THE HEALTH CARE M&A REPORT - Levin Associates Products...THE HEALTH CARE M&A REPORT FIRST QUARTER 2012 A SUPPLEMENT TO THE HEALTH CARE M&A MONTHLY IRVING LEVIN ASSOCIATES, INC. Health

THE HEALTH CAREM&A REPORT

FIRST QUARTER 2012A SUPPLEMENT TO THE HEALTH CARE M&A MONTHLY

IRVING

LEVIN ASSOCIATES, INC.Health Care and Housing Investments since 1948www.levinassociates.com

IIII II IV

THE HEALTH CARE M&A REPORT

FIRST QUARTER 2012

A SUPPLEMENT TO THE HEALTH CARE M&A MONTHLY

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The Health Care M&A Report First Quarter, 2012

ISSN 1076-3511

ISBN 1-933707-85-2 (Volume 1) ISBN 1-933707-84-4 (Four-Volume Set)

Published by: Irving Levin Associates, Inc.

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TABLE OF CONTENTS

INTRODUCTION……………………………………………….. v BEHAVIORAL HEALTH CARE……………………………… 1 BIOTECHNOLOGY…………………………………………….9 E-HEALTH………………………………………………….…..29 HOME HEALTH CARE and HOSPICE……………………..47 HOSPITALS…………………………………………………….57 LABORATORIES, MRI and DIALYSIS…………………….. 73 LONG-TERM CARE………………………………………….. 81 MANAGED CARE…………………………………………….105 MEDICAL DEVICES…………………………………………113 PHARMACEUTICALS…………………………………….…139 PHYSICIAN MEDICAL GROUPS…………………………. 155 REHABILITATION………………………………………….. 169 OTHER………………………………………………………...177 INDEX………………………………………………………….201

The Health Care M&A Report, First Quarter, 2012 v

INTRODUCTION

This is the 75th 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 and supported by data from individual deals that appear in the body of the text. Each entry details a transaction, describing the target and acquirer. It also provides the price, terms, acquisition multiples and other financial information, where these are available. Finally, the commentary section offers additional analysis. This issue reports on 276 separate transactions that were announced in the first quarter of 2012 and lists them alphabetically by target within 13 separate health care sectors.

Behavioral Health Care Managed Care Biotechnology Medical Devices E-Health Pharmaceuticals Home Health Care and Hospice Physician Medical Groups Hospitals Rehabilitation Laboratories, MRI & Dialysis Other Long-Term Care

Below we illustrate some of the more significant trends in the health care merger and acquisition market with a series of charts, providing details of its size and of the kinds of players involved. These general figures and statistics are followed by sections on the M&A market for each of the 13 sectors of the health care industry. Finally, the financial and strategic details of the individual deals that make up this market are set out in the body of the Report.

NOTABLE TRENDS DURING Q1:12 Notable trends in the first quarter’s health care M&A market which impacted multiple sectors or the overall market include the following. These are elaborated further in the individual sections below. 1. The deal volume for the first quarter was exceptionally strong, reaching its highest level in several

years. Dollar volume, however, fell somewhat from the previous quarter’s level due to the paucity of billion-dollar deals. This indicates that the majority of M&A activity took place in the middle market, where there is no lack of eager participants.

2. Despite the Supreme Court’s ongoing review of the Affordable Care Act, many providers and payors

have committed to developing affordable care organizations, no matter the Court’s ultimate decision. Accordingly, they continue to make acquisitions that give them the constituent elements of ACOs.

3. Cross-sector M&A continued through Q1:12. Much of the activity in the first quarter, as in 2011, was

motivated by companies that are restructuring their operations to accommodate the affordable care organization model. Hospitals, in particular, continue to buy physician medical practices.

4. American companies continue to dominate the health care M&A market relative to their European counterparts. ECB austerity measures and rhetoric have dampened interest in buying companies within the Eurozone, and the European companies that remain in the market tend to be targeting businesses outside the Eurozone.

The Health Care M&A Report, First Quarter, 2012 vi

QUARTERLY M&A DEAL VOLUME

134

117

251

142

106

248

131

105

236

151

109

260

153

123

276

0

100

200

300Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Health Care Mergers & Acquisitions

Total Transactions By Quarter

Services Technology

Source: Irving Levin Associates, Inc. For reasons of timeliness, each transaction is tracked by the date of the announcement rather than the date of consummation, or closing date. This generally coincides with a significant event, such as the signing of a letter of intent or the receipt of regulatory clearance. It is assumed 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. The chart above presents these 276 deals in relation to the number of deals that were announced during the four previous quarters. With 276 deals announced during Q1:12, M&A activity was up 6% from the previous quarter’s 260 transactions, and up 10% from the 251 deals in the year-ago quarter (Q1:11) The 153 deals in the health care services segment represent 55% of the total transaction volume announced during Q1:12, with the 123 deals in the health care technology segment making up the remaining 45%. Year-over-year, the services segment is now capturing a larger proportion of this market’s deal volume.

The Health Care M&A Report, First Quarter, 2012 vii

DEAL VOLUME BY SEGMENT AND SECTOR

Q4:11 Q1:11

Q1:12 % %

Sector Deals* Deals Change Deals Change Services Segment:

Long‐Term Care 39 44 ‐11% 39 0%

Hospitals 23 21 10% 22 5%

Physician Groups 20 34 ‐41% 18 11%

Home Health Care 11 10 10% 6 83%

Managed Care 6 10 ‐40% 1 500%

Behavioral Health Care 6 5 20% 4 50%

Labs, MRI, Dialysis 5 6 ‐17% 13 ‐62%

Rehabilitation 5 3 67% 3 67%

Other 38 18 111% 28 36%

Services Subtotal 153 151 1% 134 14%

Technology Segment:

Medical Devices 43 34 26% 53 ‐19%

Biotechnology 30 19 58% 28 7%

e‐Health 28 24 17% 12 133%

Pharmaceuticals 22 32 ‐31% 24 ‐8%

Technology Subtotal 123 109 13% 117 5%

Grand Total 276 260 6% 251 10%

*Preliminary figures

The Health Care M&A Market—Deal Volume

The table above lists the contribution of each sector to the first quarter’s total deal volume, along with comparisons to the previous and year-ago quarters. In Q1:12, the three most active individual sectors were Medical Devices (43), Long-Term Care (39) and Biotechnology (30). Combined, these top three sectors captured 41% of the quarter’s total deal volume. The three largest sectors of the previous quarter in terms of deal volume accounted for about 44% of that period’s total transaction volume.

The Health Care M&A Report, First Quarter, 2012 viii

THE ACQUIRERS

Acquirer Listing Sector Deals The Ensign Group NASDAQ: ENSG Long-Term Care 5 Health Care REIT NYSE: HCN REIT 4 Shire Group NASDAQ: SHPGY Pharmaceuticals 4 Valeant Pharmaceuticals

NYSE: VRX Pharmaceuticals 4

AdCare Health AMEX: ADK Long-Term Care 3 Biogen Idec NASDAQ: BIIB Biotechnology 3 Covidien NYSE: CIV Medical Devices 3 Roche Holding VX: ROG Pharmaceuticals 3 US Healthworks Private Occupational Clinics 3

Multiple Acquirers—Three Or More Deals

A total of 235 companies were involved in the Q1:12 health care M&A market as buyers (Q4:11, 220). One-hundred-six publicly traded corporations announced a combined total of 135 deals worth a combined total of $25.1 billion. One-hundred-four privately held companies announced 114 deals worth $3.9 billion. Finally, 25 not-for-profit organizations announced 27 deals worth $42.9 million. Companies that announced three or more acquisitions during Q1:12 are tabulated in the chart above. Each of the remaining multiple acquirers announced two deals apiece. The publicly traded corporations include Community Health Systems, Essilor, IPC The Hospitalist, Mediware Information, Novartis, OPKO, Syneron Medical and UnitedHealth Group. The privately held companies include Arriva Medical, Aviv REIT, Franklin Family Services, inVentiv, Jordan Health, Prime Healthcare, T-Systems and West Living. The not-for-profit organizations include Highmark and Huntsville Hospital.

The Health Care M&A Report, First Quarter, 2012 ix

ACQUIRER LISTING AND MARKET SHARE

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Acquirer Type (By Listing) Deals Dollars Deals Dollars Deals Dollars Deals Dollars Deals Dollars

Publicly Traded 60% 76% 51% 93% 55% 82% 48% 82% 49% 86%

Privately Held 30% 23% 31% 4% 32% 17% 40% 18% 41% 13%

Not-For-Profit 10% 1% 18% 2% 13% 1% 12% <1% 10% 1%

Deals Announced and Dollars Spent By Acquirer Type The table above classifies acquirers according to their listing type: publicly traded corporation, privately held company or not-for-profit organization. For each type, it presents the percentage of deals and dollars that type captured in a given quarter. In Q1:12, for example, acquisitions made by publicly traded corporations were responsible for approximately 86% of all dollars spent in the health care M&A market, while those made by privately held companies were responsible for 13% and those made by not-for-profit organizations were responsible for just 1%. (Due to rounding, not all columns may add up to 100%.) The table also shows that in terms of dollar volume, not-for-profit organizations hover around the 1%-2% mark even though they may account for between 10% and 18% of the total deal volume. The share of dollars captured by not-for-profits is low in part because of the frequent use of mergers within this cohort, particularly among hospitals, to structure transactions; not-for-profit mergers typically lack prices to contribute to the overall dollar figures. What the table above also shows us is that publicly traded corporations habitually outstrip their privately held and not-for-profit counterparts in the percentage of M&A dollars they capture, due both to their ability to access the public equity markets and to the sizable cash flow that larger corporations generate.

The Health Care M&A Report, First Quarter, 2012 x

FINANCIAL VS. STRATEGIC BUYER

Financial Buyers Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

Deals Announced 21 10 16 24 22

Percentage of Deal Volume 9% 4% 7% 9% 8%

Dollars Committed $16.0 billion $149.0 million $12.5 billion $5.6 billion $2.5 billion

Percentage of Dollars Spent 31% <1% 21% 14% 9%

The Impact Of Financial Buyers On The Health Care M&A Market Despite the negative press they sometimes receive in the general media, financial buyers, including real estate investment trusts and private equity firms, have not historically dominated the M&A market in the health care industry. Strategic buyers, most of them publicly traded corporations, have accounted for the lion’s share of deal making. The table above indicates that financial buyers may account for between 31% and 9% of the dollar volume in the health care M&A market. The second quarter of 2011, when the equity markets reached their highest level for the year, was an exception; during that quarter, private equity firms were selling off their previous investments or raising funds to make new ones. They subsequently re-entered the market in Q3:11 when market caps and valuations were dropping, making acquisitions cheaper. Of the 22 deals announced by financial buyers in Q1:12, private equity firms announced nine worth a combined total of $895.5 million while real estate investment trusts announced 13 worth approximately $1.6 billion. Their investments were concentrated in the Long-Term Care (11 deals), Rehabilitation (3) and Medical Device (3) sectors. Five other services sectors had one deal/investment each On the sell side of the equation, during Q1:12, 12 deals involved the sale of a business by a financial buyer. In four of the 12 cases, the sale was to another financial buyer. The combined value of all 12 was $2.4 billion.

The Health Care M&A Report, First Quarter, 2012 xi

DOLLAR VOLUME: WHERE THE M&A DOLLARS GO

Where The Health Care M&A Dollars Went In The First Quarter, 2012

Labs, MRI, EDialysis

1.4%

Behavioral, Hospitals,

Physician Groups

1.1%

Managed Care

1.7%

e‐Health

2.4%

Rehabilitation

2.5%

Home Health

2.6%

Long‐Term Care

5.7%

Medical Devices

11.0%Other Services

14.3%

Pharmaceuticals

20.6%

Biotechnology

36.7%

Where The Health Care M&A Dollars Went In Q1:12

A total of $29.1 billion was committed to fund the 276 transactions of the first quarter of 2012. The chart above displays the percentage contribution of each sector to the total dollars spent during the quarter. Biotechnology, Pharmaceuticals and Other Services captured the three highest amounts, posting $10.6 billion, $6.0 billion and $4.2 billion, respectively. At the other end of the spectrum, three service sectors combined, Behavioral Health Care, Hospitals and Physician Medical Groups, accounted for a total of $311.7 million, or just 1.1% of the first quarter’s total dollar volume.

