a trailing 12-month basis, it

generated revenue of $1.34 billion, EBITDA of $305.9 million and


ANNOUNCEMENT DATE: November 18, 2015 PRICE: $ 36,000,000 Approximate PRICE PER UNIT: TERMS: The purchase price was approximately

€34 million in cash. The transaction

includes a potential additional payment

of €2 million based on future

performance.

PRICE/REVENUE:

PRICE/INCOME:

In 2016, Oncotest is expected to represent approximately 1% of Charles River’s consolidated revenue and be

neutral to slightly accretive to non-GAAP earnings per share. Oncotest has become part of Charles River’s In Vivo

Discovery business, which is reported in the Discovery and Safety Assessment segment.


TARGET: LGC Group ACQUIRER: KKR & Co. L.P.

LISTING: Private LISTING: NYSE: KKR

LOCATION: Teddington, Middlesex, United

Kingdom

CEO: George R. Roberts PHONE: 212-750-8300

UNITS: 9 West 57th Street, Ste. 4200 FAX: REVENUE: $337,818,508 -2015 New York, New York 10019

NET INCOME: WEB SITE: www.kkr.com

LCG, a portfolio company of Bridgepoint, is an

international life sciences measurement and testing

company that provides services such as DNA

sequencing, paternity and drug/alcohol testing. It

has employees in 22 countries.

KKR is a private equity and real estate firm specializing in direct

and fund investments. On a trailing 12-month basis, it generated

revenue of $6.52 billion and net income of $455.6 million.

ANNOUNCEMENT DATE: December 8, 2015 PRICE: $989,085,487 Approximate PRICE PER UNIT: TERMS: £650 million, reported by Healthcare

Business International. PRICE/REVENUE: 2.93

PRICE/INCOME:

Under Bridgepoint, LCG has grown rapidly over the past five years through the acquisition of 12 related

companies and revenue growth from £130 million in 2010 to £222 million ($337,818,508) in 2015. With KKR's

support, management plans to continue to build global leadership positions within their chosen markets, with a

particular focus on the United States and Asia.

TARGET: Pathology, Inc. ACQUIRER: Laboratory Corp. of America

LISTING: Private LISTING: NYSE: LH

LOCATION: Torrance, California CEO: David P. King PHONE: 336-229-1127

UNITS: 358 South Main Street FAX: REVENUE: Burlington, North Carolina 27215

NET INCOME: WEB SITE: www.labcorp.com

Pathology, Inc. is a full-service independent

women's health laboratory, providing expertise in

reproductive FDA donor testing as well as

anatomic, molecular and digital pathology services.

Laboratory Cop. Of America Holdings (LabCorp) operates as an

independent clinical laboratory company worldwide. On a trailing

12-month basis, it generated revenue of $7.8 billion, EBITDA of

$1.6 billion and net income of $442.2 million.


PRICE/INCOME:

LabCorp is acquiring substantially all of the operating assets of Pathology, Inc., including patient service centers,

used to conduct its medical testing and services business. The transaction is expected to close in the first quarter of

2016, after which Pathology, Inc. will cease operations.


TARGET: Whitehouse Laboratories ACQUIRER: Albany Molecular Research Inc.

LISTING: Private LISTING: NASDAQ: AMRI

LOCATION: Lebanon, New Jersey CEO: William S. Marth PHONE: 518-512-2000

UNITS: 26 Corporate Circle FAX: 518-512-2020 REVENUE: $ 11,000,000 (est. 2015) Albany, New York 12203

NET INCOME: $ 6,000,000 (adj. EBITDA,

2015) WEB SITE: www.amriglobal.com

Whitehouse Laboratories provides testing services

that include chemical and material analysis, method

development and validation and quality control

verification services to the pharmaceutical, medical

device and personal care industries.

Albany Molecular Research (AMRI), a contract research and

manufacturing company, provides integrated drug discovery,

development and manufacturing services. On a trailing 12-month

basis, it generated revenue of $362.5 million and EBITDA of $44.3

million.

ANNOUNCEMENT DATE: December 15, 2015 PRICE: $ 54,000,000 PRICE PER UNIT: TERMS: Cash, and an additional $2 million in

shares of AMRI common stock

contingent upon Whitehouse Labs

achieving certain 2015 targets.

PRICE/REVENUE: 4.91

PRICE/INCOME: 9.00

Whitehouse Labs offers a comprehensive array of testing solutions for life sciences companies. It will continue to

operate independently within AMRI's DDS segment. The transaction is expected to be accretive in 2016 to AMRI's

non-GAAP diluted earnings per share. It was signed and closed simultaneously.

TARGET: Community Portable X-Ray,

Inc.

ACQUIRER: Schryver Medical LLC


LOCATION: Plano, Texas. CEO: Doug Goetz PHONE: 800-638-3240

UNITS: 12075 East 45th St., Ste. 600 FAX: REVENUE: Denver, Colorado 80239

NET INCOME: WEB SITE: www.schryvermedical.com

Community Portable X-Ray provides mobile x-ray

and other imaging services to long-term health care

facilities, home care, psychiatric hospitals, industrial

sites, dialysis centers and athletic teams.

Schryver Medical Sales and Marketing, LLC is a portfolio company

of Revelstoke Capital Partners. Schryver is a JCAHO accredited

provider of mobile imaging diagnostics, clinical lab services,

oxygen therapy and durable medical equipment rental.


PRICE/INCOME:

Besides its base in Plano, Community Portable X-Ray also has locations in Fort Worth, Houston and San Antonio.

This acquisition, and another announced concurrently for MetroStat Clinical Laboratory, Inc., marks Schryver's

entry in to the Texas market. Perkins Coie LLP and Winston & Strawn LLP served as legal counsel to Schryver.

The transaction closed on December 28.


TARGET: MetroStat Clinical

Laboratory, Inc.

ACQUIRER: Schryver Medical LLC


LOCATION: Garland, Texas CEO: Doug Goetz PHONE: 800-638-3240

UNITS: 12075 East 45th Ave., Ste. 600 FAX: REVENUE: Denver, Colorado 80239

NET INCOME: WEB SITE: www.schryvermedical.com

MetroStat Clinical Laboratory, Inc. and MetroStat

Diagnostic Services, Inc. (collectively MetroStat)

are being acquired. The company provides clinical

laboratory services, mobile x-ray and other mobile

imaging services in Texas.

Schryver Medical Sales and Marketing, LLC is a portfolio company

of Revelstoke Capital Partners. Schryver is a JCAHO accredited

provider of mobile imaging diagnostics, clinical lab services,

oxygen therapy and durable medical equipment rental.


PRICE/INCOME:

MetroStat provides digital ultrasound and EKG teleradiology equipment that allow its technologists to obtain the

best images for interpretation by its radiologists. Its clinical laboratory and in-house microbiology system now use

hospital-grade lab equipment. This transaction, announced concurrently with Community Protable X-Ray, marks

Schryver's entry in to the Texas market. Perkins Coie LLP and Winston & Strawn LLP served as legal counsel to

Schryver. The transaction closed on December 28.

TARGET: US Lithotripsy, LP ACQUIRER: United Medical Systems, Inc.


LOCATION: Irving, Texas CEO: Jorgen Madsen PHONE: 800-516-9425

UNITS: 1700 West Park Drive FAX: 508-870-0682 REVENUE: Westborough, Massachusetts 01581

NET INCOME: WEB SITE: www.ums-usa.com

USMD Health Systems has sold US Lithotripsy LP,

and its affiliates. US Lithotripsy is a provider of

lithotripsy services. It operates in Arizona,

Arkansas, Colorado, Missouri, Oklahoma and

Texas. US Lithotripsy performs over 12,000 ESWL

procedures annually.

United Medical Systems, a portfolio company of New State Capital

Partners, provides turnkey mobile lithotripsy, laser and stereotactic

breast biopsy services to patients at 850 healthcare facilities in the

U.S., Canada and Latin America.


PRICE/INCOME:

US Lithotripsy will add more than 100 hospitals, ambulatory surgical centers and other sites of service in the

southwestern United States to UMS’ mobile lithotripsy customer base.


LONG-TERM CARE

TARGET: Empire Crossing Retirement

Community

ACQUIRER: Extendicare Inc.

LISTING: Private LISTING: TSX: EXE

LOCATION: Port Hope, Ontario CEO: Timothy L. Lukenda PHONE: (905) 470-4000

UNITS: 64 3000 Steeles Ave. East, Ste.

700

FAX:

REVENUE: Markham, Ontario L3R 9W2

NET INCOME: $ 1,060,764 (stabilized est.

EBITDA) WEB SITE: www.extendicare.com

This newly built independent living/assisted living

community opened in May 2015. The property also

features excess land that provides to option to

double the community's size. Nautical Lands

Group, a private developer, is the owner.

Extendicare is one of North America’s largest long-term care

providers with 251 senior care centers. In Canada, Extendicare

operates 95 senior care facilities and is also a major provider of

home health care in Ontario through its ParaMed Home Health Care

division.

ANNOUNCEMENT DATE: October 1, 2015 PRICE: $ 15,418,082 PRICE PER UNIT: $ 240,908 TERMS: CAD$20.2 million. PRICE/REVENUE:

PRICE/INCOME: 14.53

The vendor provided Extendicare with 24-months occupancy support of up to CAD$1.3 million, which will be held

back from the CAD$20.2 million purchase price on closing and released back to Extendicare during the lease-up

period based on an agreed-upon formula. The transaction features a stabilized NOI yield estimated at 6.88%.

Extendicare will initially pay the purchase price in cash, with the intention to finance up to 65% within a year.

TARGET: Arcadian Cove ACQUIRER: American Realty Capital Healthcare

Trust-II


LOCATION: Richmond, Kentucky CEO: Tom D'Arcy PHONE: 212-415-6500

UNITS: 49 405 Park Avenue, 15th Fl. FAX: REVENUE: $ 1,400,000 (approximate) New York, New York 10022

NET INCOME: $ 426,000 (EBITDA) WEB SITE: www.americanrealtycap.com

Built in 2009, the 34,446-square foot assisted living

community was 95% occupied. This is the only

seniors housing asset of the owner, a small

investment group based on the West Coast. The

community was operated by a local individual.

ARC Healthcare Trust-II is the second healthcare REIT that has

been sponsored by the sponsor, and is part of the American Realty

Capital family of companies and non-traded REITs.

ANNOUNCEMENT DATE: October 2, 2015 PRICE: $ 4,775,000 PRICE PER UNIT: $ 97,449 TERMS: PRICE/REVENUE: 3.41

PRICE/INCOME: 11.21

Meridian Senior Living will operate the community with a 7.65% lease yield. Senturian Senior Housing Brokerage

represented the seller in the transaction, which closed in September 2015.


TARGET: Skilled nursing facility ACQUIRER: In-state buyer


LOCATION: Sevierville, Tennessee CEO: PHONE:

UNITS: 149 (beds) FAX: REVENUE: Tennessee


The skilled nursing facility, owned by a local

owner/operator, was 60% occupied and in need of

substantial differed maintenance. It was built in

1979.

The in-state buyer will partner with Grace Management to run the

facility.

ANNOUNCEMENT DATE: October 2, 2015 PRICE: $ 5,700,000 PRICE PER UNIT: $ 38,255 TERMS: PRICE/REVENUE:

PRICE/INCOME:

Senturian Senior Housing Brokerage represented the seller in the transaction, which closed at the end of May 2015.

TARGET: Aegis Living portfolio ACQUIRER: Welltower Inc.

LISTING: Private LISTING: NYSE: HCN

LOCATION: Seattle, Washington CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 161 4500 Dorr Street FAX: 419-247-2826 REVENUE: $ 11,486,000 (2014) Toledo, Ohio 43615

NET INCOME: $ 3,393,000 (2014

EBITDA) WEB SITE: www.welltower.com

All located in the Seattle area, the three assisted

living/memory care communities are owned and

operated by Aegis Living. Average occupancy is

84%. There are 75 AL units and 86 MC units, built

between 1976 and 1995, with extensive remodels

between 2003 and 2007.

Welltower, formerly Health Care REIT, is one of the largest

diversified healthcare REITs in the country and invests in both

seniors housing and healthcare real estate. It owns more than 1,300

properties in almost every state in the country, plus Canada and the

UK.


PRICE/INCOME: 17.24

The portfolio consists of 111,879 total square feet. Welltower will bring in Sunrise Senior Living to operate the

communities and improve cash flow by focusing on higher-acuity AL and adding more memory care. This

acquisition expands Welltower's relationship with Sunrise Senior Living, and the properties will be put in the

REIT's operating portfolio. Marcus & Millichap handled the transaction, which closed in September 2015.


TARGET: Eden Villa ACQUIRER: The Solana Company


LOCATION: Castro Valley, California CEO: PHONE: 858-259-5591

UNITS: 61 201 Lomas Santa Fe Dr., Ste.

450

FAX:

REVENUE: $ 2,524,000 (adjusted

2014) Solana Beach, California 92075

NET INCOME: $ 600,000 (adj. EBITDA

2014) WEB SITE: www.solstarinvetsments.com

Built in 1987 by a local family, the assisted living

community features 72 beds in 61 units, but it is

licensed for 92 residents. Occupancy was about

94%.

The Solana Company originates and manages direct investments in

senior living properties and hotels, through its subsidiaries, Solana

Senior Living and Solana Hospitality.


PRICE/INCOME: 13.33

The purchase was financed by a $5.2 million loan from Far East National Bank. The buyer plans to convert a

portion of the property to a secured memory care facility. Twelve AL units will be converted to memory care,

which will add approximately 20 memory care beds. Northstar Senior Living will manage the community. Marcus

& Millichap represented the seller in the transaction, which closed on September 16.

TARGET: Keiro Senior HealthCare

portfolio

ACQUIRER: Pacifica Companies LLC


LOCATION: Los Angeles, California CEO: Deepak Israni PHONE: 619-296-9000

UNITS: 615 (beds/units) 1785 Hancock Street, Ste. 20 FAX: 619-296-9090 REVENUE: San Diego, California 92110

NET INCOME: WEB SITE: www.pacificacompanies.com

Included in the purchase are a 300-bed skilled

nursing facility in Lincoln Heights, a 98-bed SNF in

Gardena, a 127-unit assisted living community in

Boyle Heights and a 90-bed intermediate care

facility on the Boyle Heights campus. Overall

occupancy is 94.5%.

Pacifica Companies is a real estate company that owns hotels and

housing in the U.S., Mexico and India, and also operates 55 senior

care communities in 14 states.


PRICE/INCOME:

Keiro Senior Healthcare is a not-for-profit that was founded in 1961 and provides culturally sensitive programs to

the aging Japanese-American community. The staff, food, décor and management are Japanese-based, and the

properties have been well maintained. Keiro Senior Healthcare will use the proceeds of the sale to expand its

program educating Japanese Americans about aging. The conditions of the deal are contigent on approval by the

Attorney General, which rejected a previous acquisition attempt by The Ensign Group.


TARGET: Courtside Cottages ACQUIRER: Pacifica Companies


LOCATION: Vacaville, California CEO: Deepak Israni PHONE: 619-296-9000

UNITS: 75 1785 Hancock Street, Ste. 20 FAX: 619-296-9090 REVENUE: $ 8,135,839 (in-place) San Diego, California 92110

NET INCOME: $ 612,375 (in-place

EBITDA) WEB SITE: www.pacificacompanies.com

Courtside Cottages is a stand-alone memory care

community that is 93% occupied. A local

partnership owns the property, bringing on the

management arm of a non-profit to third-party

manage.

Pacifica Companies is a private real estate investment company that

buys and manages a wide variety of real estate, including seniors

housing, residential, hospitality, multifamily, office and retail.


PRICE/INCOME: 17.39

The property was a former AREI property. The partners had un-TIC'ed" themselves and held on to the property

through the Great Recession. Pacifica should be able to greatly improve on margins. Marcus & Millichap handled

the transaction

TARGET: Ramsey Woods ACQUIRER: American Realty Capital Healthcare

Trust-II


LOCATION: Cudahy, Wisconsin CEO: Tom D'Arcy PHONE: 212-415-6500

UNITS: 29 405 Park Avenue, 15th Fl. FAX: REVENUE: $ 1,900,000 (approximate) New York, New York 10022

NET INCOME: $ 570,000 (approx.

EBITDA) WEB SITE: www.americanrealtycap.com

Built in 1995, Ramsey Woods is a 29-unit assisted

living community that is licensed for 33 beds.

Occupancy is 100%, of which 80% is private pay.

The site is approved for 60 units. It is owned by a

small investor group and operated by Meridian

Senior Living.

ARC Healthcare Trust-II is the third healthcare REIT that has been

sponsored by the sponsor, and is part of the American Realty


ANNOUNCEMENT DATE: October 7, 2015 PRICE: $ 6,000,000 Approximate PRICE PER UNIT: $ 206,897 TERMS: PRICE/REVENUE: 3.16

PRICE/INCOME: 10.53

After acquiring the community in September 2014, the owner spent $350,000 in renovations and nearly doubled

the value of the property. Occupancy is at 100%, with a consistently full wait list. The building has 16,075 square

feet, and there is room for the buyer to expand to 60 units. Meridian will continue as operator at the community.

The transaction closed on October 1.


TARGET: Manorcare Health Services ACQUIRER: Haven Health Group


LOCATION: Tucson, Arizona CEO: PHONE: 801-296-5100

UNITS: 118 (beds) 1355 S. Higley Road, Suite 111 FAX: REVENUE: $ 8,500,000 (approximate) Gilbert, Arizona 85296

NET INCOME: WEB SITE: http://havenhg.com/

Operated by HCR ManorCare, this skilled nursing

facility features 118 beds. It was built in 1988 with

45,000 square feet, and occupancy was about 75%.

It was operating just above breakeven. It will be

renamed Haven of Tucson.

Haven Health Group operates 10 skilled nursing and rehab facilities

throughout the state of Arizona.

ANNOUNCEMENT DATE: October 8, 2015 PRICE: $ 8,500,000 Approximate PRICE PER UNIT: $ 72,034 TERMS: Just the operations. PRICE/REVENUE: 1.00

PRICE/INCOME:

Congressional Bank closed a $4 million revolving line of credit with a three-year term in connection with the

acquisition. Because Haven Health won’t be able to bill and collect under the old operator provider agreements,

the line was structured to allow for unbilled accounts receivables during the transition process. Houlihan Lokey has

been representing the sellers, HCP, Inc. and HCR ManorCare, in a series of sales, and this transaction closed on

November 1.

TARGET: 2 skilled nursing facilities ACQUIRER: Private investor

LISTING: Public LISTING: Private

LOCATION: Houston & Mesquite, Texas CEO: PHONE:

UNITS: 309 (beds) FAX: REVENUE: $ 12,500,000 (annualized)

NET INCOME: $ 500,000 (tr. 12 months

EBITDA) WEB SITE:

Built in 1970, the 160-bed Houston facility has 143

dually certified beds. Built in 1977, the 149-bed

Mesquite facility includes 138 dually certified beds.

Combined occupancy at the two skilled nursing

facilities was 75% with a 15% quality mix.

The private investor has a national presence as a skilled nursing

landord.

ANNOUNCEMENT DATE: October 12, 2015 PRICE: $ 10,000,000 PRICE PER UNIT: $ 32,362 TERMS: PRICE/REVENUE: .80

PRICE/INCOME: 20.00

The seller was a publicly traded healthcare REIT that had leased the two facilities to a third party operator.

Concord Healthcare Group will now operate the facilities for the buyer. There are a total of 85,591 square feet.

Blueprint Healthcare Real Estate Advisors handled the tranasction, which closed on October 1.


TARGET: 2 skilled nursing facilities ACQUIRER: Private skilled nursing company


LOCATION: Amsterdam/Castleton-on-Hudson, New York

CEO: PHONE:

UNITS: 200 (beds) FAX: REVENUE: New York


The two skilled nursing facilities include the 120-

bed Capstone Center for Rehabilitation and Nursing

in Amsterdam, and the 80-bed Riverside Center for

Rehabilitation and Nursing in Castleton-on-Hudson.

The buyer is a private New York-based company that operates other

skilled nursing facilities in the state.


PRICE/INCOME:

The seller was a Chicago, Illinois-based not-for-profit Catholic health care organization. Healthcare Transactions

Group represented the seller in the sale, which closed on October 1.

TARGET: John J. Foley Skilled

Nursing Facility

ACQUIRER: Brookhaven Memorial Hospital


LOCATION: Yaphank, New York CEO: Richard T. Margulis PHONE: 631-654-7100

UNITS: 264 (beds) 101 Hospital Road FAX: REVENUE: Patchogue, New York 11772

NET INCOME: WEB SITE: www.brookhavenhospital.org/

Owned by Suffolk County, the skilled nursing

facility opened in 1995 and was named after the late

county legislator John J. Foley.

The not-for-profit 306-bed acute-care hospital is part of a

multidisciplinary, multicampus healthcare complex.


PRICE/INCOME:

The facility had been losing money for years, prompting the sale by the county. A private operator made a $20

million offer in July 2015, but withdrew it when county legislators pledged support of the sale to the nonprofit

hospital. Brookhaven plans to use the facility to provide outpatient services, such as dialysis, Medicaid assisted

living, pediatric services, adult day care and drug rehabilitation. The Foley name will remain on the building.

Closing is not expected until 2016.


TARGET: Pavilion at Queens ACQUIRER: Long-term care operator


LOCATION: Flushing, New York CEO: PHONE:



The 302-bed skilled nursing facility also features a

Dialysis Center and 20 certified Medicaid bed

ventilator units.

A New York-based long-term care operator.

ANNOUNCEMENT DATE: October 16, 2015 PRICE: $ 46,900,000 Approximate PRICE PER UNIT: $ 155,298 TERMS: PRICE/REVENUE:

PRICE/INCOME:

To help facilitate the acquisition, Contemporary Healthcare Capital provided a $7 million mezzanine loan to the

buyer, which will also help fund working capital and closing costs. The transaction closed on September 3.

TARGET: Morton County Senior

Communities

ACQUIRER: Regional operator


LOCATION: Elkhart, Kansas CEO: PHONE:

UNITS: 103 (beds) FAX: REVENUE: Colorado


This is a 103-bed skilled nursing/assisted living

facility.

The buyer is a Colorado-based seniors housing and long-term care

operator.


PRICE/INCOME:

To facilitate the acquisition, Contemporary Healthcare Capital provided a $1.5 million senior mortgage loan,

which will also fund capital expenditures, working capital and closing costs. The transaction closed on October 16.


TARGET: Spring Creek Village ACQUIRER: Joint venture


LOCATION: Spring, Texas CEO: PHONE:

UNITS: 108 FAX: REVENUE:


Built in 2013, the assisted living/memory care

community features 60 AL units and 48 MC units

with 85,000 square feet. It is just 50% occupied.

SRP Medical is the owner and also built it.

A joint venture between Harrison Street Real Estate Capital and

Bridgewood Property Company.


PRICE/INCOME:

Recently built by SRP Medical, which wanted to capitalize on the strong seller's market, the community changed

operators a year after it opened, causing some marketing and occupancy issues. The joint venture will bring in

Retirement Center Management, a wholly owned subsidiary of Bridgewood, to operate. Greystone Real Estate

Advisors handled the transaction, which closed in September.

TARGET: Wesley Enhanced Living of

Brodheadsville

ACQUIRER: Local operator


LOCATION: Brodheadsville, Pennsylvania CEO: PHONE:

UNITS: 25 FAX: REVENUE: $ 990,482 Pennsylvania

NET INCOME: $- 268,458 (EBITDA) WEB SITE:

Sitting on 16 acres, this assisted living/memory care

community was built in 1975. There are also four

independent living units in a separate house on the

property. It was owned by a non-profit entity with

other larger communities in the state. Occupancy

was 82%.

The buyer is a local operator with other communities nearby.

ANNOUNCEMENT DATE: October 27, 2015 PRICE: $ 500,000 PRICE PER UNIT: $ 20,000 TERMS: PRICE/REVENUE: .50


The main building offers 10 memory care units on the first floor and 11 assisted living units on the second.

Monthly rates range from $1,854-$2,472 for AL and $2,885-$2,915 for MC. Most of the residents were private

pay, with some SSI and VA. This was the seller's smallest community, and it was losing money. The buyer will

invest capex into the community in order to attract more memory care residents, increase census and cut

unnecessary expenses. Senior Living Investment Brokerage handled the transaction, which closed on March 31.


TARGET: 5 retirement communities ACQUIRER: Chartwell Retirement Residences

LISTING: Private LISTING: TSX: CSH.UN

LOCATION: Various, Ontario CEO: Brent Binions PHONE: 905-501-9219

UNITS: 616 100 Milverton Drive, Ste. 700 FAX: 905-501-0813 REVENUE: Mississauga, Ontario L5R 4H1

NET INCOME: WEB SITE: www.chartwellreit.com

The independent living communities contain a total

of 616 units. They were opened between 2008 and

2013 and had an average occupancy of 89.1%. Four

of the properties have an assisted living component,

with 93 total units.

Chartwell Retirement Residences is a REIT that owns and manages

over 180 senior living properties in Canada. It is one of the largest

owners/operators in North America.

ANNOUNCEMENT DATE: October 29, 2015 PRICE: $192,890,000 PRICE PER UNIT: $ 313,133 TERMS: There is a total of $39.7 million in

assumed mortgages. A portion of the

price will be Chartwell issuing to one of

the vendors $11.4 million of

Exchangeable Class B Units of

Chartwell Master Care LP.

PRICE/REVENUE:

PRICE/INCOME:

Chartwell acquired these properties from five separate groups of sellers. Two communities will initially be owned

by two limited partnerships in which sellers' affiliates will retain interests. Signature Retirement Living Corp., an

affiliate of the sellers, will continue to manage these properties until end of year 2018 under contract with

Chartwell. Then, it will acquire the sellers' remaining interests and assume management. Chartwell expects to fund

the acquisition with available cash and its credit facility. The transaction is expected to close in November 2015.

TARGET: Ark Twin Valley Personal

Care Home

ACQUIRER: Akron Management LLC

LISTING: Private LISTING:

LOCATION: Delmont, Pennsylvania CEO: PHONE:

UNITS: 37 FAX: REVENUE: $ 1,800,000 (pro forma)

NET INCOME: $ 300,000 (est. pro forma

EBITDA) WEB SITE:

Ark Twin Valley PCH was built in 1967 and

remodeled in 1998, and it is licensed for 70 beds.

Occupancy was 65% (45 residents), and there are a

total of 20,000 square feet in the building. Delmont

is located 25 miles east of Pittsburgh.


PRICE/INCOME: 8.00

In 2014, the facility was operating just above breakeven on $1.22 million of revenues. The pro forma figures above

are based on 80% occupancy. Marcus & Millichap represented the seller, a private regional owner, in the

transaction, which closed on October 29.


TARGET: Geraldine L. Thompson

Care Center

ACQUIRER: Preferred Care Holdings LLC


LOCATION: Wall Township, New Jersey CEO: PHONE: 609-882-6900

UNITS: 135 (beds) 1201 Parkway Avenue FAX: REVENUE: Ewing, New Jersey 08628


Owned by the County of Monomouth, the skilled

nursing facility has 135 beds. It has been serving the

infirm and elderly since the mid-1920s.

Preferred Care is a skilled nursing provider, with has provided

skilled nursing services at its location in Ewing since 2004.


PRICE/INCOME:

Simultaneously, the county also sold its 174-bed skilled nursing facility in Freehold to Allaire Healthcare Group.

Marcus & Millichap handled the transaction, which closed on December 31.

TARGET: John L. Montgomery Care

Center

ACQUIRER: Allaire Healthcare Group


LOCATION: Freehold, New Jersey CEO: PHONE:

UNITS: 174 (beds) FAX: REVENUE: Lakewood, New Jersey


The 174-bed skilled nursing facility is owned by the

County of Monomouth.


PRICE/INCOME:

Simultaneously, the county also sold its 135-bed skilled nursing facility in Wall Township to Preferred Care

Holdings. Marcus & Millichap handled the transaction, which closed on December 31.


TARGET: Traditions Senior Living &

Memory Care

ACQUIRER: Non-traded REIT

LISTING: Private LISTING:

LOCATION: Sherman, Texas CEO: PHONE:

UNITS: 49 FAX: REVENUE: $ 1,800,000 (2014

annualized)


Traditions Senior Living & Memory Care is an

assisted living community with 28 assisted living

units (96% occupied) and 21 memory care units

(100% occupied). It was built in 1982 and

renovated in 2011, and it has 38,400 square feet.


PRICE/INCOME:

With occupancy running close to 100%, it may be likely that monthly rates are below market and the buyer will be

able to push rents higher. Marcus & Millichap represented the seller, a regional owner/operator/developer, in the

transaction, which closed on October 15.

TARGET: Viera Manor ACQUIRER: Oxford Capital Group


LOCATION: Viera, Florida CEO: John W. Rutledge PHONE: 312-755-9500

UNITS: 86 350 W. Hubbard, Suite 440 FAX: 312-755-9510 REVENUE: Chicago, Illinois 60654

NET INCOME: WEB SITE: http://www.oxford-capital.com/

Viera Manor is an 86-unit/100-bed assisted living

community located on the campus of the Viera

Veterans Administration Outpatient Clinic. Viera is

a master-planned community of over 16,000

residents adjacent to the city of Melbourne.

A national real estate investment, development and management

firm focused on the hospitality and seniors housing sectors, Oxford

completed this acquisition with joint venture partner, AEW Capital

Management.


PRICE/INCOME:

Oxford led the venture including AEW Capital Management to acquire the community. The partners also have

plans to develop a 51-unit memory care community adjacent to the existing community.


TARGET: Warren Haven Nursing

Home

ACQUIRER: WH Holdings

LISTING: Nonprofit LISTING:

LOCATION: Oxford, New Jersey CEO: PHONE:

UNITS: 180 (beds) FAX: REVENUE: $ 14,200,000 (pro forma)

NET INCOME: $ 1,750,000 (pro forma

EBITDA) WEB SITE:

Warren Haven is a 180-bed skilled nursing facility

that was owned by the County of Warren. It was

built in 1952 with an addition in the 1980s. It is on

32.2 acres and has a total of 94,403 square feet.

Occupancy was 73% with a 15% quality mix. It was

losing money.


PRICE/INCOME: 8.91

The facility has 12 private rooms and 84 semi-private rooms. The Medicaid census was about 85%, with 13%

private pay and 1.5% Medicare. In 2014, the facility lost $4.4 million on revenues of $11.13 million because of

high labor costs and low occupancy. The buyer will most likely change the wages and benefits and focus on

increasing the Medicare census to achieve the pro forma results posted above. Marcus & Millichap represented the

seller in the transaction, which closed on September 3.

TARGET: 3 seniors housing properties ACQUIRER: Welltower Inc.


LOCATION: West Virginia and, Pennsylvania CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 387 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615

NET INCOME: $ 6,750,000 (est. stabilized


The three communities are located in Fayetteville,

Pennsylvania (219 units), Marietta, Pennsylvania

(70 units) and Ona, West Virginia (98 units). They

are operated by Passage Healthcare.





UK.


PRICE/INCOME: 9.93

Passage Healthcare is a new operating partner of Welltower, and these communities will be in a new 15-year

master lease with a corporate guarantee. The initial lease yield is 7.75% with 3.0% annual escalators. The

properties are expected to have a 1.3x stabilized lease coverage ratio after management fee. This transaction closed

in the third quarter. Passage Healthcare's management team includes Bill Lasky, former CEO of Alterra

Healthcare, and Andy Turner, founder and former CEO of Sun Healthcare Group.


TARGET: 3 seniors housing properties ACQUIRER: Welltower Inc.


LOCATION: Utah and, Colorado CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 461 4500 Dorr Street FAX: 419-247-2826 REVENUE: $ 23,800,000 (estimated) Toledo, Ohio 43615

NET INCOME: $ 10,230,000 (est. stabilized


The three seniors housing communities are located

in Colorado Springs, Colorado (171 units), Fort

Collins, Colorado (147 units) and Orem, Utah (143

units). Orem is in the Provo, Utah MSA. They are

operated by Leasure Care.





UK.

ANNOUNCEMENT DATE: October 30, 2015 PRICE: $155,000,000 PRICE PER UNIT: $ 336,226 TERMS: Sale/Leaseback PRICE/REVENUE: 6.51

PRICE/INCOME: 15.15

Leasure Care is a new operating partner of Welltower, so the three properties are in a new master lease with a

corporate guarantee. The initial lease yield is 6.0% with 3.0% annual escalators. The properties are expected to

have a 1.1x stabilized lease coverage ratio after management fee. This transaction closed in the third quarter.

TARGET: Post-acute campus ACQUIRER: Welltower Inc.

LISTING: NYSE: GEN LISTING: NYSE: HCN

LOCATION: North Cape May, New Jersey CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 191 (beds and units) 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615

NET INCOME: $ 1,700,000 (est. EBITDA) WEB SITE: www.welltower.com

The campus includes a 120-bed licensed skilled

nursing facility and an adjacent 71-unit assisted

living community. Genesis Healthcare is the

operator.





UK.

ANNOUNCEMENT DATE: October 30, 2015 PRICE: $ 15,000,000 PRICE PER UNIT: $ 78,534 TERMS: Sale/leaseback PRICE/REVENUE:

PRICE/INCOME: 8.82

The properties were added to the Genesis master lease, which has a corporate guarantee and expires in 2032. The

initial yield is 9.0% with 3.0% annual escalators. This purchase and leaseback closed in the third quarter. Since the

initial $2.4 billion sale/leaseback completed in 2011, there have been $931 million follow-on pro rata investments

with Genesis.


TARGET: Post-acute facility ACQUIRER: Welltower Inc.


LOCATION: Bloomington, Indiana CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 93 (beds) 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615

NET INCOME: $ 1,750,000 (est. pro forma


Mainstreet developed this 93-bed post-acute

facility, and construction was completed in the

second quarter of 2015. It is operated by Louisville,

Kentucky-based Trilogy Health Services.





UK.


PRICE/INCOME: 10.29

The property was acquired from Mainstreet pursuant to the 17-property pipeline agreement announced in August

2014. The initial lease yield is 7.5% and will escalate annually by the greater of 2.5% or the CPI. The transaction

closed in the third quarter. Since closing its initial $5.7 million sale/leaseback in 2002, Welltower has completed

$271 million of follow-on pro rata investments with Trilogy.

TARGET: Post-acute facility ACQUIRER: Welltower Inc.


LOCATION: Dyer, Indiana CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 130 (beds) 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615

NET INCOME: $ 2,700,000 (est. pro forma


This 130-bed post-acute facility opened in the

second quarter of 2015 and was developed by

Mainstreet. It has primarily skilled nursing beds.

Chicago-based Symphony Post Acute Network is

the operator. Dyer is in the Chicago MSA.





UK.


PRICE/INCOME: 10.00

The property was acquired from Mainstreet pursuant to the 17-property pipeline agreement announced in August

2014. Symphony will lease the property for 15 years with an initial lease yield of 7.5% and average annual

escalators of 2.65%. The transaction closed in the third quarter. This is the second follow-on acquisition with

Symphony since the initial $21 million sale/leaseback in 2015.


TARGET: Seniors housing property ACQUIRER: Welltower Inc.


LOCATION: Murphy, Texas CEO: Thomas J. DeRosa PHONE: 419-247-2800

UNITS: 78 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615

NET INCOME: $ 1,400,000 (est. EBITDA) WEB SITE: www.welltower.com

This 78-unit all-private pay seniors housing

community opened in 2012. It is operated by Sagora

Senior Living.





UK.


PRICE/INCOME: 15.00

This property was added to an existing master lease with Sagora Senior Living, which has a corporate guarentee

and expires in 2031. The initial lease yield is 6.0% and will escalate annually by the greater of 3.0% or the CPI.

This transaction closed in the third quarter. Since the first $9 million sale/leaseback with Sagora in 2010,

Welltower has completed $332 million of follow-on pro rata investments.

TARGET: 2 skilled nursing facilities ACQUIRER: Omega Healthcare Investors, Inc.

LISTING: Private LISTING: NYSE: OHI

LOCATION: Various, Florida CEO: C. Taylor Pickett PHONE: 410-427-1700

UNITS: 260 (beds) 200 International Circle, Ste.

3500

FAX: 410-427-8800

REVENUE: Hunt Valley, Maryland 21030

NET INCOME: WEB SITE: www.omegahealthcare.com

The two skilled nursing facilities have a combined

260 operating beds.

Omega Healthcare Investors is a REIT that owns or holds

mortgages on more than 800 skilled nursing facilities, assisted

living facilities and other specialty hospitals operated by more than

80 third-party operating companies.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $ 32,000,000 PRICE PER UNIT: $ 123,077 TERMS: Sale/leaseback PRICE/REVENUE:

PRICE/INCOME:

The two skilled nursing facilities were added to an existing operator's Master lease with an initial cash yield of 9%.

The transaction closed on September 29.


TARGET: 2 skilled nursing facilities ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG

LOCATION: Chandler and Scottsdale, Arizona CEO: Christopher

Christensen

PHONE: 949-487-9500

UNITS: 225 (beds) 27101 Puerta Real, Ste. 450 FAX: 949-487-9400 REVENUE: Mission Viejo, California 92691

NET INCOME: WEB SITE: www.ensigngroup.net

Chandler Post Acute and Rehabilitation is a 120-

bed skilled nursing facility located in Chandler,

Arizona. Shea Post Acute Rehabilitation Center is a

105-bed skilled nursing facility located in

Scottsdale. Combined occupancy was 79%.

The Ensign Group operates skilled nursing and assisted living

facilities in western states, as well as home health and hospice

agencies. In 2014, it spun off many of its real estate assets into a

publicly traded REIT.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: For operations only. PRICE/REVENUE:

PRICE/INCOME:

The acquisition of the operations and the commencement of a new long-term lease were effective November 1. The

transaction will be mildly accretive to earnings in 2016. On the same day, Ensign purchased a skilled nursing

facility in California and one in South Carolina.

TARGET: Carrington of St. Charles

Place

ACQUIRER: Owner/operator


LOCATION: St. Charles, Missouri CEO: PHONE:

UNITS: 234 FAX: REVENUE: $ 8,525,000 Chicago, Illinois

NET INCOME: $ 963,000 (annualized

EBITDA) WEB SITE:

Carrington is a CCRC with 138 independent living

units, 32 memory care units, 27 assisted living units

and 66 skilled nursing beds. It was originally built

in 1977, with expansions in 2011 and 2013. There is

a total of 208,257 square feet. Overall occupancy

was 76%.

The Chicago-based owner/operator teamed up with an investor

based in Missouri to complete this acquisition.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $ 17,000,000 PRICE PER UNIT: $ 72,650 TERMS: PRICE/REVENUE: 1.99

PRICE/INCOME: 17.65

There are four buildings on the campus. Most of the reason for the low occupancy was because the independent

living units were at just 51% occupancy. Increasing the IL occupancy to 80% would increase revenues by $1.0

million with a significant part of that contributing to a higher annual EBITDA. Marcus & Millichap represented the

seller in the transaction, which closed on October 30.


TARGET: Cornerstone at Longwood ACQUIRER: Madison Realty Companies


LOCATION: Longwood, Florida CEO: Gary Langendoen PHONE: 626-796-8700

UNITS: 80 3452 East Foothill Blvd.,

Ste.200

FAX:

REVENUE: $ 2,936,000 Pasadena, California 91107

NET INCOME: $ 799,000 (EBITDA) WEB SITE: www.madisonrealtycompanies.com

Cornerstone is an assisted living community with

63 AL units and 17 units for Alzheimer's and

dementia care. It was originally built in 1965 with

substantial renovations over the years. Occupany

was 90%, and there are 32,968 square feet on the

1.62 acre site.

Madison Realty was founded 20 years ago and it invests in income-

producing properties throughout the U.S. It has another community

in Punta Gorda, Florida. The community was purchased by

Longwood Seniors Living Acquisitions, LP.


