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HemaCare injecting the option of a sale: Bloomberg
Posted on Thursday, 24 October 2019 13:28
US-based blood supplier HemaCare has hired investment bank Jefferies Financial Group to explore strategic alternatives, people familiar with the matter told Bloomberg. According to these sources, the company is weighing options including a full disposal of the business and has been sounding out potential suitors in recent weeks, including other healthcare companies. Other alternatives, such as a partial sale, asset disposals and partnerships are also being considered, the insiders noted. The people, who asked not to be identified as the situation is still private, cautioned that no final decision has been made and HemaCare may decide not to pursue a transaction. Shares in the business, which supplies blood to health care facilities, closed up 11.1 per cent to USD 20.00 following the report yesterday, giving the group a market capitalisation of USD 257.22 million. HemaCare claims to be a global leader in the customisation of human derived biological products and services for biomedical research, drug discovery, process development and cell and gene therapy. Founded in 1978, the company supplies materials such as peripheral blood, bone marrow and cord blood that can be isolated into various primary cell types for fresh and frozen distribution. In the six months ended 30th June 2019, HemaCare had revenue of USD 19.45 million, a 48.8 per cent increase on USD 13.07 million in the corresponding period of 2018. Net income more than doubled to USD 4.47 million in H1 2019 (H1 2018: USD 2.13 million). Zephyr, the M&A database published by Bureau van Dijk shows the healthcare and social assistance sector has been targeted in 1,773 deals worth USD 49.91 billion announced worldwide in 2019 to date, compared to 1,914 valued at USD 73.78 billion from 1st January 2018 to 23rd October 2018. In the largest of the year so far, Centene has agreed to pick up WellCare Health Plans for USD 17.30 billion. Australia-based hospital operator Healthscope, US-headquartered private chain care facility group United Family Healthcare and France’s private nursing homes company Domidep, among others, have also been targeted in 2019 to date. © Zephus Ltd