The Health Care M&A Report, First Quarter, 2012 xii

SERVICE VS. TECHNOLOGY SECTORS Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Services $23.1 billion $8.4 billion $35.5 billion $12.5 billion $8.5 billion

Technology $27.9 billion $66.4 billion $23.9 billion $27.6 billion $20.6 billion

All Sectors $51.0 billion $74.8 billion $59.4 billion $40.1 billion $29.1 billion

Dollars Spent On Health Care M&A

Based on purchase prices revealed to date, a total of $29.1 billion was committed in Q1:12 to finance the quarter’s acquisition activity. After an unusual third quarter in which the services segment captured a greater share of the M&A dollar volume than the technology segment did, the pattern reverted to one in which technology deals consistently outspend services deals. The median price paid per transaction during the first quarter of 2012 was $43.5 million, up from the $30.0 million paid in Q4:11, but still down from the $51.0 million paid in Q3:11, the $60.0 million paid in Q2:11 and the $55.0 million paid in Q1:11.

The Health Care M&A Report, First Quarter, 2012 xiii

BILLION-DOLLAR DEALS, FIRST QUARTER 2012 Acquirer Listing Target Listing Price Sector (In $ billions)

Dainippon Sumitomo Pharmaceutical Co.

Tokyo: 4506 Boston Biomedical, Inc. Private 2.6 Biotechnology

Bristol-Myers Squibb NYSE: BMY

Inhibitex, Inc. NASDAQ: INHX 2.5 Pharmaceuticals

Boston Scientific Corporation

NYSE: BSX Cameron Health, Inc. Private 1.4 Medical Devices

Abbott Laboratories NYSE: ABT Inflammatory drug collaboration

Euronext: GLPG 1.4 Biotechnology

Genomma Lab Internacional SAB de CV

BMV: LAB.B

Prestige Brands Holdings, Inc.

NYSE: PBH 1.3 Other

Amgen, Inc. NASDAQ: AMGN

Micromet, Inc. NASDAQ: MITI 1.2 Biotechnology

Billion‐Dollar Deals Announced In Q1:12

As shown in the table above, the first quarter of 2012 saw the announcement of just six billion-dollar deals, down from the nine announced in Q4:11. Their combined value of $10.4 billion accounts for 36% of the quarter’s total M&A dollars (Q4:11, 66%). In January, Roche Holding had offered $6.8 billion to buy California-based Illumina, but was rebuffed by Illumina’s board and dropped the proposal. As we were going to press, Genomma Lab withdrew its $1.3 billion offer to buy Prestige Brands.

The Health Care M&A Report, First Quarter, 2012 xiv

DOLLAR VOLUME—DOMESTIC VS. FOREIGN BUYERS

$‐

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

Quarter And Year

(In $ Billions)

All Deals $21.6 $127.4 $28.7 $39.7 $38.2 $25.7 $45.1 $68.0 $56.0 $51.0 $74.8 $59.4 $40.1 $29.1

Foreign Buyers $12.9 $3.1 $11.7 $7.7 $9.4 $12.2 $16.4 $11.9 $17.4 $6.4 $23.7 $10.7 $7.1 $7.7

Domestic Buyers $5.7 $119.2 $10.1 $24.3 $12.0 $7.0 $18.0 $37.6 $25.3 $29.3 $38.9 $40.0 $26.6 $12.0

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

Multi-Year Trend Of Foreign And Domestic Buyers In The Health Care M&A Market (Top 20 Deals) Both foreign and domestic buyers have been active in the health care M&A market. Domestic buyers had dominated the U.S. health care M&A market up until 2008, when foreign buyers began outspending their American counterparts for about three quarters. But since the third quarter of 2009, with the exception of Q1:10, domestic buyers have outspent their foreign counterparts. The chart above tracks their progress from Q4:08 through Q1:12. It gives three data points for each quarter. First is the total number of health care M&A dollars spent in that quarter on all transactions. The next two figures are derived from the top 20 deals of the quarter as measured in dollar value. Accordingly, the second data point is the number of dollars spent by all foreign buyers among the top 20 deals. Similarly, the third data point is the number of dollars spent by all U.S. buyers among the top 20 deals. (Since the top 20 deals in any given quarter generally account for approximately four-fifths of all dollars spent, the inclusion of the remaining deals, all of lesser value, does not materially alter the overall pattern of results.) The gap between domestic and foreign spending may be traced to the ongoing, slow-motion crisis in the Euro as austerity measures continue to inhibit in-market growth. In the top 20 deals of Q1:12, there were eight foreign buyers; six were from Europe with three from the Eurozone (significantly, the other three were from Switzerland). Only one of the six acquisitions by European buyers was in the Eurozone; one was in the United Kingdom and the remaining four were in North America.

The Health Care M&A Report, First Quarter, 2012 xv

RESOURCES FOR OUR READERS To keep our readers abreast of the rapid and ever-changing developments in the M&A market, Irving Levin Associates issues The Health Care M&A Weekly 50 times a year. This bulletin, which reaches your desk by e-mail, lists all of the health care M&A deals announced during the week along with prices and links. Further detail and analysis of these transactions are provided in our monthly newsletter, The Health Care M&A Monthly, which is intended to serve two purposes. First, it offers up-to-date information on the market by collecting all the deals that have been announced during the previous month. Second, the newsletter places those deals in context by providing commentary on the market itself. Each month, we discuss emerging trends in individual sectors of the health care industry, interpret the investment implications of select deals and report information about deals we have heard to be brewing, but which have yet to be formally announced. After the end of each quarter, we issue this source book, The Health Care M&A Report, to follow up on these transactions with more comprehensive information on the quarter’s deals. We utilize such sources 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 this important and rapidly evolving market. The Irving Levin online M&A database, Deal Search Online, which includes 15 years’ worth of M&A data, is updated weekly and is at your disposal 24 hours a day, seven days a week. So even after the publication of this source book, we may make subsequent updates to the deals contained in it available to subscribers through our online database and our monthly newsletter. We hope that you will find our services a valuable tool for your business.

The Health Care M&A Report, First Quarter, 2012 xvi

Behavioral Health Care

The Behavioral Health Care sector produced six transactions during Q1:12; this represents 40% of the 15 deals announced during the past 12-month period. During that time, M&A activity has remained subdued, with relatively small, local deals.

4

3

1

5

6

0

2

4

6

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Behavioral Health Care Mergers & Acquisitions


Source: Irving Levin Associates, Inc.

Based on revealed prices, the six Behavioral Health Care deals of Q1:12 cost a combined total of nearly $94.2 million, or one-quarter of the $370.7 million spend on Home Health over the past 12 months.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$28.0 million $244.7 million — $31.8 million $94.2 million

Dollars Spent On Behavioral Health Care M&A, By Quarter

In the largest transaction of Q1:12, publicly traded Acadia Healthcare Company acquired three inpatient psychiatric hospitals with a combined total of 168 beds from Haven Behavioral Health Holdings, LLC. The three target hospitals are located in Arizona, Oklahoma and Texas. Acadia paid $91.0 million in cash for this purchase, which works out to 2.1x 2011 revenue. This acquisition is the buyer’s first big deal since acquiring PHC, Inc. last year, and it is believed that it will improve the overall payor mix. In the only other deal with a purchase price, Pioneer Human Services of Seattle, Washington is expanding its presence in Spokane with the acquisition of Carlyle Care Center, a residential center for low-income mentally ill residents. The seller, the City of Spokane, received $3.2 million for the center. The purchase will assist Pioneer in fulfilling a recently awarded federal contract that funds housing services for 10 veterans. Among the remaining deals, we note that Franklin Family Services of Chambersburg, Pennsylvania has expanded in the central part of the Keystone State with two acquisitions in the first quarter. The first is its purchase of Guidance Associates of Pennsylvania, a provider of mental health and substance abuse programs based in Camp Hill. The other was a merger with Premier Psychiatry Associates of Camp Hill, a transaction that is covered in the Physician Medical Group sector. This consolidation is intended to foster administrative efficiencies, broaden services and pursue growth.

The Health Care M&A Report, First Quarter, 2012 xvii

The first two of these transactions rank among the top five deals for the preceding 12-month period, as listed below.

Largest Behavioral Health Care Deals Of The Past 12 Months Value Quarter

1. Acadia Healthcare acquired Youth & Family $178.2 million Q2:11

2. Acadia Healthcare acquired Three inpatient facilities $91.0 million Q1:12

3. Acadia Healthcare acquired PHC, Inc. $66.5 million Q2:11

4. ResCare acquired several small businesses $28.3 million Q4:11

5. Pioneer Human Services acquired Carlyle Care Center $3.2 million Q1: 12

The Health Care M&A Report, First Quarter, 2012 xviii

Biotechnology During Q1:12, the Biotechnology sector posted 30 deals, or 37% of the 81 biotech deals announced during the past 12 months.

28

20

12

19

30

0

10

20

30

40

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Biotechnology Mergers & Acquisitions



Based on prices revealed to date, a total of $10.7 billion was spent to finance the first quarter’s activity, or 29% of the $37.0 billion committed during the preceding 12-month period.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$6.7 billion $5.0 billion $2.7 billion $18.6 billion $10.7 billion

Dollars Spent On Biotechnology M&A, By Quarter Twenty-four companies announced a combined total of 30 deals. Nineteen publicly traded corporations made 25 deals, with Biogen Idec and Shire announcing three each and Novartis and Roche Holding announcing two apiece. Five privately held companies announced one deal each. Fourteen deals involved foreign buyers; only six originated inside the Euro zone. Twenty-two of the targets were privately held companies or portions thereof while eight were publicly traded corporations or portions thereof. Nine of the targets were foreign-listed. The target businesses in Q1:12 are all involved in the discovery and use of cellular and molecular processes and platforms to solve problems or make products, both diagnostic and therapeutic. These include antibodies, vaccines and stem cells. The therapeutic areas involved include arthritis, cancer, hepatitis C, pain and pulmonary fibrosis, among others. Twelve of the deals involved the acquisition of whole companies; five involved the purchase of individual products; and the remaining 13 involved the acquisition of licenses or collaboration agreements. In the largest biotech deal of Q1:12, Dainippon Sumitomo Pharmaceutical Co. is paying as much as $2.63 billion to acquire Boston Biomedical. Based in Massachusetts, Boston Biomedical specializes in discovering, developing and commercializing cancer drugs. Its technology targets cancer stem cells. It currently has two oral drugs in development that target cancer stem cells. Under terms of the deal,

The Health Care M&A Report, First Quarter, 2012 xix

Dainippon is to pay $200.0 million upfront, $540.0 million in development milestones and up to $1.89 billion in sales milestones. This purchase allows the buyer to develop a cancer franchise alongside of its existing central nervous system franchise. In the second largest deal, Abbott is entering into a collaboration with Galapagos NV to discover and develop drugs for treating inflammatory disease such as rheumatoid arthritis. Under terms of the deal, Abbott will pay the Belgian biotech $150.0 million in an upfront fee, $200.0 million to license the drug and up to $1.0 billion in certain development and sales milestone payments. Such a collaboration offers Abbott access to a potential treatment for inflammatory disease. In the third largest Biotech transaction, Amgen is acquiring Micromet, a publicly traded corporation that discovers, develops and commercializes antibody-based therapeutics to treat cancer, for $11.00 per share, or approximately $1.16 billion. With this transaction, AMGN enlarges its pipeline by acquiring Micromet’s compound blinatumomab, which is being tested against two blood cancers, acute lymphoblastic leukemia and non-Hodgkin’s lymphoma. Only the first deal figures among the five largest deals of the past 12-month period, listed below. Five Largest Biotechnology Deals Of The Past 12 Months Value Quarter

1. Gilead Sciences acquired Pharmasset $11.0 billion Q4:11

2. Dainippon acquired Boston Biomedical $2.6 billion Q1:12

3. H. Lundbeck acquired a CNS drug alliance $2.0 billion Q4:11

4. Vertex acquired two nucleotide drugs $1.5 billion Q2:11

5. Amylin acquired rights to a diabetes drug program $1.5 billion Q4:11

The Health Care M&A Report, First Quarter, 2012 xx

E-Health Twenty-eight deals were announced in the e-Health sector during Q1:12, representing approximately 31% of the 89 e-Health transactions announced during the past 12 months.