PRICE/INCOME: 11.76

The seller, Pacor, Inc., purchased the property in 2008 and completely remodeled it, starting with the Alzheimer's

unit and then the remaining 70 assisted living units. In addition to the standard license, the facility also provides

Assistive Care Services and has an Assisted Living Waiver with Medicaid services. The facility is licensed for 112

beds. Collier's International's Seniors Housing Group represented the seller in the transaction, which closed on

October 21.

TARGET: Medicalodges Herington ACQUIRER: Birchwood Health Care Properties


LOCATION: Herington, Kansas CEO: Isaac Dole PHONE: 312-724-8950

UNITS: 59 (beds) PO Box 476903 FAX: REVENUE: $ 2,315,000 Chicago, Illinois 60647

NET INCOME: $ 270,000 (EBITDA) WEB SITE: www.birchwoodhcp.com

Medicalodges Herington is a 45-bed skilled nursing

facility with 14 residential care beds. It was

originally built in 1965 with expansions in 1974 and

1998. There are 36,940 square feet, and occupancy

was 78% in the SNF and 93% in the RCF.

Birchwood is a private real estate investor specializing in senior

care facilities. They do not operate the facilities, but use third-party

managers.


PRICE/INCOME: 7.78

This was one of three acquisitions by Birchwood this month in Kansas. They plan to hire New Paradigm Solutions,

based in Manhattan, Kansas, to operate the facilities. A few years ago, the facility was decertified from 58 skilled

beds to 45 beds. It is the only facility in Herington and the closest competitor is 25 miles away. The seller was a

large regional operator based in Kansas, but this was a portfolio outlier. Senior Living Investment Brokerage

handled the transaction, which closed on October 30.


TARGET: Memory care community ACQUIRER: LTC Properties, Inc.


LOCATION: Florida CEO: Wendy L. Simpson PHONE: 805-981-8655 UNITS: 60 2829 Townsgate Rd., Suite 350 FAX: 805-981-8663 REVENUE: Westlake Village, California 91361

NET INCOME: WEB SITE: www.ltcproperties.com

The 60-unit memory care community was newly

constructed.




investments.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: $ 14,300,000 PRICE PER UNIT: $ 238,333 TERMS: PRICE/REVENUE:

PRICE/INCOME:

Concurrent with the purchase, LTC entered into a triple net lease with an affiliate of Clarity Pointe at an initial

lease yield of 8.0% with annual escalators of 2.5%. The lease also provides the lessee a $300,000 contingent earn-

out payment upon the property achieving a sustainable stipulated rent coverage ratio. The transaction closed in the

third quarter.

TARGET: Millennium Post Acute

Rehabilitation

ACQUIRER: The Ensign Group, Inc.


LOCATION: West Columbia, South Carolina CEO: Christopher

Christensen

PHONE: 949-487-9500



Millennium Post Acute is a 125-bed skilled nursing

facility with an occupancy rate of approximately

78%. The acquisition was for the real estate and

operations.






PRICE/INCOME:

This is Ensign's first acquisition on the East Coast. The acquisition, which closed effective November 1, is

expected to be mildly accretive to earnings in 2016. On the same day, Ensign also purchased a skilled nursing

facility in California and the operations of two other SNFs in Arizona.


TARGET: Skilled nursing facility ACQUIRER: Diversicare Healthcare Services, Inc.

LISTING: Private LISTING: NASDAQ: DVCR

LOCATION: Fulton, Kentucky CEO: Kelly J. Gill PHONE: 615-771-7575

UNITS: 60 (beds) 1621 Galleria Boulevard FAX: 615-771-7409 REVENUE: $ 3,500,000 (approx. first

year) Brentwood, Tennessee 37027

NET INCOME: WEB SITE: www.dvcr.com

This skilled nursing facility has been renamed

Diversicare of Fulton.

Diversicare provides long-term care services to patients in 55

skilled nursing and seniors housing centers containing 6,560

licensed beds.


PRICE/INCOME:

The acquisition fits well with Diversicare's geographic footprint and will be added to its portfolio of owned

properties. The transaction closed effective November 1.

TARGET: Somerset Subacute and

Rehabilitation

ACQUIRER: The Ensign Group, Inc.


LOCATION: El Cajon, California CEO: Christopher

Christensen

PHONE: 949-487-9500



Somerset is a 46-bed skilled nursing facility that

Ensign had been operating under a long-term lease

since December 2014.






PRICE/INCOME:

This transaction closed on November 1, 2015. Ensign closed on two other purchases the same day: two skilled

nursing facilities in Arizona and one in South Carolina.


TARGET: Windsor Estates ACQUIRER: Birchwood Health Care Properties


LOCATION: Salina, Kansas CEO: Isaac Dole PHONE: 312-724-8950


NET INCOME: $ 239,000 (EBITDA) WEB SITE: www.birchwoodhcp.com

This 45-bed skilled nursing facility was built in

1965 and 1980 and has 17,903 square feet.

Occupancy was 97.8%. It is adjacent to an

independent living community owned by the seller,

and this will be leased to the buyer with a purchase

option in three years.



managers.


PRICE/INCOME: 9.21

This was one of three acquisitions by Birchwood this month in Kansas. They plan to hire New Paradigm Solutions,

based in Manhattan, Kansas, to operate the facilities. Senior Living Investment Brokerage handled the transaction,

which closed on October 30.

TARGET: College Hill Nursing and

Rehab

ACQUIRER: Birchwood Health Care Properties


LOCATION: Wichita, Kansas CEO: Isaac Dole PHONE: 312-724-8950


NET INCOME: WEB SITE: www.birchwoodhcp.com

College Hill Nursing and Rehab was built in 1968.

It has 32,882 square feet on a 2.36-acre site.

Occupancy was 67%, with a 92% Medicaid census,

6% Medicare and 2% private pay. It was losing

more than $600,000 per year.



managers.


PRICE/INCOME:

This will be a difficult turnaround situation, but at least it is in a major MSA in Kansas. The buyer will hire a

regional operating company to take over management, and they plan to invest capital in the physical plant to

improve on occupancy and quality mix. Senior Living Investment Brokerage represented the seller, a private

owner/operator, in the transaction, which closed on October 30. This was Birchwood's third acquisition in Kansas

in October.


TARGET: 11 skilled nursing facilities ACQUIRER: Mainstreet


LOCATION: Chicago MSA, Illinois CEO: Zeke Turner PHONE: 855-885-7702

UNITS: 2,477 (beds) 14390 Clay Terrace Blvd, Ste.

205

FAX: 317-582-6201

REVENUE: $200,000,000 Carmel, Indiana 46032

NET INCOME: $ 34,000,000 (est. 2016

EBITDA) WEB SITE: www.mainstreetinvestment.com

Symphony Post Acute Network sold 11 skilled

nursing facilities in the Chicago market and will be

leasing them back from Mainstreet. Occupancy is

about 90.5% with a census quality mix of about

25%.

Mainstreet is a national company specializing in real estate

development, value investments and health care. It is the nation’s

largest developer of transitional care properties, and has received

several awards for architecture and design.

ANNOUNCEMENT DATE: November 4, 2015 PRICE: $302,500,000 PRICE PER UNIT: $ 122,124 TERMS: Sale/leaseback PRICE/REVENUE: 1.51

PRICE/INCOME: 8.90

The sale represents almost half of Symphony's portfolio of 26 facilities with more than 5,200 licensed beds. The

initial lease yield is 8.0% with a 1.4x lease coverage ratio in 2016. The sale was prompted by the owners' interest in

simplifying its investor base for the next generation of family members. Heavenrich & Company represented the

seller in the transaction, which closed on October 30. One facility will close in February 2016.

TARGET: 2 senior living communities ACQUIRER: CNL Healthcare Properties, Inc.


LOCATION: Illinois &, New Mexico CEO: Stephen H. Maudlin PHONE: 407-650-1000

UNITS: 250 450 South Orange Avenue FAX: REVENUE: Orlando, Florida 32801

NET INCOME: WEB SITE: cnlhealthcareproperties.com

Developed by Spectrum Retirement Communities in

2013-14, there is an 86-unit assisted living/memory

care community in Lake Zurich, Illinois, and a 164-

unit independent living/AL/MC community in

Albuquerque. Combined occupancy is 96%.

CNL Healthcare Properties is a private REIT that focuses on

acquiring properties in the seniors housing and healthcare sectors.

Its portfolio now includes 127 assets in 29 states with a value of

approximately $2.5 billion.


PRICE/INCOME:

Spectrum will retain management at these communities.


TARGET: 4 assisted living

communities

ACQUIRER: Summit Healthcare REIT, Inc.


LOCATION: Green Bay and Appleton, Wisconsin

CEO: Kent Eikanas PHONE: 800-978-8136

UNITS: 125 4676 Commercial Street, #167 FAX: REVENUE: Lake Forest, California 97302

NET INCOME: $ 1,600,000 (EBITDAR,

annualized) WEB SITE: www.summithealthcarereit.com

Known as the Cottage Living Portfolio, the four

communities featured both assisted living and

memory care services. Occupancy was 92% at the

time of the sale. They are owned by Cambridge

Investment and Finance Company.

Formerly known as Cornerstone Core Properties REIT, Summit is a

publicly registered, non-traded REIT focused on investing in seniors

housing real estate. It has a portfolio of 25 long-term triple-net

leased healthcare facilities.


PRICE/INCOME: 11.50

Cambridge Investment and Finance Company bought these properties in 2007 for $5.8 million, or $45,800 per unit.

Summit triple-net leased the communities for a 12-year term to an affiliate of Compass Senior Living, which is

headquartered in Oregon and operates another property for Summit. Blueprint Healthcare Real Estate Advisors

handled the transaction, which closed on November 2.

TARGET: Kindred Hallmark ACQUIRER: Regional owner/operator

LISTING: NYSE: VTR LISTING: Private

LOCATION: New Bedford, Massachusetts CEO: PHONE:

UNITS: 107 (beds) FAX: REVENUE: $ 6,784,000 (ttm, 11/30/15)


Owned by a publicly traded REIT, the 28,812-

square foot skilled nursing facility was built in 1974

and significantly renovated in 1997. It is 81.9%

occupied with a 27.4% quality mix. It is operated by

Kindred Healthcare.

The buyer is looking to expand their regional footprint in the

Northeast.



Both the occupancy and quality mix dipped in the last couple of years, with the facility losing money as of 2014.

There is one private room, along with 12 semi-privates, 22 three-bed units and 4 four-bed rooms, for a total of 39

units. The seller, a publicly traded REIT, decided to strategically divest several non-core assets. Blueprint

Healthcare Real Estate Advisors handled the transaction, which closed on November 2.


TARGET: Companions Specialized

Care Center



LOCATION: Tulsa, Oklahoma CEO: PHONE:

UNITS: 102 (beds) FAX: REVENUE: Oklahoma

NET INCOME: $- 500,000 (annual,

EBITDA) WEB SITE:

Built in 1971, with renovations in 1990 and 2011,

the skilled nursing facility was purchased by a

publicly traded company in 2012. Occupancy is just

60%, with over 83% Medicaid, 14% Medicare, 1%

private pay and 2% managed care. There are 33,301

square feet.

The buyer is a small Oklahoma-based operator.



This facility had been mismanaged ever since being purchased in 2012 by the publicly traded owner. The deal was

under letter of intent in the fall of 2014 for $4.75 million, but the facility had survey trouble, resulting in an

admittance ban and denial of payment. Occupancy was at 60% before that. This is one of the last buildings

operated by the seller. Senior Living Investment Brokerage handled the transaction, which closed on October 30.

TARGET: Assisted living community ACQUIRER: Meridian Senior Living


LOCATION: Racine, Wisconsin CEO: Charles Trafzger PHONE: 828-322-5535

UNITS: 50 PO Box 2568 FAX: REVENUE: $ 3,150,000 Hickory, North Carolina 28603

NET INCOME: $ 800,000 (EBITDA) WEB SITE: www.meridiansenior.com

Originally built in 1924 as a convent, the building

was gutted in 2008 and renovated to include 64,000

square feet and 50 assisted living units with 54

licensed beds. It is 94% occupied and has a 88%

private pay census. A local operator is the owner.

Meridian Senior Living operates more than 90 seniors housing and

care facilities in 12 states. The highest concentrations are in North

Carolina and Illinois.


PRICE/INCOME: 8.13

A local operator purchased the 4.07-acre property in 2007, and then spent about $2 million to completely gut and

renovate the community. The property is also pre-approved to expand with an additional 24 AL units, but no work

has started. Marcus & Millichap handled the transaction, which closed in early November.


TARGET: Emeritus at Pantano ACQUIRER: Cascade Living Group


LOCATION: Tucson, Arizona CEO: Bill Shorten PHONE: 425-408-9141

UNITS: 121 19119 North Creek Parkway

#102

FAX:

REVENUE: $ 4,058,000 (annualized) Bothell, Washington 98011

NET INCOME: $ 1,264,000 (EBITDA) WEB SITE: www.cascadeliving.com

Emeritus at Pantano is a 121-unit assisted living

(101 units) and memory care (20 units) community

built in 1977 with 79,859 square feet. Occupancy

was 70% at closing, and the license is for 140 beds.

Brookdale Senior Living had been the manager for

the seller.

Cascade Living Group operates independent living, assisted living

and memory care communities in Oregon (9), Washington (8),

Nevada (3), California (2) and Arizona (1). Casacade partnered with

a REIT to complete this transaction.


PRICE/INCOME: 14.87

Cushman & Wakefield represented the seller, Columbia Pacific, which had purchased the property at auction from

Sunwest Management for $9.48 million in 2010. The community was currently profitable, but it will take up to two

years to reach stabilized occupancy of 94%. At that point, revenues and EBITDA should increase to about $5.0

million and $1.7 million, respectively. Two to three years after that, we estimate that revenues and EBITDA should

grow to $6.0 million and $2.2 million, as a result of rate increases and care enhancements. The deal closed on

November 3.

TARGET: The Stratford at Maple Leaf ACQUIRER: Capitol Seniors Housing


LOCATION: Seattle, Washington CEO: Scott Stewart PHONE: 202-469-8400

UNITS: 119 975 F Street NW, 9th Fl FAX: 202-469-8407 REVENUE: $ 4,600,000 (est. first year) Washington, D.C. 20004

NET INCOME: $ 1,400,000 (est. EBITDA) WEB SITE: www.capitolseniorshousing.com

The Stratford is an assisted living and memory care

community that was built in 2006 with 90,063

square feet. The four-story building has mostly

assisted living with some independent living, plus

20 memory care units. Occupancy has been between

85% and 90%.

Capitol Seniors Housing and its joint venture partner, Harvard

Endowment Company, own seniors housing communities and hire

third-party managers to operate them. In this transaction, they will

be hiring Milestone Retirement Communities.


PRICE/INCOME: 18.57

The seller developed the property and ran it himself, so with professional management it is expected to perform

better. Unit rates were considered to be below market, and after the buyer invests up to $2.5 million on remodeling

and upgrades, rates should move higher, as well as occupancy. At 95% with higher rates, plus converting the IL

units to AL and memory care, annual revenues and EBITDA should improve to at least $5.5 million and $1.8

million, respectively. Cushman & Wakefield represented the seller in the transaction, which closed on November

5.


TARGET: Casa Reha ACQUIRER: Korian

LISTING: Private LISTING: Paris: KORI

LOCATION: Oberursel, Germany CEO: Yann Coleou PHONE: +33 1 55 37 52 00

UNITS: 10,000 (beds) 25 Rue Balzac FAX: REVENUE: $288,440,000 Paris, France 75008

NET INCOME: WEB SITE: http://www.korian.com/en

Casa Reha is the third-largest operator of skilled

nursing facilities in Germany, with 70 facilities and

more than 10,000 beds. The average facility age is

less than 15 years and 70% of beds are in private

rooms. Casa Reha does not hold real estate assets.

Founded in 2003, Korian manages over 600 facilities in four

business lines: skilled nursing facilities, post-acute and

rehabilitation clinics, assisted living communities and home-care

services. It has a presence in France, Germany, Italy and Belgium.


PRICE/INCOME:

With this acquisition, Korian strengthens its presence in Germany and will operate 216 facilities with more than

27,500 beds. The combined operations will increase Korian's revenue from Germany to around $833.6 million, or

about 27% of its total revenue in 2015. The acquisition, to be financed through cash and undrawn credit lines, is

expected to be EPS accretive from 2016. It closed on January 7, 2016 following approval from the German

Competition Authorities.

TARGET: Deanwood Rehab and

Wellness Center

ACQUIRER: Non-traded REIT

LISTING: Private LISTING: Public

LOCATION: Washington, D.C. CEO: PHONE:

UNITS: 296 (beds) FAX: REVENUE: $ 33,532,229 (ttm, March

31, 2014)

NET INCOME: $ 7,531,339 (EBITDA) WEB SITE:

Owned by a private New York company, the skilled

nursing facility was built in 1983. It is 94%

occupied and has a 17% quality mix. The 133,706-

square foot building sits on 1.44 acres in northeast

Washington D.C.

ANNOUNCEMENT DATE: November 10, 2015 PRICE: $ 50,000,000 PRICE PER UNIT: $ 168,919 TERMS: Included in the price is a performance-

based earn-out, which is attainable upon

reaching certain performance thresholds.

Sale/leaseback structure.

PRICE/REVENUE: 1.49

PRICE/INCOME: 6.64

Blueprint Healthcare Real Estate Advisors represented the seller in the transaction, which closed on October 29.


TARGET: 2 retirement communities ACQUIRER: Extendicare Inc.


LOCATION: Saskatchewan, Canada CEO: Timothy L. Lukenda PHONE: (905) 470-4000

UNITS: 184 3000 Steeles Ave. E, Ste. 700 FAX: REVENUE: Markham, Ontario L3R 9W2

NET INCOME: $ 2,670,000 (est. EBITDA) WEB SITE: www.extendicare.com

There is a 116-unit independent living/assisted

living community with 90% occupancy that opened

in 2012, and a 68-unit memory care community that

is 72% occupied which opened in August 2013.

Brightwater Senior Living Communities owns both.




home health care in Ontario through its ParaMed Home Health Care

division.

ANNOUNCEMENT DATE: November 11, 2015 PRICE: $ 37,692,357 PRICE PER UNIT: $ 204,850 TERMS: CAD$50.2 million. A further incentive

payment of up to CAD$750,000 will be

paid based upon a specific formula

contingent on occupancy exceeding

85% on the closing date.

PRICE/REVENUE:

PRICE/INCOME: 14.12

Stabilized NOI yield is estimated at 7.08%. In addition, Extendicare entered into a non-binding letter of intent with

Brightwater to acquire two additional properties that are currently under construction in Saskatchewan, subject to

conditions upon their completion. The purchase price will initially be paid in cash with an intention to finance up to

65% once stabilized. Brookfield Financial advised the seller on the transaction, which is expected to close on 12/1.

TARGET: Harvest Retirement

Community

ACQUIRER: Extendicare Inc.


LOCATION: Tillonsburg, Ontario CEO: Timothy L. Lukenda PHONE: (905) 470-4000

UNITS: 100 3000 Steeles Ave. E, Ste. 700 FAX: REVENUE: Markham, Ontario L3R 9W2

NET INCOME: $ 1,440,000 (est. EBITDA) WEB SITE: www.extendicare.com

Built in 2012, this community includes 64 units of

independent living and assisted living, and 36

additional units to be completed in December

2015. Current occupancy is 94%. It is owned by

Baybridge Seniors Housing and Nautical Lands

Group.




home health care in Ontario through its ParaMed Home Health

Care division.

ANNOUNCEMENT DATE: November 11, 2015 PRICE: $ 21,323,963 PRICE PER UNIT: $ 213,240 TERMS: CAD$28.4 million. PRICE/REVENUE:

PRICE/INCOME: 14.81

The seller will provide Extendicare with income support over 24 months of up to CAD$1.0 million. This

amount will be held back from the purchase price on closing and released back to Extendicare during the lease-

up period based on an agreed-upon formula. The purchase price will initially be paid in cash with an intention to

finance up to 65% once stabilized. The stabilized NOI yield is estimated at 6.74%. The transaction is expected

to close on December 1.


TARGET: Pacifica Senior Living ACQUIRER: Capital Senior Living Corporation

LISTING: Private LISTING: NYSE: CSU

LOCATION: Virginia Beach, Virginia CEO: Lawrence A. Cohen PHONE: 972-770-5600

UNITS: 110 14160 Dallas Parkway, Ste. 300 FAX: 732-961-9994 REVENUE: Dallas, Texas 75254

NET INCOME: WEB SITE: www.capitalsenior.com

The assisted living portion of the building (with 85

units) was built in 2001 and features 69 studios and

16 one-bedroom units. The memory care portion

was built in 2012 with 25 studio units. There are

74,933 square feet.

Capital Senior Living operates about 119 senior living communities

in concentrated regions with a capacity of approximately 15,200

residents.


PRICE/INCOME:

To finance the transaction, Greystone's Debt and Structured Finance Team secured a $28.5 million loan through a

life insurance company. The loan featured a 10-year term and a 4.25% fixed interest rate that was locked upon

executing the loan application. The seller was a private seniors housing owner. Greystone handled the transaction,

which closed on October 29.

TARGET: Skilled nursing facility ACQUIRER: Birchwood Health Care Properties


LOCATION: Huntington, West Virginia CEO: Isaac Dole PHONE: 312-724-8950

UNITS: 58 (beds/units) PO Box 476903 FAX: REVENUE: Chicago, Illinois 60647

NET INCOME: WEB SITE: www.birchwoodhcp.com

This skilled nursing facility has 41 SN beds and 17

assisted living units. Built in 1928 but renovated in

2009, the facility was 90% occupied and has no

Medicare. This is the owner's only seniors housing

asset, which they leased to an operator. There are

45,534 square feet.



managers.


PRICE/INCOME:

The owner of the property decided to sell the facility when their operator tenant stopped paying rent and filed for

bankruptcy. While the census was stable at 90%, the facility was losing money at closing. Birchwood brought in

Providence Health Group to operate and plans to implement Medicare at the facility. Senturian Senior Housing

Brokerage represented the seller in the transaction, which closed on October 30.


TARGET: 2 skilled nursing facilities ACQUIRER: Continuum Healthcare LLC

LISTING: NYSE: HCP LISTING: Private

LOCATION: New Jersey &, Florida CEO: Eugene Ehrenfeld PHONE:

UNITS: 218 (beds) FAX: REVENUE: $ 16,545,000 (projected) Brooklyn, New York

NET INCOME: $ 2,100,000 (proj.

EBITDA) WEB SITE: continuumhealthcare.net

Built in 1965, the 98-bed Cherry Hill, NJ has

40,935 square feet, is 79% occupied and has a 25%

quality mix. Built in 1987, the 120-bed Brooksville,

FL facility has 37,249 square feet, an 84%

occupancy, and a 27% quality mix. Both had been

operated by HCR ManorCare.

Continuum Healthcare operates skilled nursing facilities and

pediatric day care centers in New Jersey.


PRICE/INCOME:

Both of these are turnaround projects, particularly the New Jersey facility, and Continuum will spend a certain

amount of capex to renovate. To finance the transaction, Oxford Finance provided a $13.95 million senior secured

term loan. HCP, Inc. owned the real estate and was the landlord. Houlihan Lokey represented the sellers in the

transaction, which closed on November 1.

TARGET: Memory care community ACQUIRER: Real estate investment firm


LOCATION: Orange County, California CEO: PHONE:



Built in 1983 and 2000, this memory care

community features 55 beds in 35 units. Occupancy

was 85% at the time of the sale, based on beds.

There are approximately 11,500 square feet on 0.65

acres. The single-asset owner/operator is exiting the

industry.

The buyer will bring on NorthStar Senior Living to third-party

operate.


PRICE/INCOME:

Originally built as a single-family home (which is now being used as administrative offices) in 1955, the current

community was built in phases in 1983 and 2000. It was performing well, but the seller wanted to exit the industry.

The JCH Group handled the transaction, which closed on November 13.


TARGET: Old Mill Rehabilitation ACQUIRER: Carter Validus Mission Critical REIT II,

Inc.

LISTING: Private LISTING: Public

LOCATION: Omaha, Nebraska CEO: John E. Carter PHONE: 888-292-3178

UNITS: 44 (beds) P.O. Box 219731 FAX: REVENUE: Kansas City, Missouri 64121-9731

NET INCOME: WEB SITE: www.cvmissioncriticalreit2.com

Built in 2014 with 40,402 square feet, this skilled

nursing facility features 44 private beds for patients

receiving a variety of short-term rehab, therapy and

transitional care.

Carter Validus Mission Critical REIT II (CVMC REIT II) is a

public, non-traded company that acquires mission critical real estate

assets in the United States and abroad.

ANNOUNCEMENT DATE: November 17, 2015 PRICE: $ 13,000,000 Approximate PRICE PER UNIT: $ 295,455 TERMS: PRICE/REVENUE:

PRICE/INCOME:

Colliers International’s Seniors Housing Group represented the seller in this transaction, which closed on October

14.

TARGET: Riverglen House of Littleton ACQUIRER: Summit Healthcare REIT, Inc.


LOCATION: Littleton, New Hampshire CEO: Kent Eikanas PHONE: 800-978-8136

UNITS: 50 4676 Commercial Street, #167 FAX: REVENUE: Lake Forest, California 97302

NET INCOME: WEB SITE: www.summithealthcarereit.com

Developed by the current operator in 2002, this

assisted living community features 59 beds in 50

units. The building has 34,684 square feet and is

located in the center of town.

Formerly known as Cornerstone Core Properties REIT, Summit is a

publicly registered, non-traded REIT focused on investing in seniors

housing real estate. It has a portfolio of 26 long-term triple-net

leased healthcare facilities.

ANNOUNCEMENT DATE: November 18, 2015 PRICE: $ 8,500,000 PRICE PER UNIT: $ 170,000 TERMS: Sale/leaseback. Summit assumed a $4.7

million HUD loan. PRICE/REVENUE:

PRICE/INCOME:

The property was leased to an affiliate of Riverglen House of Littleton LLC pursuant to a 15-year triple net lease.

Blueprint Healthcare Real Estate Advisors handled the transaction.


TARGET: The Cedars ACQUIRER: Oxton Senior Living, LLC


LOCATION: Montgomery, Alabama CEO: Todd Barker PHONE: 706-438-1291

UNITS: 61 2151 Eatonton Road FAX: REVENUE: Madison, Georgia 30650

NET INCOME: WEB SITE: http://www.oxtonsl.com/

This assisted living community is the largest in the

tri-county area.

Oxton Senior Living operates senior care communities throughout

Alabama and Georgia.


PRICE/INCOME:

The community will be renamed Oxton Place of Montgomery.

TARGET: The Shores of Lake Phalen ACQUIRER: Non-traded REIT


LOCATION: Maplewood, Minnesota CEO: PHONE:

UNITS: 105 FAX: REVENUE: $ 5,152,886 -2015

NET INCOME: $ 1,900,110 (2015,

EBITDA) WEB SITE:

Built in 2011 on 4.43 acres, this senior living

community features 22 independent living units, 51

assisted living units and 32 memory care units. It is

92% occupied and has 104,961 total square feet. It

is operated by Ebenezer Management Services.


PRICE/INCOME: 15.79

The community has improved dramatically since the beginning of 2014, raising occupancy from around 69% to

92% by earlier this year, and EBITDA from just under $200,000 in 2014 to $1.9 million in the estimated 2015

budget. There are also 12 AL/MC units that offer below-market rents, so the buyer could potentially re-lease these

units at market rents, further improving performance. The buyer will bring in a national operator to manage the

community. Evans Senior Investments handled the transaction, which closed on November 19.


TARGET: Verena at Virginia Center ACQUIRER: Green Courte Partners, LLC


LOCATION: Glen Allen, Virginia CEO: Randall K. Rowe PHONE: 312-966-3800

UNITS: 118 303 West Madison St., Ste.

1500

FAX: 312-863-2262

REVENUE: $ 3,616,200 (est. 2015) Chicago, Illinois 60606

NET INCOME: $ 1,706,500 (EBITDA, tr. 3

mo.) WEB SITE: www.greencourtepartners.com/

Built in 2009 on 9.16 acres, this independent living

community is owned by First Centrum. It is 94%

occupied.

Formed in July 2002 by Randy Rowe, Green Courte Partners, LLC

and its real estate private equity funds focus on investments in niche

real estate asset classes.


PRICE/INCOME: 15.16

This transaction is the first investment in an independent living/seniors housing property for the buyer, which has

experience in owning and operating age-restricted housing. They will bring in an affiliate of Senior Lifestyle

Corporation to manage. CBRE, in addition to handling the transction for the seller, arranged acquisition financing

for the buyer, in the form of an $18.4 million fixed-rate Freddie Mac loan, with a 10-year term and 60 months of

interest only. The transaction closed on November 17.

TARGET: Delta Rehab ACQUIRER: Aspen Skilled Healthcare, Inc.


LOCATION: Lodi, California CEO: Jay Brady PHONE: 949-347-7100

UNITS: 74 (beds) 28202 Cabot Road, Suite 412 FAX: 949-347-7800 REVENUE: $ 6,300,000 Laguna Niguel, California 92677

NET INCOME: $ 750,000 (EBITDA) WEB SITE: www.aspenskilledhealth.com

Delta Rehab is a 74-bed skilled nursing facility that

has 31 rooms. It was built in 1975 and has about

20,300 square feet. Occupancy has averaged about

90%.

Aspen Skilled Healthcare is a skilled nursing facility provider with

eight skilled nursing facilities in California.

ANNOUNCEMENT DATE: November 20, 2015 PRICE: $ 1,200,000 PRICE PER UNIT: $ 16,216 TERMS: Sale of a leased interest. PRICE/REVENUE: .19

PRICE/INCOME: 1.60

The purchase price was for the leased interest in Delta Rehab. The initial lease rate is approximately $580 per bed

per month for an annual amount of $515,000. There are three five-year renewals and annual escalators are based on

the CPI with a floor of 2.0% and a ceiling of 4.0%. The initial lease coverage is nearly 1.5x. Marcus & Millichap

represented the seller in the transaction, which closed on October 31.


TARGET: 11 senior living

communities

ACQUIRER: Kayne Anderson Real Estate Advisors


LOCATION: Various, Various CEO: Al Rabil PHONE: 561-300-6200

UNITS: 1,143 1 Town Center Road, Ste. 300 FAX: REVENUE: Boca Raton, Florida 33486

NET INCOME: WEB SITE: www.kaynecapital.com

This sale included 11 mostly assisted living and

Alzheimer's care communities located in Indiana

(4), Virginia (2), Pennsylvania (2) and one each in

Alabama, Delaware and Maryland. The average age

was about 7-8 years, with two newly opened.

Kayne Anderson Real Estate Advisors is the real estate private

equity arm of Kayne Anderson Capital Advisors, L.P., a $24 billion

investment management firm with 30 years of experience.

ANNOUNCEMENT DATE: November 30, 2015 PRICE: $295,000,000 Estimated PRICE PER UNIT: $ 258,093 TERMS: PRICE/REVENUE:

PRICE/INCOME:

The sale also included a medical office building and a tract of land that are not included in the estimated price

above. The properties were managed by Rittenhouse Senior Living, Vantage Point Retirement Living and

Harmony Senior Services. It is expected that the buyer will retain the managers. Wells Fargo provided acquisition

financing for the transaction, and Houlihan Lokey represented the seller, Windsor Health Care Equities, LLC in the

sale, which closed in mid-November.

TARGET: Olney Healthcare Center ACQUIRER: Regional owner/operator


LOCATION: Olney, Texas CEO: PHONE:

UNITS: 51 (beds) FAX: REVENUE: $ 1,305,659 Houston, Texas


Built in 1970 on 2.1 acres in rural Texas, this

17,545-square foot skilled nursing facility is owned

by a private operator who is looking to divest

themselves from this property. The facility was

closed recently, but had an occupancy of 45.5%

before that.

ANNOUNCEMENT DATE: November 30, 2015 PRICE: $ 850,000 PRICE PER UNIT: $ 16,667 TERMS: PRICE/REVENUE: .65


A couple of months prior to this transaction, the facility was closed, as the small market could not support two

facilities. So, many of the residents moved to the other facility in town, owned by the buyer, and the 39 Medicaid

beds from this facility were transferred to the buyer at closing. There are no plans to reopen this facility. Senior

Living Investment Brokerage handled the transaction, which closed on November 25.


TARGET: Park at Riverchase ACQUIRER: Omega Communities, LLC

LISTING: NYSE: ADK LISTING: Private

LOCATION: Hoover, Alabama CEO: Pat Trammell, Jr. PHONE: 205-871-2883

UNITS: 104 2 Metroplex Drive, Suite 202 FAX: 205-870-8209 REVENUE: $ 2,600,000 (pro forma) Birmingham, Alabama 35209

NET INCOME: $ 700,000 (pro forma

EBITDA) WEB SITE: www.omegacommunities.com

Park at Riverchase is a 104-unit assisted living

community licensed for 125 beds. It was built in

2000 with about 85,000 square feet on 5.99 acres.

Average rents were about $2,400, but occupancy

was below 50%, resulting in negative cash flow.

Omega Communities is a developer and operator of senior living

communities. It partners with churches and large national operators,

and plans to develop up to 60 new senior living communities in the

next several years, as well as acquire 10 to 15 properties.


PRICE/INCOME: 9.86

Sunwest Management purchased this community in 2006, and when it filed for bankruptcy protection, the lender

foreclosed and then sold it in 2010 to an individual investor, who issued bonds to finance the acquisition. AdCare

Health Systems guaranteed the bonds, and $6.1 million were still outstanding. In 2014, the state required the owner

to hire a new management company, which discharged more than 30 residents. The pro forma revenue and

EBITDA above were based on 85% occupancy. Marcus & Millichap represented the seller in the deal, which

closed on November 27.

TARGET: The Brookside ACQUIRER: SilverStone Health Care Real Estate,

LLC


LOCATION: Freehold, New Jersey CEO: Stephanie

Anderson/Frank

Small

PHONE: 703-468-1341

UNITS: 160 4601 N. Fairfax Dr., Ste. 1200 FAX: REVENUE: Alexandria, Virginia 22203

NET INCOME: WEB SITE: www.silverstonehcre.com

Owned by AEW Capital Management, this kosher

assisted living/memory care community serves the

Jewish communities in Northern New Jersey. It is

operated by Kaplan Development Group.

This represents the largest acquisition for SilverStone, a private real

estate investment firm. SilverStone is focused on buying senior

living properties and hiring third-party managers. In this transaction,

Kaplan Development Group will stay on as manager.


PRICE/INCOME:

Cushman & Wakefield handled the transaction on behalf of AEW Capital Management.


TARGET: 2 Texas skilled nursing

facilities

ACQUIRER: LTC Properties, Inc.


LOCATION: Various, Texas CEO: Wendy L. Simpson PHONE: 805-981-8655

UNITS: 254 (beds) 2829 Townsgate Rd., Suite 350 FAX: 805-981-8663 REVENUE: Westlake Village, California 91361

NET INCOME: $ 2,750,000 (est.

EBITDAR) WEB SITE: www.ltcproperties.com

Holland Lake Nursing Center in Weathersfield was

built in 1996 with 53,544 square feet on 4.51 acres

and has 80% occupancy. Stonegate Nursing Center

was built in 1997 in Fort Worth with 61,562 square

feet on 4.58 acres and has 80% occupancy.




investments.

ANNOUNCEMENT DATE: December 1, 2015 PRICE: $ 23,000,000 PRICE PER UNIT: $ 90,551 TERMS: PRICE/REVENUE:

PRICE/INCOME: 8.36

The seller wanted to exit the industry. LTC will add these properties to an existing master lease with Senior Care

Centers at an incremental initial cash yield of 8.25%, with annual escalators of 2.5% through July 2021 and of 3%

thereafter. The lease coverage ratio is between 1.4x and 1.5x. There is the opportunity to add Medicaid and

increase Medicare occupancy. The transaction closed on December 1.

TARGET: Cambridge Place ACQUIRER: Oxton Senior Living, LLC


LOCATION: Opelika, Alabama CEO: Todd Barker PHONE: 706-438-1291

UNITS: 32 2151 Eatonton Road FAX: REVENUE: Madison, Georgia 30650

NET INCOME: WEB SITE: http://www.oxtonsl.com/

This is a 100% memory care community. Oxton Senior Living operates senior care communities throughout

Alabama and Georgia.


PRICE/INCOME:

The community will be renamed Oxton Court at Opelika.


TARGET: Skilled nursing facility ACQUIRER: Trilogy Health Services


LOCATION: Harrodsburg, Kentucky CEO: Randall Bufford PHONE: 502-412-5847

UNITS: 34 (beds) 303 N. Hurstbourne Pkwy, Ste.

200

FAX: 502-412-0407

REVENUE: Louisville, Kentucky 40222

NET INCOME: WEB SITE: www.trilogyhs.com

The skilled nursing facility is located on the second

floor of the 25-bed James B. Haggin Memorial

Hospital and was added in 1991.

Trilogy Health Services operates 97 senior living communities that

usually offer a combination of assisted living and post-acute care.

They are located in Illinois, Indiana, Kentucky, Michigan and Ohio.


PRICE/INCOME:

The facility will be renamed The Willows at Harrodsburg, and will join Trilogy's two other Lexington, Kentucky

facilities. The transaction was effective December 1.

TARGET: The Tillers ACQUIRER: Symphony Post Acute Care Network


LOCATION: Oswego, Illinois CEO: David Hartman PHONE: 847-933-2600

UNITS: 106 (beds) 7257 North Lincoln Avenue FAX: REVENUE: $ 18,939,000 Lincolnwood, Illinois 60712

NET INCOME: $ 1,101,000 (EBITDA) WEB SITE: www.symphonypan.com

Originally built in 1972, with a 16-bed addition in

1985 and an interior renovation in 2009, the skilled

nursing facility has 40,933 square feet on 4.89

acres. Occupancy was 93% on 100 funcitional beds.

The family business owner will retire from the

business.

Symphony Post Acute Care Network is a private company that has

been operating long-term care facilities for more than 35 years and

currently operates nearly 30 facilities in Illinois, Wisconsin and

Arizona, with future sites in Indiana.

ANNOUNCEMENT DATE: December 1, 2015 PRICE: $ 13,372,642 PRICE PER UNIT: $ 126,157 TERMS: PRICE/REVENUE: .71

PRICE/INCOME: 12.15

Included at the facility were a rehab company, in-house therapists (the therapy program was added in 2008) and a

staffing company. The quality mix was very high, with a 69% Medicare/insurance, 29% private pay and 2%

Medicaid census. There are also two adjacent homes that were included in the sale. Symphony's long-term plan is

to expand with all private suites, in order to maintain the quality mix while expanding the Medicaid program.

Senior Living Investment Brokerage handled the transaction, which closed on December 1.


TARGET: Elmcroft skilled nursing

portfolio

ACQUIRER: Signature HealthCARE


LOCATION: Pennsylvania &, Kentucky CEO: Joe Steier PHONE: 502-568-7800

UNITS: 1,700 (beds) 12201 Bluegrass Parkway FAX: REVENUE: Louisville, Kentucky 40299

NET INCOME: WEB SITE: www.ltcrevolution.com

Included in Elmcroft Senior Living's skilled nursing

portfolio are 17 facilities in Kentucky and one in

Pennsylvania, totaling approximately 1,700 beds.

Six of the Louisville-area facilities have a

significant rehab portion. Occupancy is consistantly

at or above 90%.

Signature HealthCARE operates nursing centers, rehab centers,

critical access hospitals, non-skilled and skilled home health

services. Signature has more than 15,000 employees with 133

locations in 11 states.


PRICE/INCOME:

This transaction boosts Signature's already strong presence in the state of Kentucky, as it operates 41 post-acute

care centers there. The real estate of Elmcroft's portfolio is owned by Care Capital Properties (CCP). Now,

Signature will operate 49 facilities nationwide under a master lease with CCP. The transaction was effective

December 1.

