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Healthcare dealmaking hits record fueled by Cigna, Takeda
Healthcare dealmaking just hit a record.
Big drugmakers, insurers and care providers have agreed to 8 billion in mergers so far this year, according to data provider Refinitiv. The previous record, 7 billion, was recorded in 2015.
Low interest rates and a stock market that climbed for much of 2019 contributed to the dealmaking frenzy.
Healthcare deals hit a record this year. Shayanne Gal/Business Insider
The biggest takeover of the year was Takeda Pharmaceutical's .9 billion bid for Shire, which is best-known for making the hyperactivity treatment Adderall. The combination will also set a record for the largest deal by a Japanese firm for a non-Japanese company.
The No. 2 deal was health insurer Cigna's .5 billion acquisition of pharmacy-benefits manager Express Scripts. That deal helps Cigna gain more control over how its customers buy and use prescription drugs. And by bulking up, the combined company will have more leverage in negations with customers and suppliers.
Read more:'Waiting for its Uber moment': America's biggest companies are shaking up the healthcare system
Takeda agreed to acquire Shire in the year's biggest deal. Reuters
The most recent healthcare deal, announced on Tuesday, was medical device company Boston Scientific's acquisition of British firm BTG for .9 billion. BTG makes interventional medical products, such as tiny coils that can be implanted in a patient's lungs. One of its top offerings is a treatment for rattlesnake bites.
The tally from Refinitiv counts deals when they're announced, though not all transactions are ultimately completed. And the dollars figures include debt held by the target companies.
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