12

16

2124

28

0

10

20

30

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

E‐Health Mergers & Acquisitions



Based on prices revealed to date, approximately $702.1 million was committed to finance this quarter’s 28 deals. The first quarter figure thus represents 10% of the approximately $6.7 billion spent during the preceding 12 months to finance that period’s 89 e-Health transactions.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$185.8 million $675.3 million $4.7 billion $626.2 million $702.1 million

Dollars Spent On E‐Health M&A, By Quarter

Twenty-seven organizations announced 28 deals: 11 publicly traded corporations announced one deal each while and 16 privately held companies announced 17, with T-Systems announcing two deals. Conversely, 26 of the targets are privately held companies and two were publicly traded corporations, or portions thereof. The targets in these deals include companies involved in billing services, cloud-based revenue cycle management systems, electronic health records and medical transcription services, to name but a few. In the largest e-Health deal of the first quarter, Verisk Analytics is acquiring MediConnect Global, a company that provides records-retrieval scanning and storage services. The target has a repository of nearly 10 million medical records that are digitized, indexed and hosted online. Verisk is paying $348.6 million to enlarge its presence in the electronic health record space. The deal is being financed through a combination of cash on hand and borrowings under Verisk’s credit facility. In the second largest deal this quarter, much smaller by comparison, Nuance Communications is offering $29.00 per share, or approximately $300.0 million, to acquire Transcend Services, a publicly traded

The Health Care M&A Report, First Quarter, 2012 xxi

provider of medical transcription and clinical documentation services. This deal, valued at 2.4x revenue, expands the number of small and midsize hospitals in Nuance’s customer base. In the third largest transaction of Q1:12, ManTech International Corporation is paying $40.0 million to buy Evolvent Technologies, a private company that provides services in clinical IT, clinical business intelligence, imaging cyber security and systems integration. In effect, this deal allows ManTech to enter the health care IT market, particularly for government services. Only the first deal ranks among the top five e-Health deals for the past 12 months, as listed in the table below. Five Largest e‐Health Deals Of The Past 12 Months Value Quarter

1. Blackstone Group acquired Emdeon $3.0 billion Q3:11

2. General Dynamic acquired Vangeant $960.0 million Q3:11

3. HMS acquired HealthDataInsights $400.0 million Q4:11

4. Verisk Analytics acquired MediConnect $348.6 million Q1:12

5. Vista Equity Partners acquired Sage Healthcare $320.0 million Q3:11

The Health Care M&A Report, First Quarter, 2012 xxii

Home Health Care and Hospice

The Home Health Care and Hospice (HHCH) sector posted 11 transactions in Q1:12. These 11 represent 32% of the 34 deals announced during the past 12 months. Activity targeted businesses involved in home health care, hospice services and DME.

67

6

10

11

0

2

4

6

8

10

12

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Home Health Care and Hospice Mergers &

Acquisitions, Total Transactions By Quarter


Based on purchase prices revealed to date, the first quarter’s M&A activity attracted nearly $760.0 million. During the past 12 months, a total of approximately $991.6 million has been spent to finance that period’s 34 deals.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$58.1 million $145.2 million $83.5 million $3.2 million $759.7 million

Dollars Spent On Home Health Care M&A, By Quarter

In Q1:12, 10 companies announced a combined 11 deals. Six privately held companies made seven deals, with Jordan Health announcing two. For the rest, three publicly traded corporations and one not-for-profit organization made one deal each. Three of the deals were made by companies backed by private equity. The targets included two publicly traded corporations, or parts thereof, eight privately held companies and one not-for-profit. In the largest HHCH deal of Q1:12, Air Products divested its home care business in Belgium, Germany, France, Portugal and Spain to The Linde Group, a publicly traded leading supplier of industrial, process and specialty gases based in Germany. The Air Products business offers oxygen therapy, sleep therapy and infusion therapy services. The buyer paid approximately $750.0 million, or 2.8x revenue, to double its home health care revenue. Given the recent trend toward concentrators and non-oxygen therapies, Air Products believed that the continental home care business is no longer a natural fit with the company’s core gases business; other divestments in Europe may follow.

The Health Care M&A Report, First Quarter, 2012 xxiii

In the next largest deal, AMH Healthcare Services sold the majority of its home health care business to Bayada Home Health Care. The divested business operates under the name Nursefinders Home Care, and generates annual revenue of approximately $13.0 million. The buyer is paying $9.65 million, or 0.74x revenue, to make this purchase. Excluded from the deal, however, are AMN Healthcare’s 19 franchisee-owned Nursefinders offices. The remainder included seven acquisitions of home health providers and two of hospice and palliative care organizations. The first two deals above rank among the top five deals of the preceding 12-month period, listed below. Five Largest Home Health/Hospice Deals In The Last 12 Months Value Quarter

1. The Linde Group acquired Air Group’s continental business $750.0 million Q1:12

2. Amedisys acquired Beacon Hospice $126.0 million Q2:11

3. Kindred acquired Professional Healthcare, LLC $51.0 million Q3:11

4. Almost Family acquired Cambridge Home Health $32.5 million Q3:11

5. Bayada Home Health acquired a home health business $9.7 million Q1:12

The Health Care M&A Report, First Quarter, 2012 xxiv

Hospitals Twenty-three transactions were announced in the Hospital sector during Q1:12. These 23 represent 25% of the 91 deals announced during the past 12 months. The assets that were acquired through these 23 transactions include a combined total of 33 hospitals and approximately 4,004 acute care beds. Twenty-one deals involved general acute care hospitals and two involved critical access hospitals.

22

32

15

21 23

0

10

20

30

40

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Hospital Mergers & Acquisitions



Based on prices revealed so far, a total of $128.5 million was committed to finance the 23 hospital deals in Q1:12. For the past 12 months, a total of $6.5 billion has been committed to hospital M&A; the first quarter’s figure represents just 2% of the year’s total.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$1.86 billion $4.5 billion $1.3 billion $584.0 million $128.5 million

Dollars Spent On Hospital M&A, By Quarter

Twenty-one acquirers announced a combined total of 23 transactions. Three publicly traded corporations announced three deals for a combined total of seven hospitals with 601 beds. Five privately held companies announced six deals for a combined total of six hospitals with 1,121 beds. Prime Healthcare announced two deals. And, finally, 13 not-for-profit hospitals announced 14 deals affecting a total of 20 hospitals with 2,282 beds. Huntsville Hospital, the largest not-for-profit in Alabama, announced two deals. From the seller’s side of the equation, eight deals targeted eight hospitals with 1,322 beds that were owned by privately held companies. Merit Health made two divestments, and went out of business. Finally, 15 transactions targeted 25 hospitals with 2,682 beds owned by not-for-profits. Catholic Health Initiatives made two sales. In the largest Hospital deal of Q1:12, not-for-profit Integris Health is entering into a joint venture with publicly traded Health Management Associates covering five acute care hospitals in Oklahoma with a combined total of 226 beds. Under terms of the deal, Health Management is paying $60.0 million for an

The Health Care M&A Report, First Quarter, 2012 xxv

80% interest in the joint venture. The buyer has calculated that for a 100% interest in the facility, the price will be $77.1 million. In the second largest deal, Christ Hospital, a 227-bed acute care facility in Jersey City, was acquired out of bankruptcy by Hudson Hospital Holdco for $43.5 million. Hudson Hospital Holdco is an affiliate of HUMC Holdco, which already owns Bayonne Medical Center and Hoboken University Medical Center, also in New Jersey. The price to revenue multiple of 0.35x is a clear indication that this was a bankruptcy sale. In the third largest deal of the quarter, Huntsville Hospital, Alabama’s largest not-for-profit hospital system, made its second acquisition in Decatur in as many quarters. It bought Decatur General Hospital, a 242-bed acute care facility, 64 of which are dedicated to psychiatric care. Huntsville is assuming $25.0 million in debt. Given that the Decatur market is overbedded by as many as 300 beds, some rationalization among the acquired facilities may be expected. None of these three transactions ranks among the top five deals of the past 12 months, listed in the table below. Five Largest Hospital Deals Of The Past 12 Months Value Quarter

1. Highmark acquired West Penn Allegheny $1.475 billion Q2:11

2. HCA acquired the remaining interest in HealthONE $1.45 billion Q2:11

3. Ascension Health acquired Alexian Brothers $645.0 million Q2:11

4. Health Management Associates acquired Mercy Health partners $532.4 million Q3:11

5. Community Health Systems acquired Tomball Regional $225.4 million Q3:11

The Health Care M&A Report, First Quarter, 2012 xxvi

Laboratories, MRI and Dialysis

During the first quarter of 2012, five deals were announced in the Laboratories, MRI and Dialysis sector; these five transactions account for 24% of the 21 transactions announced during the past 12 months. The acquired businesses include anatomic pathology labs, dialysis clinics and imaging centers.

13

4

66

5

0

4

8

12

16

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Labs, MRI & Dialysis Mergers & Acquisitions



A total of $394.7 million, based on revealed prices, was spent to finance the first quarter’s M&A activity. The first quarter dollar volume represents 10% of the approximately $3.8 billion that was committed to finance the 21 transactions of the past 12 months.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$2.5 billion $88.0 million $2.6 billion $770.7 million $394.7 million

Dollars Spent On Laboratory M&A, By Quarter

In the first quarter, five buyers announced one deal each: three publicly traded corporations and two privately held companies. Conversely, five privately held companies announced one sale each. In the largest Laboratory deal of the first quarter, Alere, a publicly traded corporation that manufactures and markets consumer and professional medical diagnostic products, is acquiring eScreen, a company that specializes in toxicology screening and employee health products and services. Alere is paying a maximum of $340.0 million, or 2.8x revenue, to make this acquisition. Under terms of the deal, the buyer will pay $270.0 million in cash and contingent consideration of up to an additional $70.0 million. The deal expands Alere’s capabilities in the global toxicology market, with the addition of eScreen’s proprietary testing platform. In the second largest deal, Albuquerque-based Lovelace Health System is selling S.E.D. Medical Laboratories, a full-service medical and federally certified drugs-of-abuse testing lab, to publicly traded

The Health Care M&A Report, First Quarter, 2012 xxvii

Quest Diagnostics for $50.6 million. Lovelace Health originally acquired S.E.D. from St. Joseph Healthcare System in 2002. The current deal expands the buyer’s laboratory network in the Southwest. In the third largest deal, TrovaGene is acquiring MultiGEN, a molecular diagnostic company focused on DNA sequence-based identification services, from Canada’s Nio-ID Diagnostics. The buyer is paying approximately $4.1 million in stock and cash. The acquisition of a CLIA-certified lab will provide the buyer with a source of cash flow while it develops its platform technology. TrovaGene will explore the possibility of adapting MultiGEN's tests to its proprietary platform. The first deal ranks among the top five for the past 12 months, listed below. Five Largest Laboratory Deals Of The Past 12 Months Value Quarter

1. Fresenius acquired Liberty Dialysis $1.7 billion Q3:11

2. Miraca Holdings acquired Caris Diagnostics $725.0 million Q4:11

3. Fresenius acquired American Access Care $385.0 million Q3:11

4. Alere acquired eScreen $340.0 million Q1:12

5. LabCorp of America acquired Orchid Cellmark $85.4 million Q2:11

The Health Care M&A Report, First Quarter, 2012 xxviii

Long-Term Care In the first quarter of 2012, 39 transactions were announced in the Long-Term Care sector; these 39 represent approximately 23% of the 171 transactions announced during the past 12 months. The first quarter’s transactions encompass a combined total of 110 facilities (Q4:11, 75) with 16,343 senior care beds or units (Q4:11, 8,063). The seniors housing and care properties targeted include assisted living facilities, CCRCs, independent living communities and skilled nursing facilities. The deals include both portfolio sales and individual properties.

39

45 43 4439

0

10

20

30

40

50

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Long‐Term Care Mergers & Acquisitions



During Q1:12 and based on revealed prices, approximately $1.658 billion was spent to fund the quarter’s 39 deals. This first quarter figure thus represents 32% of the approximately $5.3 billion that has been committed in the past 12 months to finance the year’s 171 transactions.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$12.76 billion $1.3 billion $1.5 billion $833.3 million $1.7 billion

Dollars Spent On Long‐Term Care M&A, By Quarter

Thirty buyers announced 39 deals in the first quarter. Five publicly traded corporations announced 12 deals. Health Care REIT announced four deals while AdCare Health Systems and The Ensign Group announced three apiece. Twenty-three privately held companies announced 25 deals. Within this cohort, Aviv REIT and West Living announced two transactions each. Finally, two not-for-profit organizations announced two deals. On the sell side, 36 deals targeted assets owned by privately held companies, two deals targeted facilities owned by not-for-profits and one targeted assets held for a publicly traded corporation. Eleven of the deals involved financial buyers, who as a group acquired 62 facilities with 10,406 beds/units. The average price to revenue multiple for skilled nursing facilities was 1.0x; the average for assisted and independent living facilities, 3.2x.