TARGET: Liberty Manor ACQUIRER: Copper Leaf Management


LOCATION: Adams, Wisconsin CEO: Judi Hess PHONE: 715-254-4357

UNITS: 40 1077 Wilshire Blvd. FAX: REVENUE: $ 1,304,000 (pro forma) Stevens Point, Wisconsin 54481

NET INCOME: $ 303,500 (pro forma

EBITDA) WEB SITE: www.copperleafcare.com/

Built in 1996, with an addition in 2006, this assisted

living community features all private rooms and is

100% occupied with a 50% private pay census. It is

the only AL-community in the county. There are

29,814 square feet on 3.7 acres.

Copperleaf Management Group owns and operates housing units in

Wisconsin, offering an assortment of services and amenities and

also providing management services for developers and owners.

ANNOUNCEMENT DATE: December 2, 2015 PRICE: $ 2,300,000 PRICE PER UNIT: $ 57,500 TERMS: PRICE/REVENUE: 1.76

PRICE/INCOME: 7.58

The seller is a family trust, which was headed by the woman who developed the community herself. Monthly rents

at the community ranged from $2,300 to $2,500, but the buyer plans to increase the Mediciad AL rates up to

between $2,800 and $3,000 a month, which the seller was unable to do. Marcus & Millichap handled the

transaction, which closed on December 1.


TARGET: 6 seniors housing

communities

ACQUIRER: ROC Seniors Housing Fund Manager,

LLC


LOCATION: Various, Various CEO: Robb Chapin PHONE: 407-999-2400

UNITS: 596 1000 Legion Place, Ste. 1750 FAX: REVENUE: Orlando, Florida 32801

NET INCOME: WEB SITE: www.bridge-igp.com

Owned by a joint venture between The Carlyle

Group and Capitol Seniors Housing, this portfolio

consists of 114 independent living units, 329

assisted living units, 136 memory care units and 17

skilled nursing beds. Combined occupancy is

89.1%.

ROC Seniors Housing Fund is part of Salt Lake City, Utah-based

Bridge Investment Group Advisors, LLC, which has approximately

$1.5 billion of assets under management.


PRICE/INCOME:

Three communities are located in Southern California, and there is one each in Michigan, Philadelphia,

Pennsylvania and Washington, D.C. HFF represented the seller in the transaction, which closed on November 16.

TARGET: 3 skilled nursing facilities ACQUIRER: Safire Care


LOCATION: Buffalo area, New York CEO: PHONE:

UNITS: 440 (beds) FAX: REVENUE: New York, New York

NET INCOME: WEB SITE: http://safirecare.com/

There is a 220-bed skilled nursing facility in

Williamsville built in 1975 and 1981, a 120-bed

facility in Buffalo built in 1983 and a 100-bed

facility in Tonawanda built in 1950. There are 130

private rooms, 149 doubles and three quads. All are

owned by the Zacher family.

Safire Care is an investment group based in New York City.


PRICE/INCOME:

These facilities are being sold by the estate of the late William Zacher, who passed in 2010. The buyer had been

operating the facilities since 2012, and had gained a 9% interest in them that same year he signed a receivership

agreement with the family. The facilities were all operating with losses, and Safire plans to renovate all three.

Harris Beach LLP represented the seller, while Tenzer and Lunin LLP represented the buyer in the transaction,

which closed in December 2015.


TARGET: Chateau at Carmichael

Park

ACQUIRER: Auctus Capital Partners


LOCATION: Carmichael, California CEO: Chris Rosenstock PHONE: 760-271-9635

UNITS: 99 120 West Grand Ave Suite 205 FAX: REVENUE: Escondido, California 92025

NET INCOME: WEB SITE: www.auctuscapitalpartners.com/

Owned and operated by Hank Fisher Properties,

which is exiting the industry after the death of the

family patriarch, this 40-year old communitiy

features 55 independent living units and 44 memory

care units. There are 55,343 square feet on 2.05

acres. Occupancy is 95%.

Auctus is a value-add real estate investment firm with a focus on

senior housing, commercial, and residential properties. It has so far

acquired two properties in the Seattle area and two in California.


PRICE/INCOME:

The buyer plans on gradually converting the IL units to AL, as IL residents either voluntarily move out or

transition to AL. The buyer also will spend up to $750,000 to renovate both the exterior and interior of the

building, in addition to repurposing some common areas previously used for adult day care. There is a lot of room

for improvement on the operations side, and Integral Senior Living will manage the property. Cushman &

Wakefield both arranged the acquisition financing (a first mortgage provided by Owens Financial) and handled the

transaction, which closed on November 18.

TARGET: MaClay Healthcare Center ACQUIRER: Independence Healthcare Management


LOCATION: Sylmar, California CEO: PHONE:

UNITS: 175 (beds) FAX: REVENUE: $ 10,036,730 Los Angeles, California

NET INCOME: $ 1,863,022 (EBITDARM) WEB SITE:

Owned by LifeHouse Healthcare Services, this

skilled nursing facility has 53,465 square feet on six

acres. It is 96.5% occupied. The facility specializes

in pulmonary transitional care and its stroke

program. Prior to the sale, it received about $2.4

million in capex.

Independence Healthcare Management is a private Los Angeles-

based owner/operator which has acquired two additional facilities in

the past year.


PRICE/INCOME: 7.73

Also included in the sale were three acres of land planned for future assisted living and memory care development.

LifeHouse is selling this property because it was their only facility in Los Angeles County. The JCH Group

handled the transaction, which closed on October 30.


TARGET: Shady Nook Care Center ACQUIRER: Undisclosed


LOCATION: Lawrenceburg, Indiana CEO: PHONE:

UNITS: 94 (beds) FAX: REVENUE: $ 6,694,104 (ttm, 3/31/15)


Originally built in 1984 with 35 semi-private and 12

private units, the skilled nursing/memory care

facility has 37,332 square feet on five acres. It was

renovated in 2010 to boost Medicare revenues. It is

91% occupied, with a 30% quality mix.

An undisclosed local buyer.


PRICE/INCOME:

In 2010, the facility underwent a $395,000 renovation mainly to the private-room wing in order to attract Medicare

rehab patients. Thanks to its relationship with the local hospital (which had 1,779 Medicare patients with a mean

length of stay of 4.65 days), cash flow improved significantly. From 2013 to the trailing 12-months ending March

31, 2015, the operating margin increased from 12.2% on $5.67 million of revenues to 17.5% on $6.69 million of

revenues, driven largely by the increased Medicare census. Evans Senior Investments handled the transaction.

TARGET: 2 skilled nursing facilities ACQUIRER: Cassena Care, LLC


LOCATION: Stamford and New Britain, Connecticut

CEO: Alex Solovey PHONE: 516-422-7817

UNITS: 246 (beds) 225 Crossways Park Drive FAX: 516-802-3983 REVENUE: Woodbury, New York 11797

NET INCOME: WEB SITE: www.cassenacare.com

The skilled nursing facilities include Regency

Heights of Stamford with 156 beds and 67,914

square feet and Andrew House Healthcare in New

Britain with 90 beds and 28,660 square feet. They

were built in the 1960's, but one had a 1994

addition. Occupancy was above 90%.

Cassena Care was founded in 2010 and now operates about nine

skilled nursing facilities in New York and two in Connecticut.


PRICE/INCOME:

The average quality mix for the two nursing facilities was about 27%. Eureka Capital Markets, LLC advised the

seller, Ciena HealthCare Management Inc., in the transaction, which closed on November 16.


TARGET: Arden Courts of Arlington ACQUIRER: Paragon Healthcare Group, LLC


LOCATION: Arlington, Texas CEO: Phillip Freedman PHONE: 718-408-8955

UNITS: 60 7150 Parsons Boulevard FAX: REVENUE: Fresh Meadows, New York 11365-4131

NET INCOME: WEB SITE: http://paragonhealthcare.com/

This assisted living community was built in 1998

with about 29,000 square feet. It was

underperforming with low occupancy, operating

near breakeven. The license was for 60 beds.

Paragon Healthcare Group is a privately owned operator of skilled

nursing facilities.


PRICE/INCOME:

This sale was a divestiture from HCR Manor Care as part of a larger sale of 50 properties that were operated by the

company but leased from landlord HCP, Inc. All of the units were private rooms, and the sales price was most

likely in the neighborhood of $50,000 per unit. Houlihan Lokey represented the seller in the transaction, which

closed on December 7.

TARGET: Spring Creek Rehabilitation

and Health Care Center

ACQUIRER: TL Management

LISTING: KSE: SECH LISTING: Private

LOCATION: Harrisburg, Pennsylvania CEO: PHONE: 718-338-2999

UNITS: 404 (beds) 3839 Flatlands Ave # 218 FAX: REVENUE: Brooklyn, New York 11234


Owned by a joint venture between GSH Kuwait and

Continue Care Holdings of Connecticut since 2007,

this skilled nursing facility consists of a 192-bed

building built in 1975 and a 212-bed building built

in 2003. It was formerly owned by Dauphin County.

TL Management owns and operates over 100 skilled nursing

facilities in ten states.


PRICE/INCOME:

The facility was purchased in 2007 by a joint venture between GSH Kuwait (the real estate advisory subsidiary of

The Securities House, a financial institution listed on the Kuwait Stock Exchange) and Continue Care Holdings of

Connecticut for $14.35 million. The buyer made this purchase with the help of a $48 million credit facility

provided by First Niagara Bank.


TARGET: Traditions of Durham

Retirement Residence

ACQUIRER: Sienna Senior Living

LISTING: Private LISTING: (TSX: SIA)

LOCATION: Oshawa, Ontario CEO: Lois Cormack PHONE: 905-477-4006

UNITS: 140 302 Town Centre Blvd, Suite

300

FAX: 905-415-7623

REVENUE: Markham, Ontario L3R 0E8

NET INCOME: WEB SITE: http://www.siennaliving.ca/

Currently managed by the buyer, Sienna Senior

Living, this community opened in 2010 with 90

units, with another 50 added in 2012. There are 103

independent living units and 37 assisted living units.

Occupancy is at 90.7%.

As one of the largest providers of long-term care in Ontario, Sienna

Senior Living cares for more than 5,500 residents in 35 long-term

care communities.

ANNOUNCEMENT DATE: December 9, 2015 PRICE: $ 37,000,000 PRICE PER UNIT: $ 264,286 TERMS: Includes the mortgage assumption of

approximately $22.7 million, maturing

in March 2020 and bearing an interest

rate of 3.5%.

PRICE/REVENUE:

PRICE/INCOME:

Sienna, which previously managed the community and will continue to do so, expects to pay the remainder of the

purchase price (after the debt assumption) with available cash and drawdowns from its credit facilities. The seller,

Durham Retirement Residence Limited Partnership, will provide Sienna with an annual net operating income

guarantee. The transaction closed on December 31.

TARGET: Parkside Nursing Home ACQUIRER: Maybrook Healthcare


LOCATION: Fort Oglethorpe, Georgia CEO: PHONE:



Owned by the bankrupt Hutcheson Medical Center,

this skilled nursing facility was sold to pay off some

of the hospital owner's debt.


PRICE/INCOME:

The transaction was approved by U.S. Bankruptcy Couty Judge on December 14. In addition, Maybrook paid

$100,000 for the nearby child care center, which it plans to use for food preparation for the skilled nursing facility.



communities

ACQUIRER: Not disclosed


LOCATION: Pennsylvania CEO: PHONE: UNITS: 250 FAX: REVENUE:


Located in Eastern Pennsylvania, these assisted

living communities were partially built in 1960,

with continual updates and additions through 2004.

There are approximately 250 units. The seller will

exit the market with this sale.

This is the first acquisition for the buyer since starting the new

company. The principal has significant experience in seniors

housing operations as a former partner of another chain.


PRICE/INCOME:

The buyer should be able to improve on the operations through increased marketing and some expense savings.

The price is rumored to be approximately $70,000 per unit. Senior Living Investment Brokerage handled the

transaction, which closed on December 15.

TARGET: Poteet Manor ACQUIRER: Owner/operator


LOCATION: Poteet, Texas CEO: PHONE:

UNITS: 62 (beds) FAX: REVENUE: $ 1,376,600 Texas

NET INCOME: $ 13,700 (EBITDA) WEB SITE:

Built in 1964, this skilled nursing facility features

62 beds, with 49 of those dually certified. It is

13,043 square feet and sits on 3.31 acres.

Occupancy is just 48%.

The buyer is looking to expand into South Texas.

ANNOUNCEMENT DATE: December 17, 2015 PRICE: $ 850,000 PRICE PER UNIT: $ 13,710 TERMS: PRICE/REVENUE: .62

PRICE/INCOME: 62.04

The private owner/operator selling is looking to divest itself of this property, which is located over 35 miles from

the San Antonio area. Senior Living Investment Brokerage handled the transaction, which closed on December 15.


TARGET: Covenant Care ACQUIRER: Madison Partners


LOCATION: Dinuba, California CEO: Bob Safai- Founder PHONE: 310-820-5959

UNITS: 94 (beds) 12121 Wilshire Blvd. 9th Fl.

Ste. 900

FAX:

REVENUE: Los Angeles, California 90025

NET INCOME: WEB SITE: www.madisonpartners.net/

Covenant Care is a skilled nursing facility offering

both long- and short-term post-acute care.

Madison Partners is a boutique commercial real estate investment

firm.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Leasehold interest. PRICE/REVENUE:

PRICE/INCOME:

The JCH Group represented the landlord and Madison Partners in their leasehold acquisition of the facility. The

transaction was structured as a 20-year, triple-net lease with two five-year extensions. Key money is to be paid in a

combination of cash and the assumption of the facility’s QA Fee liability. The landlord is also currently in the

process of obtaining a HUD loan on the property.

TARGET: Emerald Gardens of

Woodburn

ACQUIRER: Radiant Senior Living


LOCATION: Woodburn, Oregon CEO: James Guffee PHONE: 503-595-2810

UNITS: 44 10220 SW Greenburg Rd Suite

201

FAX:

REVENUE: Portland, Oregon 97223

NET INCOME: WEB SITE: www.radiantseniorliving.com/

Built in 1987, the assisted living/memory care

community was significantly renovated in 2013,

when a 12-unit secure MC wing was added. There

are 59 licensed beds in 44 units.

Radiant Senior Living was formed in mid-2011 and provides senior

living services at its 15 facilities in Oregon, Washington, and

Montana.


PRICE/INCOME:

The JCH Group handled the transaction, which closed on December 18.


TARGET: Manning Gardens Nursing

& Rehab



LOCATION: Fresno, California CEO: PHONE:

UNITS: 59 (beds) FAX: REVENUE: $ 3,600,000 (ttm) Los Angeles, California

NET INCOME: $ 480,000 (ttm,

EBITDA) WEB SITE:

Owned by a local father/son team, this skilled

nursing facility was built in 1958. It has 14,777

square feet on 2.22 acres. Occupancy was 96%,

with a 95% MediCal and 5% Medicare census.

This Los Angeles-based owner/operator runs about 20 facilities in

Southern California.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: $ 3,335,000 PRICE PER UNIT: $ 56,525 TERMS: Sale/leaseback PRICE/REVENUE: .93

PRICE/INCOME: 6.95

The buyer determined the facility could use some renovations, and plans to spend up to $500,000. There are also

plans to convert a wing to sub-acute care. The transaction was structured as a sale/leaseback as the operator wanted

to stay in their management role while paying off some of their debt. The JCH Group handled the transaction,

which closed in November.

TARGET: Peachtree Centre ACQUIRER: NY investor group


LOCATION: Gaffney, South Carolina CEO: PHONE:

UNITS: 139 (beds/units) FAX: REVENUE: $ 7,353,000 (annual 8 Mo.

ending Feb

2015)

New York


Originally built as a hospital in 1953, but converted

to a skilled nursing facility in 1992, this facility has

85 dually certified beds, 26 Medicare/private beds

on the third floor (renovated in 2005 and 2009) and

14 assisted living units on the fourth floor (built in

1963).


PRICE/INCOME: 8.94

The 102,303 square-foot building, that is owned by the county, is located on 10.54 acres, and the exterior was

renovated in 2012. Included in the building are 25,027 square feet leased to the county for $292,000 annually.

Occupancy stood at 80%, with a 34% private pay, 16% Medicare and 50% Medicaid census. With new private

ownership, about $850,000 from the UPL program will come off. The financials above are adjusted annualized

eight months ending February 2015. Marcus & Millichap handled the transaction, which closed on December 18.



communities

ACQUIRER: AEW Capital Management


LOCATION: Milford and Canton, Massachusetts

CEO: Jeffrey D. Furber PHONE: 617-261-9000

UNITS: 172 Two Seaport Lane FAX: 617-261-9555 REVENUE: Boston, Massachusetts 02210

NET INCOME: WEB SITE: www.aew.com

The Milford community was built in 2013 with 65

assisted living units and 20 memory care units with

100% occupancy. The Canton property opened in

mid-2015 with 65 AL units and 22 MC units. Senior

Living Residences developed both properties.

Founded in 1981, AEW Capital Management invests in and

manages more than $50 billion in real estate properties and

securities worldwide.


PRICE/INCOME:

Combined there are 137,919 square feet. Senior Living Residences will continue to operate the Boston-area

communities and will have a joint-venture ownership interest in them. To finance the deal, CBRE secured a $49.6

million non-recourse five-year loan, with a fixed interest rate, from a life insurance company.

TARGET: 4 skilled nursing facilities ACQUIRER: Mid-Atlantic Health Care, LLC


LOCATION: Various, Maryland CEO: Dr. Scott Rifkin PHONE: 410-308-2300

UNITS: 571 (beds) 1922 Greenspring Dr., Ste.3 FAX: 410-308-4999 REVENUE: Timonium, Maryland 21093-7603

NET INCOME: WEB SITE: www.mahcltc.com

The four skilled nursing facilities, which combined

have 571 beds, are located in Frederick,

Cumberland, Hagerstown and Westernport. They

are owned by the Magnolia group, a regional

owner/operator.

Mid-Atlantic Health Care was founded in 2003 by Dr. Scott Rifkin.

The company now operates about 21 health care facilities with more

than 3,600 beds.


PRICE/INCOME:

With this acquisition, Mid-Atlantic boosts its fully integrated western Maryland skilled nursing and rehab network.

Magnolia will continue to provide rehab services at the facilities through its affiliate Magnolia Rehabilitation

Services LLC.


TARGET: Sunnybrook Village Senior

Community

ACQUIRER: Northbridge Companies


LOCATION: Brunswick, Maine CEO: PHONE: 781-272-2424

UNITS: 51 71 Third Avenue FAX: REVENUE: Burlington, Massachusetts 01803

NET INCOME: WEB SITE: http://www.northbridgecos.com/

Opened in June 2003, this independent

living/assisted living community is located near

Mid Coast Hospital and is two miles from the

buyer's 60-unit memory care community.

Northbridge Companies acquires, develops and operates senior

living communities in the New England. It currently owns 15

properties in Massachusetts, New Hampshire and Maine.


PRICE/INCOME:

This acquisition is part of a $65 million investment in the state of Maine by the buyer, which also includes

developing three new senior living communities in the towns of Westbrook, Wells and Brunswick. Northbridge

expects to spend $400,000 on improvements to Sunnybrook.

TARGET: Sunnycrest ACQUIRER: DiNapoli Capital Partners


LOCATION: Fullerton, California CEO: F. Matthew DiNapoli PHONE: 408-971-1680

UNITS: 130 3021 Citrus Circle, Ste. 130 FAX: 408-971-2920 REVENUE: $ 4,760,000 (tr.6 mo.,

annualized) Walnut Creek, California 94598

NET INCOME: $ 2,034,000 (adj.

EBITDAR) WEB SITE: www.dinapolicapital.com

Built in 1988, with a 2014 renovation to the lobby

and common areas, this assisted living community

has 91,249 square feet on about two acres.

Occupancy was 84% and the census is 100% private

pay.

DiNapoli Capital Partners is a privately held real estate investment

firm engaged in the acquisition, development and management of

hotels, multifamily, office and seniors housing. DNC started its

seniors housing platform in 2012.


PRICE/INCOME: 18.19

The financials above are trailing six months ending July 31, 2015, annualized, figures. The buyer expects to

increase occupancy to 95% and raise monthly rents from $2,400 for studios and $3,500 for one-bedroom units to

$2,700 and $3,800, respectively. Evans Senior Investments handled the transaction, which closed on December 16.


TARGET: 2 senior living communities ACQUIRER: Joint venture

LISTING: Nonprofit LISTING: Public

LOCATION: Various, Texas CEO: PHONE:



Both owned by Lutheran Social Services of the

South, these properties include a 206-unit CCRC in

Spring and an 86-unit independent living

community in Victoria.

The joint venture is between Brookdale Senior Living and HCP.


PRICE/INCOME:

With this transaction, and another concurrent one where Prime Life Communities purchased a 49-unit assisted

living community in Lubbock, the seller was able to retire all of its outstanding debt and retain net proceeds to fund

its mission. Cain Brothers handled the transaction, which closed on December 22.

TARGET: Shasta View Nursing Center ACQUIRER: Dakavia


LOCATION: Weed, California CEO: Kent Emory PHONE:

UNITS: 59 (beds) 850 Promontory Place FAX: REVENUE: Salem, Oregon 97302

NET INCOME: WEB SITE: www.dakavia.com/

Owned by Meridian Foresight Management, this

skilled nursing facility is both Medicare and Medi-

Cal certified. However, it is on the Special Facility

Focus list, as it has a history of serious quality

issues.

Dakavia owns and operates a number of senior care facilities,

primarily in Oregon.


PRICE/INCOME:

This is Meridian's last facility in northern California, having previously sold eight of its other facilities earlier this

year. Dakavia, which primarily operates in Oregon, is looking to expand its California portfolio. The JCH Group

handled the transaction.


TARGET: Wedgewood South ACQUIRER: Prime Life Communities


LOCATION: Lubbock, Texas CEO: Greg Blanchard PHONE: 225-927-4243

UNITS: 49 7516 Blubonnet Blvd, PMB127 FAX: REVENUE: Baton Rouge, Louisiana 70810

NET INCOME: WEB SITE: www.primelifecommunities.com

Owned by Lutheran Social Services of the South,

Wedgewood South is a 49-unit assisted living

community.

Prime Life Communities designs, builds and manages assisted

living, independent living and active adult communities with a

concentration in Texas and Louisiana.


PRICE/INCOME:

With this transaction, and another concurrent one where a joint venture between Brookdale Senior Living and HCP

purchased two Texas senior living communities, the seller was able to retire all of its outstanding debt and retain

net proceeds to fund its mission. Cain Brothers handled the transaction, which closed on December 22.

TARGET: Evergreen Health Center ACQUIRER: Athena Health Care Systems


LOCATION: Stafford, Connecticut CEO: Lawrence G. Santilli PHONE: 860-751-3900

UNITS: 180 (beds) 135 South Road FAX: 860-751-3905 REVENUE: $ 16,300,000 -2013 Farmington, Connecticut 06032

NET INCOME: $ 600,000 (approx.

EBITDA) WEB SITE: www.athenahealthcare.com

The skilled nursing facility is located on the campus

of Johnson Memorial Medical Center, and is owned

and operated by the hospital. It was built in 1989

with a 30-bed addition in 2008, and there is now a

total of 83,624 square feet.

Athena Health Care is one of the largest post-acute providers in

New England, with 19 nursing facilities in Connecticut, 18 in

Massachusetts and five in Rhode Island. It also provides hospice

services and has a few assisted living centers.

ANNOUNCEMENT DATE: December 30, 2015 PRICE: $ 5,000,000 Not disclosed PRICE PER UNIT: $ 27,778 TERMS: PRICE/REVENUE: .31

PRICE/INCOME: 8.33

The facility has an outstanding bank loan of $14.2 million secured by several mortgages. The land was not

included in the sale. Medicaid was 65% of census, Medicare was 15%. The 30-bed unit had been closed. The

hospital was in bankruptcy protection. It closed in December.



communities

ACQUIRER: Private owner


LOCATION: Findlay & Springfield, Ohio CEO: PHONE:

UNITS: 147 FAX: REVENUE: $ 3,681,000 Kentucky


Built in 1984, the 71-unit Findlay assisted living

community has 52,591 square feet on 3.9 acres and

was 78% occupied. Built in 1989, the 76-unit

Springfield property has 53,382 square feet on 5.4

acres and was 82% occupied.


PRICE/INCOME: 189.39

The Findlay property was losing approximately $117,000 on $1.8 million of revenues, while the Springfield

property was earning about $150,000 in EBITDA on $1.9 million of revenues. Senior Living Investment Brokerage

handled the transaction, which closed on December 31.

TARGET: 2 senior care facilities ACQUIRER: Ide Management Group, LLC


LOCATION: Sioux City, Iowa CEO: Mark Ide PHONE: 317-670-1577

UNITS: 222 (beds/units) 5430 West US Highway 40 FAX: 317-894-5626 REVENUE: $ 5,250,000 Greenfield, Indiana 46256

NET INCOME: $ 72,000 (EBITDA) WEB SITE: www.imgcares.com

Owned by a public REIT, there is a 160-bed skilled

nursing/assisted living facility built in 1965 and

2003 that has 68,457 square feet on 8.5 acres. The

62-unit independent living community was built in

1936 and 1986 and has 45,553 square feet on 5.4

acres.

Ide Management Group, LLC is a regionally-based operator of

skilled nursing and assisted living facilities. It operates more than

25 facilities in Indiana, Illinois and Wisconsin.

ANNOUNCEMENT DATE: December 31, 2015 PRICE: $ 3,100,000 PRICE PER UNIT: $ 13,964 TERMS: PRICE/REVENUE: .59

PRICE/INCOME: 43.06

Located one-half mile from each other in Sioux City, Iowa, the facilities were underperforming. The SNF/ALF

was just 35% occupied as a result of a portion of the building not being sprinklered. On the other hand, the IL

community was 74% occupied. The census was 66% private pay, 21% Medicaid, 10% Medicare and 3% hospice

or other payor type. The buyer plans to invest in the SNF physical plant and invest in a sprinkler system. Senior

Living Investment Brokerage handled the transaction, which closed on December 31.


TARGET: Courtyard Fountains ACQUIRER: American Realty Capital Healthcare

Trust-II


LOCATION: Gresham, Oregon CEO: Tom D'Arcy PHONE: 212-415-6500

UNITS: 252 405 Park Avenue, 15th Fl. FAX: REVENUE: $ 8,200,000 (estimated

2015) New York, New York 10022

NET INCOME: $ 3,300,000 (estimated


The senior living community was built in stages

between 1996 and 2010 with $2.4 million of

renovations in 2012. It has 208 independent living

units and 44 assisted living units. Occupancy was

near 93%, and there are 255,782 square feet.


been formed by the sponsor, and is part of the American Realty



PRICE/INCOME: 16.82

The seller was a joint venture between The Freshwater Group and Prudential Real Estate Investors, and they

purchased the community in December 2012 for $39.45 million. In the current sale, they were represented by

CBRE, and it closed on December 1. The buyer has hired Frontier Management to operate the community.

TARGET: Fox Ridge portfolio ACQUIRER: American Realty Capital Healthcare

Trust-II


LOCATION: Little Rock, Arkansas CEO: Tom D'Arcy PHONE: 212-415-6500

UNITS: 295 405 Park Avenue, 15th Fl. FAX: REVENUE: $ 15,000,000 (in-place) New York, New York 10022

NET INCOME: $ 5,000,000 (EBITDA, in-

place) WEB SITE: www.americanrealtycap.com

Two properties are located in Little Rock and one in

Bryant. Built in 2000, 2006 and 2008, the assisted

living/memory care communities are 98.8%

occupied and almost all private pay. There are 263

AL units, 24 MC units and 8 independent living

duplexes.


been sponsored by the sponsor, and is part of the American Realty



PRICE/INCOME: 13.80

The seller is a local investor group, which built two of the communities and previously acquired one. These are the

highest quality assets in the market, and the high operating margin reflects that. The buyer will retain Ox Ridge

Management, an affiliate of the seller, to operate. The transaction closed on December 29.


TARGET: Harbour Pointe Retirement ACQUIRER: Capitol Seniors Housing


LOCATION: Mukilteo, Washington CEO: Scott Stewart PHONE: 202-469-8400

UNITS: 107 975 F Street NW, 9th Fl FAX: 202-469-8407 REVENUE: $ 4,800,000 (approximate) Washington, D.C. 20004

NET INCOME: $ 2,020,000 (T-12

EBITDA) WEB SITE: www.capitolseniorshousing.com

Harbour Pointe is a senior living community with

about 50% of its units independent living and 50%

assisted living. It was built in phases in 2000 and

2004 and occupancy has been between 86% and

90% in 2015. Mukilteo is outside Seattle.

Capitol Seniors Housing and its joint venture partner, Harvard

Endowment Company, own seniors housing communities and hire

third-party managers to operate them. In this transaction, they will

be hiring Milestone Retirement Communities.


PRICE/INCOME: 14.42

This represents the second community purchased by Capitol Seniors Housing in the Seattle MSA. They plan to

gradually increase the number of assisted living units over time, and also plan to invest up to $1.0 million in capital

improvements. Senior Living Investment Brokerage handled the transaction, which closed on December 21.

TARGET: Lexington at Tazewell ACQUIRER: In-state operator


LOCATION: Tazewell, Virginia CEO: PHONE:

UNITS: 42 FAX: REVENUE: Virginia


Built in 1989, with an addition in 1994, the assisted

living/memory care community was closed for

significant renovations in 2014. But, it never

reopened and the lender foreclosed on the developer

after the project was completed. It has 33,480

square feet on 5.3 acres.

This Virginia-based assisted living and skilled nursing operator has

five other locations in the state.


PRICE/INCOME:

In this community, there are 28 units with private bathrooms and 14 with shared. Also, 12 units are dedicated to

memory care. The community's license was approved upon change of ownership, so the buyer plans to lease-up

throughout 2016. Senior Living Investment Brokerage handled the transaction, which closed on December 28.


TARGET: Redstone Villa ACQUIRER: Family-owned business


LOCATION: St. Albans, Vermont CEO: PHONE:

UNITS: 30 (beds) FAX: REVENUE: $ 2,233,000 Vermont


Built in 1969, this home-like skilled nursing facility

features two private rooms, 11 semi-privates and 2

three-bed wards. It neighbors a local hospital and

sits on just a half acre. Occupancy was 81%, the

quality mix was around 50%, and there are 13,162

square feet.

The local family-owned business operates another seniors

housing/long-term care community in St. Albans.


PRICE/INCOME:

A regional skilled nursing owner sold this facility because it was the smallest in its portfolio and offered no room

to expand. The facility has three stories with no elevator, so most of the patient rooms are on the first floor and

residents use a chair lift to get to the second floor. Administrative offices are on the third floor. Although it had

undergone significant capex, the buyer discovered more needed renovations. Senior Living Investment Brokerage

handled the transaction, which closed on December 1.

TARGET: Renaissance on Peachtree ACQUIRER: American Realty Capital Healthcare

Trust-III


LOCATION: Atlanta, Georgia CEO: Tom D'Arcy PHONE: 212-415-6500

UNITS: 229 405 Park Avenue, 15th Fl. FAX: REVENUE: $ 10,300,000 (estimated) New York, New York 10022

NET INCOME: $ 4,100,000 (estimated


This community was built in 1987 and has 165

independent living and 64 assisted living units. The

seller recently put in $8.1 million of renovations.

Occupancy was nearing 94%, and there are a total

of 285,000 square feet plus a 65,000 square foot

parking garage.

ARC Healthcare Trust-III is the third healthcare REIT that has been

formed by the sponsor, and is part of the American Realty Capital

family of companies and non-traded REITs.


PRICE/INCOME: 19.17

As the renovated units have been turning over the community has been able to charge higher rents, but that is not

fully reflected in the $4.1 million EBITDA above. As a result, the cash flow for the buyer in 2016 is expected to

increase to $5.0 million. The seller was a partnership between The Carlyle Group and Formation Development,

which purchased the community in March 2012 for $27.5 million, when occupancy was 70%. CBRE represented

the seller in the current transaction, which closed on December 15, and The Arbor Group will remain as the

manager.


TARGET: Windchime at the Village ACQUIRER: Private owner/operator


LOCATION: Kingsland, Texas CEO: PHONE:

UNITS: 60 FAX: REVENUE: $ 1,872,000 Dallas/Fort Worth, Texas


Windchime is a 60-unit assisted living community

with a license for 72 beds. It was built in 1997 with

35,030 square feet on 7.87 acres. Occupancy was

about 73%. Kingsland is located 65 miles northwest

of Austin.

The buyer is an independent owner/operator based in the

Dallas/Fort Worth area.


PRICE/INCOME: 15.45

Senior Living Investment Brokerage represented the seller in the transaction, a Texas-based owner/operator that

focuses on the skilled nursing market, which prompted the sale. The transaction closed on December 30.


MANAGED CARE

TARGET: UAM's Traditional

Insurance business

ACQUIRER: Nassau Reinsurance Group

LISTING: NYSE: UAM LISTING: Private

LOCATION: White Plains, New York CEO: Phillip J. Gass PHONE:


NET INCOME: WEB SITE: www.nsre.com

Universal American Corp. is selling its Traditional

Insurance business, consisting of a closed block of

insurance products, including Medicare supplement,

other senior health insurance, specialty health

insurance and life insurance, including long-term

care policies.

Nassau Reinsurance was launched in April 2015 and is backed by

Golden Gate Capital, a private investment firm with more than $15

billion of committed capital.

ANNOUNCEMENT DATE: October 8, 2015 PRICE: $ 63,000,000 PRICE PER UNIT: TERMS: All-cash transaction. Nassau will also

fund $20 million in equity capital to

support the transaction and strengthen

the business moving forward.

PRICE/REVENUE:

PRICE/INCOME:

The Traditional Insurance business includes Universal American subsidiaries Constitution Life Insurance Company

and The Pyramid Life Insurance Company, as well as a portion of business written by American Progressive Life

& Health Insurance Company of New York. Debevoise & Plimpton LLC is acting as legal advisor to Nassau. This

transaction is expected to close in early 2016.

TARGET: Medicaid business of Loyola

Physician Partners

ACQUIRER: Molina Healthcare, Inc.

LISTING: Private LISTING: NYSE: MOH

LOCATION: Chicago, Illinois CEO: Dr. Joseph Mario

Molina

PHONE: 562-435-3666

UNITS: 200 Oceangate, Ste. 100 FAX: REVENUE: Long Beach, California 90802

NET INCOME: WEB SITE: www.molinahealthcare.com

Loyola Physician Partners LLC, through a

subsidiary, provides a medical home for

approximately 20,000 members in the Medicaid

Family Health program in Cook County. Loyola

Physician Partners is solely owned by the Loyola

University Health System.

Molina Healthcare subsidiary Molina Healthcare of Illinois, Inc. is

acquiring the Medicaid business of Loyola Physician Partners. On a

trailing 12-month basis, MOH generated revenue of $11.6 billion,

EBITDA of $416 million and net income of $117 million.

ANNOUNCEMENT DATE: October 9, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash on hand. PRICE/REVENUE:

PRICE/INCOME:

As part of the transaction, Molina Healthcare of Illinois will receive the right to transition Loyola's Medicaid

members in Cook Country and assume certain assets related to the operation of the Medicaid business. The closing

of the transaction is expected to occur in the first quarter of 2016.


TARGET: HealthPlus of Michigan ACQUIRER: Health Alliance Plan


LOCATION: Flint, Michigan CEO: James Connelly PHONE: 313-872-8100

UNITS: 2850 West Grand Blvd. FAX: REVENUE: Detroit, Michigan 48202

NET INCOME: WEB SITE: www.hap.org

HealthPlus of Michigan was formed in 1979 and

manages healthcare coverage and wellness

programs for members inside and outside the state.

It provides health insurance plans to large and small

employers, families and individuals.

Health Alliance Plan is a subsidiary of the Henry Ford Health

System that provides coverage to individuals, companies and

organizations. Its product portfolios include employer group plans,

Medicare and Medicaid, and individual plans.

ANNOUNCEMENT DATE: November 2, 2015 PRICE: Merger PRICE PER UNIT: TERMS: A letter of intent was signed on October

2, 2015, and a definitive agreement was

reached on November 2.

PRICE/REVENUE:

PRICE/INCOME:

The merger will establish one of the largest health insurers in Michigan. HealthPlus members will still have access

to the same provider networks, coverage and services they have at present. Both HealthPlus and HAP intend to

maintain their individual and employer group customers and partnerships each has formed over the years. January

1, 2016 is the planned effective date for this transaction.

TARGET: Clarity Health ACQUIRER: SCI Solutions


LOCATION: Seattle, Washington CEO: Joel French PHONE: 408-378-0262

UNITS: 655 Campbell Technology

Parkway, Suite 250

FAX:

REVENUE: Campbell, California 95008

NET INCOME: WEB SITE: www.scisolutions.com

Clarity Health is a leading insurance

preauthorization and referral management solution

for medical practices, hospitals and health systems.

SCI operates a cloud-based service for a network of hospitals and

independent providers. Provider networks utilize SCI’s service to

coordinate patient care transitions, schedule patients, automate

referrals and manage orders.


PRICE/INCOME:

The combination of Clarity Health and SCI Solutions creates one of the largest referral management and care

coordination software firms in the industry, serving more than 10,000 physician practices and 700 hospitals, health

systems and imaging centers in 275 geographic markets across the United States. Columbia Pacific Advisors and

ORIX Ventures participated in the transaction, as did current SCI investors The Wicks Group and New Enterprise

Associates. The combined company will be headquartered in Seattle.


TARGET: Medicaid business of

Columbia United Providers



LOCATION: Vancouver, Washington CEO: Dr. Joseph Mario

Molina

PHONE: 562-435-3666



Columbia United Providers, Inc. (CUP). CUP

provides coverage for medical services throughout

the Southwest Region of Washington serving more

than 55,000 Medicaid members in Clark County.

Molina Healthcare subsidiary Molina Healthcare of Washington,

Inc. is acquiring the Medicaid business of Columbia United

Providers, Inc. On a trailing 12-month basis, MOH generated

revenue of $12.7 billion, EBITDA of $489.9 million and net income

of $147.2 million.

ANNOUNCEMENT DATE: November 12, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash on hand. PRICE/REVENUE:

PRICE/INCOME:

As a part of the transaction, Molina Healthcare of Washington will receive the right to assume CUP’s Medicaid

membership in the state of Washington, as well as certain other rights and assets related to the operation of the

Medicaid business. The transaction is expected to close during the first quarter of 2016.

TARGET: Medicaid and MIChild

businesses of HAP Midwest



LOCATION: Dearborn, Michigan CEO: Dr. Joseph Mario

Molina

PHONE: 562-435-3666



HAP Midwest Health Plan, Inc. is a wholly owned

subsidiary of Health Alliance Plan (HAP) and the

Henry Ford Health System, based in southeastern

Michigan. It currently arranges health care services

for approximately 85,000 Medicaid and MIChild

members.

Molina Healthcare subsidiary Molina Healthcare of Michigan, Inc.

is acquiring certain assets of HAP's Medicaid and MIChild

businesses. On a trailing 12-month basis, it generated revenue of

$12.7 billion, EBITDA of $489.9 million and net income of $147.3

million.

ANNOUNCEMENT DATE: November 24, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash on hand. PRICE/REVENUE:

PRICE/INCOME:

As a part of the transaction, Molina Healthcare of Michigan will receive the right to assume certain assets related

to HAP Midwest’s Medicaid and MIChild businesses in Regions 9 and 10 of the State of Michigan and transition

those members to Molina Healthcare of Michigan. The closing of the transaction is expected to coincide with the

start of Molina’s new managed care contract with the State of Michigan for the Comprehensive Health Care

Program on January 1, 2016.


TARGET: Medicaid business of Better

Health Network



LOCATION: Chicago, Illinois CEO: Dr. Joseph Mario

Molina

PHONE: 562-435-3666

UNITS: 40,000 Medicaid members 200 Oceangate, Ste. 100 FAX: REVENUE: Long Beach, California 90802


Better Health Network, LLC is an Accountable

Care Entity owned and operated by several local

Chicago providers. It serves nearly 40,000 members

in the Medicaid Family Health program in Cook

County.

Molina Healthcare subsidiary Molina Healthcare of Illinois Inc. is

acquiring the Medicaid assets of Better Health Network. On a

trailing 12-month basis, MOH generated revenue of $12.7 billion,


ANNOUNCEMENT DATE: November 30, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Financed with available cash. PRICE/REVENUE:

PRICE/INCOME:

As part of the transaction, Molina Healthcare of Illinois will receive the right to transition Better Health's Medicaid

members in Cook County and assume certain assets related to the operation of the Medicaid business. This

transaction is expected to close in the second quarter of 2016.

TARGET: Avanti Healthcare ACQUIRER: Chase Templeton


LOCATION: United Kingdom CEO: PHONE: 44 800 018 3633 UNITS: 5, Arkwright Court,

Commercial Road

FAX:

REVENUE: Darwen, Lancashire, United Kingdom BB3 0FG

NET INCOME: WEB SITE: www.chasetempleton.co.uk

Avanti Healthcare was founded in 1996 by CEO

Glen Smith, who is exiting the insurance business to

focus on his Avanti Travel Insurance business.

Chase Templeton is one of the UK's leading health insurance and

protection specialists. It protects more than 110,000 lives through

both individual and company medical plans.


PRICE/INCOME:

The acquisition brings a further £6.8m of annual premium income (API) and over 1,500 clients to the business.

Following a series of acquisitions, including major deals with Atlas Consulting Group and Consilium Employee

Benefits, Chase Templeton has now added some £40m API to its books in the last three months and £55m in 2015

as a whole.


TARGET: Group Health Cooperative ACQUIRER: Kaiser Permanente


LOCATION: Seattle, Washington CEO: Bernard J. Tyson PHONE: 510-271-5800

UNITS: 590,000 (members) Kaiser Plaza, 19th Floor FAX: REVENUE: $3,700,000,000 (annual, 2014) Oakland, California 94612

NET INCOME: WEB SITE: kaiserpermanente.org

Group Health Cooperative is a nationally

recognized health system offering both care

delivery and insurance coverage. It covers nearly

590,000 patients throughout Washington state.

Kaiser Permanente serves more than 10 million members in eight

states and the District of Columbia. It is one of the country's leading

health care providers and a not-for-profit health plan.

ANNOUNCEMENT DATE: December 4, 2015 PRICE: $1,800,000,000 PRICE PER UNIT: $ 3,051 TERMS: The money will create a new

community foundation as part of the

transaction.

PRICE/REVENUE: .49

PRICE/INCOME:

The combination will advance the growth of the integrated model for health care and coverage together and expand

Kaiser Permanente's reach, adding nearly 590,000 members. Pending approvals by Group Health's voting

membership and regulatory entities, the organization would become fully integrated with Kaiser and operate as a

new, eighth region.

TARGET: Managed HealthCare

Solutions

ACQUIRER: Arthur J. Gallagher & Co.

LISTING: Private LISTING: NYSE: AJG

LOCATION: Atlanta, Georgia CEO: J. Patrick Gallagher

Jr.

PHONE: 630-773-3800

UNITS: 2 Pierce Place FAX: REVENUE: Itasca, Illinois 60143

NET INCOME: WEB SITE: www.ajg.com

Managed HealthCare Solutions provides employee

benefit consultation, management and brokerage

services for clients throughout the southern United

States.

Arthur J. Gallagher & Co. provides insurance brokerage and risk

management services in the U.S. and worldwide. On a trailing 12-

month basis, it generated revenue of $5.2 billion, EBITDA of



PRICE/INCOME:

Managed HealthCare Solutions specializes in cost management, employee engagement and creative plan design

and funding arrangements for group health insurance programs. Its services complement Arthur J. Gallagher's

presence in the southern United States.


TARGET: Avesis Incorporated ACQUIRER: Guardian Life Insurance

LISTING: OTC: AVSS LISTING: Private

LOCATION: Phoenix, Arizona CEO: Deanna M. Mulligan PHONE: 888-482-7342

UNITS: 7 Hanover Square FAX: REVENUE: $ 9,560,000 (ttm, 2015) New York, New York 10004

NET INCOME: $- 1,110,000 (ttm,

EBITDA) WEB SITE: www.guardianlife.com

Avesis Incorporated provides vision, dental and

hearing plans, with 3 million members administered

under Medicaid, CHIP and Medicare Advantage

programs and 1.5 million covered by group vision

programs.

Guardian Life Insurance Company of America is one of the nation's

largest mutual life insurers, with $6.8 billion in capital and $1.3

billion in operating income in 2014.


PRICE/INCOME:

Avesis has partnerships with managed care organizations holding government contracts in 21 states. This

acquisition strengthens Guardian's government programs business with an experienced management team, a

scalable operating and technology platform, existing relationships with managed care organizations and a broad

product portfolio.

TARGET: EmblemHealth's MLTC

plans

ACQUIRER: GuildNet


LOCATION: New York, New York CEO: Dr. Alan R. Morse PHONE: 800-932-4703

UNITS: 2,000 (members) 15 West 65th Street FAX: REVENUE: New York, New York 10023

NET INCOME: WEB SITE: www.guildnetny.org

EmblemHealth is the largest health insurance

provider based in New York State. In November

2015, it announced it would no longer provide

Managed Long Term Care (MLTC) to nearly 2,000

members.

GuildNet provides managed long-term care plans for frail and

chronically ill New Yorkers, as well as Medicaid Advantage Plus

(MAP) plans and Fully Integrated Dual Advantage Plans (FIDA). It

has more than 18,000 members.


PRICE/INCOME:

GuildNet offers health plans for people who have Medicare and Medicaid and qualify for nursing-home-level care,

but are able to continue to live safely in their communities with support from GuildNet. Cain Brothers served as

sole advisor to EmblemHealth in connection with the sale and assisted in initiating, structuring and negotiating the

transaction.


MEDICAL DEVICES

TARGET: Cardea Associates, Inc. ACQUIRER: Cardiac Insight, Inc.


LOCATION: Seattle, Washington CEO: Brad Harlow PHONE: 206-442-3098

UNITS: 2002 156th Avenue NE FAX: REVENUE: Bellevue, Washington 98105


Cardea Associates works to improve screening for

heart health. CardeaScreen™ is a proprietary

diagnostic product that measures and records the

electrical activity of the heart and aids the physician

to make a determination of the risks associated with

sudden cardiac arrest.

Cardiac Insight, Inc. develops advanced body-worn sensing and

computing technologies for applications in cardiology, respiratory

and other complex disease states.


PRICE/INCOME:

Cardea Associates brings to market compelling ECG technologies that greatly enhance the ECG data for the

purpose of finding potential life threatening conditions in young athletes. CardeaScreen™ is aligned very well

with Cardiac Insight's field of expertise. Cardiac Insight is looking to introduce body worn sensing technologies in

the future and CardeaScreen™ will help this goal.

TARGET: nContact ACQUIRER: AtriCure, Inc.

LISTING: Private LISTING: NASDAQ: ATRC

LOCATION: Morrisville, North Carolina CEO: Michael H. Carrel PHONE: 513-755-4100

UNITS: 6217 Centre Park Drive FAX: REVENUE: $ 8,200,000 2014 West Chester, Ohio 45069

NET INCOME: WEB SITE: www.atricure.com

nContact’s mission is to transform the underserved

arrhythmia market through the advancement of less

invasive ablation alternatives for cardiac

arrhythmias.

AtriCure develops and manufactures methods to ablate tissue during

surgical procedures to create precision lesions. On a trailing 12-


$16.0 million.

ANNOUNCEMENT DATE: October 4, 2015 PRICE: $ 99,020,000 Approximate PRICE PER UNIT: TERMS: nContact will receive an upfront

payment of 3.7 million shares of

AtriCure common stock, valued at

$24.60 per share, and approximately $8

million in cash. There's a $50 million in

additional contingent consideration drug

trial and approval.


PRICE/INCOME:

nContact shareholders are entitled to additional sales-based contingent consideration on revenue in excess of an

annual growth rate of greater than 25% through 2019. The transaction will combine two companies committed to

solving the challenges associated with the most serious forms of Afib. nContact had 2014 revenues of $8.2 million

and is projected to grow approximately 25% in 2015. The transaction closed on October 13, 2015.


TARGET: Excelsior Medical

Corporation

ACQUIRER: ICU Medical, Inc.

LISTING: Private LISTING: NASDAQ: ICUI

LOCATION: Neptune, New Jersey CEO: Vivek Jain PHONE: 949-366-2183

UNITS: 951 Calle Amanecer FAX: 946-366-8368 REVENUE: San Clemente, California 92673

NET INCOME: WEB SITE: www.icumed.com

Excelsior Medical, a portfolio company of

RoundTable Healthcare Partners, manufactures

healthcare devices used to disinfect and protect

access into a patient's bloodstream. It developed the

SwabCap® and SwabFlush® products.

ICU Medical develops, manufactures and sells medical devices used

in infusion therapy, oncology and critical care applications. On a

trailing 12-month basis, it generated revenue of $320.7 million,


ANNOUNCEMENT DATE: October 5, 2015 PRICE: $ 59,500,000 PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

Concurrent with this acquisition, ICU Medical sold the operating assets of SwabFlush and other products to

Medline Industries, Inc. for $27 million. Both transactions are expected to close within a week.

TARGET: Operating assets of

SwabFlush®

ACQUIRER: Medline Industries, Inc.

LISTING: NASDAQ: ICUI LISTING: Private

LOCATION: San Clemente, California CEO: Charlie Mills PHONE: 847-949-5500

UNITS: One Medline Place FAX: 800-351-1512 REVENUE: Mundelein, Illinois 60060

NET INCOME: WEB SITE: www.medline.com

ICU Medical, Inc. is selling the operating assets of

SwabFlush®, a product line it acquired when it

purchased Excelsior Medical Corporation from

RoundTable Healthcare Partners on October 5,

2015.

Medline Industries is a global manufacturer and distributor of

medical supplies and clinical solutions.


PRICE/INCOME:

This transaction was announced concurrent with ICU Medical's $59.5 million acquisition of medical device maker

Excelsior Medical. SwabFlush was developed by Excelsior and is used to disinfect and protect access to a patient's

bloodstream.


TARGET: Alfa Rhythm Ltd. ACQUIRER: Generex Biotechnology Corporation

LISTING: Private LISTING: OTCQB: GNBT

LOCATION: Worcester, Massachusetts CEO: Mark A. Fletcher PHONE: 416-364-2551

UNITS: 555 Richomond Street W., Ste.

604

FAX: 647-547-7104

REVENUE: Toronto, Ontario M5V 3B1

NET INCOME: WEB SITE: www.generex.com

Alfa Rhythm is a privately held Israeli company

that has developed a proprietary trans-cranial

electro-biometric stimulator for the treatment of

symptoms of attention deficit hyperactivity

disorder, depression, anxiety and sleep disorders.

Generex Biotechnology is a development-stage company that

researches, develops and commercializes drug delivery systems and

technologies for metabolic and immunological diseases.

ANNOUNCEMENT DATE: October 6, 2015 PRICE: $ 5,000,000 PRICE PER UNIT: TERMS: A 51% equity interest in Alfa, to be paid

in accordance with an Alfa business

plan identifying a timeline, milestones

and a budget. Generex will also receive

a royalty equal to 8% of gross sales of

the products.

PRICE/REVENUE:

PRICE/INCOME:

Alfa intends to initially market its Alfa Rhythm stimulator product as a wellness product in North America and

Europe while undertaking the clinical work that is a condition precedent to regulatory approval of the product for

the treatment of disorders such as epilepsy and Parkinson's disease.

TARGET: MediTemp Ltd. ACQUIRER: Generex Biotechnology Corporation

LISTING: Private LISTING: OTCQB: GNBT

LOCATION: Worcester, Massachusetts CEO: Mark A Fletcher PHONE: 416-364-2551

UNITS: 555 Richmond St. W, Ste. 604 FAX: 647-547-7104 REVENUE: Toronto, Ontario M5V 3B1

NET INCOME: WEB SITE: www.generex.com

MediTemp Ltd. has developed a proprietary cooling

technology designed to improve sperm quality in

men rendered infertile due to varicoceles, an

enlargement of the veins in the scrotum. Its chief

product is Varicure.

Generex Biotechnology is a development-stage company engaged

in the research, development and commercialization of drug

delivery systems and technologies. It has not reported financial for

the fiscal year ending July 31, 2015.

ANNOUNCEMENT DATE: October 13, 2015 PRICE: $ 5,000,000 PRICE PER UNIT: TERMS: $5 million for a 51% equity interest in

MediTemp, to be paid in accordance

with a MediTemp business plan

identifying timeline, milestones and a

budget. Generex will also receive a

royalty on sales of the products.

PRICE/REVENUE:

PRICE/INCOME:

MediTemp's Varicure product, which has been patented in the United States, Europe and Canada, is a compact,

portable and comfortable device that facilitates localized cooling of the testicles to enhance male fertility by

improving sperm quality. The anticipated per-unit cost of the Varicure device will be lower than traditional

treatments for male infertility and will obviate surgical intervention.


TARGET: rTMS technology ACQUIRER: Rio Grande Neurosciences


LOCATION: Redwood City, California CEO: Steven Gluckstern PHONE: 415-988-7001

UNITS: 732a Chenery Street FAX: REVENUE: San Francisco, California 94131

NET INCOME: WEB SITE: www.riograndeneurosciences.com

Rio Grande Neurosciences acquired Cervel

Neurotech’s multi-coil Transcranial Magnetic

Stimulation (rTMS) technology, including all

related patent applications, issued patents,

trademarks and equipment.

Rio Grande Neurosciences researches, develops and commercializes

a range of non-invasive brain stimulation electroceuticals™. The

company focuses on neurological conditions that are underserved

by drug-based approaches.


PRICE/INCOME:

The patented rTMS system is based on foundational intellectual property developed at Stanford University. The

use of repetitive TMS is a proven and FDA-approved therapy for the treatment of drug resistant major depressive

disorder. In addition to treating that condition, Rio Grande and others are conducting clinical research on the use of

rTMS as a potential treatment for chronic pain, PTSD, addiction and other diseases. Mitchell Silberberg & Knupp

LLP represented Rio Grande Neurosciences.

TARGET: TriVascular Technologies ACQUIRER: Endologix, Inc.

LISTING: NASDAQ: TRIV LISTING: NASDAQ: ELGX

LOCATION: Santa Rosa, California CEO: John McDermott PHONE: 949-595-7200

UNITS: 2 Musick FAX: REVENUE: $ 34,720,000 (ttm) Irvine, California 92618

NET INCOME: $- 50,500,000 (EBITDA) WEB SITE: www.endologix.com

TriVascular develops and commercializes

technologies to significantly advance minimally

invasive treatment of abdominal aortic aneurysms.

Endologix develops and manufactures minimally invasive

treatments for aortic disorders. On a trailing 12-month basis, it

generated revenue of $153.2 million and a net loss of $49.9 million.

ANNOUNCEMENT DATE: October 26, 2015 PRICE: $211,000,000 PRICE PER UNIT: TERMS: The transaction is valued at $9.10 per

TRIV share, or a total of approximately

$211 million, based on Endologix's

closing price of $13.81 per share on

October 23, 2015.

PRICE/REVENUE: 6.08


TriVascular will survive the merger as a wholly-owned subsidiary of Endologix. Piper Jaffray is acting as the

financial advisor to Endologix and Stradling Yocca Carlson & Rauth is serving as legal counsel. J.P. Morgan

Securities is acting as the financial advisor to TriVascular, and Arnold & Porter LLP is serving as legal counsel.


TARGET: Nipro Diagnostics ACQUIRER: Sinocare Group

LISTING: TYO: 8086 LISTING: SHE: 300298

LOCATION: Fort Lauderdale, Florida CEO: Shaobo Li PHONE: -89936174

UNITS: No. 265, Guyuan Road FAX: -89936175 REVENUE: Changsha, China 410205

NET INCOME: WEB SITE: www.sinocare.com

Nipro Diagnostics, a wholly owned subsidiary of

Nipro Corporation, is a global consumer health and

wellness company that is a leading developer,

manufacturer and marketer of advanced

performance products for people with diabetes.

Sinocare Group is fully dedicated to the innovation of biosensor

technology and promoting diabetic self-management by using blood

glucose monitoring systems in China.

ANNOUNCEMENT DATE: October 27, 2015 PRICE: $273,000,000 Approximate PRICE PER UNIT: TERMS: Approximately $273 million in cash. PRICE/REVENUE:

PRICE/INCOME:

This transaction combines one of the fastest growing blood glucose monitoring companies in the United States

with the fastest growing blood glucose monitoring company in China. Nipro Corporation will continue to purchase

certain products in agreed upon markets from Sinocare Group. The transaction closed on January 7, 2016. Upon

completion of the acquisition, the company has been renamed Trividia Health.

TARGET: Perseon Corporation ACQUIRER: Galil Medical Inc.

LISTING: NASDAQ: PRSN LISTING: Private

LOCATION: Salt Lake City, Utah CEO: Martin J. Emerson PHONE: 651-287-5000

UNITS: 4364 Round Lake Road FAX: 877-510-7757 REVENUE: $ 2,720,000 (ttm) Arden Hills, Minnesota 55122

NET INCOME: $- 13,330,000 (ttm) WEB SITE: www.galilmedical.com

Perseon Corporation, a life sciences company,

develops, manufactures, markets and services

medical systems to treat cancer and benign diseases

using heat therapy.

Galil Medical is a global leader in delivering innovative cryotherapy

ablation solutions. The company's products are used by

interventional radiologists and surgeons to ablate cancerous and

non-cancerous tumors affecting the kidney, bone, lung, liver and

prostate.

ANNOUNCEMENT DATE: October 27, 2015 PRICE: $ 10,600,000 Approximate PRICE PER UNIT: TERMS: Galil Medical will pay $1.00 per share

in cash, plus $0.02 per warrant for each

of the publicly traded warrants.

PRICE/REVENUE: 3.90

PRICE/INCOME: - .80

In addition to revenue synergies, Gailil Medical expects to realize an estimated reduction of at least $5 million in

combined operating expenses from this transaction. With strong revenue growth, attractive gross margins and

significant cost savings, it's targeting a positive EBITDA for the combined company by 2017. The transaction is

expected to close during the fourth quarter of 2015 or the first quarter of 2016.


TARGET: MedCore AB ACQUIRER: Karo Bio AB

LISTING: Private LISTING: STO: KARO

LOCATION: Kista, Sweden CEO: Anders O. Lonner PHONE: 46 86 08 60 00

UNITS: Halsovagen 7 FAX: 46 87 74 82 61 REVENUE: Huddinge, Sweden 141 57

NET INCOME: WEB SITE: www.karobio.com

MedCore AB markets primarily licensed products

to pharmacies and hospitals in the Nordic region.

The products target the therapeutic areas of

diabetes, anesthesia/intensive care and surgery.

Karo Bio Aktiebolag (publ) operates as a research and development

company that specializes in nuclear receptors as target proteins to

develop new drugs. On a trailing 12-month basis, it generated


ANNOUNCEMENT DATE: October 28, 2015 PRICE: $ 2,134,295 PRICE PER UNIT: TERMS: The purchase price is SEK 18 million in

new shares for a 90% stake in MedCore.

After the share issue, a cash offer will

be made to remaining shareholders

corresponding to the price in the share

offer.

PRICE/REVENUE:

PRICE/INCOME:

This is Karo's second acquisition in October 2015, having paid approximately $30 million for the Swereco Group

on October 2. The MedCore acquisition is in keeping with Karo's strategy to consolidate its sector in the Nordic

region.

TARGET: PC Werth Ltd ACQUIRER: IntriCon Corporation

LISTING: Private LISTING: NASDAQ: IIN

LOCATION: London, England CEO: Mark S. Gorder PHONE: 651-636-9770

UNITS: 1260 Red Fox Road FAX: 651-636-9503 REVENUE: Arden Hills, Minnesota 55112

NET INCOME: WEB SITE: www.intricon.com

PC Werth Ltd is a leading supplier of hearing

healthcare products and equipment to the United

Kingdom’s National Health Service (NHS).

IntriCon Corp. designs, develops, engineers and manufactures body-

worn devices and electronic products. On a trailing 12-month basis,

it generated revenue of $67.2 million, EBITDA of $4.4 million and

a net income of $1.7 million.


PRICE/INCOME:

In December 2014, IntriCon entered into an exclusive agreement with PC Werth Ltd, to distribute its high-quality

hearing aid products in the United Kingdom. IntriCon expects the acquisition will generate $4.5 million to $5.5

million in revenue on an annualized basis, and be accretive to earnings per share. IntriCon will continue to use the

PC Werth tradename and Kamplex brand. The transaction is expected to close by the end of 2015.


TARGET: Mindray Medical

International Limited

ACQUIRER: Excelsior Union Limited

LISTING: NYSE: MR LISTING: Private

LOCATION: Shenzhen, China CEO: Xu Hang PHONE:

UNITS: FAX: REVENUE: $1,330,000,000 ttm Cayman Islands

NET INCOME: $171,370,000 ttm WEB SITE:

Mindray Medical International develops,

manufactures and markets medical devices

worldwide.

Solid Union Limited, a subsidiary of Excelsior Union, will merge

into Mindray and will become a wholly owned subsidiary of

Excelsior Union Limited. It does not have a published corporate

address or contact information.

ANNOUNCEMENT DATE: November 4, 2015 PRICE: $3,300,000,000 Approximate PRICE PER UNIT: TERMS: Excelsior Union Limited will pay

$28.00 per ordinary share of Mindray.

This price represents a premium of 1.9%

over the company's closing price of

$27.47 per ADS on June 3, 2015, the

day before they received its going

private "proposal."

PRICE/REVENUE: 2.48

PRICE/INCOME: 19.26

The merger is expected to close during the first quarter of 2016. Lazard Asia (Hong Kong) Limited (Lazard") is

serving as the financial advisor to the Special Committee. Shearman & Sterling and Walkers are serving as U.S.

legal counsel and Cayman Islands legal counsel to the Special Committee.

TARGET: BioFusionary ACQUIRER: Life Care Medical Devices Limited

LISTING: Private LISTING: OTC: LCMD

LOCATION: Wheat Ridge, Colorado CEO: Richard J. Prati PHONE: 386-410-4239

UNITS: 257 Minorca Beach Way, Ste.

1606

FAX: 386-256-1547

REVENUE: New Smyrna Beach, Florida 32169

NET INCOME: WEB SITE: www.lcmd.com

Rocky Mountain Biosystems, Inc. (RMBI) is selling

all of BioFusionary's assets and license, including

all patents, trademarks and know-how used in

BioFusionary's business.

Life Care Medical Devices (LCMD) is focused on the development,

production and distribution of non-invasive and minimally-invasive

technologies.


PRICE/INCOME:

LCMD gains the rights to market and sell the BioFusionary Bebe, a non-invasive system that uses electromagnetic

induction to generate and deliver focused energy to the collagen-rich dermis and subcutaneous tissues. Bebe is Life

Care's first important step in its expansion plan to launch its proprietary LapCap2® device for use in laparoscopic

surgery and by building a robust portfolio of synergistic products.


TARGET: Interventional radiology

portfolio

ACQUIRER: Boston Scientific Corporation

LISTING: Private LISTING: NYSE: BSX

LOCATION: San Antonio, Texas CEO: Michael F. Mahoney PHONE: 508-683-4000

UNITS: 300 Boston Scientific Way FAX: REVENUE: Marlborough, Massachusetts 01752

NET INCOME: WEB SITE: www.bostonscientific.com

CeloNova Biosciences, a global developer and

manufacturer of endovascular and interventional

cardiology technologies, is selling its interventional

radiology business.

Boston Scientific develops, manufactures and markets medical

devices for use in various interventional medical specialties. On a


EBITDA of $1.8 billion and a net loss of $396 million.

ANNOUNCEMENT DATE: November 10, 2015 PRICE: $ 70,000,000 PRICE PER UNIT: TERMS: $70 million upfront payment, plus

additional payments contingent on

regulatory and sales milestones.

PRICE/REVENUE:

PRICE/INCOME:

The transaction includes the CeloNova Embozene Tandem Drug-Elutable Microspheres that can be embedded with

drugs used to treat liver cancer, and other oncology products. CeloNova has received an Investigational Device

Exemption from the FDA for the Solace Trial, a randomized, controlled study of the Oncozene Microspheres

loaded with chemotherapy agent doxorubicin, expected to begin in the fourth quarter of 2015. Latham & Watkins

advised Boston Scientific in this transaction.

TARGET: Mound Laser and Photonics

Center, Inc.

ACQUIRER: Resonetics


LOCATION: Kettering, Ohio CEO: Thomas Burns PHONE: 603-886-6772

UNITS: 44 Simon Street FAX: REVENUE: Nashua, New Hampshire 03060

NET INCOME: WEB SITE: www.resonetics.com

Mound Laser is a leader in laser micro

manufacturing of precise metal components for the

medical device and defense industry.

Resonetics, a portfolio company of Sverica Capital Mangement

LLC, is a leading provider of laser micro manufacturing solutions to

the medical device and diagnostic industry.


PRICE/INCOME:

With the acquisition of Mound Laser, Resonetics will now expand beyond its current focus of polymers and glass

and offer customers a broader array of solutions and material expertise. Sverica initially invested in Resonetics in

October 2014. Since then, Resonetics has grown by nearly 50% and opened a second manufacturing facility in San

Diego.


TARGET: Lensar, Inc. ACQUIRER: Alphaeon Corporation


LOCATION: Orlando, Florida CEO: Robert E. Grant PHONE:


500

FAX:

REVENUE: Irvine, California 92612

NET INCOME: WEB SITE: www.alphaeon.com

Lensar is a leading global developer of

Femtosecond Laser Systems. Its Lensar Laser

System was designed for patients seeking a

premium vision outcome following the removal of

cataracts.

Alphaeon is a lifestyle healthcare company that promotes consumer

wellness, beauty and performance. It works in partnership with

board-certified physicians ensuring access to leading advancements

in lifestyle healthcare.

ANNOUNCEMENT DATE: November 16, 2015 PRICE: $ 59,000,000 PRICE PER UNIT: TERMS: Cash, stock and assumed debt. On Nov.

12, 2015, it completed a private

placement of Series B Preferred stock in

a transaction led by Sailing Capital,

H&S Ventures LLC, Longitude Capital

and Chow Tai Fook Enterprises.

PRICE/REVENUE:

PRICE/INCOME:

This acquisition expands Alphaeon's global ophthalmology business and enables it to provide advanced technology

to its broad network of more than 2,000 board-certified ophthalmologists globally. This transaction is expected to

close on or before December 31, 2015.

TARGET: SurgiQuest, Inc. ACQUIRER: CONMED Corporation

LISTING: Private LISTING: NASDAQ: CNMD

LOCATION: Milford, Connecticut CEO: Curt R. Hartman PHONE: 315-797-8375

UNITS: 525 French Road FAX: 315-797-0321 REVENUE: Utica, New York 13502

NET INCOME: WEB SITE: www.conmed.com

SurgiQuest, Inc. is a privately-held venture-backed

company, that develops, manufactures, and markets

the AirSeal® System, the first integrated access

management technology for use in laparoscopic and

robotic procedures.

CONMED develops and manufactures medical instruments and

systems used in orthopedics, general surgery and similar medical

procedures. On a trailing 12-month basis, it generated revenue of


million.

ANNOUNCEMENT DATE: November 16, 2015 PRICE: $265,000,000 PRICE PER UNIT: TERMS: CONMED will pay SurgiQuest $265

million on a cash-free, debt-free basis.

The transaction will be financed through

a combination of cash and borrowings

under a new credit facility.

PRICE/REVENUE:

PRICE/INCOME:

The AirSeal® System is a highly differentiated technology which is fast becoming the standard of care in

laparoscopic and robotic surgery. CONMED does not expect the acquisition to have a material impact on fiscal

year 2015 operating results. In fiscal year 2016, the acquisition is expected to add $55 to $60 million to the

company’s revenue, and it projects net cost savings will approximate $15 million per year. The transaction closed

on January 4, 2016.


TARGET: Aircraft Medical ACQUIRER: Medtronic plc

LISTING: Private LISTING: NYSE: MDT

LOCATION: Edinburgh, Scotland CEO: Omar S. Ishrak PHONE: 353 1 438 1700

UNITS: 20 On Hatch, Lower Hatch

Street

FAX:

REVENUE: Dublin, Ireland 2

NET INCOME: WEB SITE: www.medtronic.com

Aircraft Medical develops handheld, high-quality

video laryngoscopes used by anesthesiologists and

critical care professionals to intubate patients.

Medtronic manufactures and sells device-based medical therapies

worldwide. On a trailing 12-month basis, it generated revenue of


billion.

ANNOUNCEMENT DATE: November 18, 2015 PRICE: $110,000,000 PRICE PER UNIT: TERMS: All cash transaction. PRICE/REVENUE:

PRICE/INCOME:

The acquisition expands Medtronic's portfolio of solutions for dealing with difficult airways and addresses the

preventable issue of respiratory compromise. Aircraft Medical's devices enable clinicians to see a patient's vocal

cords, allowing them to more quickly and effectively insert the breathing tube into the trachea. The net impact from

this transaction is expected to be earnings neutral in fiscal year 2015 and neutral to accretive to earnings thereafter.

TARGET: CMOSIS ACQUIRER: ams AG

LISTING: Private LISTING: SIX: AMS

LOCATION: Antwerp, Belgium CEO: Kirk Laney PHONE: +43 3136 500

UNITS: Tobelbader Strasse 30 FAX: REVENUE: $ 64,026,000 Projected 2015 Unterpremstaetten, Austria 08141

NET INCOME: WEB SITE: ams.com

CMOSIS, a portfolio company of TA Associates,

supplies high performance standard and customized

area and line scan CMOS image sensors for

demanding imaging applications.

ams is a leading worldwide provider of high-performance sensor

and analog solutions.

ANNOUNCEMENT DATE: November 20, 2015 PRICE: $235,034,800 Approximate PRICE PER UNIT: TERMS: ams will acquire 100% of CMOSIS

shares from TA Associates and

management shareholders for

approximately €220 million. Funded

through cash and available credit lines.

PRICE/REVENUE: 3.67

PRICE/INCOME:

The acquisition expands ams’ optical sensor portfolio and market leadership with high-value solutions for machine

vision, medical, photographic and scientific imaging. The transaction is expected to close in Q4 of 2015.


TARGET: Coherex Medical, Inc. ACQUIRER: Biosense Webster, Inc.

LISTING: Private LISTING: NYSE: JNJ

LOCATION: Salt Lake City, Utah CEO: Shlomi Nachman,

President

PHONE: 909-839-8500

UNITS: 3333 Diamond Canyon Road FAX: 909-468-2905 REVENUE: South Diamond Bar, California 91765

NET INCOME: WEB SITE: www.biosensewebster.com

Coherex Medical focuses on clinical trials to

expand the development and adoption of novel

structural heart devices. Coherex’s flagship product

is the minimally invasive WaveCrest® device.

Biosense Webster, Inc. provides products and solutions for the

diagnosis and treatment of cardiac arrhythmias. It operates as a

subsidiary of Johnson & Johnson.


PRICE/INCOME:

Outcome Capital served as the exclusive strategic and financial advisor to Coherex Medical for the transaction.

Coherex' WaveCrest device is designed to block the most common source of blood clots to prevent the occurrence

of stroke in at-risk patients with atrial fibrillation (AF). Coherex has received CE Mark approval for the Coherex

WaveCrest System.

TARGET: Creagh Medical Ltd. ACQUIRER: SurModics, Inc.

LISTING: Private LISTING: NASDAQ: SRDX

LOCATION: Ballinasloe, Ireland CEO: Gary R. Maharaj PHONE: 952-500-700

UNITS: 9924 West 74th Street FAX: 952-500-7001 REVENUE: Eden Prairie, Minnesota 55344

NET INCOME: WEB SITE: www.surmodics.com

Creagh Medical develops and manufactures

percutaneous transluminal angioplasty balloon

catheters. It is located between the Galway and

Athlone medical device hubs in Ireland.

SurModics provides surface modification and in vitro diagnostic

technologies to the healthcare industry. On a trailing 12-month



ANNOUNCEMENT DATE: November 20, 2015 PRICE: $ 16,820,858 PRICE PER UNIT: TERMS: Upfront payment of €18 million, and up

to €12 million based on achievement of

revenue and value-creating operational

milestones.

PRICE/REVENUE:

PRICE/INCOME:

The Creagh business is expected to generate $3.5 million to $4 million of revenue for SurModics in fiscal year

2016. The acquisition will be dilutive on a GAAP and adjusted earnings per share basis in SurModic's fiscal year

2016, and adjusted earnings per share to reflect the amortization, contingent consideration accretion, due diligence,

transaction and other integration costs.


TARGET: Liberator Medical Holdings,

Inc.

ACQUIRER: C. R. Bard Inc.

LISTING: NYSE: LBMH LISTING: NYSE: BCR

LOCATION: Stuart, Florida CEO: Timothy M. Ring PHONE: 908-277-8000

UNITS: 730 Central Avenue FAX: 908-277-8412 REVENUE: $ 80,000,000 (ttm) Murray Hill, New Jersey 07974

NET INCOME: $ 13,270,000 (EBITDA) WEB SITE: www.crbard.com

Liberator Medical distributes direct-to-consumer

durable medical supplies for seniors and others with

chronic illness in the United States.

C.R. Bard designs, manufactures, packages, distributes and sells

medical, surgical, diagnostic and patient care devices worldwide.

On a trailing 12-month basis, it generated $3.4 billion, EBITDA of

$1.0 billion and net income of $131.1 million.

ANNOUNCEMENT DATE: November 20, 2015 PRICE: $181,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.26

PRICE/INCOME: 13.64

The acquisition represents a compelling fit for Bard and enhances its position in the home care market in the

United States. The company expects the transaction to add approximately $70 million to 2016 net sales, and to be

slightly accretive to adjusted cash earnings per share in 2016. The company estimates that in 2017 this acquisition

will increase the organic revenue growth rate of the company and contribute between 5 and 10 cents of adjusted

cash EPS. The transaction is expected to close in the first quarter of 2016.

TARGET: BioStructures LLC ACQUIRER: Bioventus LLC


LOCATION: Newport Beach, California CEO: Tony Bihl PHONE: 919-474-6700

UNITS: 4721 Emperor Blvd. #100 FAX: REVENUE: Durham, North Carolina 27703

NET INCOME: WEB SITE: www.bioventusglobal.com

BioStructures is a leading medical device company

focused on developing innovative proprietary

platforms in bioresofbable bone graft products for a

broad range of spinal and orthopedic fusion

procedures.

Bioventus is an orthobiologics company with two product

portfolios, Biovenus Active Healing Therapies and Bioventus

Surgical.


PRICE/INCOME:

The BioStructures product portfolio includes synthetic, allograft, collagen and demineralized bone matrix solutions

for surgeons. Its products align with Bioventus' strategy to become a leader in orthobiologics.


TARGET: SNaP® Therapy System ACQUIRER: Acelity L.P. Inc.


LOCATION: Sunnyvale, California CEO: Joe Woody PHONE: 800-275-4524

UNITS: 12930 Interstate 10 West FAX: REVENUE: San Antonio, Texas 78249

NET INCOME: WEB SITE: www.acelity.com

SNaP® Therapy System is a disposable negative

pressure wound therapy (NPWT) line of products

from Spiracur, a privately-held medical device

company.

Acelity and its subsidiaries are a global advanced wound care and

regenerative medicine company. Acelity's three subsidiaries are

Kinetic Concepts, Inc., LifeCell Corporation and Systagenix Wound

Management, Limited.


PRICE/INCOME:

SNaP® Therapy System is designed to treat a range of complex and hard-to-heal wounds with portable, non-

powered negative pressure technology, primarily in the post-acute setting. The acquisition of the SNaP® business

accelerates Acelity’s plans for disposable NPWT and increases access to the post-acute market by strengthening

the company’s portfolio of offerings for customers in need of comprehensive wound care solutions.

TARGET: AppianFx ACQUIRER: CONMED Corporation

LISTING: Private LISTING: NASDAQ: CNMD

LOCATION: Solana Beach, California CEO: Curt R. Hartman PHONE: 315-797-8375

UNITS: 525 French Road FAX: 315-797-0321 REVENUE: Utica, New York 13502

NET INCOME: WEB SITE: www.conmed.com

KFx Medical is selling AppianFx, a unique soft

tissue fixation system.

CONMED develops and manufactures medical instruments and

systems used in orthopedics, general surgery and similar medical

procedures. On a trailing 12-month basis, it generated revenue of


million.


PRICE/INCOME:

The AppianFx system fits perfectly within the broad CONMED Sports Medicine product line. The transaction

closed on December 4, 2015.


TARGET: Global distribution of

STERIZONE VP4 Sterilizer

ACQUIRER: Getinge Infection Control

LISTING: Private LISTING: STO: GETIB

LOCATION: Quebec, Canada CEO: Joacim Lindoff PHONE: +46 (0) 10 335 0000

UNITS: Ekebergsvägen 26 FAX: REVENUE: Getinge, Sweden 305 75

NET INCOME: WEB SITE: www.getinge.com

TSO3 Inc., an innovator in sterilization technology

for medical devices, has granted five-year exclusive

global distribution rights for its FDA-cleared

STERIZONE VP4 Sterilizer.

Getinge Infection Control is one of three business areas within

Getinge Group. The Getinge Infection Control consists of two

divisions; Healthcare and Life Science. Getinge has 36 subsidiaries.

ANNOUNCEMENT DATE: December 14, 2015 PRICE: $ 7,663,598 Approximate PRICE PER UNIT: TERMS: The five year agreement includes a one-

off license fee amounting to

approximately 65 M SEK.

PRICE/REVENUE:

PRICE/INCOME:

The STERIZONE VP4 Sterilizer was cleared for commercialization in the United States in December 2014 and

recently received clearance in Canada to terminally sterilize multichannel flexible endoscopes. The agreement

offers immediate sales opportunity in the United States.

TARGET: Stericool ACQUIRER: Getinge Infection Control

LISTING: Private LISTING: STO: GETIB

LOCATION: Ankara, Turkey CEO: Joacim Lindoff PHONE: +46 (0) 10 335 0000

UNITS: Ekebergsvägen 26 FAX: REVENUE: $ 2,361,218 -2015 Getinge, Sweden 305 75

NET INCOME: WEB SITE: www.getinge.com

Stericool manufactures hydrogen peroxide based

solution low temperature sterilizers for emerging

markets.

Getinge Infection Control is one of three business areas within

Getinge Group. The Getinge Infection Control consists of two

divisions; Healthcare and Life Science. Getinge has 36 subsidiaries.


PRICE/INCOME:

This acquisition will be included under the Getinge's new business category unit Surgical Workflows and will

increase potential for growth in the price sensitive Tier 2 markets in East/ South Europe and rest of the world.

Stericool's sales are expected to total 20 M SEK in 2015. The transaction is expected to close on January 1, 2016.

Net sales in 2016 are estimated at 25 M SEK and EBITDA is expected at 4.5 M SEK.


PHARMACEUTICALS

TARGET: Representaciones e

Investigaciones Médicas

(Rimsa)

ACQUIRER: Teva Pharmaceutical Industries Ltd.

LISTING: Private LISTING: NYSE: TEVA

LOCATION: Nuevo Leon, Mexico CEO: Erez Vigodman PHONE: 972 3 926 7267

UNITS: 5 Basel St., P.O. Box 3190 FAX: REVENUE: $227,000,000 2014 Petach Tikva, Israel 49131

NET INCOME: WEB SITE: www.tevapharm.com

Rimsa is a leading pharmaceutical manufacturing

and distribution company in Mexico. Also

associated with this deal is a portfolio of products

and companies, intellectual property, assets and

pharmaceutical patents in Latin America and

Europe.