The Health Care M&A Report, First Quarter, 2012 xxix

In the largest Long-Term Care deal of Q1:12, Health Care REIT and Chartwell Seniors Housing REIT are acquiring 42 senior housing and memory care facilities in Canada with a combined total of 8,187 units. The price is approximately $925.2 million. Thirty-nine of the properties are to be co-owned by HCN and Canada's Chartwell Seniors Housing REIT, while three are to be 100% owned by HCN. Chartwell will manage the portfolio under an incentive-based contract. The properties are located predominantly in Quebec and Ontario, with a handful in Alberta and British Columbia. In the second largest deal of Q1:12, Brookdale Senior Living acquired a portfolio of nine seniors housing and care communities which have a combined total of 1,295 units. The company is paying $121.3 million to make this purchase. In the third largest deal, Formation Capital, LLC is acquiring a portfolio of nine senior care facilities in Illinois from Kensington Management Group. Five of the facilities are located upstate, three mid-state and one downstate. The first of these deals ranks among the five largest deals of the past 12 months, listed below. Five Largest Long‐Term Care Deals Of The Past 12 Months Value Quarter

1. Health Care REIT acquired a Canadian seniors housing portfolio $925.2 million Q1:12

2. Senior Housing Properties acquired nine Classic Residences $478.0 million Q3:11

3. Sunrise Senior Living acquired AL US Development Venture, LLC $410.0 million Q2:11

4. Health Care REIT acquired assisted living portfolio $307.5 million Q3:11

5. Chartwell acquired nine 15‐property portfolio $169.0 million Q3:11

The Health Care M&A Report, First Quarter, 2012 xxx

Managed Care

The Managed Care sector produced six transactions in Q1:12. This figure represents 24% of the 25 Managed Care deals announced during the past 12 months. The deals involve Medicaid managed care plans, Medicare Advantage plans and third party administrators, among others. The first quarter’s activity involved nearly 500,000 plan members.

1

4

5

10

6

0

2

4

6

8

10

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Managed Care Mergers & Acquisitions


Source: Irving Levin Associates, Inc. Based on prices revealed to date, approximately $8.4 billion was committed to fund the 25 Managed Care deals in the past 12 months. The six transactions in Q1:12 account for $477.5 million, or just 6% of the period’s total dollar volume.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$600.0 million $1.4 billion $651.0 million $5.9 billion $487.5 million

Dollars Spent On Managed Care M&A, By Quarter

Five acquirers announced a total of six deals. Two publicly traded corporations announced three deals, with UnitedHealth Group announcing two. Two private companies and one not-for-profit organization announced one deal each. The targets included five privately held companies and one not-for-profit. In the largest Managed Care deal announced in Q1:12, Universal American Corporation is acquiring APS Healthcare, a provider of specialty health care solutions, including disease management and care coordination, clinical quality review and behavioral health services, from GTCR, LLC. Universal American is paying $277.5 million; the consideration consists of $147.5 million to retire APS debt, $8.0 million in shares of Universal American stock and up to $50.0 million in performance-based contingent consideration. This acquisition, valued at 0.9x revenue, combines APS’s specialization in Medicaid with Universal American’s expertise in Medicare Advantage plans, allowing the company to better service so-called dual eligibles. APS’s 400 customers include Medicaid agencies, state and local governments, health plans, employers and labor trust groups.

The Health Care M&A Report, First Quarter, 2012 xxxi

In the second largest deal of the quarter, The Riverside Company, a private equity firm, is acquiring DentalPlans.com, a company that provides dental savings plans in the U.S., Puerto Rico and the U.K. It offers over 30 dental savings plans at more than 100,000 dental listings across the United States. According to media estimates, The Riverside Company is paying $200.0 million in an effort to boost its business-to-consumer and business-to-business marketing efforts. Finally, Highmark, one of the country’s largest Blue Cross Blue Shield franchises, is acquiring Blue Cross Blue Shield of Delaware, another franchisee of the national Blues association which serves 400,000 members. Highmark is paying approximately $10.0 million. This merger allows one of the smallest and more financially vulnerable Blues plans to join with a larger entity capable of sustaining the smaller one. None of these three deals ranks among the top five transactions in the Managed Care industry for the past 12 months, listed below. Five Largest Managed Care Deals Of The Past 12 Months Value Quarter

1. Cigna Corp. acquired HealthSpring $3.8 billion Q4:11

2. UnitedHealth acquired XLHealth $2.0 billion Q4:11

3. WellPoint acquired CareMore $800.0 million Q2:11

4. Aetna acquired Prodigy Health Group $600.0 million Q2:11

5. Aetna acquired Medicare supplement plan $290.0 million Q2:11

The Health Care M&A Report, First Quarter, 2012 xxxii

Medical Devices The Medical Device sector posted a total of 43 deals in Q1:12. The first quarter figure represents nearly 27% of the 161 Medical Device deals announced in the past 12 months.

53

36

48

34

43

0

10

20

30

40

50

60

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Medical Device Mergers & Acquisitions


Source: Irving Levin Associates, Inc. Based on revealed prices, a total of $3.3 billion was committed to finance the first quarter’s 43 transactions. The first quarter’s amount represents 6% of the $54.1 billion committed during the past 12 months to finance that period’s 161 transactions.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12


Dollars Spent On Medical Device M&A, By Quarter

A total of 38 acquirers announced 43 deals in Q1:12. Twenty-nine publicly traded corporations announced a combined total of 34 deals; Covidien plc announced three while Essilor, Mediware Information Systems and Syneron Medical announced two each. Nine privately held companies announced one deal each. Of the targets, 37 were privately held companies and six were publicly traded corporations or units thereof. Sixteen of the deals were made by foreign buyers; 13 of the deals involved foreign targets. The businesses targeted during the first quarter included manufacturers and fabricators of assays, lab systems, surgical tools and ventricular assist devices, among many others. In the largest Medical Device deal of Q1:12, Boston Scientific Corporation is acquiring Cameron Health, a California-based company that has developed an alternative to traditional defibrillators. Cameron’s S-ICD wireless system is the only commercially available subcutaneous implantable defibrillator. Its defibrillator does not touch the heart and blood vessels and so may offer a competitive advantage over conventional defibrillators which pass through the venous system and into the heart. Boston Scientific is paying $1.35 billion for the deal. The consideration consists of $150.0 million upfront, $150.0 million on

The Health Care M&A Report, First Quarter, 2012 xxxiii

approval of an S-ICD wireless system and up to an additional $1.05 billion in revenue-based milestones over a six-year period. In the second largest deal of the first quarter, AngioDynamics is acquiring Navilyst Medical, a portfolio company of Avista Capital which manufactures vascular access devices used in surgery, transfusions and delivery of antibiotics. The buyer is paying $372.0 million in shares of its stock to make this deal. This transaction, valued at 2.5x revenue, doubles the size of the buyer’s vascular access business. In another deal involving Avista Capital, Sigma-Aldrich Corporation is acquiring BioReliance Holdings, a global provider of biopharmaceutical testing services. BioReliance provides services in biologics testing, specialized toxicology and animal health testing. The buyer is paying $350.0 million in cash, or 3.2x revenue. The addition of BioReliance’s proprietary testing services allows Sigma-Aldrich to better support customers’ needs in determining the quality and integrity of biological drugs at each stage of the development and manufacturing process. None of the first quarter’s transactions ranks among the top five Medical Device deals within the past 12 months, as listed below. Five Largest Medical Device Deals Of The Past 12 Months Value Quarter

1. Johnson & Johnson acquired Synthes GmbH $21.3 billion Q2:11

2. Apax Partners acquired Kinetic Concepts $6.3 billion Q3:11

3. Thermo Fisher acquired Phadia AB $3.5 billion Q2:11

4. Endo Pharmaceuticals acquired American Medical Systems $2.9 billion Q2:11

5. TPG Capital acquired Immucor $2.0 billion Q3:11

The Health Care M&A Report, First Quarter, 2012 xxxiv

Pharmaceuticals Twenty-two transactions were announced in the Pharmaceutical sector during Q1:12. These 22 deals represent 20% of the 112 Pharmaceutical deals announced during the past 12 months.

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24

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22

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10

20

30

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Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Pharmaceutical Mergers & Acquisitions



Based on prices revealed to date, a total of $6.0 billion was committed during Q1:12 to finance the quarter’s 22 deals. The first quarter’s figure represents 14% of the $41.5 billion committed during the past 12 months to finance that period’s 112 pharmaceutical transactions.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12


Dollars Spent On Pharmaceutical M&A, By Quarter

A total of 21 organizations announced a combined total of 22 deals. Twelve publicly traded companies announced making a combined total of 13 deals, with Valeant Pharmaceuticals International announcing two. Nine privately held companies announced one deal each. Conversely, 10 of the targets were publicly traded corporations or units thereof while 12 were privately held companies. GlaxoSmithKline made two divestments and Cornerstone Therapeutics sold the rights to two drugs in separate deals as it rebalanced its portfolio. As to cross-border activity, 10 of the targets were foreign companies and nine of the buyers were foreign-domiciled companies. The targeted business assets included branded and specialty pharmaceuticals, as well as OTC and generic pharmaceutical products and companies. Therapeutic areas included anti-infectives, dermatology, diabetes and oncology, among others. In the largest Pharmaceutical deal of Q1:12, Bristol-Myers Squibb is acquiring Inhibitex, a publicly traded corporation that focuses on developing products to prevent or treat serious infections such as shingles and hepatitis C virus. Bristol-Myers is paying $26.00 per share; including options and warrants, the total purchase price is $2.5 billion. The acquisition gives the buyer a set of products to compete with Gilead on the hepatitis C front. Inhibitex’s hepatitis C treatment INX-189, an oral drug, will be the

The Health Care M&A Report, First Quarter, 2012 xxxv

centerpiece of Bristol-Myer’s efforts in this market; results from phase 2 clinical studies are expected later this year. In the second largest deal, Boehringer Ingelheim is entering into an R&D collaboration agreement with FORMA Therapeutics to discover and develop new drug candidates for treating cancer. Under terms of the deal, Boehringer Ingelheim will pay $65.0 million in upfront payments and R&D funding, and up to $750.0 million in pre-commercial milestones for programs resulting from the collaboration. The focus of this collaboration will be on small molecule drugs against oncology-relevant protein-protein interactions. Many so-called “un-druggable” and/or novel targets in the oncology space involve protein-protein interactions, so this collaboration offers the promise of opening up a set of therapeutics previously thought unobtainable. In the third largest pharma transaction of Q1:12, GlaxoSmithKline continues to sell off its OTC assets to reposition itself. The beneficiary of Glaxo’s desire to divest is Omega Pharma, a Belgian generic pharmaceutical company that is paying $612.0 million to buy a portfolio of OTC drugs sold in continental Europe. Omega believes this purchase, valued at 2.1x revenue, will give it critical mass in Germany, Britain, Poland and Italy; the company stands just below the top tier of consumer health companies, and wants to grow into their ranks. The top three generic pharma companies are currently Teva Pharmaceutical Co., Novartis’s Sandoz unit and, with the April 2012 acquisition of Activis for $6.0 billion, Watson Pharmaceuticals. The first of these deals ranks among the top five transactions for the past 12-month period, listed below. Five Largest Pharmaceutical Deals Of The Past 12 Months Value Quarter

1. Takeda Pharmaceutical acquired Nycomed $13.6 billion Q2:11

2. Teva Pharmaceutical acquired Cephalon $6.8 billion Q2:11

3. Bristol‐Myers Squibb acquired Inhibitex $2.5 billion Q1:12

4. Alkermes acquired Elan Drug Technologies $962.0 million Q2:11

5. Teva Pharmaceutical acquired Taiyo Pharmaceutical $934.0 million Q2:11

The Health Care M&A Report, First Quarter, 2012 xxxvi

Physician Medical Groups

Twenty deals were announced in the Physician Medical Group sector during Q1:12. The first quarter figure represents 18% of the 109 deals announced in this sector during the past 12 months. The buyers in this market have historically tended to be specialized physician practice management companies, or PPMs, targeting specific medical group practices. Within the past two years, however, hospital systems have begun to re-enter the market as buyers as they build up a framework for accountable care organizations, or ACOs. In nine of the deals in Q1:12, or approximately 45% of the total (Q4:11, 44%), the buyer was a hospital or hospital system. The first quarter saw transactions targeting anesthesiology, hospitalist, orthopedics and radiology practices, to name a few. Combined, these practices represent nearly 670 physicians.