Teva develops, manufactures, markets and distributes generic,

specialty and other pharmaceutical products worldwide. On a



ANNOUNCEMENT DATE: October 1, 2015 PRICE: $2,300,000,000 PRICE PER UNIT: TERMS: The transactions will be funded through

a combination of cash on hand and lines

of credit.

PRICE/REVENUE:

PRICE/INCOME:

Through this acquisition, Teva will become a leading pharmaceutical company in Mexico, which is the second

largest market in Latin America and one of the top five emerging markets globally. Teva expects the deal will yield

substantial and achievable synergies and offer a platform for growth in the region. Teva expects to close these

transactions by early first quarter, 2016. Citi acted as financial advisor to Teva. Goldman Sachs acted as financial

advisor to Rimsa.

TARGET: Right to commercialize

Vitaros

ACQUIRER: Ferring Pharmaceuticals

LISTING: NASDAQ: APRI LISTING: Private

LOCATION: San Diego, California CEO: Michel Pettigrew, COO PHONE: 41 58 301 00 00

UNITS: Ch. De la Vergognausaz 50 FAX: REVENUE: Saint Prex, Switzerland 1162

NET INCOME: WEB SITE: www.ferring.com

Ferring will have the exclusive right to

commercialize Vitaros in the territory of Latin

America and certain Caribbean countries. Vitaros is

used for the treatment of erectile dysfunction. It was

developed by Apricus Biosciences, Inc.

Ferring Pharmaceuticals is a research-driven specialty

biopharmaceutical group active in global markets. Its subsidiaries

operate in nearly 60 countries and market its products in 110

countries.

ANNOUNCEMENT DATE: October 1, 2015 PRICE: $ 2,250,000 PRICE PER UNIT: TERMS: Upfront payment. Apricus is also

eligible to receive up to $16 million in

regulatory and sales milestone

payments, in addition to royalties based

on Ferring's net sales of the product in

the Territory.

PRICE/REVENUE:

PRICE/INCOME:

Vitaros is a new potential entrant into the ED treatment market, offering a range of benefits that make it appealing

to a large number of patients. According to IMS Health, the global ED market in 2014 was in excess of $6.7 billion

annually. Outside of the United States, Vitaros has the potential to generate for Apricus over $200 million in future

milestone payments, as well as potential royalty revenue on net product sales.


TARGET: Rights to 2 PKU drugs ACQUIRER: BioMarin Pharmaceutical, Inc.

LISTING: Private LISTING: NASDAQ: BMRN

LOCATION: Darmstadt, Germany CEO: Jean-Jacques

Bienaime

PHONE: 415-506-6700

UNITS: 770 Lindaro Street FAX: 415-382-7889 REVENUE: San Rafael, California 94901

NET INCOME: WEB SITE: www.bmrn.com

Merck Serono has sold all global rights to Kuvan®

and pegvaliase, both of which help to treat

phenylketonuria (PKU), an autosomal recessive

genetic disorder.

BioMarin develops and commercializes pharmaceuticals for serious

diseases and medical conditions. On a trailing 12-month basis, it

generated revenue of $861.5 million and a net loss of $211.8

million.

ANNOUNCEMENT DATE: October 1, 2015 PRICE: $380,310,400 Approximate PRICE PER UNIT: TERMS: BioMarin will provide Merck with an

upfront payment of €340 million. Up to

an additional €185 million in milestones

payments.

PRICE/REVENUE:

PRICE/INCOME:

In 2005, Merck acquired from BioMarin the exclusive rights to Kuvan and the option to develop pegvaliase in

markets outside of the U.S. and Japan. Total Kuvan revenue to BioMarin for full-year 2016 is expected to be

between $320 million and $350 million, including revenue from new ROW territories. The transaction is expected

to close in January 2016.

TARGET: Rights to fasinumab

(REGN475)

ACQUIRER: Mitsubishi Tanabe Pharma Corporation

LISTING: NASDAQ: REGN LISTING: TSE: 4508

LOCATION: Tarrytown, New York CEO: Masayuki Mitsuka PHONE: 81 6 6205 5085

UNITS: 2-6-18, Kitahama, Chuo-ku FAX: REVENUE: Osaka, Japan 541-8505

NET INCOME: WEB SITE: www.mt-pharma.co.jp

Fasinumab (REGN475) is Regeneron

Pharmaceuticals' NGF antibody in late-stage

development for musculoskeletal pain. MTPC will

obtain exclusive development and commercial

rights to fasinumab in Japan, Korea and nine other

Asian countries, excluding China.

Mitsubishi Tanabe Pharma Corporation manufactures and sells

pharmaceuticals in Japan and internationally. On a trailing 12-



ANNOUNCEMENT DATE: October 1, 2015 PRICE: $ 55,000,000 PRICE PER UNIT: TERMS: Regeneron will receive up to $55

million in upfront and other near-term

payments. The agreement provides for

additional payments to Regeneron of up

to $170 million in R&D reimbursement

payments and development milestones.

PRICE/REVENUE:

PRICE/INCOME:

Regeneron is also eligible for additional one-time purchase price adjustment payments of up to $100 million total

upon achievement of specified annual net sales. MTPC has proven experience marketing biologics for

rheumatology and pain management, which makes it an ideal partner in Asia for Regeneron.


TARGET: Swereco Group ACQUIRER: Karo Bio Aktiebolag

LISTING: Private LISTING: STO: KARO

LOCATION: Stockholm, Sweden CEO: Anders Lonner,

Executive Chairman

PHONE: 46 8 608 60 00

UNITS: Hälsovägen 7 FAX: 46 8 774 8261 REVENUE: Huddinge, Sweden 141 57

NET INCOME: WEB SITE: www.karobio.com

Swereco Group consists of the companies Mabs,

Innotech, makers of the Trix tick lasso, and Dosett.

Swereco markets OTC products mainly to

pharmacies or directly to healthcare providers.

Karo Bio is a development company focused on broadening its

operations to include projects and products closer to market. On a

trailing 12-month basis, it generated revenue of $19.1 million,

EBITDA loss of $57.0 million and net income loss of $68.6 million.

ANNOUNCEMENT DATE: October 2, 2015 PRICE: $ 30,124,275 Approximate PRICE PER UNIT: TERMS: The purchase price for Swereco

amounts to 250 million SEK. The sum

consists of a cash component of 118

million SEK and the remaining part of

new shares.

PRICE/REVENUE:

PRICE/INCOME:

The acquisition of Swereco is an important step for Karo Bio to start to build a profitable business. There're many

small companies in the field of non-prescription medicines and Medical Device field in the Nordic area, Karo Bio

plans to have an active role in the consolidation of those companies.

TARGET: 5 branded hormonal

products

ACQUIRER: Alvogen

LISTING: XETRA: BAYN.DE LISTING: Private

LOCATION: Russia CEO: Robert Wessman PHONE: 973-796-3400 UNITS: 10B Bloomfield Ave. FAX: REVENUE: Pine Brook, New Jersey 07058

NET INCOME: WEB SITE: www.alvogen.com

Bayer Pharma AG in Russia and CIS are selling five

branded hormonal products known as Klimonorm, a

hormone replacement therapy; and Progynova,

Triquilar, Microgynon and Climene.

Alvogen is a global pharmaceutical company focused on

developing, manufacturing and selling generic, brand, over-the-

counter brands (OTC) and biosimilar products.


PRICE/INCOME:

The acquisition of these well-established brands further strengthens and diversifies Alvogen’s branded portfolio in

Central Eastern Europe particularly in such a lucrative segment as Women Healthcare. Alvogen has built a solid

growth platform across the region, with a presence in 11 markets including Russia and CIS, Romania, Hungary,

Bulgaria, Ukraine and the West Balkans.


TARGET: Locemia's intranasal

glucagon

ACQUIRER: Eli Lilly and Company

LISTING: Private LISTING: NYSE: LLY

LOCATION: Montreal, Quebec CEO: Dr. John C.

Lechleiter

PHONE: 317-276-2000

UNITS: Lilly Corporate Center FAX: REVENUE: Indianapolis, Indiana

NET INCOME: WEB SITE: www.lilly.com

Locemia Solutions is a privately held specialty

pharmaceutical company focused on treatments for

diabetes. It is selling its intranasal glucagon, a

potential treatment for severe hypoglycemia in

people with diabetes treated with insulin.

Eli Lilly discovers, develops, manufactures and sells pharmaceutical

products worldwide. On a trailing 12-month basis, it generated

revenue of $19.6 billion, EBITDA of $4.9 billion and net income of

$2.0 billion.


PRICE/INCOME:

Locemia's intranasal glucagon is currently in Phase 3 clinical testing, and could be the first needle-free treatment

for severe hypoglycemia, if it is approved by the FDA.

TARGET: Worldwide license to CSF1R ACQUIRER: Bristol-Myers Squibb Company

LISTING: NASDAQ: FPRX LISTING: NYSE: BMY

LOCATION: San Francisco, California CEO: Giovanni Caforio

M.D.

PHONE: 212-546-4000


NET INCOME: WEB SITE: www.bms.com

Five Prime has entered into an exclusive worldwide

license and collaboration agreement for the

development and commercialization of Five Prime’s

colony stimulating factor 1 receptor (CSF1R)

antibody program, including FPA008.

Bristol-Myers discovers, develops, licenses, manufactures, markets

and sells biopharmaceutical products. On a trailing 12-month basis,

it generated revenue of $16.4 billion, EBITDA of $4.6 billion and


ANNOUNCEMENT DATE: October 15, 2015 PRICE: $350,000,000 PRICE PER UNIT: TERMS: Five Prime will receive an upfront

payment of $350 million, and can

receive up to $1.05 billion in

development and regulatory milestone

payments per anti-CSF1R product for

oncology indications, and up to $340

million for non-oncology indications.

PRICE/REVENUE:

PRICE/INCOME:

This agreement replaces the companies’ existing clinical collaboration agreement to evaluate the preliminary

efficacy of combining Opdivo (nivolumab), Bristol-Myers Squibb’s programmed-death 1 (PD-1) immune

checkpoint inhibitor, with FPA008 in six tumor types. Bristol-Myers Squibb has undisputed leadership in the

immuno-oncology landscape, deep clinical development and regulatory expertise and an established commercial

infrastructure to deliver important new therapies to patients, this will help maximize the potential of FPA008.


TARGET: Precision Biologics, Inc. ACQUIRER: NantWorks


LOCATION: Dallas, Texas CEO: Patrick Soon-Shiong PHONE: 310-883-1300

UNITS: 9920 Jefferson Boulevard FAX: REVENUE: Culver City, California 90232

NET INCOME: WEB SITE: www.nantworks.com

Precision Biologics is a biopharmaceutical company

developing tumor-specific monoclonal antibodies

(mAbs) and companion diagnostics to treat solid-

tumor cancers.

NantWorks, LLC, founded by renowned physician scientist and

inventor of the first human nanoparticle chemotherapeutic agent

Abraxane®, Dr. Patrick Soon-Shiong, develops and delivers next-

generation diagnostics and therapeutics.


PRICE/INCOME:

Precision Biologics is leveraging its proprietary library of cancer vaccines to accelerate innovation. By connecting

this platform with diagnostic and immunotherapy technologies available at NantWorks and NantOmics, the

company is now able to develop compounds that could change the way we detect and treat cancer. Evolution

Venture Partners acted as sole financial advisor to Precision Biologics in connection with this transaction.

TARGET: VBI Vaccines Inc. ACQUIRER: SciVac Therapeutics Inc.

LISTING: NASDAQ:VBIV LISTING: TSX:VAC

LOCATION: Cambridge, Massachusetts CEO: Dr. Curtis A.

Lockshin

PHONE: 972 8 948 0625

UNITS: Gad Feinstein Road, P.O. Box

580

FAX:

REVENUE: $ 250,960 (ttm) Rehovot, Israel 7610303

NET INCOME: $- 15,720,000 (ttm) WEB SITE: www.scivactherapeutics.com

SciVac has agreed to acquire VBI to form a

commercial-stage company with a licensed hepatitis

B (HBV) vaccine and a pipeline of preventative and

therapeutic vaccine candidates.

SciVac Therapeutics is a commercial-stage biopharmaceutical

company that focuses on developing recombinant biological

products to prevent and treat infectious and immune diseases in

Israel. On a trailing 12-month basis, it generated revenue of $2.4

million and EBITDA loss of $4.3 million.

ANNOUNCEMENT DATE: October 26, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Each share of VBI common stock will

be converted into the right to recive

20.808 common shares of SciVac. In

aggregate, VBI stockholders will

receive approx. 541,573,712 common

shares of SciVac, representing 42% of

outstanding shares.

PRICE/REVENUE:

PRICE/INCOME:

A newly-formed wholly owned subsidiary of SciVac will merge with and into VBI, with VBI surviving the merger

as a wholly owned subsidiary of SciVac, and SciVac will change its name to VBI Vaccines Inc. The acquisition of

VBI provides SciVac with access to an impressive portfolio of vaccine candidates that may address large unmet

needs in both infectious diseases and oncology.


TARGET: Novira Therapeutics, Inc. ACQUIRER: Johnson & Johnson

LISTING: Private LISTING: NYSE: JNJ

LOCATION: Doylestown, Pennsylvania CEO: Alex Gorsky PHONE: 732-524-0400

UNITS: One Johnson & Johnson Plaza FAX: REVENUE: New Brunswick, New Jersey 08933

NET INCOME: WEB SITE: www.jnj.com

Novira Therapeutics is a clinical-stage

biopharmaceutical company developing therapies

for curative treatment of chronic hepatitis B virus

(HBV) infection. The acquisition includes Novira's

portfolio of novel antivirals, including its lead

candidate, NVR 3-778.

Johnson & Johnson manufactures and markets a broad range of

products in the healthcare field. On a trailing 12-month basis, JNJ




PRICE/INCOME:

Johnson & Johnson looks to use its vast experience in viral diseases to combine with Novira's recent breakthroughs

to deliver novel medicines for patients suffering from the chronic hepatitis B virus (HBV) infection. Novira is

backed by Versant Ventures, 5AM Ventures and Canaan Partners. The transaction closed on December 4, 2015.

TARGET: License to develop diabetes

treatments

ACQUIRER: Sanofi

LISTING: KRX: 128940 LISTING: NYSE: SNY

LOCATION: Seoul, Korea CEO: Olivier Brandicourt PHONE: 33 1 53 77 40 00

UNITS: 54, Rue La Boetie FAX: 33 1 53 77 42 96 REVENUE: Paris, France 75008

NET INCOME: WEB SITE: www.sanofi.com

Hanmi Pharmaceutical Co., Ltd. has agreed to

develop a portfolio of experimental, long-acting

diabetes treatments using its proprietary

LAPSCOVERY platform, with the goal to minimize

the frequency of treatment and dose required.

Sanofi researches, develops, and markets various therapeutic

solutions. On a trailing 12-month basis, it generated revenue of


billion.

ANNOUNCEMENT DATE: November 5, 2015 PRICE: $434,820,000 Approximate PRICE PER UNIT: TERMS: Hanmi will receive an upfront payment

of €400 million and is eligible for up to

€3.5 billion in development, registration

and sales milestone, as well as double

digit royalties on net sales.

PRICE/REVENUE:

PRICE/INCOME:

Sanofi gets an exclusive worldwide license to develop and commercialize three treatments. Hanmi will retain an

exclusive option to co-commercialize the products in Korea and China. The Quantum Portfolio is based on

Hanmi's proprietary LAPSCOVERY (Long Acting Protein/Peptide Discovery) Technology platform.


TARGET: ZS Pharma ACQUIRER: AstraZeneca plc

LISTING: NASDAQ: ZSPH LISTING: NYSE: AZN

LOCATION: Coppell, Texas CEO: Pascal Soriot PHONE: 44 20 7604 8000

UNITS: 2 Kingdom Street FAX: 44 20 7604 8151 REVENUE: $-107,550,000 (ttm) London, United Kingdom W2 6BD

NET INCOME: $-110,210,000 (EBITDA,

ttm) WEB SITE: www.astrazeneca.com

ZS Pharma uses its proprietary ion-trap technology

to develop novel treatments for hyperkalaemia,

associated with chronic kidney disease and chronic

heart failure. Its lead compound is ZS-9, a potential

best-in-class for treating hyperkalaemia.

AstraZeneca engages in the discovery, development and

commercialization of prescription medicines worldwide. On a



ANNOUNCEMENT DATE: November 6, 2015 PRICE: $2,700,000,000 Approximate PRICE PER UNIT: TERMS: $90 per share in an all-cash transaction,

or approximately $2.7 billion in

aggregate transaction value. ZSPH stock

closed at $63.31 on Nov. 5, 2015 and at

$89.04 on Nov. 6, 2015.

PRICE/REVENUE: - 25.10


Upon completion, ZS Pharma will become a wholly owned subsidiary of AstraZeneca. The transaction does not

impact AstraZeneca’s financial guidance for 2015. It is expected to generate product sales from 2016, with

minimal earnings dilution over 2016 and 2017, becoming accretive to AstraZeneca’s core earnings from 2018. The

transaction closed on December 17, 2015.

TARGET: PurinePharma ACQUIRER: Geritrex Corporation


LOCATION: Massena, New York CEO: Mitch Blashinsky PHONE: 914-668-4003

UNITS: 144 E. Kingsbridge Road FAX: REVENUE: Mount Vernon, New York 10550

NET INCOME: WEB SITE: www.geritrex.com

PurinePharma is a private-label manufacturer and

distributor of over-the-counter generic products. It

specializes in liquid nasal, allergy, and cough and

cold products for retail clients in the United States

and abroad.

Geritrex, a portfolio company of BelHealth Investment Partners,

manufactures generic over-the-counter products and

pharmaceuticals. BelHealth acquired Geritrex in July 2015.


PRICE/INCOME:

This acquisition expands Geritrex's business from semi-solid manufacturing into liquids, and marks its entrance to

the private-label retail channel. Geritrex also gains a manufacturing facility with liquid product capability, which

received FDA approval in April 2015.


TARGET: Rights to oxyntomodulin-

based therapies

ACQUIRER: Janssen Pharmaceuticals, Inc.

LISTING: KRX: 128940 LISTING: NYSE: JNJ

LOCATION: Seoul, South Korea CEO: James F. List, M.D.,

Ph.D.

PHONE: 609-730-2000

UNITS: 1125 Trenton-Harbourton Road FAX: REVENUE: Titusville, New Jersey 08560

NET INCOME: WEB SITE: www.janssen.com

Hanmi Pharmaceutical Co., Ltd. is selling the

worldwide rights, excluding China and Korea, to

develop and commercialize oxyntomodulin-based

therapies, including HM12525A.

The Janssen Pharmaceutical Companies of Johnson & Johnson

address unmet needs in cardiovascular and metabolic diseases,

immunology, infectious disease, neuroscience and oncology.

ANNOUNCEMENT DATE: November 9, 2015 PRICE: $105,000,000 PRICE PER UNIT: TERMS: Hanmi will receive an upfront payment

of $105 million, and is eligible for up to

$810 million in potential clinical


milestones.

PRICE/REVENUE:

PRICE/INCOME:

If HM12525A is successfully commercialized, Hanmi would also be eligible for tiered double-digit royalty

payments. HM12525A is an oxyntomodulin-based therapy (GLP-1/glucagon receptor dual agonist) that has shown

evidence of improving multiple metabolic parameters that lead to improved blood glucose, body weight, and

insulin sensitivity. This asset has the potential, as a once-weekly therapy, to be a best-in-class oxyntomodulin-

based therapy.

TARGET: Rights to cebranopadol ACQUIRER: Depomed Inc.

LISTING: Private LISTING: NASDAQ: DEPO

LOCATION: Aachen, Germany CEO: James A. Schoeneck PHONE: 510-744-8000

UNITS: 7999 Gateway Blvd., Suite 300 FAX: 510-744-8001 REVENUE: Newark, California 94560

NET INCOME: WEB SITE: www.depomed.com

Grünenthal GmbH has agreed to sell the U.S. and

Canadian rights to cebranopadol and its related

follow-on compound. Cebranopadol is a novel, first-

in-class analgesic in development to treat moderate

to severe chronic nociceptive and neuropathic pain.

Depomed develops products for pain and other central nervous

system conditions in the United States. On a trailing 12-month

basis, it generated revenues of $426.2 million, EBITDA of $213.2

million and a net income of 49.6 million.


PRICE/INCOME:

Depomed expects to conduct an End-of-Phase 2 meeting with the FDA in 2016, and to begin Phase 3 development

by 2017. Cebranopadol has patent protection through 2032, with the potential for extension to 2037. As part of this

agreement, Depomed has resolved its patent litigation with Endo Pharmaceuticals for alleged infringement of three

of Depomed's patents by Endo's OPANA® ER product. Baker Botts LLP represented Depomed in the connection

with this transaction. The deal is expected to close in the fourth quarter of 2015.


TARGET: VistaPharm Inc. ACQUIRER: Vertice Pharma, LLC


LOCATION: Birmingham, Alabama CEO: Don DeGolyer PHONE:

UNITS: 28 King Street FAX: REVENUE: London, United Kingdom SW1Y 6QW


VistaPharm specializes in delivering generic

pharmaceutical and OTC products for the hospital

market, retail pharmacy and specialized clinical

setting.

Vertice Pharma, a newly formed generic and specialty

pharmaceutical company, is a portfolio company of Warburg

Pincus, which is backing the company with a line of equity

investment of up to $300 million. The company was incorporated

on October 21, 2015.


PRICE/INCOME:

Vertice Pharma will focus on acquiring specialty pharmaceutical companies and products, including both branded

and generic products, to create a durable specialty pharmaceutical business of scale. Its first acquisition is

VistaPharm, which will maintain its manufacturing and distribution facilities in Largo, Florida. Jefferies served as

exclusive financial advisor to Vertice Pharma. Simpson Thacher & Bartlett acted as legal advisors to Warburg

Pincus.

TARGET: Abstral® (fentanyl)

Sublingual Tablet

ACQUIRER: Sentynl Therapeutics Inc.

LISTING: NASDAQ: GALE LISTING: Private

LOCATION: Portland, Oregon CEO: Matt Heck PHONE: 858-720-4517

UNITS: 265 Santa Helena # 208 FAX: REVENUE: Solana Beach, California 92075


Galena Biopharma, Inc. purchased Abstral®

(fentanyl) Sublingual Tablets in 2013. Abstral® is a

treatment option for inadequately controlled

breakthrough cancer pain (BTcP).

Sentynl Therapeutics is a California based pharmaceutical company

that received US approval in 2000, for Levorphanol tartrate

(indicated for pain).

ANNOUNCEMENT DATE: November 20, 2015 PRICE: $ 8,000,000 PRICE PER UNIT: TERMS: $8 million cash upfront and up to $4

million in additional cash upon the

achievement of certain sales milestones.

PRICE/REVENUE:

PRICE/INCOME:

Galena Biopharma acquired the U.S. rights to Abstral from Swedish drug maker Orexo AB in March 2013. The

company is selling Abstral because it is shifting focus and resources to its clinical development programs. Mizuho

Securities acted as exclusive advisor to Galena Biopharma on this transaction, which closed on November 19,

2015.


TARGET: Allergan plc ACQUIRER: Pfizer, Inc.

LISTING: NYSE: AGN LISTING: NYSE: PFE

LOCATION: Dublin, Ireland CEO: Ian Read PHONE: 212-733-2323

UNITS: 235 East 42nd Street FAX: REVENUE: $19,610,000,000 (ttm) New York, New York 10017

NET INCOME: $7,640,000,000 (EBITDA) WEB SITE: www.pfizer.com

A wholly owned subsidiary of Allergan will be

merged with and into Pfizer, and the Allergan

parent company will be renamed Pfizer plc after the

closing. Allergan CEO Brent Saunders will become

president and chief operating officer of the

combined company.

Pfizer is a global biopharmaceutical company. The combined

company is expected to maintain Allergan's Irish domicile. Pfizer

plc will have its global operational headquarters in New York and

its principal executive offices in Ireland.

ANNOUNCEMENT DATE: November 23, 2015 PRICE: $160,000,000,000 PRICE PER UNIT: TERMS: Reverse merger. Allergan shareholders

will receive 11.3 shares of the combined

company for each of their AGN shares.

Pfizer stockholders will receive one

share of the combined company for each

Pfizer share.

PRICE/REVENUE: 8.16

PRICE/INCOME: 20.94

Following the transaction, Pfizer shareholders will own 56% of the combined company and Allergan shareholders

will own 44%. Guggenheim, Goldman, Centerview and Moelis are serving as Pfizer's financial advisors for the

transaction, with Wachtell, Lipton; Skadden, Arps; and A&L Goodbody as its legal advisors. J.P. Morgan and

Morgan Stanley are serving as Allergan's financial advisors and Cleary Gottlieb; Latham & Watkins; and Arthur

Cox are its legal advisors. The transaction is expected to close in the second half of 2016.

TARGET: Global rights to CGRP

antagonists

ACQUIRER: Teva Pharmaceutical Industries Ltd.

LISTING: TSE: 4565 LISTING: NYSE: TEVA

LOCATION: Hertfordshire, United Kingdom CEO: Erez Vigodman PHONE: 972 3 926 7267

UNITS: 5 Basel St., P.O. Box 3190 FAX: 972 3 923 4050 REVENUE: Petach Tikva, Israel 49131


Heptares Therapeutics, a subsidiary of Sosei, is

selling the exclusive global rights to develop,

manufacture and commercialize novel, small-

molecule calcitonin gene-related peptide (CGRP)

antagonists.

Teva develops, manufactures, markets and distributes generic,

specialty and other pharmaceutical products worldwide. On a



ANNOUNCEMENT DATE: November 25, 2015 PRICE: $ 10,000,000 PRICE PER UNIT: TERMS: Upfront for research funding. Heptares

is eligible to receive additional

research, development and

commercialization milestone payments

of up to $400 million, plus royalties.

PRICE/REVENUE:

PRICE/INCOME:

CGRP is used for the treatment of migraines. Approximately 36 million people in the United States and 8

million people in Japan suffer from migraines. CGRP antagonists will offer further opportunities that are

highly complementary to Teva's promising candidate, TEV-48125, an anti-CGRP antibody.


TARGET: Poli Group Holding S.r.l. ACQUIRER: Almirall, S.A.

LISTING: Private LISTING: MCE: ALM.MC

LOCATION: Lugano, Switzerland CEO: Jorge Gallardo PHONE: 34 93 291 30 00

UNITS: Ronda General Mitre, 151 FAX: 34 93 291 31 80 REVENUE: Barcelona, Spain 8022

NET INCOME: WEB SITE: www.almirall.com

Poli Group comprises three operating companies

(Taurus Pharma GmbH, Polichem S.A. and

Polichem S.r.l). Poli Group is an international niche

pharmaceutical company that develops and sells

mainly proprietary products (both drugs and

medical devices).

Almirall is a global company based in Barcelona dedicated to

providing valuable medicines and medical devices through its R&D,

agreements and alliances.

ANNOUNCEMENT DATE: November 30, 2015 PRICE: $395,649,050 Approximate PRICE PER UNIT: TERMS: €365 million. The transaction will be

funded using Almirall's available cash

balance and is expected to be accretive

to Adjusted EPS in year 1. Almirall will

also pay up to an additional €35 million

for achieving development milestones.

PRICE/REVENUE:

PRICE/INCOME:

This acquisition moves Almirall further into a specialty pharma model focused on dermatology. The transaction is

expected to close by the end of 2015 or beginning of 2016. Nomura International plc is acting as exclusive

financial adviser and BonelliErede is acting as legal advisor to Almirall. Banca IMI is acting as exclusive financial

adviser and Gianni, Origoni, Grippo, Cappelli & Partners is acting as legal advisor to Poli Group.

TARGET: U.S. rights to 2 dermatology

products

ACQUIRER: Almirall, S.A.

LISTING: NYSE: GSK LISTING: MCE: ALM.MC

LOCATION: Brentford, United Kingdom CEO: Eduardo Sanchiz PHONE: 34 93 291 30 00

UNITS: Ronda General Mitre, 151 FAX: 34 93 291 31 80 REVENUE: Barcelona, Spain 8022

NET INCOME: WEB SITE: www.almirall.com

Aqua Pharmaceuticals, LLC and its parent company

Almirall have acquired the U.S. rights to 2

dermatology products, VELTIN® (clindamycin

phosphate and tretinoin) Gel, 1.2%/0.025% and

ALTABAX® (retapamulin) Ointment, 1%.

Almirall is a global company based in Barcelona dedicated to

providing valuable medicines and medical devices through its R&D,

agreements and alliances.


PRICE/INCOME:

Both VELTIN® and ALTABAX® will be promoted through Aqua in the United States.


TARGET: Exclusive license toVAP-1

inhibitor

ACQUIRER: Roche

LISTING: Private LISTING: SIX: RO

LOCATION: Maple Grove, Minnesota CEO: Dr. Severin Schwan PHONE: 41 61 688 11 11


Grenzachersan 124

FAX: 41 61 691 93 91



Proximagen Ltd., a subsidiary of Upsher-Smith, has

agreed to the further development of a novel, oral

small molecule inhibitor of Vascular Adhesion

Protein 1 (VAP-1). The VAP-1 inhibitor is in Phase

2 clinical development.





ANNOUNCEMENT DATE: December 1, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Proximagen will receive an upfront

payment, along with downstream


milestones, as well as tiered royalties on

net sales of a potential future product

containing the molecule.

PRICE/REVENUE:

PRICE/INCOME:

Roche is granted a worldwide exclusive license to develop and commercialize the compound. In a novel

collaboration model, Proximagen and Roche will conduct additional Phase 2 studies to further define the

therapeutic potential of the VAP-1 inhibitor. Based on this data, Roche will assume responsibility for late stage

development and worldwide commercialization. The transaction is subject to the expiration or early termination of

the applicable U.S. Hart-Scott-Rodino waiting period.

TARGET: Benznidazole program ACQUIRER: KaloBios Pharmaceuticals, Inc.

LISTING: Private LISTING: Nasdaq: KBIO

LOCATION: Undisclosed, CEO: Martin Shkreli PHONE: 650-243-3100

UNITS: 442 Littlefield Avenue FAX: REVENUE: South San Francisco, California 94080

NET INCOME: WEB SITE: www.kalobios.com

Savant Neglected Diseases, LLC, a privately held

specialty pharmaceutical company, is selling the

benznidazole program for the treatment of Chagas

disease.

KaloBios is a biopharmaceutical company that develops

monoclonal antibody therapeutics for the treatment of cancer in the

United States. On a trailing 12-month basis, it had a net loss of

$30.2 million.

ANNOUNCEMENT DATE: December 3, 2015 PRICE: $ 2,000,000 PRICE PER UNIT: TERMS: KaloBios will pay an upfront payment

of $2 million, plus regulatory milestones

and a royalty based on product sales.

PRICE/REVENUE:

PRICE/INCOME:

An estimated 300,000 patients in the United States are afflicted with Chagas disease. Benznidazole is currently

unavailable in the United States or Europe. KaloBios intends to file for Orphan Drug Designation and Fast Track

Designation for benznidazole in Chagas disease. The transaction is expected to close by the end of 2015.


TARGET: Exclusive license to sexual

health products

ACQUIRER: Bio Task

LISTING: OTC: INNV LISTING: Private

LOCATION: San Diego, California CEO: Dr. Bassam B. Damaj PHONE: 603 7782 0512

UNITS: 151 Jalan PJS 3/7 Taman

Medan Baru

FAX: 603 7783 2553

REVENUE: $ 867,220 (ttm) Selangor, Malaysia 46150

NET INCOME: $- 4,400,000 (ttm) WEB SITE: www.biotask.net

Innovus Pharma has granted Bio Task the exclusive

license to market and sell men's and women's sexual

health products Zestra®, Zestra Glide®,

EjectDelay®, Sensum+® and Vesele® in Malaysia.

Bio Task is dedicated to improving the quality of the healthcare to

the general public by promoting innovative quality products from

clinical diagnostics to targeted therapies in the fields of cancer,

diabetes, sexual disorders and viral infections.

ANNOUNCEMENT DATE: December 3, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Innovus Pharma will receive an upfront

payment and is eligible to receive up to

$34 million dollars in sales milestone

payments plus an agreed-upon transfer

price.

PRICE/REVENUE:

PRICE/INCOME:

This is Innovus Pharma's eleventh commercial partnership for its products. In 2015, the company has signed

partnerships in 61 countries for its products.

TARGET: Liaoning TianYi Biological

Pharmaceutical Co.

ACQUIRER: Eisai Co. Ltd.

LISTING: Private LISTING: TYO: 4523

LOCATION: Benxi, Liaoning Province, China CEO: Karuo Naito PHONE: 81-3-3817-3700

UNITS: 4-6-10 Koishikawa, Bunkyo-ku FAX: REVENUE: Tokyo, Japan 112-8088

NET INCOME: WEB SITE: www.eisai.com

Liaoning TianYi Biological Pharmaceutical Co.

Ltd. is a generic pharmaceutical company that

manufactures and markets pharmaceutical products

and active pharmaceutical ingredients.

Eisai Co. Ltd is a global pharmaceutical company. Its China holding

company, Eisia China Holdings Ltd., is making this acquisition.

ANNOUNCEMENT DATE: December 3, 2015 PRICE: $ 77,961,984 Approximate PRICE PER UNIT: TERMS: RMB 500 million (approximately ¥9.6

billion, based on 1 RMB = 19.2

Japanese yen).

PRICE/REVENUE:

PRICE/INCOME:

Through this acquisition, Eisai will enter the generic pharmaceutical market in China, in addition to expanding its

existing business focused on new medicines. It also strengthens its Chinese business platform, established 25 years

ago, and gives the Japanese company a business base in the Benxi business district. This agreement is expected to

have a minor impact on Eisai's consolidated result forecasts for the period ending March 30, 2016.


TARGET: Trigen/Vertical Holdings

LLC

ACQUIRER: Osmotica Holdings Corp. Ltd.


LOCATION: Sayreville, New Jersey CEO: Praveen Tyle, PhD PHONE: 770-509-4500

UNITS: 895 Sawyer Road FAX: 770-509-3944 REVENUE: Marietta, Georgia 30062

NET INCOME: WEB SITE: www.osmotica.com

Vertical/Trigen Holdings, a portfolio company of

Avista Capital Partners, has agreed to merge with

Osmotica. Vertical Pharmaceuticals, LLC

specializes in women's health preparations. Trigen

Laboratories is a generic pharmaceutical company.

Osmotica Holdings is a global specialty pharmaceutical company

with operations in Argentina, Hungary and the United States. It uses

its proprietary osmotic technology platform to develop and

commercialize pharmaceutical products.

ANNOUNCEMENT DATE: December 4, 2015 PRICE: Merger PRICE PER UNIT: TERMS: The combined company will be jointly

owned by the current owners of

Vertical/Trigen and Osmotica.

PRICE/REVENUE:

PRICE/INCOME:

The combination brings together two highly complementary businesses with demonstrated expertise in developing

commercially successful pharmaceutical products. The new entity will assume the Osmotica name and will

continue to offer Vertical/Trigen's full portolio of branded and generic products. Jefferies LLC provided financial

advice to Osmotica. Covington & Burling LLP acted as legal counsel to Osmotica. Weil, Gotshal & Manges LLP

acted as legal counsel to Vertical/Trigen.

TARGET: Collaboration on cancer

immunotherapy

ACQUIRER: Roche

LISTING: NASDAQ: PIRS LISTING: SIX: RO

LOCATION: Boston, Massachusetts CEO: Dr. Severin Schwan PHONE: 41 61 688 11 11


Grenzachersan 124

FAX: 41 61 691 93 91



Pieris Pharmaceuticals, Inc. will discover,

characterize and optimize its proprietary

Anticalin®-based drug candidates against an

undisclosed target.





ANNOUNCEMENT DATE: December 8, 2015 PRICE: $ 6,400,000 Approximate PRICE PER UNIT: TERMS: Pieris will receive an upfront payment

of CHF 6.5 million and committed

research funding, milestone payments

and mid single-digit to low double-digit

royalties on any future product sales.

Milestone payments could surpass CHF

415 Million.

PRICE/REVENUE:

PRICE/INCOME:

Roche will be responsible for IND-enabling activities, clinical development and worldwide marketing of any

resulting products. Anticalins are a novel class of protein therapeutics validated in the clinic and by partnerships

with leading pharmaceutical companies.


TARGET: PaxVax, Inc. ACQUIRER: Cerberus Capital Management, LP


LOCATION: Redwood City, California CEO: Stephen A. Feinberg PHONE: 212-891-2100

UNITS: 875 Third Avenue FAX: REVENUE: New York, New York 10022

NET INCOME: WEB SITE: www.cerberuscapital.com

PaxVax is a fully integrated specialty vaccine

company that develops, manufactures and

commercializes innovative vaccines against

infectious diseases.

Cerberus is a private investment firm, with more than $28 billion

under management invested in four primary strategies: distressed

securities & assets; control and non-control private equity;

commercial mid-market lending and real estate-related investments.

ANNOUNCEMENT DATE: December 8, 2015 PRICE: $105,000,000 PRICE PER UNIT: TERMS: Cerberus has acquired a majority

economic interest in the company.

Ignition Growth Capital and other

existing investors will remain as

minority shareholders.

PRICE/REVENUE:

PRICE/INCOME:

This investment allows PaxVax to eliminate debt and to focus on growing its Vivotif® typhoid vaccine business

and launching vaccines that are still in clinical development to treat cholera, anthrax, HIV and hepatitis A. Morgan

Lewis & Bocklus LLP served as outside legal advisor to PaxVax on the transaction. Lowenstein Sandler LLP

served as outside legal advisor to Cerberus on the transaction. DLA Piper served as outside legal advisor to Ignition

on the transaction.

TARGET: Crealta Holdings LLC ACQUIRER: Horizon Pharma plc

LISTING: Private LISTING: NASDAQ: HZNP

LOCATION: Glendale, Wisconsin CEO: Timothy P. Walbert PHONE: 353 1 772 2100

UNITS: Connaught House, 1st Floor FAX: REVENUE: Dublin, Ireland 4

NET INCOME: WEB SITE: www.horizonpharma.com

Crealta is a specialty pharmaceutical company with

two marketed medicines, Krystexxa and Migergot.

Krystexxa is the first and only FDA-approved

medicine for chronic refractory gout, an orphan

disease and type of arthritis caused by uric acid

build up in the blood.

Horizon Pharma focuses on medicines for the treatment of arthritis,

pain, inflammatory and/or orphan diseases. On a trailing 12-month

basis, it generated revenue of $616 million, EBITDA of $113.7

million and a net loss of $16.1 million.

ANNOUNCEMENT DATE: December 11, 2015 PRICE: $510,000,000 PRICE PER UNIT: TERMS: Cash. PRICE/REVENUE:

PRICE/INCOME:

Horizon expects the acquisition to add $70 to $80 million in net sales and $45 to $50 million in adjusted EBITDA

in the first 12 months after closing. The deal leverages its rheumatology infrastructure and sales force, and adds a

biologic medicine in an orphan disease with strong intellectual property protection through 2027. Jefferies LLC

acted as financial advisor to Horizon Pharma in the transaction. Cooley LLP and McCann FitzGerald served as

Horizon's legal advisors.


TARGET: 8 Sanofi U.S. drug products ACQUIRER: Wood Creek Capital Management, LLC

LISTING: NYSE: SNY LISTING: Private

LOCATION: Bridgewater, New Jersey CEO: PHONE: 203-401-3220

UNITS: 157 Chursch Street, 20th Floor FAX: 203-401-3219 REVENUE: New Haven, Connecticut 06510

NET INCOME: WEB SITE: www.woodcreekcap.com

Sanofi U.S. is selling eight of its marketed drug

products: Anzemet® injection and tablets,

Claforan® injection/IM/IV, Demerol® tablets,

Drisdol® capsules and oral solution, Hiprex®

tablets, Lasix® tablets, Norpramin® tablets and

Trental® tablets.

Wood Creek Capital Management, a subsidiary of Babson Capital

Management, acquired the Sanofi products through a new company,

US Pharmaceuticals Holdings II LLC. Validus Pharmaceuticals will

serve as exclusive manager for the products.


PRICE/INCOME:

These products give Validus Pharmaceuticals opportunities to generate sales in several new therapeutic markets

and represents a significant growth catalyst for the company. Validus is focused on acquiring, reformulating and

marketing FDA-approved prescription products.

TARGET: Collaboration on vadadustat ACQUIRER: Mitsubishi Tanabe Pharma Corp.

LISTING: NASDAQ: AKBA LISTING: TSE: 4508

LOCATION: Cambridge, Massachusetts CEO: Masayuki Mitsuka PHONE: 81-6-6205-5085

UNITS: 3-2-10, Dosho-machi, Chuo-ku FAX: REVENUE: Osaka, Japan

NET INCOME: WEB SITE: www.mt-pharma.co.jp

Akebia Therapeutics has agreed to collaborate with

MTPC to develop and commercialize vadadustat

(formerly AKB-6548), an oral therapy for the

treatment of anemia related to chronic kidney

disease, in Japan and certain other countries in Asia.

Mitsubishi Tanabe Pharma Corp. (MTPC) is a research-driven

pharmaceutical company focused on treatments for autoimmune

diseases, diabetes and kidney disease, diseases of the central

nervous system and other conditions.

ANNOUNCEMENT DATE: December 14, 2015 PRICE: $ 40,000,000 PRICE PER UNIT: TERMS: $40 million upfront, and up to an

additional $60 million for costs

associated with the global Phase 3

program. In addition, AKBA is eligible

for up to $250 million in additional

milestone payments.

PRICE/REVENUE:

PRICE/INCOME:

MTPC will also make tiered royalty payments, from low teens up to 20%, on sales of vadadustat in Japan, Taiwan,

South Korea, Indonesia, India and other Asian countries.


TARGET: Exclusive rights to Sprix

Nasal Spray

ACQUIRER: Teva Pharmaceutical Industries

LISTING: NASDAQ: EGLT LISTING: NYSE: TEVA

LOCATION: Wayne, Pennsylvania CEO: Erez Vigodman PHONE: 972 3 926 7267

UNITS: 5 Basel Street, PO Box 3190 FAX: 972 3 923 4050 REVENUE: Patch Tikva, Israel 49131


Egalet Corporation, a specialty pharmaceutical

company, has granted exclusive marketing and

commercialization rights to Sprix Nasal Spray in

Israel, Gaza and the West Bank.

Teva Pharmaceutical Industries develops, manufactures and markets

generic, specialty and other pharmaceutical products worldwide. On



ANNOUNCEMENT DATE: December 14, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Egalet will receive an undisclosed

upfront payment, sales-based milestones

and will share in the profits from net

sales of Sprix in those territories.

PRICE/REVENUE:

PRICE/INCOME:

Sprix Nasal Spray is a non-steroidal anti-inflammatory drug indicated in adult patients for the short-term

management of moderate to moderately severe pain that requires analgesia at the opioid level.

TARGET: IBA Molecular ACQUIRER: CapVest Partners LP


LOCATION: Louvain-La-Neuve, Belgium CEO: Randl Shure,

managing partner

PHONE: 44(0)20 7389 7900

UNITS: 100 Pall Mall FAX: REVENUE: London, United Kingdom SW1Y 5NQ

NET INCOME: WEB SITE: www.capvest.co.uk

IBA Molecular is being sold by Ion Beam

Applications SA and SK Capital Partners. It

develops, manufactures and distributes

radiopharmaceutical products used in molecular

imaging, with operations across Europe and Asia.

CapVest Partners is an established European mid-market private

equity firm focused on acquiring market leading companies

supplying essential products and services.

ANNOUNCEMENT DATE: December 14, 2015 PRICE: $ 60,637,499 Approximate PRICE PER UNIT: TERMS: EUR 55 million in cash, representing a

capital gain of EUR 30 million ($33

million) based on the current valuation

in IBA's books.

PRICE/REVENUE:

PRICE/INCOME:

IBA Molecular is being sold by Ion Beam Applications S.A. (40% ownership) and SK Capital Partners (60%

ownership). IBA sold the U.S. portion of IBAM to Illinois Health and Science in August 2015. This transaction

concerns the remainder of the IBAM business and its closing will complete IBA's exit from this business. The

closing is expected by the end of the first quarter of 2016.


TARGET: Takeda's respiratory

business

ACQUIRER: AstraZeneca plc

LISTING: Tokyo: 4502 LISTING: NYSE: AZN

LOCATION: Osaka, Japan CEO: Pascal Soriot PHONE: 44 20 7604 8000

UNITS: 2 Kingdom Street FAX: 44 20 7604 8151 REVENUE: London, United Kingdom W2 6BD

NET INCOME: WEB SITE: www.astrazeneca.com

Takeda Pharmaceutical Company Ltd is selling its

core respiratory business, including expanded rights

to roflumilast (marketed as Daliresp in the U.S. and

Daxas in other countries), the only approved oral

PDE4 inhibitor for the treatment of COPD.

AstraZeneca focuses on prescription medicines in the areas of

infection, cardiovascular, metabolic, respiratory, inflammation,

autoimmune, oncology and neuroscience. On a trailing 12-month



ANNOUNCEMENT DATE: December 16, 2015 PRICE: $575,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

AstraZeneca has marketed Daliresp in the United States since the acquisition of the rights from Actavis in the first

quarter of 2015. Full acquisition of the global rights will support its respiratory franchise and complement the

company's portfolio of treatment for severe COPD. Annual global sales of the three core medicines acquired,

excluding any AstraZeneca sales of Daliresp in the US, were $198 million for the period ending in March 2015.

This transaction is expected to close in the first quarter of 2016.

TARGET: Acerta Pharma B.V. ACQUIRER: AstraZeneca plc

LISTING: Private LISTING: NYSE: AZN

LOCATION: OSS, The Netherlands CEO: Pascal Soriot PHONE: 44 20 7604 8000

UNITS: 2 Kingdom Street FAX: 44 20 7604 8151 REVENUE: London, United Kingdom W2 6BD

NET INCOME: WEB SITE: www.astrazeneca.com

Acerta Pharma is a clinical-stage biopharmaceutical

company that has a potential best-in-class

irreversible oral Bruton's tyrosine kinase (Btk)

inhibitor, acalabrutinib (ACP-196), currently in

Phase 3 development for B-cell blood cancers, and

in Phase 1/2 for other trials.

AstraZeneca focuses on prescription medicines in the areas of

infection, cardiovascular, metabolic, respiratory, inflammation,

autoimmune, oncology and neuroscience. On a trailing 12-month



ANNOUNCEMENT DATE: December 17, 2015 PRICE: $4,000,000,000 PRICE PER UNIT: TERMS: 55% of the entire issued share capital of

Acerta, comprised of $2.5 billion

upfront and unconditional consideration

of $1.5 billion to be paid by receipt of

the first regulatory approval of ACP-196

in the U.S., or by the end of 2018.

PRICE/REVENUE:

PRICE/INCOME:

AstraZeneca has the rights to buy the remaining 45% of shares in Acerta at a price of approximately $3.0 billion

net of certain costs and payments incurred by AstraZeneca. If approved, AstraZeneca believes ACP-196 could sell

more than $5 billion a year and contribute to its oncology business. Goldman, Sachs & Co. is acting as lead

financial advisor and Jefferies LLC is serving as joint financial advisor to Acerta. Morgan, Lewis & Bockius and

Nauta Durlih are serving as legal counsel to Acerta.


TARGET: Global partnership on

filgotinib

ACQUIRER: Gilead Sciences, Inc.

LISTING: NASDAQ: NBI LISTING: NASDAQ: GILD

LOCATION: Mechelen, Belgium CEO: Dr. John C. Martin,

PhD

PHONE: 650-574-3000

UNITS: 333 Lakeside Drive FAX: 650-578-9246 REVENUE: Foster City, California 94404

NET INCOME: WEB SITE: www.gilead.com

Galapagos NV has agreed to partner with Gilead to

develop and commercialize its JAK1-selective

inhibitor, filgotinib, for inflammatory indications.

Phase 2 trial data show it has the potential to be

effective in patients with rheumatoid arthritis and

Crohn's.

Gilead is a biopharmaceutical company specializing in medicines in

areas of unmet need. On a trailing 12-month basis, it generated

revenue of $31.5 billion, EBITDA of $22.4 billion and net income

of $16.9 billion.

ANNOUNCEMENT DATE: December 17, 2015 PRICE: $725,000,000 PRICE PER UNIT: TERMS: Galapagos will receive $300 million for

a license fee and a $425 million equity

investment. In addition, it is eligible for

payments of up to $1.35 billion in

milestones, with tiered royalties starting

at 20%.

PRICE/REVENUE:

PRICE/INCOME:

The companies will collaborate on the global development of filgotinib starting with the initiation of Phase 3 trails

in rheumatoid arthritis. Gilead's $425 million equity investment in Galapagos consists of subscribing to shares at a

price of €58 per share, which represents a 20% premium compared with the average share price over the last 30

days. Gilead will own approximately 15% of the outstanding share capital of Galapagos, depending on the $/€

exchange rate at closing.

TARGET: Matawan Pharmaceuticals'

Retin-A portfolio

ACQUIRER: Perrigo Company plc

LISTING: Private LISTING: NYSE: PRGO

LOCATION: Cranford, New Jersey CEO: Joseph C. Papa PHONE: 353 1 604 0031

UNITS: Lower Grand Canal Street FAX: REVENUE: Dublin, Ireland 2

NET INCOME: WEB SITE: www.perrigo.com

Matawan Pharmaceuticals, LLC. is selling its

portfolio of generic dosage forms and strengths of

Retin-A® (tretinoin). Perrigo was the authorized

generic distributor of these products from 2005 to

2013 before the agreement was terminated.

Perrigo develops, manufactures and distributes over-the-counter and

generic prescription drugs, nutritional products and APIs. On a


EBITDA of $1.5 billion and a net income of $144.3 million.


PRICE/INCOME:

Generic and brand sales of Retin-A® were approximately $287 million for the 12 months ending October 2015.

The transaction is expected to immediately exceed Perrigo's ROIC threshold and add more than $0.20 in adjusted

EPS within the first 12 months post-close after the exclusion of estimates for intangible amortization, transaction

costs and integration related expenses. The transaction is expected to close in the first quarter of 2016.


TARGET: Global portfolio of

hemostasis products

ACQUIRER: Mallinckrodt plc

LISTING: NASDAQ: MDCO LISTING: NYSE: MNK

LOCATION: Parsippany, New Jersey CEO: Mark Christopher

Trudeau

PHONE: 44 4246 263 051

UNITS: Perth House, Millennium FAX: REVENUE: Chesterfield, United Kingdom S41 8 ND

NET INCOME: WEB SITE: www.mallinckrodt.com

The Medicines Company is selling its global

portfolio of three hemostasis products: Recothrom®

Thrombin tropical (recombinant), PreveLeak™ and

Raplixa™ (fibrin sealant).

Mallinckrodt focuses on specialty pharmaceutical and

biopharmaceutical products, and nuclear imaging agents in

worldwide markets. On a trailing 12-month basis, it generated


$305.7 million.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: $175,000,000 PRICE PER UNIT: TERMS: $175 million upfront, including

inventory, and up to $235 million in

additional consideration for future

milestone payments.

PRICE/REVENUE:

PRICE/INCOME:

The addition of the three hemostasis products boosts Mallinckrodt's growing hospital portfolio, and specifically

expands on its current surgical pain management offering. This transaction is expected to be accretive in fiscal

2017, driving organic growth for these products in the low double-digits. Leerink Partners LLC is acting as

financial advisor, and WilmerHale is acting as legal advisor to The Medicines Company. This transaction is

expected to close in the first quarter of 2016.

TARGET: Late-stage HIV R&D assets ACQUIRER: ViiV Healthcare

LISTING: NYSE: BMY LISTING: NYSE: GSK

LOCATION: New York, New York CEO: David Redfern PHONE: 44 20 8380 6200

UNITS: 980 Great West Road FAX: REVENUE: Brentford, Middlesex, United Kingdom TW8 9GS

NET INCOME: WEB SITE: www.viivhealthcare.com

Bristol-Myers Squibb is selling its late-stage HIV

R&D assets, including fostemsavir (BMS-663068),

an attachment inhibitor, currently in Phase 3

development for heavily treatment-experienced

patients.

ViiV Healthcare is the global HIV business of GlaxoSmithKline

plc.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: $317,000,000 PRICE PER UNIT: TERMS: $317 million upfront, followed by

development and first commercial sales

milestones of up to $518 million, and

tiered royalties on sales.

PRICE/REVENUE:

PRICE/INCOME:

This is one of two transactions announced between these parties on this date. Fostemsavir has received a

Breakthrough Therapy Designation from the FDA and is expected to be filed for regulatory approval in 2018. The

transaction also includes a maturation inhibitor (BMS-955176), currently in Phase 2b development, and a back-up

maturation inhibitor candidate (BMS-986173). The two transactions are expected to close independently during the

first half of 2016.


TARGET: Zuplenz® oral soluble film ACQUIRER: Midatech Pharma, plc

LISTING: NASDAQ: GALE LISTING: NASDAQ: MTP

LOCATION: Portland, Oregon CEO: Dr. James Neil

Phillips

PHONE: 44 1235 841 575

UNITS: 65 Innovation Dr., Milton Park FAX: REVENUE: Abingdon, United Kingdom X14 4RQ

NET INCOME: WEB SITE: www.midatechgroup.com

Galena Biopharma, Inc. is selling its Zuplenz®

(ondansetron) Oral Soluble Film product, which

uses proprietary PharmFilm® technology from

MonoSol Rx.

Midatech is an international specialty pharmaceutical company

focused on oncology and other therapeutic areas with three

marketed products in the U.S. On a trailing 12-month basis, it

generated revenue of $669,280 and a net loss of $16.8 million.

ANNOUNCEMENT DATE: December 18, 2015 PRICE: $ 3,750,000 PRICE PER UNIT: TERMS: $3.75 million in cash upfront, and up to

$26 million in additional cash upon the

achievement of certain sales milestones.

Galena will pay MonoSol Rx $900,000

of the upfront fee and 20% of any future

milestone payments.

PRICE/REVENUE:

PRICE/INCOME:

Galena had previously announced its intention to divest itself of its two commercial assets, and this transaction is

the second of those deals. With the sale of Zuplenz, the company will now focus on advancing its cancer

immunotherapy clinical development pipeline, which is led by its Phase 3 product candidate, NeuVax. Mizuho

Securities is acting as exclusive advisor to Galena Biopharma on this transaction. This transaction closed on

December 24, 2015.

TARGET: License to ENHANZE™

platform

ACQUIRER: Eli Lilly and Company

LISTING: NASDAQ: HALO LISTING: NYSE: LLY

LOCATION: San Diego, California CEO: Dr. John C.

Lechleiter

PHONE: 317-276-2000

UNITS: Lilly Corporate Center FAX: REVENUE: Indianapolis, Indiana 46285

NET INCOME: WEB SITE: www.lilly.com

Halozyme Therapeutics, Inc. is licensing its

ENHANZE™ platform to Lilly to combine with

proprietary Lilly compounds to develop and

commercialize products.

Eli Lilly discovers, develops, manufactures and sells pharmaceutical

products worldwide. On a trailing 12-month basis, it generated


$2.4 billion.

ANNOUNCEMENT DATE: December 21, 2015 PRICE: $ 25,000,000 PRICE PER UNIT: TERMS: Halozyme will receive an initial $25

million payment, followed by milestone

payments of up to $160 million for each

of up to five collaboration targets valued

at up to $800 million.

PRICE/REVENUE:

PRICE/INCOME:

ENHANZE™ is Halozyme's proprietary drug delivery platform based on its patented recombinant human

hyaluronidase enzyme (rHuPH20) that temporarily degrades hyaluronan to aid in the dispersion and absorption of

other injected therapeutic drugs. Lilly will pay Halozyme mid-single digit royalties if any products are

commercialized.


TARGET: License to tivozanib in

Europe

ACQUIRER: EUSA Pharma

LISTING: NASDAQ: AVEO LISTING: Private

LOCATION: Cambridge, Massachusetts CEO: Lee Morley PHONE: +44 (0) 3305001140

UNITS: Ground Floor, Suite F,

Breakspear Park

FAX:

REVENUE: Hempstead, England HP2 4TZ

NET INCOME: WEB SITE: www.eusapharma.com

AVEO Oncology has agreed to grant an exclusive

license for the European rights to tivozanib to

EUSA Pharma. Tivozanib is used for the treatment

of advanced renal cell carcinoma.

EUSA Pharma is a specialty pharmaceutical company founded in

March 2015. It has a portfolio of five approved and several named-

patient specialty hospital products.

ANNOUNCEMENT DATE: December 21, 2015 PRICE: $ 2,500,000 PRICE PER UNIT: TERMS: AVEO will receive an upfront research

and development funding payment of

$2.5 million, and up to $394 million in

potential payments and milestones.

PRICE/REVENUE:

PRICE/INCOME:

AVEO has retained the commerical rights to tivozanib in oncology in North America. Between this partnership and

previous agreements with Ophthotech and Pharmstandard relating to tivozanib, AVEO can potentially receive over

$35 million in the next 18 months. This would provide substantial additional funding to support AVEO's tivozanib

development strategy for North America.

TARGET: Avita Medical Limited

respiratory business

ACQUIRER: Medical Developments International

Limited

LISTING: ASX: AVH LISTING: ASX: MVP

LOCATION: Melbourn, United Kingdom CEO: John Sharman PHONE: 61 3 9547 1888

UNITS: 56 Smith Road FAX: 61 3 9547 0262 REVENUE: Springvale, Australia 3171

NET INCOME: WEB SITE: www.medicaldev.com

Avita Medical develops and distributes regenerative

products for the treatment of a broad range of

wounds, scars and skin defects. Avita Medical’s

respiratory business includes Breath-A-Tech® and

Funhaler®.

Medical Developments International Limited manufactures and

distributes pharmaceutical drugs, and medical and veterinary

equipment. On a trailing 12-month basis, it generated revenue of


million.

ANNOUNCEMENT DATE: December 24, 2015 PRICE: $ 2,640,000 PRICE PER UNIT: TERMS: $2.2 million cash. MVP also has the

option to grant either 125,000 new MVP

shares escrowed for 6 months or an

additional $44,000 in cash.

PRICE/REVENUE:

PRICE/INCOME:

This acquisition will transform MVP’s Australian respiratory business and help establish it as a market leader in

asthma respiratory devices. The acquisition significantly improves MVP’s gross margins and is expected to be EPS

positive from the start. This acquisition is expected to close in early February 2016.


PHYSICIAN MEDICAL GROUPS

TARGET: 3 physician practices in

Florida

ACQUIRER: IPC Healthcare, Inc.

LISTING: Private LISTING: NASDAQ: IPCM

LOCATION: Ocala, Florida CEO: Dr.Adam D. Singer PHONE: 888-447-2362

UNITS: 4605 Lankershim Blvd., Ste.

617

FAX:

REVENUE: North Hollywood, California 91602

NET INCOME: WEB SITE: www.hospitalist.com

IPC Healthcare has acquired the following practices

in Ocala, Florida: Ocala Hospital Group, PA;

Hospitalists of Ocala, LLC; and Ocala Geriatric

Services.

IPC Healthcare provides acute hospitalist and post-acute care

services in the United States. On a trailing 12-month basis, it

generated revenue of $713.8 million, EBITDA of $70.4 million and



PRICE/INCOME:

The acquisitions complement IPC Healthcare's existing market presence for acute and post-acute services in the

Ocala region. The three acquisitions are expected to add more than 130,000 encounters on a combined annualized

basis.

TARGET: Lifestages Centers for

Women

ACQUIRER: Premier Health


LOCATION: Dayton, Ohio CEO: James R. Pancoast PHONE: 937-738-5772

UNITS: 8 (physicians) 110 North Main Street FAX: REVENUE: Dayton, Ohio 45402

NET INCOME: WEB SITE: www.premierhealth.com

Lifestages Centers for Women (formerly Lifestages

Samaritan Centers for Women) offers

comprehensive healthcare for women such as

obstetrics, gynecology and bladder and pelvic

health. The practice includes eight physicians.

Premier Health operates five area hospitals, nine outpatient centers,

two long-term care facilities. Its physician group, Premier Health

Specialists, is the largest group of specialty care practices in the

Miami Valley.


PRICE/INCOME:

The acquisition will strengthen Premier's existing OB/GYN expertise, which has about 10 other practices

elsewhere in the region. This is part of a string of acquisition by Premier to add small specialty practices to

enhance its outpatient services. Lifestages will continue to operate under the affiliation of Premier Health

Specialists, and is rebranding under the Premier Health umbrella.


TARGET: Cancer Care & Hematology

of Niagara

ACQUIRER: Roswell Park Cancer Institute


LOCATION: Niagara Falls, New York CEO: Dr. Candace S.

Johnson

PHONE: 716-845-2300

UNITS: 1 (physician) 655 Elm Street FAX: REVENUE: Buffalo, New York 14203

NET INCOME: WEB SITE: www.roswellpark.org

Cancer Care & Hematology of Niagara is a private

oncology practice operated by Dr. Mohamed

Ahmed in 2008.

Roswell Park Cancer Institute (RCPI) is a 133-bed hospital with

292 physicians on staff. It is comprised of two organizations,

Roswell Park Cancer Institute Corporation and Health Research Inc.

Roswell Park Division.


PRICE/INCOME:

Cancer Care & Hematology of Niagara will remain in its present location on Military Road in Niagara Falls, but

will change its name to Roswell Park Hematology Oncology of Niagara.

TARGET: Hospital Medicine

Consultants, LLC

ACQUIRER: IPC Healthcare, Inc.


LOCATION: Chicago, Illinois CEO: Dr. Adam Singer PHONE: 888-447-2362


617

FAX:



Hospital Medicine Consultants consists of four

physicians in two primary specialties, internal

medicine and nurse practitioner.


services, and manages the care of hospitalized patients. On a trailing

12-month basis, it generated revenue of $728.8 million, EBITDA of



PRICE/INCOME:

This acquisition expands IPC's presence in the northwestern suburbs of Chicago. It is expected to add more than

20,000 encounters on a combined annualized basis.


TARGET: 3 orthopedic practices ACQUIRER: Ortho Rhode Island


LOCATION: Rhode Island CEO: Michael Bradley PHONE: 401-459-4001 UNITS: 285 Promenade ST. FAX: REVENUE: Providence, Rhode Island 02908

NET INCOME: WEB SITE: orthopedicsri.com

Blackstone Orthopedics & Sports Medicine,

Foundry Orthopedics & Sports Medicine and South

County Orthopedics, are merging to form Ortho

Rhode Island.

Ortho Rhode Island is the result of the consolidation of three

orthopedic practices, with 14 locations throughout Rhode Island and

nearly 40 providers serving the orthopedic needs of patients in

Rhode Island and southern Massachusetts.


PRICE/INCOME:

The group formed knowing that when practices join together, physicians make quicker decisions for improving

patient care and managing costs. Ortho Rhode Island is not controlled by any hospital or institution. It remains a

private orthopedic practice, and is the largest privately held orthopedic provider in the state.

TARGET: Digestive Specialty Care,

Inc.

ACQUIRER: Premier Health


LOCATION: Troy, Ohio CEO: James R. Pancoast PHONE: 937-738-5772

UNITS: 3 (physicians) 110 N. Main Street FAX: REVENUE: Dayton, Ohio 45402

NET INCOME: WEB SITE: www.premierhealth.com

Digestive Specialty Care is a three- physician

practice that offers diagnosis and treatment for

diseases and disorders of the gastrointestinal tract

and digestive system.

Premier Health operates five area hospitals, nine outpatient centers,

two long-term care facilities and provides numerous other services.


PRICE/INCOME:

Digestive Specialty Care has been renamed Premier Gastroenterology Specialists, and is part of the hospital's

Premier Health Specialists division.


TARGET: Questcare Medical Services ACQUIRER: Envision Healthcare Holdings, Inc.

LISTING: Private LISTING: NYSE: EVHC

LOCATION: Dallas, Texas CEO: William A. Sanger PHONE: 303-495-1200

UNITS: 6200 S. Syracuse Way, Ste. 200 FAX: REVENUE: $160,000,000 (est. annual

revenue) Greenwood Village, Colorado 80111

NET INCOME: WEB SITE: www.evhc.net

Questcare Medical Services and its subsidiary, QRx

Medical Management LLC, are being acquired.

Questcare Medical has more than 800 clinical

providers at 50 facilities in Texas, Oklahoma and

Colorado. QRx is a management services

organization.

Envision Healthcare Holdings provides physician-led outsourced

medical services to consumers, hospitals, healthcare systems and

others. On a trailing 12-month basis, it generated revenue of $5.1

billion, EBITDA of $579 million and net income of $153 million.

ANNOUNCEMENT DATE: November 3, 2015 PRICE: $135,000,000 Approximate PRICE PER UNIT: TERMS: PRICE/REVENUE: .84

PRICE/INCOME:

Questcare clinicians manage patient care across multiple hospital-based clinical specialties, including emergency

department, hospitalist, critical care unit and pediatric and obstetric hospitalist care services. In addition, it provides

post-acute facility-based care as well as primary care, urgent care and telemedicine services. The transaction is

expected to close in the fourth quarter of 2015.

TARGET: Valley Anesthesiology &

Pain Consultants

ACQUIRER: Sheridan

LISTING: Private LISTING: NASDAQ: AMSG

LOCATION: Phoenix, Arizona CEO: Christoper A. Holden PHONE: 800-437-2672

UNITS: 1613 N. Harrison Parkway FAX: REVENUE: Sunrise, Florida 33323

NET INCOME: WEB SITE: sheridanhealthcare.com

Valley is one of the largest independent

anesthesiology practices in the country. It provides

anesthesiology and pain management services

through more than 240 physicians and 38 allied

health providers to 21 hospitals and 25 ambulatory

surgery centers.

Sheridan is the physician services division of AmSurg Corp.,

acquired in 2014 for $2.3 billion. It provides outsourced physician

services in multiple specialties to hospitals, ASCs and other

healthcare facilities.


PRICE/INCOME:

Sheridan provides anesthesiology, neonatology, radiology and emergency medical services. As of September 30,

2015, AmSurg owned and operated 253 ambulatory surgery centers in 34 states, and provided physicians to more

than 360 healthcare facilities in 27 states. Houlihan Lokey served as the exclusive financial advisor to Valley

Anesthesiology and assisted in initiating, structuring, and negotiating the transaction on behalf of the company.

The transaction closed on November 2, 2015.


TARGET: Medical Management

Corporation of America

ACQUIRER: PracticeMax


LOCATION: Brewster, New York CEO: Bill Carns PHONE: 480-374-7200

UNITS: 9382 East Bahia Dr., #B202 FAX: REVENUE: Scottsdale, Arizona 85260

NET INCOME: WEB SITE: www.practicemax.com

Medical Management Corporation is one of the

largest medical practice management companies in

the northeastern U.S., specializing in orthopedics,

spine, neurosurgery, intraoperative

neuromonitoring, neurology, physical medicine and

more.

PracticeMax is a national provider of practice management and

healthcare technology services, including billing, software, data

analytics and satisfaction research for medical practice and clinical

operations.


PRICE/INCOME:

PracticeMax serves more than 5,500 providers in all 50 states, processing more than $1.6 billion in annual charges

for more than 44 different specialties. This acquisition expands its presence in the northeastern United States.

TARGET: Amity Health, LLC ACQUIRER: IPC Healthcare, Inc.


LOCATION: Wichita, Kansas CEO: R. Jeffrey Taylor PHONE: 800-818-1498


617

FAX:



Amity Health focuses on post-acute services and

population health management in the Wichita area.

IPC Healthcare is a leading national acute hospitalist and post-acute

provider group practice company. On a trailing 12-month basis, it

generated revenue of $728.8 million, EBITDA of $66.7 million and



PRICE/INCOME:

This acquisition expands IPC's post-acute market presence in Wichita, and is expected to add more than 13,000

encounters on an annualized basis.


TARGET: Kansas City Vascular PC ACQUIRER: Vascular Surgery Associates


LOCATION: Kansas City, Missouri CEO: Mike Waldschmidt,

MD

PHONE: 816-781-5006

UNITS: 7 (physicians) 2521 Glenn Hendren Dr., Ste. 1 FAX: REVENUE: Liberty, Missouri 64068

NET INCOME: WEB SITE: www.vsalib.com

Kansas City Vascular was formed in 1984 by Dr.

Karl Stark. Its five physicians serve seven hospitals

in the Kansas City area.

Vascular Surgery Associates specializes in minimally invasive

treatment of varicose and spider veins. The practice has two

physicians.

ANNOUNCEMENT DATE: November 17, 2015 PRICE: Merger PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

The two practices will combine to form Midwest Aortic & Vascular Institute, with seven surgeons and four offices

in Independence, Lee's Summit, Liberty and North Kansas City, Missouri. This transaction closed on January 1,

2016.

TARGET: Anesthesia Services

Associates, PLLC

ACQUIRER: PhyMed Management, LLC


LOCATION: Hendersonville, Tennessee CEO: Sami S. Abbasi PHONE: 855-331-4999

UNITS: 110 29th Avenue North, Suite

301

FAX:

REVENUE: Nashville, Tennessee 37203

NET INCOME: WEB SITE: www.phymed.com

Anesthesia Services Associates provides anesthesia

department management and staffing for TriStar

Hendersonville Medical Center, an HCA hospital,

and several ambulatory surgery centers in the area.

PhyMed Management is a physician-owned company comprised of

anesthesia, pain management and critical care professionals serving

healthcare systems and ambulatory surgery centers.


PRICE/INCOME:

Waller Lansden Dortch & Davis, LLP acted as legal counsel to Anesthesia Services Associates in the transaction,

and Edgemont Capital Partners, LP acted as exclusive financial advisor. The transaction closed on November 16,

2015.


TARGET: Heartland Geriatrics, LLC ACQUIRER: IPC Healthcare, Inc.


LOCATION: Overland Park, Kansas CEO: Dr. Adam Singer PHONE: 888-447-2362


617

FAX:



Heartland Geriatrics, LLC is in Overland Park,

Kansas. This acquisition is expected to add more

than 15,000 encounters on a combined annualized

basis.


services, and manages the care of hospitalized patients. On a trailing




PRICE/INCOME:

This acquisition complements IPC's existing market presence for acute and post-acute services in the Kansas City

area.

TARGET: South Metro Primary Care ACQUIRER: Primary Physician Partners


LOCATION: Denver, Colorado CEO: Kenneth Nielsen PHONE: 720-612-6600

UNITS: 320 (clinicians) 1125 17th St #1000 FAX: REVENUE: Denver, Colorado 80202


South Metro Primary Care is an independent

practice association (IPA) that covers the south and

eastern areas of the metro Denver area.

Primary Physician Partners is an independent practice association

(IPA) that covers the north and west portions of the Denver metro

area.


PRICE/INCOME:

The practices are merging to form PHPprime, which will be managed by Physician Health Partners, a Denver area

medical management company. Collectively, PHPprime will have more than 320 primary care providers including

family practice physicians, geriatricians and internal medicine physicians, nurse practitioners and physician

assistants. The group consists of 85 clinically integrated and community-based medical practices.


TARGET: ProCare Systems Inc. ACQUIRER: North American Partners in Anesthesia


LOCATION: Grand Rapids, Michigan CEO: John F. Di Capua PHONE: 516-945-3000

UNITS: 68 S. Service Road, Suite 350 FAX: REVENUE: Melville, New York

NET INCOME: WEB SITE: napaanesthesia.com

ProCare Systems is a management services

organization focused on chronic pain management.

ProCare provides services to three chronic pain

management practices at 13 locations throughout

Michigan.

North American Partners in Anesthesia (NAPA) is the leading

single-specialty anesthesia and periopertive management company

in the United States. NAPA currently manages 27 hospital and

office-based chronic pain management locations.


PRICE/INCOME:

ProCare will serve as NAPA’s strategically focused Center of Excellence, specializing in managing and growing

chronic pain management practices throughout the United States. The combined organization will focus its efforts

on helping patients manage and alleviate their chronic pain through a data-driven patient experience system

TARGET: Salinas Valley PrimeCare

Medical Group

ACQUIRER: Salinas Valley Memorial Healthcare

System


LOCATION: Salinas, California CEO: Pete Delgado PHONE: 831-757-4333

UNITS: 20 Physicians 450 Eat Romie Lane FAX: REVENUE: Salinas, California 93901-4029

NET INCOME: WEB SITE: www.svmh.com

Salinas Valley PrimeCare is a 20-physician

primary/specialty medical group in the Salinas

Valley, south of San Francisco.

Salinas Valley Memorial Healthcare System is an integrated

network of healthcare programs, services and facilities that serves

residents of Monterey County. The 269-bed Salinas Valley

Memorial Hospital is the cornerstone of the system.


PRICE/INCOME:

Salinas Valley PrimeCare Medical Group provides care to more than 40,000 residents annually through its two

primary care locations, an urgent care center and a full service diagnostic laboratory. This strategic transaction

strengthens Salinas Valley Memorial's reach and the expansion of its urgent care platform, Doctors on Duty.

Brown Gibbons Lang & Company advised Salinas Valley Memorial on the transaction.


TARGET: Premier Emergency Medical

Specialists, PLLC

ACQUIRER: Sheridan


LOCATION: Phoenix, Arizona CEO: Robert Coward PHONE: 800-437-2672

UNITS: 49 (physicians) 1613 N. Harrison Parkway FAX: REVENUE: Sunrise, Florida 33323

NET INCOME: WEB SITE: sheridanhealthcare.com

Premier Emergency Medical Specialists has 49

physicians providing care in the Phoenix market,

and is the exclusive provider of emergency services

for two Dignity Health Hospitals: Chandler

Regional Medical Center and Mercy Gilbert

Medical Center.

Sheridan is the Physician Services division of AmSurg Corp. It

provides outsourced physician services to hospitals, ASCs and other

healthcare facilities primarily in the areas of anesthesiology

services, children's services, emergency medicine and radiology

services.


PRICE/INCOME:

This acquisition marks Sheridan's entry into the emergency medicine specialty market in Phoenix and adds to

AmSurg's presence in Arizona. Edgemont Capital Partners, L.P. acted as exclusive financial advisor to Premier

Emergency Medical Specialists PLLC.

TARGET: Surgery Center of Athens ACQUIRER: Surgical Care Affiliates

LISTING: Private LISTING: NASDAQ: SCAI

LOCATION: Athens, Georgia CEO: Andrew Hayek PHONE: 800-768-0094

UNITS: 13 (physicians) 520 Lake Cook Road, Ste. 250 FAX: REVENUE: Deerfield, Illinois 60015

NET INCOME: WEB SITE: scasuregery.com

The partnership operates an ambulatory surgical

facility that represents an important access point for

high quality, low cost surgical services in Athens

and the surrounding region.

Surgical Care Affiliates partners with physicians, health systems

and health plans across the country to develop and operate surgical

facilities. As of Sept. 30, 2015, it operated 194 surgical facilities,

109 of which are in affiliation with health system partnerships.


PRICE/INCOME:

This transaction expands SCA's presence in Georgia to three locations and aligns SCA with an additional 13

physicians.


TARGET: Moorestown Foot

Specialists, LLC

ACQUIRER: Foot Health Centers, P.A.


LOCATION: Moorestown, New Jersey CEO: Lawrence Levin,

DPM

PHONE: 856-795-1003

UNITS: 52 Berlin Road, Ste. 5000 FAX: REVENUE: Cherry Hill, New Jersey 08034

NET INCOME: WEB SITE: www.foothealthcenters.com

Moorestown Foot Specialists is a solo-practitioner

office run by Dr. Ronald Barbella.

Foot Health Centers is a podiatry group that now provides services

in 35 locations in southern New Jersey. It has about 120,000 patient

visits per year, with revenue of $6 million to $7 million.

ANNOUNCEMENT DATE: December 8, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Sold for stock in Foot Health Centers

and a commensurate salary increase for

Dr. Barbella.

PRICE/REVENUE:

PRICE/INCOME:

This acquisition continues Foot Health Centers' strategy to acquire small podiatry practices in which the doctors

stay on and there is no purchase price. This acquisition expands Moorestown Foot Specialists as the office will

double in size, to 1,600 square feet, to accommodate another physician.

TARGET: Northside Anesthesiology

Consultants

ACQUIRER: Sheridan


LOCATION: Atlanta, Georgia CEO: Robert Coward,

president

PHONE: 800-437-2672

UNITS: 60 (physicians) 1613 N. Harrison Parkway FAX: REVENUE: Sunrise, Florida 33323

NET INCOME: WEB SITE: www.sheridanhealthcare.com

Northside Anesthesiology Consultants, LLC (NAC)

has 60 physicians providing care in the market, and

is the exclusive provider of anesthesiology for

Northside Hospital Healthcare System, with three

acute-care hospitals and 24 associated sites.

Sheridan, the Physician Services Division of AmSurg Corp.,

provides outsourced physician services in multiple specialties to

hospitals, ASCs and other healthcare facilities throughout the

United States.


PRICE/INCOME:

In addition to its physician providers, NAC also employs 125 anesthetists, as well as other clinical and

administrative personnel.


TARGET: Everest Inpatient Physicians ACQUIRER: TeamHealth Holdings, Inc.

LISTING: Private LISTING: NYSE: TMH

LOCATION: Houston, Texas CEO: Michael D. Snow PHONE: 865-693-1000

UNITS: 265 Brookview Centre Way, St.

400

FAX:

REVENUE: Knoxville, Tennessee 37919

NET INCOME: WEB SITE: www.teamhealth.com

Everest Inpatient Physicians specializes in both

acute and post-acute medicine and provides services

for approximately 27,000 patient encounters

annually.

TeamHealth provides outsourced healthcare professional staffing

and administrative services to hospitals and other healthcare

providers. On a trailing 12-month basis, it generated revenue of $3.4


million.


PRICE/INCOME:

These acquisitions mark the company's first in the acute and post-acute care space following Team Health's merger

with IPC Healthcare on November 23. Everest Inpatient Physicians partners with six hospitals throughout

southwestern Houston, including Memorial Hermann Health System, an existing TeamHealth client for emergency

medicine, hospital medicine, OB/GYN hospitalist and urgent care services.

TARGET: Tampa Bay Emergency

Physicians, PL

ACQUIRER: U.S. Acute Care Solutions


LOCATION: Tampa, Florida CEO: Dr. Dominic Bagnoli PHONE: 800-828-0898

UNITS: 45 (physicians) 4535 Dressler Road NW FAX: 330-493-8677 REVENUE: Canton, Ohio 44718

NET INCOME: WEB SITE: www.usacs.com

Tampa Bay Emergency Physicians employs 45

board-certified emergency medicine physicians and

30 physician assistants and nurse practitioners. The

practice sees nearly 200,000 patients annually.

U.S. Acute Care Solutions is a majority-physician-owned

organization established in April 2015 by Emergency Medicine

Physicians and the private equity firm Welsh, Carson, Anderson &

Stowe.


PRICE/INCOME:

Tampa Bay Emergency Physicians will remain partners in their practice and become shareholders in USACS,

while gaining access to the resources and support of the larger company. Ropes & Gray LLP served as legal

counsel to USACS. MHT Midspan serviced as the financial advisor to Tampa Bay Emergency Physicians, and

Foley & Lardner served as its legal counsel.


REHABILITATION

TARGET: Bradley & Monson Physical

Therapy

ACQUIRER: MOTION PT


LOCATION: New York, New York CEO: Edward Miersch PHONE: 212-355-7827

UNITS: 160 East 56th Street FAX: 212-355-0963 REVENUE: New York, New York 10022

NET INCOME: WEB SITE: motionptg.com

Bradley & Monson offers physical therapy,

massage, independent fitness workouts and other

customized services to treat and prevent a wide

range of orthopedic conditions.

MOTION PT, formed by Pharos Capital Group in June 2015, is a

leading provider of physical therapy and occupational therapy

services in New York. It was formed through the combination of

MetroSportsMed and STAR Physical Therapy.