18

28 27

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20

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10

20

30

40

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Physician Medical Group Mergers & Acquisitions



Based on prices revealed to date, a total of just $89.0 million was committed to fund the first quarter’s M&A activity. This amount represents 17% of the $522.5 million that has been spent on Physician Medical Group transactions in the past 12 months. These figures represent minimums; due to the high number of closely held companies involved, no other sector of health care underreports pricing as does Physician Medical Groups.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$30.8 million $416.0 million $1.4 million $16.1 million $89.0 million

Dollars Spent On Physician Medical Group M&A, By Quarter

Nineteen organizations announced a combined total of 20 deals. Four publicly traded corporations announced five deals involving 121 physicians, with IPC The Hospitalist announcing two deals. Eight privately held companies announced one deal each involving 100 physicians. Finally, seven not-for-profit organizations announced one deal each involving 448 physicians. The targeted practices involved the assets of 18 privately held companies and two not-for-profits. In the largest Physician Medical Group transaction of the first quarter, Community Health Systems, a publicly traded hospital management company, acquired Diagnostic Clinic of Longview, a Texas-based

The Health Care M&A Report, First Quarter, 2012 xxxvii

multispecialty physician group practice with 100 physicians, 30 mid-level providers and 500 other employees. The purchase price was $64.3 million, consisting of $52.3 million in cash and $12.0 million in assumed liabilities. This purchase gives the buyer a physician medical group that can provide services at Longview Regional Medical Center, an acute care hospital that it owns. The second and third largest deals involve acquisitions by IPC The Hospitalist, a publicly traded practice management company. In the larger of the two, IPC is paying approximately $13.6 million to buy Inpatient Clinical Solutions, a physician medical group in Southern Florida that specializes in providing hospitalist services. The practice generates 80,000 patient visits annually. In the smaller of the two deals, IPC is paying about $11.1 million to buy Asana Integrated Medical Group. Headquartered in California, the target practice provides acute and post-acute behavioral clinical services in Southern California and Phoenix, Arizona through a team of psychiatrists, psychologists and nurse practitioners. All three deals rank among the top five deals of the past 12 months, listed below. Five Largest Physician Medical Group Deals Of The Past 12 Months Value Quarter

1. Metropolitan Health acquired Continucare $416.0 million Q2:11

2. Community Health acquired Diagnostic Clinic of Longview $64.3 million Q1:12

3. WellStar acquired Solaris Heart & Vascular $16.0 million Q4:11

4. IPC The Hospitalist acquired Inpatient Clinical Solutions $13.6 million Q1:12

5. IPC The Hospitalist acquired Asana Integrated Medical Group $11.1 million Q1:12

The Health Care M&A Report, First Quarter, 2012 xxxviii

Rehabilitation

Five transactions were announced in the Rehabilitation sector during the first quarter of 2012; this figure represents 31% of the 16 deals announced in this sector during the past 12 months. The businesses acquired in these deals include rehabilitation hospitals and physical therapy providers.

3

2

6

3

5

0

2

4

6

Transactions

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

Rehabilitation Merger & Acquisitions



A total of $761.7 million was committed during the past 12 months to finance that period’s 16 deals. The $734.5 million spent during Q1:12 represents 96% of that total.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$1.3 billion — $27.2 million — $734.5 million

Dollars Spent On Rehabilitation M&A, By Quarter

Five buyers announced one deal apiece: two publicly traded corporations and three privately held companies. Three of the acquirers are financial buyers, including two REITs and one private equity firm. Conversely, the targets included five privately held companies. In the largest Rehabilitation deal of Q1:12, Medical Properties Trust, a publicly traded real estate investment trust, paid $400.0 million in a sale-leaseback transaction to acquire Ernest Health of Albuquerque, New Mexico. Ernest Health owns and operates eight acute rehabilitation facilities and eight long-term acute care hospitals in nine states with a combined total of 606 beds. This acquisition gives Medical Properties Trust a total of 78 hospitals in 24 states, and will bring the value of is assets to $2.0 billion. In the second largest deal, involving a transfer among private equity groups, Water Street Capital Partners and Wind Point Partners are selling Physiotherapy Associates to Court Square Partners. Physiotherapy Associates is a provider of outpatient rehabilitation services. It offers physical therapy, industrial rehabilitation and orthotic and prosthetic services to patients across the country. Water Street acquired Physiotherapy Associates in 2007 from Stryker Corp. for $150.0 million and then combined it with Benchmark Medical, which Wind Point built through 23 acquisitions since 2000. Court Square Partners is paying an estimated $330.0 million to make this purchase.

The Health Care M&A Report, First Quarter, 2012 xxxix

In the third largest deal, American Realty Capital Healthcare Trust, a newly formed REIT focused on health care properties, recently paid $4.5 million to acquire The Village Healthcare Center. Located in Santa Ana, California, Village Healthcare is a congregate living facility with 14 patient rooms, specializing in the rehabilitation and care of patients with catastrophic brain and spine injuries. The target property is 100% leased by CareMeridian, LLC. The first two deals rank among the top five deal of the past 12 months, as listed below. The Five Largest Rehabilitation Deals Of The Past 12 Months Value Quarter

1. Medical Properties Trust acquired Ernest Health $400.0 million Q1:12

2. Court Square Partners acquired Physiotherapy Associates $330.0 million Q1:12

3. Southern Homecare acquired Rehab Without Walls $9.8 million Q3:11

4. American Realty Capital acquired CareMeridian $9.0 million Q3:11

5. U.S. Physical Therapy acquired 20‐clinic PT group $8.4 million Q3:11

The Health Care M&A Report, First Quarter, 2012 xl

Other Thirty-eight “Other” health care services mergers and acquisitions were announced in Q1:12, representing 39% of the 97 “Other” deals announced in this sector during the past 12 months. Businesses targeted in the first quarter included contract research organizations, occupational medicine clinics, outpatient surgery centers and specialty distribution businesses, to name a few. A significant number of the businesses that are listed in what appears at first glance to be a catch-all category conduct their operations at sites alternative to, or perform services ancillary to, other providers who are thought to be more centrally positioned in the health care delivery system and thus more immediately linked with patients and consumers. Still other businesses in this category are relatively new entrants to the health care industry. Due to the novelty and behind-the-scenes nature of these businesses, which incidentally attract less public scrutiny and governmental regulation, entrepreneurs, including private equity firms, perceive more investment opportunities here than in some of the more mature and picked-over sectors of the health care industry. Finally, many of the businesses included here appear to be more amenable to a retail model than, say, a physician medical group.

28

19

22

18

38

0

10

20

30

40

Transaction Volume

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Quarter

ʺOtherʺ Mergers and Acquisitions



Based on revealed prices to date, a total of $4.6 billion was committed in Q1:12 to carry out the quarter’s 38 deals. This amount represents roughly 12% of the $40.4 billion that has been committed during the past 12 months to pay for that period’s 97 deals.

Q1:11 Q2:11 Q3:11 Q4:11 Q1:12

$4.9 billion $628.6 million $30.5 billion $4.7 billion $4.6 billion

Dollars Spent On Other Services M&A, By Quarter

Thirty-four organizations announced a combined total of 38 deals: 19 publicly traded corporations and two not-for-profit organizations announced one deal each. Thirteen privately held companies announced 17 deals, with US Healthworks announcing three while Arriva Medical and inVentiv announcing two each. Conversely, the targets included three publicly traded corporations or divisions thereof and 35 privately held companies.

The Health Care M&A Report, First Quarter, 2012 xli

The Health Care M&A Report, First Quarter, 2012 xlii

In the largest “Other” health care transaction of Q1:12, Genomma Lab Inernacional, a Mexican company, launched an unsolicited bid to acquire Prestige Brands Holdings, which sells and distributes OTC health care and household cleaning products. Genomma is offering $16.60 in cash per share; including the assumption of debt, the total price is approximately $1.264 billion. In the second largest “Other” deal of the first quarter, Katz Group Canada, Inc. is selling Medicine Shoppe Canada and Drug Trading Co., the marketing and franchising businesses of over 1,000 Canadian independent pharmacies, to McKesson Corporation for approximately $919.0 million. And in Q1:12’s third largest deal, On Assignment, a publicly traded staffing company, is paying $600.0 million, or 0.86x revenue, to buy Apex Systems, a Virginia-based information technology staffing and services firm. In effect, this deal combines the second and sixth-largest IT staffing firms in the country. All three transactions rank among the top five deals of the past 12 months, listed below. Five Largest Other Services Deals Of The Past 12 Months Value Quarter

1. Express Scripts acquired Medco Health Solutions $29.1 billion Q3:11

2. The Carlyle Group acquired PPD $3.9 billion Q4:11

3. Genomma Lab Internacional acquired Prestige Brands $1.3 billion Q1:12

4. McKesson acquired Medicine Shoppe Canada $919.0 million Q1:12

5. On Assignment acquired Apex Systems. $600.0 million Q1:12

As we were going to press, Genomma withdrew its offer to buy Prestige Brands. We will update our databases and figures in the subsequent editions of this Report to reflect this change.

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The Health Care M&A Report, First Quarter 2012

5

TARGET: Carlyle Care Center ACQUIRER: Pioneer Human Services

LISTING: Nonprofit LISTING: Private LOCATION: Spokane, Washington CEO: Karen Lee PHONE: 206-768-1990 UNITS: 72 7440 West Marginal Way S FAX: 206-768-8910 REVENUE: Seattle, Washington 98108 NET INCOME: WEB SITE: www.pioneerhumanservices.org The City Of Spokane is selling Carlyle Care Center, a residential center for low-income mentally ill residents. It has 72 units and is licensed to serve 139 people.

Pioneer Human Services provides a variety of housing, reentry, training and treatment services. In 2010, it generated revenue of $61 million and had expenses of $59 million.

ANNOUNCEMENT DATE: January 12, 2012 PRICE: $3,200,000 PRICE PER UNIT: $44,444 TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: The buyer plans to add four units and to continue to make provisions to house low-income residents. This deal enlarges the buyer's facility network in the Spokane market. It will help Pioneer fulfill a recently awarded federal contract that funds housing services for 10 veterans.

TARGET: Guidance Associates of

Pennsylvania

ACQUIRER: Franklin Family Services, Inc.

LISTING: Private LISTING: Private LOCATION: Camp Hill, Pennsylvania CEO: Scott Trayer PHONE: 717-267-1515 UNITS: 131 E. McKinley Street FAX: 717-267-2316 REVENUE: Chambersburg, Pennsylvania 17201 NET INCOME: WEB SITE: www.ffspa.com Guidance Associates of Pennsylvania is a provider of mental health and substance abuse programs. Services are provided from offices in Cumberland and Dauphin Counties.

Franklin Family Services is a provider of mental and behavioral health services.

ANNOUNCEMENT DATE: January 1, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This is one of two transactions Franklin Family Services undertook at the same time; the other was a merger with Premier Psychiatry Associates of Camp Hill. The consolidation is intended to foster administrative efficiencies, broaden services and pursue growth.


6

TARGET: Las Vegas psychiatric

hospitals

ACQUIRER: Strategic Behavioral Health, LLC

LISTING: NYSE: UHS LISTING: Private LOCATION: Las Vegas, Nevada CEO: James Shaheen PHONE: 901-969-3100 UNITS: 101 (beds) 8295 Tournament Dr., Suite

201 FAX:

REVENUE: Memphis, Tennessee 38125 NET INCOME: WEB SITE: www.strategicbh.com Universal Health Services is selling 80-bed Montgomery Hospital and 21-bed Red Rock Behavioral Health Hospital.

A Dobbs Management Service portfolio company, Strategic Behavioral Health (SBH) operates a network of behavioral health facilities nationwide providing behavioral health care.

ANNOUNCEMENT DATE: January 3, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: The sale of these hospitals was a condition imposed by the FTC on UHS's acquisition of Psychiatric Solutions. While the buyer typically develops hospitals in attractive markets, it will make purchases opportunistically, as it has done in this case. The facilities bring the total existing or planned beds for Strategic Behavioral Health to over 350 beds in North Carolina, Colorado and Nevada across five facilities. SBH worked with Fifth Third Bancorp, First Tennessee Bank and Pinnacle Financial to finance this deal.

TARGET: Psych Support, Inc. ACQUIRER: Providence Service Corporation

LISTING: Nonprofit LISTING: NASDAQ: PRSC LOCATION: Raleigh, North Carolina CEO: Fletcher McCusker PHONE: 520-747-6600 UNITS: 64 East Broadway Blvd. FAX: 520-747-6605 REVENUE: Tucson, Arizona 85701 NET INCOME: WEB SITE: www.provcorp.com Psych Support is a critical access behavioral health agency that provides enhanced mental health services, including intensive services for adults with severe and persistent mental illness.

Providence Service Corp. is a provider and manager of government-sponsored social services. On a trailing 12-month basis, PRSC generated revenue of $943 million, EBITDA of $50 million and net income of $17 million.

ANNOUNCEMENT DATE: March 20, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition is being carried out by PRSC subsidiary Family Preservation Services of North Carolina. It extends the buyer's existing behavioral health services in Wake County and into Wilson and Johnston counties. Psych Support typically provides critical mental health services to Medicaid and Medicare consumers in the greater Raleigh market.


7

TARGET: Three inpatient behavioral

hospitals

ACQUIRER: Acadia Healthcare Company, Inc.

LISTING: Private LISTING: NASDAQ: ACHC LOCATION: Nashville, Tennessee CEO: Joseph Jacobs PHONE: 615-861-6000 UNITS: 168 (beds) 830 Crescent Centre Drive FAX: 615-261-9685 REVENUE: $ 43,400,000 Franklin, Tennessee 37067 NET INCOME: WEB SITE: www.acadiahealthcare.com Haven Behavioral Healthcare Holdings, LLC is selling three inpatient psychiatric hospitals with a combined total of 168 beds. For 2011, they generated combined revenue of $43.4 million.

Acadia Healthcare Company provides inpatient behavioral health care, offering psychiatric and chemical dependency services. On a trailing 12-month basis, it generated revenue of $162 million, EBITDA of $25 million and a net loss of $17 million.

ANNOUNCEMENT DATE: January 8, 2012 PRICE: $91,000,000 PRICE PER UNIT: $541,667 TERMS: Cash PRICE/REVENUE: 2.09 PRICE/INCOME: This marks ACHC's first major expansion after its merger with PHC, Inc. in March 2011. The three target hospitals are located in Tucson, Arizona; Asa, Oklahoma; and Wichita Falls, Texas. ACHC believes the purchase of inpatient facilities will improve the company's overall payor mix. The purchase is to be funded from a December 2011 equity offering by ACHC and a partial draw on its revolving credit line. This deal closed March 5, 2012.

TARGET: Vista House ACQUIRER: Bodha Recovery Residences

LISTING: Private LISTING: Private LOCATION: Los Angeles, California CEO: Seth Wiles PHONE: 415-230-0826 UNITS: 1559B Sloat Blvd. #156 FAX: 415-230-0826 REVENUE: San Francisco, California 94132 NET INCOME: WEB SITE: www.bodharecovery.com Vista House is a *sober home*, a residence that provides transitional recovery services for patients with drug and alcohol dependence. It is located in an upscale West Hollywood neighborhood.

Bodha Recovery Residences specializes in upscale recovery residences.

ANNOUNCEMENT DATE: January 4, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition enlarges the buyer's network of recovery residences, expanding the company's presence in Southern California.

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13

TARGET: Aldagen, Inc. ACQUIRER: Cytomedix, Inc.

LISTING: Private LISTING: OTCBB: CMXI LOCATION: Durham, North Carolina CEO: Martin Rosendale PHONE: 240-499-2680 UNITS: 209 Perry Parkway, Suite 7 FAX: 240-499-2690 REVENUE: Gaithersburg, Maryland 20877 NET INCOME: WEB SITE: www.cytomedix.com

Aldagen develops regenerative cell therapies based on its proprietary ALDH bright cell technology.

Cytomedix develops, sells and licenses regenerative biological therapies to primarily address the areas of wound care and orthopedic surgery.

ANNOUNCEMENT DATE: February 8, 2012 PRICE: $44.400.000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Issuance of preferred shares worth $16 million. Issuance of up to $28.4 million in common stock on achieving certain milestones.

This acquisition expands the buyer's franchise in regenerative medicine. It gives CMXI a drug development pipeline with three programs, one for peripheral arterial disease, one for ischemic heart failure and one for ischemic stroke. Opus National Capital Markets and the merchant banking group of Burrill & Company provided CMXI and Aldagen, respectively, with financial advice on this deal.

TARGET: Altacor ACQUIRER: NicOx, S.A.

LISTING: Private LISTING: Euronext: COX LOCATION: Cambridge, England CEO: Michael Garuti PHONE: 33 0 49724 5300 UNITS: Bldg HB4 1681 route des

Dolines FAX: 33 0 49724 5399

REVENUE: $1,003,000 Sophia Antipolis, France 06906 NET INCOME: WEB SITE: www.nicox.com

Altacor is a pharmaceutical company focused on ophthalmology. Its Clintas dry eye product generated 2011 sales of GBP 660,000.

NicOx is a pharmaceuticals company using a proprietary nitric acid donating R&D platform to develop drugs in inflammatory, cardiometabolic and ophthalmologic diseases.

ANNOUNCEMENT DATE: March 21, 2012 PRICE: $31,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 30.90 PRICE/INCOME:

GBP for an initial 11.8% of Altacor. Call option to acquire remainder for GBP 9 million before May 31, 2012. If agreed milestones are met, consideration to increase by GBP 8.5 million.

This transaction expands the buyer's presence in the ophthalmology market and extends its global footprint to Ireland and the United Kingdom. Not only does Altacor have marketed products, it also has a pipeline of drugs and products.


14

TARGET: Anabasis Srl ACQUIRER: Dompe

LISTING: Private LISTING: Private LOCATION: Milan, Italy CEO: Eugenio Aringhieri PHONE: 39 02 583831 UNITS: Via San Martino, 12-12/a FAX: REVENUE: Milan, Italy 20122 NET INCOME: WEB SITE: www.dompe.com

Anabasis is focused on biopharmaceuticals research and development, specializing in ocular diseases. The initial focus is NGF (Nerve Growth Factor) for the treatment of diseases of the anterior part of the eye.

Dompe is a biopharmaceutical company focused on solutions for unmet medical needs.

ANNOUNCEMENT DATE: February 28, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

For the remaining 51% of the target.

This acquisition expands the buyer's ophthalmology franchise. The buyer first obtained a 49% interest in the target in January 2011. The buyer hopes to extend Anabasis's research to other diseases such as glaucoma.

TARGET: Araclon Biotech (majority stake)

ACQUIRER: Grifols, SA

LISTING: NASDAQ: TLCR LISTING: NASDAQ: GRFS LOCATION: Zaragosa, Spain CEO: Victor Grifols Roura PHONE: 34 935 71 22 00 UNITS: Avinguda de la Generalitat, 152 FAX: 34 935 71 02 67 REVENUE: Barcelona, Spain 08174 NET INCOME: WEB SITE: www.grifols.com

Araclon Biotech specializes in the research and development of therapeutics and diagnostic methods for neurodegenerative diseases. It is currently focusing on Alzheimer's disease.

Grifols is a holding company specialized in the pharmaceutical-hospital sector and is present in over 90 countries. On a trailing 12-month basis, GRFS generated revenue of $2.35 billion, EBITDA of $576 million and net income of 66 million.

ANNOUNCEMENT DATE: March 16, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

For a 51% interest.

GRFS acquired a stake in the target through Gre-Cel, A.A., an investment vehicle created in 2010 to facilitate the group's participation in fields outside of its core areas. Araclon is currently developing a test for Alzheimer's as well as a series of vaccines.


15

TARGET: Avila Therapeutics, Inc. ACQUIRER: Celgene Corporation

LISTING: Private LISTING: NASDAQ: CELG LOCATION: Bedford, Massachusetts CEO: Robert Hugin PHONE: 908-673-9000 UNITS: 86 Morris Avenue FAX: REVENUE: Summit, New Jersey 07901 NET INCOME: WEB SITE: www.celgene.com

Avila Therapeutics is focused on designing and developing covalent drugs for best-in-class outcomes. Its Avilomics platform is focused on cancer, viral infection and autoimmune disease.

Celgene is a biopharmaceutical company focused on small molecule drugs for cancer and immunological diseases. On a trailing 12-month basis, CELG generated revenue of $4.6 billion, EBITDA of $1.8 billion and net income of $1.1 billion.

ANNOUNCEMENT DATE: January 26, 2012 PRICE: $925,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$350 million in cash; up to $195 million in milestone payments related to AVL-292; up to $380 million in milestone payments related to candidates generated from the Avilomics platform.

This acquisition gives CELG a cancer and autoimmune disease drug candidate, AVL-292, in phase 1 testing. It also gives the buyer a proprietary drug development platform, Avilomics. Avila's investors include Abingworth, Advent Venture Partners, Atlas Venture, Novartis Option Fund and Polaris Venture Partners.

TARGET: Boston Biomedical, Inc. ACQUIRER: Dainippon Sumitomo Pharmaceutical Co Ltd.

LISTING: Private LISTING: Tokyo: 4506 LOCATION: Norwood, Massachusetts CEO: Masayo Tada PHONE: UNITS: 6-8, Doshomachi 2-chome,

Chuo-ku FAX:

REVENUE: Osaka, Japan 541-0045 NET INCOME: WEB SITE: www.ds-pharma.co.jp

Boston Biomedical specializes in discovering, developing and commercializing cancer drugs. Its technology targets cancer stem cells.

Dainippon Sumitomo Pharmaceutical (DSP) manufactures a variety of pharmaceutical products. For the three months ended June 30, 2009, the company generated revenue of Yen 66.0 billion and operating income of Yen 11.2 billion.

ANNOUNCEMENT DATE: February 29, 2012 PRICE: $2,630,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$200 million upfront; $540 million in development milestones; up to $1.89 billion in sales milestones.

This transaction gives Dainippon two oral drugs in clinical development, BBI608 and BBI503, that target cancer stem cells. The company wants to develop an oncology franchise along side of its existing CNS franchise. Citigroup Global Markets provided Dainippon with financial advice on this deal.


16

TARGET: Cancer drug alliance ACQUIRER: Johnson & Johnson, Inc.

LISTING: Private LISTING: NYSE: JNJ LOCATION: Watertown, Massachusetts CEO: William Weldon PHONE: 732-524-0400 UNITS: One Johnson & Johnson Plaza FAX: 732-214-0332 REVENUE: New Brunswick, New Jersey 08933 NET INCOME: WEB SITE: www.jnj.com

FORMA Therapeutics is entering into an exclusive alliance to discover, develop and commercialize small molecule drug candidates that target tumor metabolism mechanisms.

Johnson & Johnson manufactures and markets a broad range of products in the health care field. On a trailing 12-month basis, JNJ generated revenue of $64 billion, EBITDA of $19.5 billion and net income of $11.4 billion.


Research collaboration and license option agreement. Project and milestone funding of up to $700 million if certain milestones are reached.

This alliance is being conducted with JNJ subsidiary Janssen Biotech, a part of Janssen Pharmaceutical Companies. It enlarges Janssen's pipeline of cancer drug candidates.

TARGET: CNS drug license ACQUIRER: Shire plc

LISTING: Private LISTING: NASDAQ: SHPGY LOCATION: Welwyn Garden City, England CEO: Angus Russell PHONE: 353 1 429 7700 UNITS: 5 Riverwalk, Citywest Campus FAX: REVENUE: Dublin, Ireland 24 NET INCOME: WEB SITE: www.shire.com

Heptares has granted an option to license a novel adenosine A2A antagonist, involved in the regulation of dopaminergic pathways in the brain. The drug, in preclinical development, targets a pathway involved in the treatment of CNS disorders.

Shire researches, develops, manufactures, sells and distributes pharmaceutical products. On a trailing 12-month basis, it generated revenue of $4.1 billion, EBITDA of $1.3 billion and net income of $775 million.

ANNOUNCEMENT DATE: March 20, 2012 PRICE: $190,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Exercise of option. Undisclosed cash upfront payment. Up to $190 million in clinical, regulatory and sales milestones. Royalties on product sales.

This agreement builds up Shire's CNS drug pipeline. It grants Shire an exclusive worldwide license to a promising compound.


17

TARGET: CTX-4430 inflammation drug

ACQUIRER: Celtaxsys, Inc.

LISTING: Private LISTING: Private LOCATION: Martinez, California CEO: Michael Hanley PHONE: 415-829-7110 UNITS: 1700 Owens Street FAX: 415-829-7004 REVENUE: San Francisco, California 94158 NET INCOME: WEB SITE: www.celtaxsys.com

Estrellita Pharmaceuticals, Inc. is selling CTX-4430, a clinical stage drug candidate that inhibits the pro-inflammatory enzyme, Leukotriene A4 Hydrolase.

Celtaxsys is a biotech focused on discovering, developing and commercializing products to treat inflammatory and autoimmune diseases.

ANNOUNCEMENT DATE: January 5, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

This acquisition enlarges the buyer's pipeline of anti-inflammatory drug candidates. The enzyme that the candidate targets has been implicated in such conditions as cystic fibrosis, asthma, COPD and, more remotely, multiple sclerosis.

TARGET: DiaKine Therapeutics, Inc. ACQUIRER: Islet Sciences, Inc.

LISTING: Private LISTING: OTCBB: ONCED LOCATION: Norfolk, Virginia CEO: John Steel PHONE: 646-863-6341 UNITS: 641 Lexington Ave., 6th Floor FAX: REVENUE: New York, New York 10022 NET INCOME: WEB SITE: www.isletsciences.com

DiaKine Therapeutics is engaged in commercializing immune modulators for treating diabetes and related complications.

Islet Sciences is a development-stage biotech focused on transplantation therapy for patients with insulin-dependent diabetes.