PRICE/INCOME:

Bradley & Monson Physical Therapy is located on the Upper West Side of Manhattan. It was founded in 1981 by

Maggie Bradley and Lori Monson.

TARGET: Argent Rehabilitation

Services

ACQUIRER: ExamWorks Group, Inc.

LISTING: Private LISTING: NASDAQ: EXAM

LOCATION: Croydon, United Kingdom CEO: James K. Price PHONE: 404-952-2400

UNITS: 3280 Peachtree Road NE, Ste.

2625

FAX: 404-846-1554

REVENUE: $ 27,000,000 (approx.

annual) Atlanta, Georgia 30305

NET INCOME: WEB SITE: www.examworks.com

Argent Rehabilitation Services and Argent

Investigation Services are being acquired.

ExamWorks provides independent medical examinations, peer and

bill reviews, Medicare compliance and other related services in the

U.S., Canada, the UK and Australia. On a trailing 12-month basis, it

generated revenue of $813 million and EBITDA of $111.7 million.

ANNOUNCEMENT DATE: November 23, 2015 PRICE: $ 53,000,000 Approximate PRICE PER UNIT: TERMS: £35 million PRICE/REVENUE: 1.96

PRICE/INCOME:

This transaction makes ExamWorks' UK subsidiaries, Premex Group and 3rd Rehabilitation Services, one of the

UK's largest rehabilitation service providers. The combination provides incremental scale to operations and brings

expertise in the complex and high-value claim arena to the Premex portfolio.


TARGET: 2 physical therapy practices ACQUIRER: ATI Physical Therapy


LOCATION: Massachusetts CEO: Dylan Bates PHONE: 630-296-2222 UNITS: 790 Remington Blvd. FAX: REVENUE: Bolingbrook, Illinois 60440

NET INCOME: WEB SITE: www.atipt.com

ATI Physical Therapy has acquired Sports &

Physical Therapy Associates (SPTA) and Attain

Therapy + Fitness.

ATI is a comprehensive orthopedic rehabilitation provider,

specializing in research-based physical therapy, work conditioning,

functional capacity evaluations, sports medicine, women's health

and employer worksite solutions.


PRICE/INCOME:

SPTA and Attain Therapy + Fitness adds 29 outpatient physical therapy clinics in the state of Massachusetts,

elevating ATI's national coverage to 17 states. Sports & Physical Therapy Associates was advised by Provident

Healthcare Partners, LLC. Attain Therapy + Fitness was advised by BellMark Partners, LLC.

TARGET: Dynamic Care Physical

Therapy

ACQUIRER: MOTION PT


LOCATION: Lawrence, New York CEO: Edward Miersch PHONE: 212-355-7827



Dynamic Care offers outpatient physical therapy

services, treating patients with a broad spectrum of

needs, including orthopedic sports injuries, post-

surgery, neurological disorders, low back pain and

vestibular issues.

MOTION PT, formed by Pharos Capital Group in June 2015, is a

leading provider of physical therapy and occupational therapy

services in New York. It was formed through the combination of

MetroSportsMed and STAR Physical Therapy.


PRICE/INCOME:

Founder and President of Dynamic Care, Jaime Madden and the company’s 13 employees will join MOTION PT

Group. This acquisition will help MOTION serve the metropolitan area and will help MOTION's goal of becoming

one the area's premier physical therapy networks.


TARGET: Upstream Rehabilitation ACQUIRER: Revelstoke Capital Partners, LLC


LOCATION: Birmingham, Alabama CEO: Mark M. King PHONE: 303-953-5100

UNITS: 3033 East 1st Ave., Ste. 501 FAX: REVENUE: Denver, Colorado 80206

NET INCOME: WEB SITE: www.revelstokecp.com

Charterhouse Equity Partners is selling its portfolio

company, Upstream Rehabilitation, which owns and

operates outpatient physical and occupational

therapy/rehabilitation clinics.

Revelstoke Capital Partners LLC commits between $10 million and

$250 million per transaction in companies that have an EBITDA of

at least $5 million and have been operating and/or profitable for at

least three years.

ANNOUNCEMENT DATE: December 8, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Mezzanine capital was provided by a

group including Yukon Partners and

Northwestern Mutual Capital, and Ally

Corporate Finance acted as

administrative agent, sole lead arranger

and book runner on the senior credit

facility.

PRICE/REVENUE:

PRICE/INCOME:

Upstream Rehabilitation focuses on trauma, sport, work-related and post-surgical cases and has locations

throughout the southeastern United States, as well as Texas, Arizona, Utah, Oregon and Colorado. Winston &

Strawn LLP served as legal advisor to Revelstoke. Harris Williams & Co. served as financial advisor, and

Proskauer Rose LLP served as legal advisor, to Upstream in the transaction.

TARGET: Greco Physical Therapy and

Sports Performance

ACQUIRER: MOTION PT


LOCATION: Greenvale, New York CEO: Edward Miersch PHONE: 212-355-7827



Greco Physical Therapy and Sports Performance

has two locations on the North Shore of Long

Island, in St. James and Greenvale, New York. The

company focuses on physical therapy treatments for

orthopedic and sports injuries.

MOTION PT Group was formed in June 2015 through the

combination of Brooklyn-based MetroSportsMed with Manhattan-

based STAR Physical Therapy. MOTION has over 200 employees.

Headquartered in New York City with 13 locations.


PRICE/INCOME:

In addition to this acquisition, MOTION PT has acquired two other physical therapy centers in the metropolitan

area. The three companies will become part of MOTION PT Group but will retain their individual brand identities.


TARGET: ProActive Physical & Hand

Therapy

ACQUIRER: MOTION PT


LOCATION: Bronx, New York CEO: Edward Miersch PHONE: 212-355-7827



ProActive Physical & Hand Therapy offers a

variety of physical and occupational therapy

services, including post-operative therapy, athletic

training and geriatric programs stressing balance,

muscle strengthening and fall prevention.

MOTION PT Group was formed in June 2015 through the

combination of Brooklyn-based MetroSportsMed with Manhattan-

based STAR Physical Therapy. MOTION has over 200 employees.

Headquartered in New York City with 13 locations.


PRICE/INCOME:

In addition to this acquisition, MOTION PT has acquired two other physical therapy centers in the metropolitan

area. The three companies will become part of MOTION PT Group but will retain their individual brand identities.


OTHER SERVICES

TARGET: ElderWatch Plus, Inc. ACQUIRER: Senior Care Centers of America


LOCATION: Philadelphia, Pennsylvania CEO: Jim Donnelly PHONE: 877-435-3372

UNITS: 6 Neshaminy Interplex, Suite

401

FAX: 215-642-6610

REVENUE: Trevose, Pennsylvania 19053

NET INCOME: WEB SITE: www.seniorcarectrs.com

ElderWatch Plus provides high quality care and

services to adults in need. It was established in

1996. ElderWatch will now be named Senior Care

of Overbrook Park.

Senior Care Centers of America, a portfolio company of Clearview

Capital, is the premier provider of adult day health services in the

United States with a total of 75 centers in 11 states.


PRICE/INCOME:

With this acquisition, Senior Care now operates 11 adult day health centers in Pennsylvania. This is its fourth

acquisition in Philadelphia County.

TARGET: San Antonio AirLIFE ACQUIRER: Air Methods Corporation

LISTING: Private LISTING: NASDAQ: AIRM

LOCATION: San Antonio, Texas CEO: Aaron D. Todd III PHONE: 303-792-7400

UNITS: 7301 South Peoria FAX: REVENUE: Englewood, Colorado 80112

NET INCOME: WEB SITE: www.airmethods.com

Baptist Health System of San Antonio, its joint

venture partner Tenet Healthcare (NYSE: THC) and

University Health System are selling San Antonio

AirLIFE, an air ambulance service with five bases

in south Texas.

Air Methods Corporation provides air medical emergency transport

services and systems in the United States. On a trailing 12-month

basis, it generated revenue of $1.0 billion, EBITDA of $259.8



PRICE/INCOME:

Air Methods acquired substantially all of San Antonio AirLIFE's assets, including the program name, branding,

medical equipment and the Flight Communication Center (FLTCOMM). In addition, Air Methods will acquire two

aircraft owned by University Health System. The program will continue to operate under the San Antonio AirLIFE

program name.


TARGET: PharMEDium Healthcare

Holdings

ACQUIRER: AmerisourceBergen Corporation

LISTING: Private LISTING: NYSE: ABC

LOCATION: Lake Forest, Illinois CEO: Steven H. Collis PHONE: 610-727-7000

UNITS: 1300 Morris Drive FAX: 610-727-3600 REVENUE: Chesterbrook, Pennsylvania 19087

NET INCOME: WEB SITE: www.amerisourcebergen.com

PharMEDium Healthcare Holdings, Inc., a portfolio

company of Clayton, Dublier & Rice, provides

outsourced compounded sterile preparations to

acute care hospitals in the United States. It

maintains four compounding facilities and serves

over 3,000 U.S. hospitals.

AmerisourceBergen sources and distributes pharmaceutical

products to healthcare providers, pharmaceutical and biotech

manufacturers and specialty drug patients. On a trailing 12-month

basis, it generated revenue of $132 billion and EBITDA of $1.5

billion.

ANNOUNCEMENT DATE: October 6, 2015 PRICE: $2,575,000,000 PRICE PER UNIT: TERMS: Cash. PRICE/REVENUE:

PRICE/INCOME:

The acquisition is expected to be $0.22 to $0.26 accretive to the company's adjusted EPS in fiscal 2016 on a net

basis, and is expected to generate approximately $30 million in synergies by fiscal 2018. Morgan Stanley & Co.

LLC acted as financial advisor, and Cravath, Swaine & Moore LLP provided legal counsel to AmerisourceBergen.

JP Morgan Securities LLC and Credit Suisse acted as financial advisors and Debevoise & Plimpton LLC and K&L

Gates LLP provided legal counsel to PharMEDium. This transaction closed on November 6, 2015.

TARGET: Tech Pharmacy Services,

Inc.

ACQUIRER: Partners Pharmacy


LOCATION: Houston, Texas CEO: Patrick Downing PHONE: 877-931-9111

UNITS: 70 Jackson Drive FAX: REVENUE: Cranford, New Jersey 07016

NET INCOME: WEB SITE: www.partnerspharmacy.com

Tech Pharmacy Services develops, manufactures

and markets the premier long-term care automated

pharmacy solution, AP PharmaSystem™, which

includes AP PassportTM, AP OncallTM and AP

SolutionsTM.

Partners Pharmacy is the third largest long-term care pharmacy in

the United States. Partners Pharmacy provides services to more than

60,000 residents around the country.


PRICE/INCOME:

TPS's facility-based medication dispensing technology represents the future of long-term care pharmacy services,

and Partners Pharmacy is looking to expand its availability to promote solutions that allow for immediate

medication availability to patients.


TARGET: Mediscan ACQUIRER: Cross Country Healthcare, Inc.

LISTING: Private LISTING: NASDAQ: CCRN

LOCATION: Woodland Hills, California CEO: William J. Grubbs PHONE: 561-998-2232

UNITS: 6551 Park of Commerce

Boulevard, N.W.

FAX:

REVENUE: $ 40,000,000 (estimated for

2015) Boca Raton, Florida 33487

NET INCOME: WEB SITE: www.crosscountryhealthcare.com

Mediscan provides temporary healthcare staffing

and workforce solutions to both the healthcare and

education markets. While largely concentrated in

California, Mediscan provides services across 11

states to more than 300 clients through more than

70 specialties.

Cross Country Healthcare provides healthcare staffing and

workforce solutions in the United States. On a trailing 12-month


million and net income loss of $22.3 million.

ANNOUNCEMENT DATE: October 19, 2015 PRICE: $ 33,000,000 PRICE PER UNIT: TERMS: The purchase price includes $28 million

in cash and $5 million in shares of the

company’s common stock, CCRN. The

sellers are eligible for an additional $7

million in cash for performance bonuses

over the next two years.

PRICE/REVENUE: .83

PRICE/INCOME:

The acquisition will expand Cross Country’s customer reach into acute care hospitals, particularly in the large and

growing California market, and it will add a new customer base in the growing education staffing market. One of

Mediscan’s founding members, Val Serebryany, as well as its President and Chief Executive Officer, Dennis

Ducham, will remain with the business after the transaction closes. This deal closed on November 2, 2015.

TARGET: McGuire Group Pharmacy ACQUIRER: PharMerica Corporation


LOCATION: Cheektowaga, New York CEO: Gregory S. Weishar PHONE: 502-627-7000



McGuire Group, an operator of skilled-nursing

facilities in western New York, Long Island and

Michigan, is selling its McGuire Group Pharmacy

subsidiary.

PharMerica is an institutional pharmacy services company in the

United States, serving healthcare facilities. On a trailing 12-month

basis, it generated revenue of $2.0 billion, EBITDA of $133.8



PRICE/INCOME:

McGuire Group Pharmacy provides comprehensive pharmacy services to long-term care facilities and other

customers in the Buffalo-Niagara Falls metropolitan area.


TARGET: Medco ACQUIRER: Epic Health Services, Inc.


LOCATION: Houston, Texas CEO: Chris Roussos PHONE: 214-466-1340

UNITS: 5220 Spring Valley Road, Ste.

400

FAX:

REVENUE: Dallas, Texas 75254

NET INCOME: WEB SITE: epichealthservices.com

Medco provides enteral feeding, nutritional

formulas, incontinence products, respiratory

equipment, as well as diabetic, urological and

wound care supplies to patients throughout Texas

and Louisiana.

Epic Health Services, a portfolio company of Webster Capital,

provides pediatric skilled nursing and therapy to more than 6,000

patients in its service areas.


PRICE/INCOME:

Now with the addition of Louisiana, Epic will now serve 34,000 patients in 17 states, positioning the company as

the largest comprehensive pediatric provider in the country. The acquisition expands Epic’s service lines to include

incontinence products and respiratory equipment, in addition to specialty pharmacy, diabetic, urological, ostomy

and wound care supplies. Medco will combine with Option 1 Healthcare Solutions, an enteral nutrition provider

based in Chandler, Arizona, which was acquired by Epic in early September.

TARGET: Nitin Lifesciences Limited ACQUIRER: Recipharm AB

LISTING: Private LISTING: RECI-B. ST

LOCATION: Karnal, India CEO: Thomas Eldered PHONE: 46 86 02 52 00

UNITS: Lagervagen 7 FAX: REVENUE: Jordbro, Sweden 136 50

NET INCOME: WEB SITE: www.recipharm.com

Nitin Lifesciences was founded and is owned by the

Sobti family. It is a contract manufacturing facility

(CMO) that makes sterile injectables.

Recipharm AB (publ) operates as a pharmaceutical contract

development and manufacturing organization. On a trailing 12-



ANNOUNCEMENT DATE: October 20, 2015 PRICE: $224,762,271 PRICE PER UNIT: TERMS: SEK 872 million in cash to acquire 74%

of the shares in Nitin Lifesciences. PRICE/REVENUE:

PRICE/INCOME:

Recipharm will join forces with the Sobti family to grow the current business into a leading position in the Indian

sterile injectable CDMO market. The combined entity will have current pro-forma revenue of SEK 3.5 billion

($420,228,604) and EBITDA of SEK 607 million ($72,879,646). This deal firmly establishes Recipharm's

emerging market strategy and provides exposure and direct entry into the rapidly expanding Indian market.


TARGET: Talyst's hardware division ACQUIRER: Columbia Pacific Advisors, LLC


LOCATION: Kirkland, Washington CEO: Kevin Barber,

portfolio manager

PHONE: 206-728-9063

UNITS: 1910 Fairview Ave. E, #500 FAX: REVENUE: Seattle, Washington 98102

NET INCOME: WEB SITE: www.columbiapacific.com

Talyst provides medication management and

dispensing solutions to hospitals and skilled nursing

facilities. Its pharmacy management software

business is not part of this transaction.

Columbia Pacific Advisors, LLC manages more than $1 billion

across a variety of alternative investment strategies, including

private equity, public equity, real estate, distressed debt and special

situation lending.


PRICE/INCOME:

The transaction will result in the separation of Talyst's acute care and long-term care pharmacy management

business from the 340B software business. The acquired company has been renamed Talyst Systems, LLC. The

two companies will continue to work closely together to best serve their joint customers and offer valuable

solutions to healthcare systems of all sizes.

TARGET: Affordable Care, Inc. ACQUIRER: Berkshire Partners LLC


LOCATION: Raleigh, North Carolina CEO: Larry Hamelsky,

managing director

PHONE: 617-227-0050

UNITS: 200 Clarendon Street, 35th

Floor

FAX: 617-227-6105

REVENUE: Boston, Massachusetts 02116

NET INCOME: WEB SITE: berkshirepartners.com

American Capital Equity is selling its portfolio

company, Affordable Care, Inc. ACI is the leading

dental support organization for affiliated dental

practices that focus exclusively on tooth

replacement services.

Berkshire Partners has invested in more than 110 middle market

companies since 1986 through eight private equity funds with

aggregate commitments of more than $11 billion. It seeks to invest

$50 million to $500 million of equity capital in each portfolio

company.


PRICE/INCOME:

Affordable Care is now the largest denture- and implant-services provider in the United States, supporting a

network of more than 200 affiliated practices in 39 states under the retail names Affordable Dentures and

Affordable Dentures & Implants. Jefferies LLC and William Blair & Company LLC acted as financial advisers to

ACI. Ropes & Gray LLP served as legal counsel to Berkshire Partners. King & Spalding served as legal counsel to

American Capital Equity and ACI.


TARGET: Advanced Foot Care

Centers

ACQUIRER: Extremity Healthcare


LOCATION: Chatanooga, Tennessee CEO: Dr.David Helfman PHONE: 770-384-0284

UNITS: 900 Circle 75 Parkway, Ste.

900

FAX: 770-384-7638

REVENUE: Atlanta, Georgia 30339

NET INCOME: WEB SITE: www.extremityhealthcare.com

Advanced Foot Care Centers operates six locations,

with two in north Georgia and four in Tennessee. It

has 33 employees, including six physicians and 27

clinical and staff workers.

Extremity Healthcare, through its subsidiary Village Podiatry

Centers, LLC, is acquiring Advanced Foot Care. EHI was created in

2011 by the founding shareholders of Village Podiatry Group. It

serves as a holding and management services company.


PRICE/INCOME:

This acquisition adds six locations to the 30 already operated by Village Podiatry, and establishes its entry into

Tennessee. EHI will use the existing brand reputation of Advanced Foot Care to leverage the expansion of its

model on a local, regional and national level. Advanced Foot Care is now a wholly owned subsidiary of EHI and

will continue to operate under its own name.

TARGET: Embassy Dental ACQUIRER: Marquee Dental Partners


LOCATION: Nashville, Tennessee CEO: James Usdan PHONE: 615-620-5990

UNITS: 2505 21st Avenue South, Suite

204

FAX:


NET INCOME: WEB SITE: www.marqueedentalpartners.com

Embassy Dental is a multi-office, multi-specialty

dental practice with seven offices in the greater

Nashville area.

Marquee Dental is a premier dental support organization, founded in

2015 with an investment of $35 million from Chicago Pacific

Founders.


PRICE/INCOME:

This is Marquee Dental Partners' first major acquisition. The company plans to grow its practice roster in the

coming months. The company will affiliate with dental offices and practice groups in growth markets with a

history of providing high quality care, initially focusing on markets including Tennessee, Kentucky and Alabama.


TARGET: Aesynt ACQUIRER: Omnicell, Inc.

LISTING: Private LISTING: NASDAQ: OMCL

LOCATION: Cranberry Township, Pennsylvania CEO: Randall A. Lipps PHONE: 650-251-6100

UNITS: 590 East Middlefield Road FAX: 650-251-6266 REVENUE: Mountain View, California 94043

NET INCOME: WEB SITE: www.omnicell.com

Aesynt was acquired by Francisco Partners in 2013.

Aesynt enables health systems to reduce cost and

improve patient safety through the integration,

automation and management of medication

preparation and delivery system-wide.

Omnicell, Inc. provides automation and business analytics software

solutions for medication and supply management in healthcare

worldwide. On a trailing 12-month basis, it generated revenue of


million.

ANNOUNCEMENT DATE: October 29, 2015 PRICE: $275,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE:

PRICE/INCOME:

Aesynt brings distinct capacities in dispensing systems, central pharmacy robotics, IV robotics and analytics.

Aesynt’s robust medication management tools will complement Omnicell’s product portfolio and international

footprint. Omnicell’s financial advisor in this transaction was Greenhill & Co., LLC and Sidley Austin LLP,

Cooley LLP and Jones Day served as legal counsel. Francisco Partners was advised by Robert W. Baird & Co. and

Kirkland & Ellis LLP.

TARGET: 14 urgent care centers ACQUIRER: HCA

LISTING: Private LISTING: NYSE: HCA

LOCATION: Las Vegas, Nevada CEO: R. Milton Johnson PHONE: 615-344-9551

UNITS: One Park Plaza FAX: REVENUE: Nashville, Tennessee 37203

NET INCOME: WEB SITE: www.hcahealthcare.com

Urgent Care Extra is selling its Nevada operations,

which consist of 14 urgent care centers around Las

Vegas.

HCA operates 168 hospitals, three psychiatric hospitals and one

rehabilitation hospital, as well as 114 freestanding surgery centers.

On a trailing 12-month basis, it generated revenue of $39.1 billion,



PRICE/INCOME:

The 14 centers join HCA's Sunrise Health System in Las Vegas, which includes four hospitals and four surgery

centers. The purchase also includes six additional urgent care centers that are under development in the market.

With this acquisition, HCA now has 65 urgent care centers in various markets.


TARGET: Next Medical Staffing ACQUIRER: Health Carousel


LOCATION: Dayton, Ohio CEO: Bill DeVille PHONE: 855-655-4544

UNITS: 1700 Madison Road, Ste. 100 FAX: 513-793-3341 REVENUE: Cincinnati, Ohio 45206

NET INCOME: WEB SITE: www.healthcarousel.com

Next Medical Staffing employs about 100 registered

nurses, nurse practitioners, physicians and other

health care professionals who work under contracts

with hospital systems and other facilities in

Cincinnati and Dayton.

Health Carousel staffs medical centers nationwide with registered

nurses and other health professionals on a contract basis. It has

more than 400 workers under contract at hospitals, outpatient

centers, long-term care and rehab facilities, and home health

agencies.


PRICE/INCOME:

Next Medical will continue to operate in Dayton under its current branding, leadership and staff. Health Carousel

plans to expand the staff employed at Next Medical to support the company's growth into new markets. Together,

the companies employ more than 500 healthcare workers across 38 states.

TARGET: Arise Healthcare ACQUIRER: Surgical Care Affiliates, Inc.

LISTING: Private LISTING: NASDAQ: SCAI

LOCATION: Austin, Texas CEO: Andrew Hayek PHONE: 800-768-0094

UNITS: 520 Lake Cook Road, Ste. 250 FAX: REVENUE: Deerfield, Illinois 60015

NET INCOME: WEB SITE: www.scasurgery.com

Arise Ventures, LLC, dba Arise Health, has sold its

interests in its multi-specialty surgical facilities and

related ancillary service locations. They are Arise

Austin Medical Center, Cedar Park Surgery Center,

Stonegate Surgery Center and Hays Surgery Center.

Surgical Care Affiliates partners with physicians, health systems

and health plans to develop and implement surgery strategies. As of

Sept. 30, 2015, it operated 194 surgical facilities, 109 of which are

in affiliation with health system partnerships.


PRICE/INCOME:

Surgical Care Affiliates acquired Arise Healthcare's interest in each of the facilities and will provide management

services to the facilities. The transaction expands SCA's presence in Austin from one location to five. Coker

Capital Advisors acted as the exclusive financial advisor to Arise in this transaction.


TARGET: Luker Pharmacy

Management



LOCATION: Blanco, Texas CEO: Gregory S. Weishar PHONE: 502-627-7000



Luker Pharmacy Management provides pharmacy

management services to hospitals and other

healthcare facilities, primarily in Texas.

PharMerica provides pharmacy services to healthcare facilities,

pharmacy management services to hospitals and specialty infusion

services. On a trailing 12-month basis, it generated revenue of $2.0

billion, EBITDA of $133.8 million and net income of $23.6 million.


PRICE/INCOME:

This acquisition expands PharMerica's footprint in Texas. The company now operates 94 institutional pharmacies,

15 specialty home infusion pharmacies and five specialty oncology pharmacies in 45 states. Its customers are

institutional healthcare providers, such as skilled nursing facilities, assisted living facilities, hospitals, individuals

receiving in-home care and patients with cancer.

TARGET: WorkWell Medical Group

LLC

ACQUIRER: Salt Creek Capital


LOCATION: Salinas, California CEO: Luke J. Mitchell,

managing director

PHONE: 415-238-4876

UNITS: 1001 O'Brien Drive FAX: REVENUE: Menlo Park, California 94025

NET INCOME: WEB SITE: www.saltcreekcap.com

WorkWell Medical Group offers patients and

employers an in-house network of specialists, a

multidisciplinary rehabilitation facility and a mobile

medical clinic. It provides a complete suite of

healthcare services through its five urgent care

clinics.

Salt Creek Capital partners with experienced operating executives to

acquire profitable companies with up to $100 million of revenue.


PRICE/INCOME:

WorkWell Medical owns and manages five medical clinics providing occupational medicine, workers

compensation care and case management, as well as urgent care services through the central coast of California.

Edgemont Capital Partners, LP acted as exclusive financial advisor to WorkWell Medical Group. This transaction

closed on October 22, 2015.


TARGET: Outcome Resources ACQUIRER: Hospice Pharmacy Solutions


LOCATION: Rocklin, California CEO: Mike Nault PHONE: 817-385-4494

UNITS: 1221 Corporate Dr. E. FAX: REVENUE: Arlington, Texas 76006

NET INCOME: WEB SITE: hospicepharmacysolutions.com

Outcome Resources, a portfolio company of New

Capital Partners, provides pharmacy benefit

management solutions, support and services

specifically geared to hospice providers nationwide.

Hospice Pharmacy Solutions provides pharmacy benefit

management services to hospice operators, including automated

CMS-required reports and software interfaces to help.


PRICE/INCOME:

Corporate headquarters will be in Dallas and the company will operate under the name Hospice Pharmacy

Solutions. The new executive leadership will include current CEO Mike Nault as executive chairman and Jack

Sayler, president of Outcome Resources, as president.

TARGET: Premier Dermatology ACQUIRER: Forefront Dermatology


LOCATION: Crest Hill, Illinois CEO: Kenneth H. Katz,

President

PHONE: 920-663-2886

UNITS: 1515 Randolph Court FAX: REVENUE: Manitowoc, Wisconsin 54220

NET INCOME: WEB SITE: forefrontdermatology.com

Premier Dermatology is a full service dermatology

group offering the latest in medical, surgical, and

cosmetic dermatology. It has six locations

throughout the western suburbs of Chicago.

Forefront Dermatology, a portfolio company of Varsity Healthcare

Partners, is a network of dermatology practices providing general,

surgical and cosmetic dermatology care and related laboratory

services.


PRICE/INCOME:

This transaction establishes Forefront Dermatology’s presence in Illinois with the addition of six clinics: Crest Hill,

Naperville, Morris, New Lenox, Oak Park, and Yorkville. Forefront Dermatology now employs more than 80

board-certified dermatologists and 30 physician extenders across 75 clinics in nine states. Brown Gibbons Lang's

Healthcare & Life Sciences team served as the exclusive financial advisor to Premier Dermatology in the

transaction. The transaction closed on November 20, 2015.


TARGET: DenTek Oral Care, Inc. ACQUIRER: Prestige Brands Holdings, Inc.

LISTING: Private LISTING: NYSE: PBH

LOCATION: Maryville, Tennessee CEO: Ronald M. Lombardi PHONE: 914-524-6800

UNITS: 660 White Plains Road FAX: REVENUE: Tarrytown, New York 10591

NET INCOME: WEB SITE: www.prestigebrandsinc.com

DenTek is a worldwide leader in innovative oral

care products including floss picks, interdental

brush cleaners, dental guards, disposable dental

picks, braces care and dental repair products.

Prestige Brands markets and distributes brand name over-the-

counter healthcare and household cleaning products. On a trailing



ANNOUNCEMENT DATE: November 23, 2015 PRICE: $225,000,000 PRICE PER UNIT: TERMS: $225 million on a debt-free, cash-free

basis. PRICE/REVENUE:

PRICE/INCOME:

The acquisition of DenTek will expand Prestige’s portfolio of iconic OTC brands into the fast-growing specialty

oral care products category in the U.S., Australia and Europe. This transaction would add pro forma revenues and

adjusted EBITDA of approximately $60 million and $23 million, respectively on an annualized basis. Sawaya

Segalas served as financial advisor and Sidley Austin LLP served as legal counsel to the sellers. The transaction

will close during the first half of calendar year 2016.

TARGET: Smile Doctors ACQUIRER: Sheridan Legacy Group


LOCATION: Auston, Texas CEO: Jonathan Lewis,

Partner

PHONE: 312-324-0879

UNITS: 400 N. Michigan Avenue, Suite

900

FAX:

REVENUE: Chicago, Illinois 60611

NET INCOME: WEB SITE: www.sheridanlegacy.com

Smile Doctors provides management services to

orthodontic practices focused on both adults and

children in Texas and Georgia.

Sheridan Legacy Group is a lower middle-market private equity

firm.


PRICE/INCOME:

Smile Doctors expects that Sheridan’s insights will help it execute the roll-out of the Smile Doctors model across a

broader geography. The transaction was led by Lewis, Sean Dempsey and Chase Culbertson. Additional capital

was provided by Thurston Group, and the Chicago Corporation advised Smile Doctors on the transaction. The

transaction was financed by Twin Brook Capital Partners.


TARGET: Superior Vision Corp. ACQUIRER: Centerbridge Partners, L.P.


LOCATION: Rancho Cordova, California CEO: Dan Osnoss,

Managing Director

PHONE: 212-672-5000

UNITS: 375 Park Avenue, 12th Floor FAX: REVENUE: New York, New York 10152

NET INCOME: WEB SITE: www.centerbridge.com

Superior Vision Corp., a portfolio company of

Nautic Partners, LLC, is a comprehensive eyecare

company with member-centric solutions for the

group, Medicare and Medicaid markets. Nautic

Partners acquired it in 2012.

Centerbridge Partners is a private investment firm with

approximately $25 billion in capital under management. The firm

focuses on private equity and credit investments.


PRICE/INCOME:

Superior Vision is well positioned for continued expansion in both the commercial group and government pay

markets. The transaction is expected to close by the end of the first quarter of 2016. Houlihan Lokey acted as

financial advisor, and Locke Lord acted as legal counsel to Superior Vision. Macquarie Capital (USA) acted as

financial advisor, and Willkie Farr & Gallagher acted as legal counsel to Centerbridge.

TARGET: Alpha Review Corporation ACQUIRER: GENEX Services LLC


LOCATION: Naperville, Illinois CEO: Peter C. Madeja PHONE: 610-964-5100

UNITS: 440 East Swedesford Road,

Suite 1000

FAX:

REVENUE: Wayne, Pennsylvania 19087

NET INCOME: WEB SITE: www.genexservices.com

Alpha Review Corporation is a medical bill review

company servicing insurance carriers, large self-

insured entities and third-party administrators. It

was formed in 1995.

GENEX Services provides managed care services enabling

workers’ compensation payers and risk managers to transform their

bottom lines. Genex is a managed care leader with more than 2,900

employees and 47 service locations throughout North America.


PRICE/INCOME:

Genex significantly strengthens its bill review footprint with this acquisition, complementing its expertise with

targeted cost management programs, such as specialty review, extensive PPO networks and data analysis. The

Alpha Review management team will remain in place and continue to operate under its brand following the

transaction. Corporate Finance Associates of Chicago served as the exclusive strategic and financial advisor to

Alpha Review Corporation on the transaction.


TARGET: XenologiQ ACQUIRER: Certara


LOCATION: Canterbury, United Kingdom CEO: Edmundo Muniz PHONE: 609-716-7900

UNITS: 100 Overlook Center, Suite 101 FAX: REVENUE: Princeton, New Jersey 08540

NET INCOME: WEB SITE: www.certara.com

XenologiQ is a quantitative systems pharmacology

(QSP) consultancy. QSP integrates quantitative

drug data with knowledge of the drug’s mechanism

of action.

Certara is a biosimulation and regulatory writing consultancy,

focused on optimizing and increasing the predictability of crucial

R&D, regulatory and patient care decisions. Certara works with

1,200 commercial companies, 250 academic institutions and

numerous regulatory agencies.


PRICE/INCOME:

This transaction will strengthen Certara’s biosimulation capabilities, allowing it to link biological systems and

disease processes. The XenologiQ team will join Certara’s Simcyp® division. The directors of XenoloqiQ will take

up leadership positions within the Simcyp QSP organization.

TARGET: Quotient Clinical ACQUIRER: GHO Capital Partners LLP


LOCATION: Nottingham, United Kingdom CEO: Mike Mortimer,

Executive Partner

PHONE: +44 20 3700 7440

UNITS: 44 Davies Street FAX: REVENUE: London, United Kingdom W1K 5JA

NET INCOME: WEB SITE: http://ghocapital.com/

Quotient Clinical is an early-stage clinical research

organization (CRO) that helps its biotech and

pharmaceutical customers improve their R&D

productivity.

Global Healthcare Opportunities, aka GHO Capital, was founded in

2014 as a specialist healthcare investment adviser based in London.


PRICE/INCOME:

Quotient Clinical's Translational Pharmaceutics® platform offers an integrated approach to drug formulation

development, real-time manufacturing and clinical testing within a single location. The outsourced early-stage drug

development market is expected to grow strongly over the next five years.


TARGET: PMG Research, Inc. ACQUIRER: ICON plc

LISTING: Private LISTING: NASDAQ: ICLR

LOCATION: Winston-Salem, North Carolina CEO: Ciaran Murray PHONE:

UNITS: South County Business Park,

Leopardstown

FAX:

REVENUE: Dublin, Ireland 18

NET INCOME: WEB SITE: www.iconplc.com

PMG is an integrated network of clinical research

sites consisting of 48 physician practices and large,

multi-specialty healthcare institutions throughout

North Carolina, South Carolina, Tennessee and

Illinois.

ICON, a contract research organization (CRO), provides outsourced

development services to the pharmaceutical, biotech and medical

device industries. On a trailing 12-month basis, it generated revenue

of $1.6 billion, net income of $221.2 million and EBITDA of

$323.5 million.


PRICE/INCOME:

PMG conducts clinical trials in all major therapeutic areas with particular experience in cardiology, dermatology,

endocrinology, gastroenterology, men's health, neurology, pulmonology, rheumatology, vaccine, and women's

health trials. In addition to a proprietary research database of clinical trial participants, PMG has access to more

than 2 million patient lives via electronic health records through their unique partnerships with healthcare systems

and community physician practices.

TARGET: Bohle Family Dentistry ACQUIRER: Marquee Dental Partners


LOCATION: Paducah, Kentucky CEO: James Usdan PHONE: 615-620-5990

UNITS: 2505 21st Avenue South, Suite

204

FAX:


NET INCOME: WEB SITE: www.marqueedentalpartners.com

Bohle Family Dentistry is a multi-specialty dental

practice based in Paducah, Kentucky serving the

west Kentucky and Illinois markets.

Marquee Dental, a portfolio company of Chicago Pacific Founders,

is a premier dental support organization, founded in 2015 with an

investment of $35 million.


PRICE/INCOME:

Marquee Dental announced its first acquisition of a seven-office Nashville dental practice in October 2015 and

plans to rapidly grow its practice roster in the coming months. Through this acquisition, Marquee has begun to

further expand its footprint in the Mid-South. Marquee will leave in-place Bohle Family Dentistry’s practice and

staff. Dr. Chip Bohle, DMD, will remain actively involved in the practice in addition to serving as Marquee

Dental’s Chief Dental Officer for the State of Kentucky.


TARGET: MD Minor Emergency and

Family Medicine

ACQUIRER: CRH Healthcare LLC


LOCATION: Canton, Alabama CEO: Bill Miller PHONE: 678-424-1490

UNITS: 2675 Paces Ferry Rd. SE, Ste.

200

FAX:

REVENUE: Atlanta, Georgia 30339

NET INCOME: WEB SITE: crhhealthcare.com

MD Minor Emergency and Family Medicine

operates two urgent care centers, one in Canton,

Alabama and the other in Villa Rica, Georgia. It

was founded by Dr. Charles Cooley.

CRH Healthcare partners with urgent care organizations to provide

services in the Atlanta metropolitan area. With this acquisition, it

operates 16 urgent care centers under the Physicians Immediate

Med and Peachtree Immediate Care brands.


PRICE/INCOME:

CRH Healthcare plans to consolidate all Atlanta area locations under the Peachtree Immediate Care brand in the

first quarter of 2016. It will also offer employers more locations for occupational health services. This transaction

closed on December 1, 2015.

TARGET: Active Day / Senior Care ACQUIRER: Audax Group


LOCATION: Trevose, Pennsylvania CEO: Geoffrey S. Rehnert PHONE: 617-859-1500

UNITS: 101 Huntington Avenue FAX: 617-859-1600 REVENUE: Boston, Massachusetts 02199

NET INCOME: WEB SITE: www.audaxgroup.com

Active Day / Senior Care, a portfolio company of

Clearview Capital, is a leading national provider of

adult day health services and in-home personal care,

with more than 80 locations across the country.

Audax Group is an investment firm focused on the middle market. It

manages about $9 billion in assets across its private equity,

mezzanine debt and private senior debt businesses.


PRICE/INCOME:

Audax’s resources and experience with healthcare services businesses will help Active Day / Senior Care open

new facilities and pursue strategic add-on acquisitions. Lincoln International advised Active Day / Senior Care and

Clearview Capital. Ropes & Gray served as legal counsel to Audax Group.


TARGET: Trover Solutions Inc. and

Equian

ACQUIRER: New Mountain Capital, LLC


LOCATION: Various CEO: Steven B. Klinsky PHONE: 212-720-0300 UNITS: 787 7th Ave, 49th Floor FAX: 212-582-2277 REVENUE: New York, New York 10019

NET INCOME: WEB SITE: www.newmountaincapital.com

ABRY Partners is selling Trover Solutions, and

Great Point Partners is selling Equian. New

Mountain Capital plans to merge the two

companies.

New Mountain Capital, LLC manages private equity, public equity

and credit capital with aggregate assets under management totaling

more than $15.0 billion.

ANNOUNCEMENT DATE: December 9, 2015 PRICE: $225,000,000 PRICE PER UNIT: TERMS: Equian was purchased for $225 million

in cash. No price was given for Trover

Solutions.

PRICE/REVENUE:

PRICE/INCOME:

The merged company will have more than 1,100 professionals serving more than 300 healthcare and insurance

customers across the U.S., including nine of the top 10 healthcare payers. The combination will benefit all

constituents of the healthcare system, including payers, patients, healthcare providers and other entities that are

facing increasing pressure to reduce costs and improve efficiency. Eir Partners advised New Mountain.

TARGET: Med Staff On-Call ACQUIRER: Med-Call Healthcare


LOCATION: Chicago, Illinois CEO: James Hoke PHONE: 312-795-0765

UNITS: 430 West Erie Street, Suite 205 FAX: REVENUE: Chicago, Illinois 60654

NET INCOME: WEB SITE: www.med-call.com

Med Staff On-Call provides nursing staff on a

contract, per diem, travel and temp-to-permanent

basis to healthcare facilities. Med Staff services

more than 60 hospitals and clinics in the Midwest.

Med-Call Healthcare provides nursing and allied healthcare

professionals to healthcare facilities of any size, need or specialty.


PRICE/INCOME:

Med-Call plans to merge all operations under the Med-Call brand name. It will now be serving more than 150

facilities.