ANNOUNCEMENT DATE: February 29, 2012 PRICE: $3,150,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Share exchange agreement. Issuance of 200,000 shares of preferred stock. Issuance of 100,000 shares of common stock to satisfy certain liabilities.

Each share of preferred stock converts into 10 shares of common stock when the closing price of the common stock for ten consecutive trading days is greater than or equal to $1.50. This deal gives the buyer a program in clinical development to bolster its diabetes program.


18

TARGET: Epigenetics drug collaboration

ACQUIRER: Roche Holding AG

LISTING: Private LISTING: VX: ROG LOCATION: Cambridge, Massachusetts CEO: Severin Schwan PHONE: 41-61-688-1111 UNITS: Grenzacherstrasse 124 FAX: 41-61-691-9391 REVENUE: Basel, Switzerland CH-4070 NET INCOME: WEB SITE: www.roche.com

Constellation Pharmaceuticals is entering into a collaboration agreement to discover and develop drugs for cancer and other serious diseases based on epigenetics and chromatin biology.

Roche Holding AG is a global pharmaceutical company, with pharmaceuticals and diagnostic divisions. For 2010, Roche generated revenue of CHF 47.5 billion.


$95 million in upfront payment and research funding over three years. Development and commercialization milestones possible. Double-digit royalties on sales.

This agreement is being carried out by Roche's Genentech subsidiary. It enlarges the technology platforms that Genentech has available to address drug discovery and development.

TARGET: Epitomics, Inc. ACQUIRER: Abcam Plc

LISTING: Private LISTING: AIM: ABC LOCATION: San Francisco, California CEO: Jonathan Milner PHONE: 44 01223 696000 UNITS: 330 Cambridge Science Park FAX: REVENUE: $24,700,000 Cambridge, England CB4 0FL NET INCOME: WEB SITE: www.abcamplc.com

Epitomics has developed humanized rabbit monoclonal antibodies for research and diagnostic purposes. It has a manufacturing facility in Hangzhou, China. In 2011, it generated revenue of $24.7 million.

Abcam is a biotech developing high quality protein research tools. Its products cover cancer, cardiovascular, immunology and stem cell research areas.


Cash and stock. See below for details.

To finance this deal, the buyer has put in place a new $31.7 million credit facility and issued 14.5 new shares. This deal, which expands the buyer's technology capabilities in the area of antibody technologies, is expected to be accretive to earnings in 2013.


19

TARGET: Eyetech, Inc. ACQUIRER: Valeant Pharmaceuticals International

LISTING: Private LISTING: NYSE: VRX LOCATION: Sao Paulo, New Jersey CEO: J. Michael Pearson PHONE: 514-744-6792 UNITS: 4787 levy street FAX: 514-744-6272 REVENUE: Montreal, Qubec H4R 2P9 NET INCOME: WEB SITE: www.valeant.com

Eyetech is an ophthalmic biotechnology company focused on the treatment of sight-threatening diseases of the retina. It markets Macugen in the United States, an anti-VEGF inhibitor for wet age-related macular degeneration.

Valeant Pharmaceuticals is a specialty pharma involved in neurology, dermatology and branded generics. On a trailing 12-month basis, it generated revenue of $1.9 million, EBITDA of $916 million and a net loss of $176 million.


Upfront and milestone payments.

This acquisition is valued at approximately 1.7x sales. It fits with the buyer's existing ophthalmology business. The deal continues VRX's aggressive acquisition campaign.

TARGET: FerroKin BioSciences, Inc. ACQUIRER: Shire plc

LISTING: Private LISTING: NASDAQ: SHPGY LOCATION: San Francisco, California CEO: Angus Russell PHONE: 353 1 429 7700 UNITS: 5 Riverwalk, Citywest Campus FAX: REVENUE: Dublin, Ireland 24 NET INCOME: WEB SITE: www.shire.com

FerroKin BioSciences is a biotech developing a once-a-day oral iron chelator, FBS0701, to treat iron overload following blood transfusions.



$100 million in cash upfront; up to $225 million in clinical, regulatory and sales milestones.

This acquisition builds up Shire's hematology business, adding a new product candidate in phase 2 trials. Its once-a-day formulation should provide it with competitive advantages over competing products. Seaview Securities provided FerroKin with financial advice on this transaction.


20

TARGET: Hepatitis C inhibitor program

ACQUIRER: Novartis AG

LISTING: Private LISTING: NYSE: NVS LOCATION: Watertown, Massachusetts CEO: Joseph Jimenez PHONE: 41 61 324 11 11 UNITS: Lichtstrasse 35 FAX: 41 61 324 80 01 REVENUE: Basel, Switzerland 4056 NET INCOME: WEB SITE: www.novartis.com

Enanta Pharmaceuticals is entering into a license and collaboration agreement to develop, manufacture and commercialize EDP-239, the lead candidate in its NS5A hepatitis C inhibitor program.

Novartis is engaged in sales and product innovation in pharmaceuticals, generics, consumer health and eye care, as well as animal health. On a trailing 12-month basis, NVS generated revenue of $50.2 billion, EBITDA of $15.5 billion and net income of $9.9 million.


$34 million upfront; up to $406 million in clinical, regulatory and milestone payments.

This agreement gives NVS a new program in the hepatitis C market, which has attracted a great measure of investor interest over the past 18 months.

TARGET: Inflammatory drug collaboration

ACQUIRER: Abbott Laboratories

LISTING: Euronext: GLPG LISTING: NYSE: ABT LOCATION: Mechelen, Belgium CEO: Miles White PHONE: 847-937-6100 UNITS: 100 Abbott Park Road FAX: 847-937-1511 REVENUE: Abbott Park, Illinois 60064 NET INCOME: WEB SITE: www.abbott.com

Galapagos NV is entering into a collaboration to discover and develop drugs for treating inflammatory disease such as rheumatoid arthritis.

Abbott discovers, develops, manufactures and sells health care products, including diagnostic, pharmaceutical and hospital products. On a 12-month trailing basis, ABT generated revenue of $35.5 billion, EBITDA of $9.8 billion and net income of $4.5 billion.

ANNOUNCEMENT DATE: February 29, 2012 PRICE: $1,350,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$150 million in an upfront fee. $200 million to license the drug. Up to $1.0 billion in certain development and sales milestone payments.

This collaboration gives ABT access to a potential treatment for inflammatory disease. The initial $150.0 million ABT is paying is for Galapagos's experimental drug GLP0634, which is part of a family of compounds that inhibit enzymes associated with inflammation.


21

TARGET: License for BTK inhibitors ACQUIRER: Tolero Pharmaceuticals, Inc.

LISTING: NASDAQ: MNKD LISTING: Private LOCATION: Valencia, California CEO: Dallin Anderson PHONE: 801-285-7570 UNITS: 9980 South 300 West, # 200 FAX: REVENUE: Salt Lake City, Utah 84070 NET INCOME: WEB SITE: www.toleropharma.com

MannKind Corp. is entering into a license agreement to develop compound from MNKD's BTK (Bruton's tyrosine kinase) program for the treatment of hematological malignancies and inflammatory diseases.

Tolero Pharmaceuticals is a biopharma focused on therapeutics to treat and cure cancer and other life-threatening diseases.


Total upfront and milestone payments. Tiered royalties on sales of products.

This transaction enlarges Tolero's pipeline of cancer drug candidates. MNKD has an option rto reqacuire the rights to the program at pre-specified terms until 60 days after the conclusion of the first phase 1 study. IfMNKD exercises its option, Tolero would become entitled to receive certain milestone payments and royalties stipulated in the agreement.

TARGET: Lysomal storage disease program

ACQUIRER: GlaxoSmithKline plc

LISTING: Private LISTING: NYSE: GSK LOCATION: Montreal, Canada CEO: Andrew Witty PHONE: 44 0 20 8047 5000 UNITS: 980 Great West Road FAX: 181-966-8330 REVENUE: Middlesex, England TW8 9GS NET INCOME: WEB SITE: www.gsk.com

Angiochem is granting rights for its early-stage lysomal storage disease program.

GlaxoSmithKline is a global pharmaceutical company. On a trailing 12-month basis, GSK generated revenue of $43 billion, EBITDA of $16 billion and net income of $8.4 billion.


$31.5 million in upfront, research and additional fees. Up to $300 million in milestone payments.

This transaction enlarges GSK's rare disease drug development pipeline. The company hopes to develop at least one enzyme therapy for a lysomal storage disease that can be transported through the blood-brain barrier. Angiochem develops drugs that are linked to a peptide that homes in on the LRP-1 receptor to take drugs across the barrier into the central nervous system.


22

TARGET: Micromet, Inc. ACQUIRER: Amgen, Inc.

LISTING: NASDAQ: MITI LISTING: NASDAQ: AMGN LOCATION: Rockville, Maryland CEO: Kevin Sharer PHONE: 805-447-1000 UNITS: One Amgen Center Drive FAX: 805-447-1010 REVENUE: $26,400,000 Thousand Oaks, California 91320 NET INCOME: WEB SITE: www.amgen.com

Micromet discovers, develops and commercializes antibody-based therapeutics to treat cancer. On a trailing 12-month basis, MITI generated revenue of $26.4 million and a net loss of $58 million.

Amgen is a biotech company engaged in the discovery, development and manufacture of human therapeutics based on advances in cellular and molecular biology. On a trailing 12-month basis, AMGN generated revenue of $15.5 billion, EBITDA of $6.3 billion and net income of $3.8 billion.

ANNOUNCEMENT DATE: January 26, 2012 PRICE: $1,160,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 43.93 PRICE/INCOME:

$11.00 per share.

This bid offers MITI shareholders a 33% premium to the stock's prior-day price. With this deal, AMGN enhances its pipeline by acquiring the compound blinatumomab, which is being tested against two blood cancers, acute lymphoblastic leukemia and non-Hodgkin's lymphoma.

TARGET: Monogenic disease collaboration

ACQUIRER: Shire plc

LISTING: Private LISTING: NASDAQ: SHPGY LOCATION: Richmond, California CEO: Angus Russell PHONE: 353 1 429 7700 UNITS: 5 Riverwalk, Citywest Campus FAX: REVENUE: Dublin, Ireland 24 NET INCOME: WEB SITE: www.shire.com

Sangamo Biosciences is entering into a collaboration and license agreement to develop therapeutics for hemophilia and other monogenetic diseases. The collaboration will employ Sangamo's zinc finger DNA-bind protein technology.


ANNOUNCEMENT DATE: February 1, 2012 PRICE: $13,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$13 million in upfront payments. Undisclosed research, regulatory, development and commercial milestone payments.

This collaboration gives SHPGY access to Sangamo's proprietary technology, thereby expanding its therapeutic pipeline in a variety of genetic disorders.


23

TARGET: MS drug collaboration ACQUIRER: Biogen Idec, Inc.

LISTING: Private LISTING: NASDAQ: BIIB LOCATION: Boston, Massachusetts CEO: George Scangos PHONE: 781-464-2000 UNITS: 133 Boston Post Road FAX: 617-679-2617 REVENUE: Weston, Massachusetts 02493 NET INCOME: WEB SITE: www.biogenidec.com

MAKScientific, LLC is entering into an option and collaboration agreement to develop and commercialize drug candidates for the treatment of multiple sclerosis and other neurodegenerative diseases.

Biogen Idec develops, manufactures and commercializes novel therapies for a variety of diseases. On a trailing 12-month basis, BIIB generated revenue of $4.9 billion, EBITDA of $2.1 billion and net income of $1.2 billion.

ANNOUNCEMENT DATE: March 15, 2012 PRICE: $34,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$3 million upfront cash payment; up to $31 million in milestone payments. Royalties on net sales.

This collaboration brings MAKScientific's expertise in therapeutics based on modulating cannabionid pathways to the development of drug candidates for MS and similar diseases.

TARGET: Pain therapeutics collaboration

ACQUIRER: Roche Holding AG

LISTING: Private LISTING: VX: ROG LOCATION: Vancouver, British Columbia CEO: Severin Schwan PHONE: 41-61-688-1111 UNITS: Grenzacherstrasse 124 FAX: 41-61-691-9391 REVENUE: Basel, Switzerland CH-4070 NET INCOME: WEB SITE: www.roche.com

Xenon Pharmaceuticals is entering into a strategic alliance to discover and develop compound and companion diagnostics for the potential treatment of pain.



Undisclosed upfront payment and research funding. Eligible to receive as much as $646 million in various milestone payments. Royalties on sales of products from the collaboration.

This agreement is being struck with Roche's biotechnology subsidiary Genentech. It both broadens and deepens Genetech's pipeline of novel medicines. Xenon focuses on small molecule therapies based on the genetic causes of select metabolic, neurological and cardiovascular diseases.