TARGET: Legacy Medical Imaging ACQUIRER: BC Technical


LOCATION: Fort Worth, Texas CEO: Mark Alvarez PHONE: 888-228-3241

UNITS: 7172 S. Airport Rd. FAX: 801-280-3900 REVENUE: West Jordan, Utah 84084

NET INCOME: WEB SITE: www.bctechnical.com

Legacy Medical Imaging is an independent service

organization (ISO) focused on all aspects of

diagnostic imaging. Legacy provides parts, service

and expertise.

BC Technical is the nation's largest non-OEM provider of medical

imaging solutions with expertise in all major OEM medical imaging

systems, including the latest PET, PET/CT, SPECT, SPECT/CT,

CT and MR technologies.


PRICE/INCOME:

This acquisition will give BC Technical more experienced engineers in the field, allowing them to provide

advanced technical support to their customer base.

TARGET: 3 medical supply distributors ACQUIRER: Concordance Healthcare Solutions, LLC


LOCATION: CEO: Tom Harris, Co

President

PHONE: 314-291-2900

UNITS: 13400 Lakefront Drive FAX: 800-352-1778 REVENUE: Earth City, Missouri 63045

NET INCOME: WEB SITE: www.mmsmedical.com

Kreisers, Inc., headquartered in Sioux Falls, South

Dakota; MMS, headquartered in Earth City,

Missouri; and Seneca Medical, headquartered in

Tiffin, Ohio, are merging to form Concordance

Healthcare Solutions, LLC.

Concordance Healthcare Solutions was created by the merger of

three medical supply distributors. Concordance will have

approximately 1,000 employees, 19 distribution centers and $1.1

billion in annual sales.


PRICE/INCOME:

The combination will bring together three strong, growing and respected regional medical supply distributors.

MMS's executive vice president Tom Harris and Seneca's CEO, Roger Benz, will serve as co-presidents of

Concordance. The transaction is expected to close in the first quarter of 2016.


TARGET: Integrated Pharmacy

Network



LOCATION: Midland, Michigan CEO: Gregory S. Weishar PHONE: 502-627-7000



Integrated Pharmacy Network is a long-term care

pharmacy that provides comprehensive pharmacy

services to long-term care and other healthcare

facilities.

PharMerica operates as an institutional pharmacy services company

in the United States. On a trailing 12-month basis, it generated

revenue of $2.0 billion, EBITDA of $133.5 million and net inocme

of $18.1 million.


PRICE/INCOME:

This transaction was announced together with PharMerica's acquisition of Alternacare Infusion Pharmacy in

Olathe, Kansas. With these two acquisitions, PharMerica has achieved its goal of completing acquisitions that

generate at least $100 million of annualized sales, in the aggregate, in 2015. The company now operates 95

institutional pharmacies, 16 specialty home infusion pharmacies and five specialty oncology pharmacies in 45

states.

TARGET: 1-800-Contacts, Inc. ACQUIRER: AEA Investors LP


LOCATION: Draper, Utah CEO: John L. Garcia PHONE: 212-644-5900

UNITS: 666 Fifth Avenue, 36th Floor FAX: 212-888-1459 REVENUE: New York, New York 10103

NET INCOME: WEB SITE: www.aeainvestors.com

Thomas H. Lee Partners, L.P. is selling a majority

interest in 1-800-Contacts, the largest direct-to-

consumer retailer of contact lenses and eyewear in

the United States. Thomas H. Lee Partners will

remain an investor in the company.

AEA Investors' Middle Market Private Equity Funds target equity

investments of more than $50 million with a focus on enterprise

values between $200 million and $2 billion.

ANNOUNCEMENT DATE: December 16, 2015 PRICE: Not disclosed PRICE PER UNIT: TERMS: Majority stake. PRICE/REVENUE:

PRICE/INCOME:

Credit Suisse and Barclays, as well as an affiliate of the Merchant Banking Division of Goldman, Sachs & Co., are

providing debt financing. AEA was advised by Credit Suisse and Barclays, and THL and the company were

advised by CapM Advisors.


TARGET: Allenex AB ACQUIRER: CareDx, Inc.

LISTING: Stockholm: ALNX, S+ LISTING: NASDAQ: CDNA

LOCATION: Stockholm, Sweden CEO: Dr. Peter Maag PHONE: 415-287-2300

UNITS: 3260 Bayshore Boulevard FAX: 415-287-2450 REVENUE: Brisbane, California 94005

NET INCOME: WEB SITE: www.caredx.com

Allenex develops, manufactures, markets and sells

products that match donor organs with potential

recipients prior to transplantation.

CareDx is a commercial stage molecular diagnostics company

focused on clinically differentiated diagnostic surveillance solutions

for transplant patients. On a trailing 12-month basis, it generated


ANNOUNCEMENT DATE: December 16, 2015 PRICE: $ 35,000,000 Approximate PRICE PER UNIT: TERMS: Approximately $35 million consisting

of a combination of cash and stock in

CareDx for approximately 78% of the

outstanding shares of Allenex AB.

PRICE/REVENUE:

PRICE/INCOME:

CareDx plans to launch a tender offer for the remaining 22% of the shares of Allenex in the first quarter of 2016.

The combination of CareDx and Allenex will create an international transplantation diagnostics company with

product offerings along the pre-/post-transplant continuum. The completion of the 78% of Allenex's shares is

expected to close by the end of March 2016. CareDx has secured a loan commitment from Oberland Capital SA

Davos LLC (“Oberland Capital”) pursuant to which Oberland Capital will lend up to $50 million.

TARGET: Immediate Medical Care ACQUIRER: U.S. HealthWorks


LOCATION: Los Angeles, California CEO: Joseph T. Mallas PHONE: 661-678-2600

UNITS: 25124 Springfield Court, Ste.

200

FAX:

REVENUE: Valencia, California 91355

NET INCOME: WEB SITE: www.ushealthworks.com

Immediate Medical Care operates an occupational

and urgent care center in Los Angeles, as well as an

ancillary physical therapy facility nearby.

U.S. HealthWorks, a subsidiary of not-for-profit Dignity Health,

operates 224 occupational healthcare, urgent care centers and

worksites in 20 states. Its centers serve more than 13,000 patients

each day.


PRICE/INCOME:

U.S. HealthWorks currently has 37 centers throughout southern California. This acquisition brings the total

number of U.S. HealthWorks medical and worksite clinics to 224 nationwide, in 20 states.


TARGET: Texan Urgent Care ACQUIRER: FastMed Urgent Care


LOCATION: Texas CEO: Kyle A. Bohannon PHONE: 480-545-2787 UNITS: 890 W. Elliot Rd., Ste. 103 FAX: 480-545-1434 REVENUE: Phoenix, Arizona 85223

NET INCOME: WEB SITE: www.fastmed.com

Texan Urgent Care operates 14 clinics in the

Austin, San Antonio, Tomball and Waco

metropolitan areas.

FastMed Urgent Care, a portfolio company of ABRY Partners,

operates more than 100 clinics across Arizona, North Carolina and

Texas, providing urgent care and occupational health services.


PRICE/INCOME:

Texan Urgent Care centers have been rebranded under the FastMed name. FastMed will treat more than 1 million

patients in 2015.

TARGET: Xi’an iKang Health

Management

ACQUIRER: iKang Healthcare Group, Inc.

LISTING: Private LISTING: NASDAQ: KANG

LOCATION: Xi’an, China CEO: Lee Ligang Zhang PHONE: 86 10 5320 6688

UNITS: Shimao Tower, B-6th Floor FAX: REVENUE: Beijing, China 100022

NET INCOME: WEB SITE: www.ikanggroup.com

Xi’an iKang Health Management is selling a 70%

equity interest in its company. It owns and operates

three medical centers: Xi’an Lianhu INLUNG

Medical Center, Xi’an Weiyang INLUNG Medical

Center and Xi’an Yanta INLUNG Medical Center.

iKang Healthcare is China's largest private preventive healthcare

services provider. On a trailing 12-month basis, it generated revenue

of $335.9 million, EBITDA of $69.2 million and net income of

$32.0 million.


PRICE/INCOME:

iKang's nationwide heatlhcare network consists of 83 self-owned medical centers in 23 of the most affluent cities

in China. This acquisition will mark iKang’s entry into Xi’an, the capital city of Shaanxi. This transaction gives

iKang a stronger presence in northwest China.


Company Sector Page

11 senior living communities Long-Term Care 148

11 skilled nursing facilities Long-Term Care 137

14 urgent care centers Other 247

1-800-Contacts, Inc. Other 258

1DocWay e-Health 74

2 assisted living communities Long-Term Care 158, 161, 165

2 hospitals in North Carolina Hospitals 97

2 Indiana hospitals Hospitals 103

2 physical therapy practices Rehabilitation 236

2 retirement communities Long-Term Care 142

2 senior care facilities Long-Term Care 165

2 senior living communities Long-Term Care 137, 163

2 skilled nursing facilities Long-Term Care

121, 122, 131,

132, 144, 155

2 Texas skilled nursing facilities Long-Term Care 150

3 medical supply distributors Other 257

3 orthopedic practices Physician Medical Groups 223

3 physician practices in Florida Physician Medical Groups 221

3 seniors housing properties Long-Term Care 128, 129


3D Medical Limited e-Health 71

4 assisted living communities Long-Term Care 138

4 behavioral health companies Behavioral Health Care 49


5 branded hormonal products Pharmaceuticals 199

5 cancer immunotherapies Biotechnology 58

5 retirement communities Long-Term Care 125

5 Tenet hospitals Hospitals 99

6 seniors housing communities Long-Term Care 153

8 Sanofi U.S. drug products Pharmaceuticals 212

AAC Holdings, Inc. Behavioral Health Care 51

ABILITY Network e-Health 80

Abstral® (fentanyl) Sublingual Tablet Pharmaceuticals 205

Acadia Healthcare Company Behavioral Health Care 49, 50

Acelity L.P. Inc. Biotechnology 193

Acerta Pharma B.V. Pharmaceuticals 214

Active Day / Senior Care Other 255

Addus HomeCare Corporation Home Health Care 88

Adheron Therapeutics Biotechnology 55

Advanced Foot Care Centers Other 246

AEA Investors LP Private Equity 258

Aegis Living portfolio Long-Term Care 118


Aesynt Other 247

AEW Capital Management Private Equity 161

Affordable Care, Inc. Other 245

Agenus Inc. Biotechnology 59, 64

Air Methods Corporation Other 241

Aircraft Medical Medical Devices 190

Akron Management LLC Long-Term Care 125

Al Noor Hospitals Group plc Hospitals 95

Albany Molecular Research Inc. Pharmaceuticals 113

AlexaCare Holdings, Inc. Home Health Care 88

Alfa Rhythm Ltd. Medical Devices 183

Allaire Healthcare Group Long-Term Care 126

Allenex AB Other 259

Allergan plc Pharmaceuticals 58, 206

Alliance Home Health Home Health Care 90

Alliance Oncology

Laboratories, MRI and

Dialysis 110

Almirall, S.A. Pharmaceuticals 207

Almost Family, Inc. Home Health Care 87

Alpha Review Corporation Other 252

Alphaeon Corporation Other 75, 189

Alpine Investors Private Equity 76

Alternacare Infusion Pharmacy Home Health Care 90

Alvogen Pharmaceuticals 199

Amedysis, Inc. Home Health Care 87

American HomePatient Home Health Care 89

American Realty Capital Healthcare Trust-

II REIT 117, 120, 166

American Realty Capital Healthcare Trust-

III REIT 168

AmerisourceBergen Corporation Other 242

Amity Health, LLC Physician Medical Groups 225

ams AG Medical Devices 190

Anesthesia Services Associates, PLLC Physician Medical Groups 226

Antibody pilot plant manufacturing facility Biotechnology 59

AOD Software e-Health 78

Apollo Global Management, LLC Investment Group 99

AppianFx Medical Devices 193

Aptean Inc. Other 69

Arcadian Cove Long-Term Care 117

Arden Courts of Arlington Long-Term Care 156

Argent Rehabilitation Services Rehabilitation 235

Arise Healthcare Other 248


Ark Twin Valley Personal Care Home Long-Term Care 125

Arthur J. Gallagher & Co. Managed Care 177

Ascom e-Health 79

Aspen Skilled Healthcare, Inc. Long-Term Care 147

Assisted living community Long-Term Care 139

Astellas Pharma, Inc. Pharmaceuticals 61

AstraZeneca plc Pharmaceuticals 203, 214

Athena Health Care Systems Long-Term Care 164

ATI Physical Therapy Rehabilitation 236

Atlas Medical e-Health 71

AtriCure, Inc. Medical Devices 181

Auctus Capital Partners Private Equity 154

Audax Group Private Equity 255

Aurora Diagnostics


Dialysis 110

Autumn Bridge, LLC Home Health Care 85

Avanti Healthcare Managed Care 176

Avesis Incorporated Managed Care 178

Avita Medical Limited respiratory business Pharmaceuticals 218

Baptist Health South Florida Hospital 93

Bartow Regional Medical Center Hospitals 95

BayCare Health System Hospital 95

BC Technical


Dialysis 257

Behavior Health Holdings Behavioral Health Care 47

Benaissance e-Health 68

Benznidazole program Pharmaceuticals 208

Berkshire Partners LLC Private Equity 245

BestCare HomeCare Home Health Care 88

Bethesda Health, Inc. Hospitals 93

Bio Task Pharmaceuticals 209

BioFusionary Medical Devices 187

BioMarin Pharmaceutical, Inc. Biotechnology 198

Biosense Webster, Inc. Medical Devices 191

BioStructures LLC Medical Devices 192

BioTime, Inc. Biotechnology 60

Bioventus LLC Medical Devices 192

Birchwood Health Care Properties Private investment firm 133, 136, 143

Black Stone Operations, LLC Home Health Care 87

Blue Cross Blue Shield of Michigan Managed Care 76

Bohle Family Dentistry Other 254

Boston Scientific Corporation Medical Devices 188

Bradley & Monson Physical Therapy Rehabilitation 235


Bristol-Myers Squibb Company Pharmaceuticals 56, 200

Brookhaven Memorial Hospital Hospital 122

C. R. Bard Inc. Medical Devices 192

Cambridge Place Long-Term Care 150

Cancer Care & Hematology of Niagara Physician Medical Groups 222

Capital Senior Living Corporation Long-Term Care 143

Capitol Seniors Housing Private Equity 140, 167

CapVest Partners LP Private Equity 213

Cardea Associates, Inc. Medical Devices 181

Cardiac Insight, Inc. Medical Devices 181

Cardiopxyl Pharmaceuticals, Inc. Biotechnology 56

CareDx, Inc.


Dialysis 259

Carrington of St. Charles Place Long-Term Care 132

Carter Validus Mission Critical REIT II, Inc. REIT 145

Casa Reha Long-Term Care 141

Cascade Living Group Long-Term Care 140

Cassena Care, LLC Long-Term Care 155

Cell line development technology Biotechnology 59

Centerbridge Partners, L.P. Private Equity 252

Cerberus Capital Management, LP Private Equity 211

Certara Other 253

Charles River Laboratories International,

Inc.


Dialysis 111

Chartwell Retirement Residences REIT 125

Chase Templeton Managed Care 176

Chateau at Carmichael Park Long-Term Care 154

Claddagh Commision, Inc. Behavioral Health Care 48

Clarient, Inc.


Dialysis 109

Clarity Health Managed Care 174

Clinical Laboratory Partners


Dialysis 111

CliniSys Group Ltd.


Dialysis 109

CMOSIS Medical Devices 190

CNL Healthcare Properties, Inc. REIT 137

Coherex Medical, Inc. Medical Devices 191

Collaboration on antibody therapeutics Biotechnology 62

Collaboration on cancer immunotherapy Pharmaceuticals 210

Collaboration on gene editing technology Biotechnology 56

Collaboration on vadadustat Pharmaceuticals 212

Collaboration with BioAtla Biotechnology 63

College Hill Nursing and Rehab Long-Term Care 136


Columbia Pacific Advisors, LLC Private Equity 245

Community Health Systems, Inc. Hospital 103

Community Intervention Services, Inc. Behavioral Health Care 47

Community Portable X-Ray, Inc.


Dialysis 113

Companions Specialized Care Center Long-Term Care 139

Compassus Home Health Care 85

Compressus, Inc. e-Health 81

Computer Programs and Systems, Inc. e-Health 77

Concordance Healthcare Solutions, LLC Other 257

CONMED Corporation Medical Devices 189, 193

Consultants in Laboratory Medicine


Dialysis 110

Continuum Healthcare LLC Long-Term Care 144

Copper Leaf Management Long-Term Care 152

Cornerstone at Longwood Long-Term Care 133

Courtside Cottages Long-Term Care 120

Courtyard Fountains Long-Term Care 166

Covenant Care Long-Term Care 159

Creagh Medical Ltd. Medical Devices 191

Crealta Holdings LLC Pharmaceuticals 211

CRH Healthcare LLC Other 255

Cross Country Healthcare, Inc. Other 243

Cytos Biotechnology AG Biotechnology 62

Dakavia Long-Term Care 163

Dauterive Hospital Hospitals 102

Deanwood Rehab and Wellness Center Long-Term Care 141

Delta Rehab Long-Term Care 147

DenTek Oral Care, Inc. Other 251

Depomed Inc. Pharmaceuticals 204

Digestive Specialty Care, Inc. Physician Medical Groups 223

Digirad Corporation


Dialysis 108

DiNapoli Capital Partners REIT 162

Diversicare Healthcare Services, Inc. Long-Term Care 135

DMS Health Technologies, Inc.


Dialysis 108

DNA Diagnostics Center


Dialysis 107

Duke LifePoint Healthcare Hospital 97

Dyax Corp. Biotechnology 57

Dynamic Care Physical Therapy Rehabilitation 236

Eden Villa Long-Term Care 119

Eisai Co. Ltd. Pharmaceuticals 209


ElderWatch Plus, Inc. Other 241

Eli Lilly and Company Pharmaceuticals 200, 217

Elmcroft skilled nursing portfolio Long-Term Care 152

Embassy Dental Other 246

EmblemHealth's MLTC plans Managed Care 178

Emerald Gardens of Woodburn Long-Term Care 159

Emeritus at Pantano Long-Term Care 140

Empire Crossing Retirement Community Long-Term Care 117

Endologix, Inc. Medical Devices 184

Envision Healthcare Holdings, Inc. Physician Medical Groups 224

Epic Health Services, Inc. Home Health Care 244

EUSA Pharma Pharmaceuticals 218

Everest Inpatient Physicians Physician Medical Groups 231

Evergreen Health Center Long-Term Care 164

ExamWorks Group, Inc. Other 235

Excelsior Medical Corporation Medical Devices 182

Excelsior Union Limited Other 187

Exclusive license to oncology drug

discovery Biotechnology 57

Exclusive license to sexual health

products Pharmaceuticals 209

Exclusive license toVAP-1 inhibitor Pharmaceuticals 208

Exclusive rights to Sprix Nasal Spray Pharmaceuticals 213

EXINI Diagnostics AB e-Health 68

Extendicare Inc. Long-Term Care 117, 142

Extremity Healthcare Other 246

Family Hospical, LLC Home Health Care 89

Family-owned business Long-Term Care 168

FastMed Urgent Care Other 260

Ferring Pharmaceuticals Pharmaceuticals 197

Foot Health Centers, P.A. Physician Medical Groups 230

Forefront Dermatology Other 250

Formation Capital, LLC Private Equity 49

Foundation HealthCare, Inc. Hospital 98

Fox Ridge portfolio Long-Term Care 166

Galil Medical Inc. Medical Devices 185

Generex Biotechnology Corporation Biotechnology 183

GENEX Services LLC Other 252

Genoa Other 74

Genstar Capital Private Equity 78

Geraldine L. Thompson Care Center Long-Term Care 126

Geriatric Essentials Behavioral Health Care 52

Geritrex Corporation Pharmaceuticals 203


Getinge Infection Control Medical Devices 194

GHO Capital Partners LLP Private Equity 107, 253

Gilead Sciences, Inc. Pharmaceuticals 215

GlaxoSmithKline plc Pharmaceuticals 62

Global distribution of STERIZONE VP4

Sterilizer Medical Devices 194

Global partnership on filgotinib Pharmaceuticals 215

Global portfolio of hemostasis products Pharmaceuticals 216

Global rights to CGRP antagonists Pharmaceuticals 206

Good Samaritan Society HCBS-Heritage,

LLC Long-Term Care 86

GreatCall, Inc. e-Health 77

Greco Physical Therapy and Sports

Performance Rehabilitation 237

Green Courte Partners, LLC Private Equity 147

Group Health Cooperative Managed Care 177

Guardian Life Insurance Managed Care 178

GuildNet Managed Care 178

Harbour Pointe Retirement Long-Term Care 167

Harmon Hospital Behavioral Health Care 48

Harvest Retirement Community Long-Term Care 142

Haven Health Group Long-Term Care 121

HCA Hospital 247

Health Alliance Plan Managed Care 174

Health Carousel Other 248

Health Heritage e-Health 72

HealthCare Revenue Strategies LLC e-Health 67

HealthFusion Holdings, Inc. e-Health 73

Healthland Holding Inc. e-Health 77

HealthPlus of Michigan Managed Care 174

Heartland Geriatrics, LLC Physician Medical Groups 227

Hepregen Corporation Biotechnology 60

Heritage Healthcare Services, Inc. Home Health Care 86

Horizon Pharma plc Pharmaceuticals 211

Hospice Advantage Home Health Care 85

Hospice Pharmacy Solutions Other 250

Hospital Medicine Consultants, LLC Physician Medical Groups 222

Hospital Samaritano Hospitals 100

Hutcheson Medical Center Hospitals 101

IBA Molecular Pharmaceuticals 213

Iberia Medical Center Hospital 102

ICON plc Other 254

ICU Medical, Inc. Medical Devices 182


Ide Management Group, LLC Long-Term Care 165

Ignyta, Inc. Biotechnology 60

iKang Healthcare Group, Inc. Other 260

ikaSystems e-Health 76

ImageVision.Net e-Health 80

Immediate Medical Care Other 259

Independence Healthcare Management Long-Term Care 154

Infinity HomeCare Home Health Care 87

In-state buyer Long-Term Care 118

In-state operator Long-Term Care 167

Integrated Pharmacy Network Other 258

Integrity Digital Solutions, LLC e-Health 75

Interventional radiology portfolio Medical Devices 188

IntriCon Corporation Medical Devices 186

Invoice Cloud, Inc. e-Health 80

IPC Healthcare, Inc. Physician Medical Groups

221, 222, 225,

227

iVantage Health Analytics e-Health 75

Janssen Pharmaceuticals, Inc. Pharmaceuticals 204

John J. Foley Skilled Nursing Facility Long-Term Care 122

John L. Montgomery Care Center Long-Term Care 126

Johnson & Johnson Pharmaceuticals 202

Joint venture Private Equity 124

Joint venture Long-Term Care 163

Kaiser Permanente Managed Care 177

KaloBios Pharmaceuticals, Inc. Biotechnology 208

Kansas City Vascular PC Physician Medical Groups 226

Karo Bio AB Biotechnology 186

Karo Bio Aktiebolag Pharmaceuticals 199

Kayne Anderson Real Estate Advisors Private Equity 148

Keiro Senior HealthCare portfolio Long-Term Care 119

Kindred Hallmark Long-Term Care 138

Kinnser Software, Inc. e-Health 72

KKR & Co. L.P. Private Equity 112

Konica Minolta Medical Imaging USA


Dialysis 107

Korian Long-Term Care 141

Kuros Biosurgery Holding AG Biotechnology 62

Laboratory Corp. of America


Dialysis 112

Late-stage HIV R&D assets Pharmaceuticals 216

Lavender & Wyatt Systems e-Health 70

Legacy Health Hospital 102


Legacy Medical Imaging Other 257

Lehigh Valley Health Network Hospital 101

Lensar, Inc. Medical Devices 189

Lexington at Tazewell Long-Term Care 167

LGC Group


Dialysis 112

LHC Group, Inc. Home Health Care 86

Liaoning TianYi Biological Pharmaceutical

Co. Pharmaceuticals 209

Liberator Medical Holdings, Inc. Medical Devices 192

Liberty Manor Long-Term Care 152

License to develop diabetes treatments Pharmaceuticals 202

License to ENHANZE™ platform Pharmaceuticals 217

License to Glycotope’s recombinant

technology Biotechnology 55

License to tavilermide (MIM-D3) Biotechnology 58

License to tivozanib in Europe Pharmaceuticals 218

Life Care Medical Devices Limited Medical Devices 187

LifePoint Health Hospital 94

Lifestages Centers for Women Physician Medical Groups 221

Ligand Pharmaceuticals Incorporated Biotechnology 63

Lincare Holdings Inc. Home Health Care 89

Lively e-Health 77

Local operator Long-Term Care 124

Locemia's intranasal glucagon Pharmaceuticals 200

Long-term care operator Long-Term Care 123

LTC Properties, Inc. REIT 48, 134, 150

Luker Pharmacy Management Other 249

Mach7 Technologies, Inc. e-Health 71

MaClay Healthcare Center Long-Term Care 154

Madison Partners Investment firm 159

Madison Realty Companies Private investment firm 133

Mainstreet Long-Term Care 137

Mallinckrodt plc Pharmaceuticals 216

Managed HealthCare Solutions Managed Care 177

Manning Gardens Nursing & Rehab Long-Term Care 160

Manorcare Health Services Long-Term Care 121

Marquee Dental Partners Other 246, 254

Matawan Pharmaceuticals' Retin-A

portfolio Pharmaceuticals 215

MatrixCare e-Health 78

Max Healthcare Hospital 97

Maybrook Healthcare Long-Term Care 157


McGuire Group Pharmacy Other 243

MD Minor Emergency and Family

Medicine Other 255

Meadville Medical Center Hospital 93

Med Staff On-Call Other 256

MedAssets' SCM business e-Health 74

MedAssets, Inc. e-Health 73

Med-Call Healthcare Other 256

Medco Other 244

MedCore AB Medical Devices 186

Medicaid and MIChild businesses of HAP

Midwest Managed Care 175

Medicaid business of Better Health

Network Managed Care 176

Medicaid business of Columbia United

Providers Managed Care 175

Medicaid business of Loyola Physician

Partners Managed Care 173

Medical Developments International

Limited Pharmaceuticals 218

Medical Management Corporation of

America Physician Medical Groups 225

Medicalodges Herington Long-Term Care 133

Mediclinic International Ltd. Hospital 95

Mediscan Other 243

MediTemp Ltd. Medical Devices 183

Medline Industries, Inc. Medical Devices 182

MedMark Services, Inc. Behavioral Health Care 47

Medtronic plc Medical Devices 190

Medworxx e-Health 69

Memorial Family of Services Hospitals 98

Memorial Hospital of Salem County Hospitals 100

Memory care community Long-Term Care 134, 144

Merck KGaA Pharmaceuticals 57

Meridian Senior Living Long-Term Care 139

MetroStat Clinical Laboratory, Inc.


Dialysis 114

Midatech Pharma, plc Pharmaceuticals 217

Mid-Atlantic Health Care, LLC Long-Term Care 161

Millennium Post Acute Rehabilitation Long-Term Care 134

Mindray Medical International Limited Medical Devices 187

Mitsubishi Tanabe Pharma Corp. Pharmaceuticals 212

Mitsubishi Tanabe Pharma Corporation Pharmaceuticals 198

MMO Behavioral Health Systems Behavioral Health Care 50


Molina Healthcare, Inc. Managed Care 173, 175, 176

Montefiore Health System Hospital 94

Moorestown Foot Specialists, LLC Physician Medical Groups 230

Morton County Senior Communities Long-Term Care 123

MOTION PT Rehabilitation

235, 236, 237,

238

Mound Laser and Photonics Center, Inc. Medical Devices 188

NantHealth e-Health 72

NantWorks Pharmaceuticals 201

Nassau Reinsurance Group Managed Care 173

Navient Corporation Other 70

naviHealth Other 79

NcgCare Behavioral Health Care 50

nContact Medical Devices 181

NeoGenomics, Inc.


Dialysis 109

Netsmart Technologies e-Health 70

New Century Hospice, LLC Home Health Care 85, 89

New Mountain Capital, LLC Private Equity 256

Next Medical Staffing Other 248

Nipro Diagnostics Medical Devices 185

Nitin Lifesciences Limited Other 244

Non-traded REIT REIT 127, 141, 146

North American Partners in Anesthesia Physician Medical Groups 228

Northbridge Companies Long-Term Care 162

Northside Anesthesiology Consultants Physician Medical Groups 230

Northstar Psychological Services, Inc. Behavioral Health Care 47

Not disclosed Long-Term Care 158

Novira Therapeutics, Inc. Pharmaceuticals 202

Novo Nordisk A/S Biotechnology 61

Nurses Registry and Home Health Corp. Home Health Care 86

NY investor group Investment group 160

Ocata Therapeutics, Inc. Biotechnology 61

OCS HomeCare and Hospice analytics

division e-Health 80

Octapharma AG Biotechnology 55

Old Mill Rehabilitation Long-Term Care 145

Olea Medical SA


Dialysis 108

Olney Healthcare Center Long-Term Care 148

Omega Communities, LLC Long-Term Care 149

Omega Healthcare Investors, Inc. REIT 131

Omnicell, Inc. Other 247


Oncotest GmbH


Dialysis 111

Open Monoclonal Technology, Inc. Biotechnology 63

Operating assets of SwabFlush® Medical Devices 182

Optima Healthcare Solutions e-Health 76

OptumRx Inc. Other 88

Ortho Rhode Island Physician Medical Groups 223

Osmotica Holdings Corp. Ltd. Pharmaceuticals 210

Outcome Resources Other 250

Owner/operator Long-Term Care

132, 139, 158,

160

Oxford Capital Group Investment firm 127

Oxton Senior Living, LLC Long-Term Care 146, 150

Pacific Cancer Institute


Dialysis 110

Pacifica Companies LLC Long-Term Care 119, 120

Pacifica Senior Living Long-Term Care 143

Pamplona Capital Management Investment Group 73

Paragon Healthcare Group, LLC Long-Term Care 156

Park at Riverchase Long-Term Care 149

Parkside Nursing Home Long-Term Care 157

Partners Pharmacy Other 242

Pathology, Inc.


Dialysis 112

PatientSafe Solutions e-Health 69

Pavilion at Queens Long-Term Care 123

PaxVax, Inc. Pharmaceuticals 211

PC Werth Ltd Medical Devices 186

PDR Network, LLC e-Health 78

Peachtree Centre Long-Term Care 160

Perrigo Company plc Pharmaceuticals 215

Perseon Corporation Medical Devices 185

Pfizer Inc. Pharmaceuticals 63, 206

PharMEDium Healthcare Holdings Other 242

PharMerica Corporation Other

90, 243, 249,

258

Philhaven Behavioral Health Care 52

PhosImmune Inc. Biotechnology 64

PhyMed Management, LLC Physician Medical Groups 226

PMG Research, Inc. Other 254

Pocono Health System Hospitals 101

Poli Group Holding S.r.l. Pharmaceuticals 207

Portfolio of preclinical HIV assets Biotechnology 64

Post-acute campus Long-Term Care 129


Post-acute facility Long-Term Care 130

Poteet Manor Long-Term Care 158

PPS Plus Software e-Health 72

Practice management business e-Health 67

PracticeMax Physician Medical Groups 225

Precision Biologics, Inc. Pharmaceuticals 201

Preferred Care Holdings LLC Long-Term Care 126

Premier Dermatology Other 250

Premier Emergency Medical Specialists,

PLLC Physician Medical Groups 229

Premier Health Hospital 221, 223

Prestige Brands Holdings, Inc. Other 251

Primary Physician Partners Physician Medical Groups 227

Prime Healthcare Services Hospital 96, 100

Prime Life Communities Long-Term Care 164

Private investor Long-Term Care 121

Private owner Long-Term Care 165

Private owner/operator Long-Term Care 169

Private skilled nursing company Long-Term Care 122

ProActive Physical & Hand Therapy Rehabilitation 238

ProCare Systems Inc. Physician Medical Groups 228

Progenics Pharmaceuticals, Inc. Pharmaceuticals 68

Pulse System, Inc. e-Health 67

PurinePharma Pharmaceuticals 203

Qforma, Inc. e-Health 81

QPharma, Inc. Other 81

Quality Systems, Inc. e-Health 73

Quest Diagnostics Inc.


Dialysis 111

Questcare Medical Services Physician Medical Groups 224

Quotient Clinical Other 253

Radiant Senior Living Long-Term Care 159

Ramsey Woods Long-Term Care 120

Real estate investment firm Investment firm 144

Recipharm AB Other 244

Redstone Villa Long-Term Care 168

Regional operator Long-Term Care 123

Regional owner/operator Long-Term Care 138, 148

RegionalCare Hospital Partners Hospitals 99

Renaissance on Peachtree Long-Term Care 168

Representaciones e Investigaciones

Médicas (Rimsa) Pharmaceuticals 197

Resonetics Medical Devices 188


Revelstoke Capital Partners, LLC Private Equity 237

RevSpring e-Health 67

RHA Health Services, LLC Behavioral Health Care 49

Right to commercialize Vitaros Pharmaceuticals 197

RightCare Solutions, Inc. e-Health 79

Rights to 2 PKU drugs Pharmaceuticals 198

Rights to cebranopadol Pharmaceuticals 204

Rights to fasinumab (REGN475) Pharmaceuticals 198

Rights to oxyntomodulin-based therapies Pharmaceuticals 204

Rights to taladegib oncology program Biotechnology 60

Rights to XMetA program Biotechnology 61

Rio Grande Neurosciences Medical Devices 184

River Valley Health Partners Hospitals 96

Riverglen House of Littleton Long-Term Care 145

ROC Seniors Housing Fund Manager, LLC Private Equity 153

Roche Pharmaceuticals 55, 208, 210

Roper Technologies, Inc. Other 71, 109

Roswell Park Cancer Institute Hospital 222

rTMS technology Medical Devices 184

Safire Care Investment group 153

Saket City Hospital Private Limited Hospitals 97

Salinas Valley Memorial Healthcare

System Hospital 228

Salinas Valley PrimeCare Medical Group Physician Medical Groups 228

Salt Creek Capital Private Equity 249

San Antonio AirLIFE Other 241

Sanofi Pharmaceuticals 58, 202

Schryver Medical LLC Medical Devices 113, 114

SCI Solutions e-Health 174

SciVac Therapeutics Inc. Pharmaceuticals 201

Senior Care Centers of America Other 241

Seniors housing property Long-Term Care 131

Sentynl Therapeutics Inc. Pharmaceuticals 205

Shady Nook Care Center Long-Term Care 155

Shasta View Nursing Center Long-Term Care 163

Sheridan Physician Medical Groups 224, 229, 230

Sheridan Legacy Group Private Equity 251

Shire plc Pharmaceuticals 57

Sienna Senior Living Long-Term Care 157

Signature HealthCARE Long-Term Care 152

SilverStone Health Care Real Estate, LLC Private Equity 149

Silverton Health Hospitals 102

Sinocare Group Medical Devices 185


Skilled nursing facility Long-Term Care

118, 135, 143,

151

Smile Doctors Other 251

SNaP® Therapy System Medical Devices 193

Solutions Recovery, Inc. Behavioral Health Care 51

Somerset Subacute and Rehabilitation Long-Term Care 135

South Metro Primary Care Physician Medical Groups 227

Southern Regional Medical Center Hospitals 96

Spring Creek Rehabilitation and Health

Care Center Long-Term Care 156

Spring Creek Village Long-Term Care 124

St. Francis Hospital Inc. Hospitals 94

St. Luke's Cornwall Hospital Hospitals 94

Stericool Medical Devices 194

Suburban Adult Services Inc. Behavioral Health Care 48

Summit Healthcare REIT, Inc. REIT 138, 145

Sunnybrook Village Senior Community Long-Term Care 162

Sunnycrest Long-Term Care 162

Superior Vision Corp. Other 252

Surgery Center of Athens Physician Medical Groups 229

Surgical Care Affiliates Physician Medical Groups 229, 248

SurgiQuest, Inc. Medical Devices 189

SurModics, Inc. Medical Devices 191

Sutter Care at Home Home Health Care 90

Swereco Group Pharmaceuticals 199

Symphony Post Acute Care Network Long-Term Care 151

Takeda's respiratory business Pharmaceuticals 214

Talyst's hardware division Other 245

Tampa Bay Emergency Physicians, PL Physician Medical Groups 231

TeamHealth Holdings, Inc. Physician Medical Groups 52, 231

Tech Pharmacy Services, Inc. Other 242

Teva Pharmaceutical Industries Ltd. Pharmaceuticals 197, 206, 213

Texan Urgent Care Other 260

The Brookside Long-Term Care 149

The Cedars Long-Term Care 146

The Chartis Group Other 75

The Ensign Group, Inc. Long-Term Care 132, 134, 135

The Shores of Lake Phalen Long-Term Care 146

The Solana Company Long-Term Care 119

The Stratford at Maple Leaf Long-Term Care 140

The Tillers Long-Term Care 151

Titusville Area Hospital Hospitals 93

TL Management Long-Term Care 156


Toshiba Medical Systems Corporation


Dialysis 108

Traditions of Durham Retirement

Residence Long-Term Care 157

Traditions Senior Living & Memory Care Long-Term Care 127

Trigen/Vertical Holdings LLC Pharmaceuticals 210

Trilogy Health Services Long-Term Care 151

TriVascular Technologies Medical Devices 184

Trover Solutions Inc. and Equian Other 256

Turning Point Family CARE, PLLC Behavioral Health Care 50

U.S. Acute Care Solutions Physician Medical Groups 231

U.S. HealthWorks Other 259

U.S. rights to 2 dermatology products Pharmaceuticals 207

UAM's Traditional Insurance business Managed Care 173

UMS s.r.l. e-Health 79

Undisclosed Long-Term Care 155

United Medical Systems, Inc.


Dialysis 114

UnitedHealth Group Inc. Hospital 100

University General Hospital Hospitals 98

UPMC Hospital 103

Upstream Rehabilitation Rehabilitation 237

US Lithotripsy, LP


Dialysis 114

Valley Anesthesiology & Pain Consultants Physician Medical Groups 224

ValorBridge Partners Private Equity 101

Vascular Surgery Associates Physician Medical Groups 226

VBI Vaccines Inc. Pharmaceuticals 201

Verena at Virginia Center Long-Term Care 147

Versata Enterprises, Inc. Other 81

Vertex Pharmaceuticals Incorporated Pharmaceuticals 56

Vertice Pharma, LLC Pharmaceuticals 205

VHA-UHC Alliance NewCo. Inc. Other 74

Viera Manor Long-Term Care 127

ViiV Healthcare Pharmaceuticals 64, 216

Virginia Mason Health System Hospital 98

VistaPharm Inc. Pharmaceuticals 205

Viztek, LLC


Dialysis 107

Vree Health e-Health 69

Warren Haven Nursing Home Long-Term Care 128

WCA Hospital Hospitals 103

Wedgewood South Long-Term Care 164

WellSpan Health Hospital 52


WellStar Health System Hospital 99

Welltower Inc. REIT

118, 128, 129,

130, 131

Wesley Enhanced Living of Brodheadsville Long-Term Care 124

Wetsman Forensic Medicine, LLC Behavioral Health Care 51

WEX Inc. Other 68

WH Holdings Long-Term Care 128

Whitehouse Laboratories


Dialysis 113

Windchime at the Village Long-Term Care 169

Windsor Estates Long-Term Care 136

Wood Creek Capital Management, LLC Private Equity 212

WorkWell Medical Group LLC Other 249

Worldwide license to CSF1R Pharmaceuticals 200

XenologiQ Other 253

Xi’an iKang Health Management Other 260

Xtend Healthcare e-Health 70

ZS Pharma Pharmaceuticals 203

Zuplenz® oral soluble film Pharmaceuticals 217


THE HEALTH CARE M&A REPORT - Levin Associates · INTRODUCTION This is the 90th issue of The Health...

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Transcript of THE HEALTH CARE M&A REPORT - Levin Associates · INTRODUCTION This is the 90th issue of The Health...