24

TARGET: Rights to GCS-100 galectin-3 antagonist

ACQUIRER: La Jolla Pharmaceutical Company

LISTING: Private LISTING: OTCBB: LJPC LOCATION: San Diego, California CEO: George Tidmarsh PHONE: 858-452-6600 UNITS: 4370 La Jolla Village Drive FAX: 858-626-2851 REVENUE: San Diego, California 92122 NET INCOME: WEB SITE: www.ljpc.com

Solana Therapeutics is selling global development and commercialization rights to GCS-100, which is indicated in the treatment of cancer and chronic organ failure.

La Jolla Pharmaceutical focuses on the development of compounds known as Regenerative Immunophilin Ligands for the field of regenerative medicine.


Nominal cost. LJPC to fund efforts to complete a phase 2a clinical study.

This deal enlarges LJPC's drug pipeline with a potential candidate for treating cancer and chronic organ failure. Solna's CEO is leaving that company to become CEO of LJPC.

TARGET: Rights to Ocriplasmin ACQUIRER: Novartis AG

LISTING: Euronext: THR LISTING: NYSE: NVS LOCATION: Leuven, Belgium CEO: Joseph Jimenez PHONE: 41 61 324 11 11 UNITS: Lichtstrasse 35 FAX: 41 61 324 80 01 REVENUE: Basel, Switzerland 4056 NET INCOME: WEB SITE: www.novartis.com

ThromboGenics NV is entering into an agreement for the commercialization of ocriplasmin outside of the United States. It is indicated for the treatment of symptomatic VMA.

Novartis is engaged in sales and product innovation in pharmaceuticals, generics, consumer health and eye care, as well as animal health. On a trailing 12-month basis, NVS generated revenue of $50.2 billion, EBITDA of $15.5 billion and net income of $9.9 billion.


Eur 75 million upfront; up to Eur 90 million in near-term milestones; additional milestone payments of up to Eur 210 million. Royalties on net sales.

This divestment frees ThromboGenics to concentrate its efforts on the launch of ocriplasmin in the United States. The deal is being conducted with Novartis eye care subsidiary Alcon.


25

TARGET: Rights to Ravici ACQUIRER: Hyperion Therapeutics, Inc.

LISTING: NYSE: MRX LISTING: Private LOCATION: Scottsdale, Arizona CEO: Don Santel PHONE: 650-745-7802 UNITS: 601 Gateway Blvd. Suite 200 FAX: 650-871-7029 REVENUE: S. San Francisco, California 94080 NET INCOME: WEB SITE: www.hyperiontx.com

Medicis Pharmaceutical subsidiary Ucyclyd Pharma, Inc. is selling worldwide rights to Ravici (HPN-100), an investigational drug for urea cycle disorders and episodic hepatic encephalopathy.

Hyperion Therapeutics is a biopharma focused on developing treatments for orphan diseases and hepatology.


Not disclosed

This deal gives the buyer access to a drug being developed for two orphan diseases. Hyperion has collaborated on other programs with Ucyclyd and retains an option to acquire two other drugs in 2013 under certain conditions. Ravici has been through one phase 3 trial and has two supporting phase 2 trials.

TARGET: Rights to salirasib tumor drug

ACQUIRER: Kadmon Corporation, LLC

LISTING: Private LISTING: Private LOCATION: Fort Lauderdale, Florida CEO: Samuel D. Waksal PHONE: 212-308-6000 UNITS: 450 E. 29th Street, Fifth Floor FAX: REVENUE: New York, New York 10016 NET INCOME: WEB SITE: www.kadmon.com

Concordia Pharmaceuticals is transferring all rights to salirasib, a small molecule therapeutic indicated for the treatment of solid tumors. It is in phase 2 trials.

Kadmon is a biopharma that harnesses new concepts in molecular biology to develop therapies that target the metabolomic or signaling pathways associated with disease.


Not disclosed

This acquisition enlarges Kadmon's drug development pipeline with a candidate that is designed to inhibit overactive cell growth in cancer caused by various Ras proteins, which are implicated in about 30% of all cancers.


26

TARGET: Rights to Zevalin ACQUIRER: Spectrum Pharmaceuticals, Inc.

LISTING: DAX: BAY LISTING: NASDAQ: SPPI LOCATION: Leverkusen, Germany CEO: Rajesh Shrotriya PHONE: 702-835-6300 UNITS: 11500 S. Eastern Ave., Suite

240 FAX: 702-260-7405

REVENUE: Henderson, Nevada 89052 NET INCOME: WEB SITE: www.spectrumpharm.com

Bayer Healthcare is selling the worldwide rights to Zevalin, an injection for intravenous use outside the U.S. to treat follicular B-cell non-Hodgkin's lymphoma.

Spectrum Pharmaceuticals discovers and develops novel therapeutic drugs for oncology and hematology. On a trailing 12-month basis, SPPI generated revenue of $174 million, EBITDA of $59 million and net income of $45 million.


Eur 19 million. Royalties on net sales of Zevalin outside the U.S.

As a result of this deal, SPPI is to have all rights relating to the marketing, sales and patents of Zevalin, as well as to existing inventory of the drug. The company already holds the U.S. rights to the drug, so this deal expands SPPI's global footprint. The merchant banking group of Burrill & Company advised SPPI on this deal.

TARGET: SMA drug collaboration ACQUIRER: Biogen Idec, Inc.

LISTING: Private LISTING: NASDAQ: BIIB LOCATION: Carlsbad, California CEO: George Scangos PHONE: 781-464-2000 UNITS: 133 Boston Post Road FAX: 617-679-2617 REVENUE: Weston, Massachusetts 02493 NET INCOME: WEB SITE: www.biogenidec.com

Isis Pharmaceuticals is entering into a license and collaboration agreement to develop and commercialize ISIS-SMNRx, a treatment for spinal muscular atrophy.



$29 million upfront payment; up to $45 million in milestone payments prior to licensing; up to $225 million in a license fee and regulatory milestone payments. Double-digit royalties on sales.

This agreement allows the partners to accelerate the treatment for a disease which is currently the most common cause of infant mortality. The drug candidate will benefit from BIIB's expertise in developing neurologic therapies.


27

TARGET: Stromedix, Inc. ACQUIRER: Biogen Idec, Inc.

LISTING: Private LISTING: NASDAQ: BIIB LOCATION: Cambridge, Massachusetts CEO: George Scangos PHONE: 781-464-2000 UNITS: 133 Boston Post Road FAX: 617-679-2617 REVENUE: Weston, Massachusetts 02493 NET INCOME: WEB SITE: www.biogenidec.com

Stromedix develops treatments for fibrosis and organ failure. Its most advanced drug candidate, STX-100, is a monoclonal antibody in phase 2 trials for idiopathic pulmonary fibrosis.



$75 million upfront cash payment; up to $487.5 million in milestone payments.

It is believed that the acquisition of Stromedix will accelerate the development of its lead compound, STX-100, because it will have access to the buyer's larger resources.

TARGET: Xiaflex collaboration ACQUIRER: Actelion Pharmaceuticals, Ltd.

LISTING: NASDAQ: AUXL LISTING: SWX: ATLN LOCATION: Malvern, Pennsylvania CEO: Jean-Paul Clozel PHONE: 41 61 565 65 65 UNITS: Gewerbestrasse 16 FAX: 41 61 565 65 00 REVENUE: Allschwil, Switzerland CH-4123 NET INCOME: WEB SITE: www.actelion.com

Auxilium Pharmaceuticals is entering into a collaboration agreement to develop, supply and commercialize Xiaflex in Canada, Australia, Brazil and Mexico. Xiaflex is a potential treatment for Dupuytren's contracture and Peyronie's disease.

Actelion is a biopharmaceutical company whose first drug has been approved as a therapy for pulmonary arterial hypertension (PAH). For 2008, ATLN generated revenue of CHF 1.47 billion and net income of CHF 321.5 million.


$10 million upfront; $16 million in regulatory and reimbursement milestones; $42.5 million in potential sales milestones.

Under terms of the transaction, ATLN is to be responsible for the applicable regulatory and commercialization activities for Xiaflex in the relevant countries.

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33

TARGET: Ascentia Health Care Solutions

ACQUIRER: Healthways, Inc.

LISTING: Private LISTING: NASDAQ: HWAY LOCATION: Wayne, Pennsylvania CEO: Ben R. Leedle Jr. PHONE: 615-614-4929 UNITS: 701 Cool Springs Boulevard FAX: REVENUE: Franklin, Tennessee 37067 NET INCOME: WEB SITE: www.healthways.com

Ascentia Health Care Solutions are designed to provide support and promote population health management, patient centered programs, payer strategies and physician practice enhancement programs.

Healthways provides specialized, comprehensive solutions to assist people to maintain and enhance their health and well-being. On a trailing 12-month basis, it generated revenue of $689 million, EBITDA of $113 million and a net loss of $158 million.


Not disclosed

This acquisition will benefit HWAY as reimbursement shifts from a volume-based fee-for-service model to a value-based model that rewards longitudinal quality and health outcomes, a Physician-Directed Population Health model. The Ascentia solution is used by Philadelphia-based Renaissance Medical Management, which was chosen as one of the 32 pioneer Accountable Care Organizations by CMS. This will help HWAY execute its contract with Texas Health Resources.

TARGET: Benchmark Revenue Management, Inc.

ACQUIRER: Avadyne Health

LISTING: Private LISTING: Private LOCATION: San Diego, California CEO: Moises Eilemberg PHONE: 800-383-6110 UNITS: 7017 John Deere Parkway FAX: 309-797-9856 REVENUE: Moline, Illinois 61265 NET INCOME: WEB SITE: www.avadynehealth.com

Benchmark Revenue Management is a provider of revenue cycle workflow solutions for hospitals. It services about 75 hospitals.

Avadyne Health (fka H&R Accounts) provides revenue cycle management services to a broad range of health care providers.


Merger

This acquisition enlarges the buyer's acute care customer base so that the combined company services 200 hospitals across the country. Investment Bank Nexus Health Capital provided the parties with financial advice on this deal.


34

TARGET: ClearTrial ACQUIRER: Oracle Corporation

LISTING: Private LISTING: NASDAQ: ORCL LOCATION: Chicago, Illinois CEO: Lawrence J. Ellison PHONE: 650-506-7000 UNITS: 500 Oracle Parkway FAX: 650-506-7200 REVENUE: Redwood Shores, California 94065 NET INCOME: WEB SITE: www.oracle.com

ClearTrial develops cloud-based clinical trial operations (CTO) software that helps CROs run clinical trials of new drugs.

Oracle Corp. is engaged in developing, manufacturing and selling software. On a trailing 12-month basis, ORCL generated revenue of $37 billion, EBITDA of $15.8 billion and net income of $9.7 billion.


Not disclosed

This acquisition complements and extends ORCL's 2010 acquisition of Phase Forward. The deal diversifies ORCL's business and enlarges its client list.

TARGET: Clinical Coding Solutions ACQUIRER: T-System, Inc.

LISTING: Private LISTING: Private LOCATION: Kansas City, Missouri CEO: Sunny Sanyal PHONE: 972-503-8899 UNITS: 4020 McEwen Drive FAX: 972-503-8898 REVENUE: Dallas, Texas 75244 NET INCOME: WEB SITE: www.tsystem.com

Founded in 2003, Clinical Coding Solutions is a provider of coding, billing and other revenue-cycle management services for emergency rooms and emergency room physicians.

A Francisco Partners portfolio company, T-System provides clinical, business and IT solutions for emergency medicine.


Not disclosed

This acquisition enlarges the buyer's footprint in the emergency medicine space. It positions T-System to connect upstream clinical documentation processes with downstream coding and billing. It is one of two such companies that T-System acquired during the first quarter of 2012; the other was Practice Management Associates.


35

TARGET: Concerro ACQUIRER: API Healthcare

LISTING: Private LISTING: Private LOCATION: San Diego, California CEO: J.P. Fingado PHONE: 262-673-6815 UNITS: 1550 Innovation Way FAX: 262-673-2650 REVENUE: Hartford, Wisconsin 53027 NET INCOME: WEB SITE: www.apihealthcare.com

Concero is a provider of SaaS staffing and scheduling systems for the health care industry.

API Healthcare is a provider of human capital management solutions to the health care industry, including business analytics, human resources, payroll, patient classification, and staffing and scheduling.


Not disclosed

This acquisition expands the buyer's ability to provide workforce management solutions at critical access hospitals, home health, retail clinics and seniors care facilities.

TARGET: Evolvent Technologies, Inc. ACQUIRER: ManTech International Corp.

LISTING: Private LISTING: NASDAQ: MANT LOCATION: Herndon, Virginia CEO: George J. Pedersen PHONE: 703-218-6000 UNITS: 12015 Lee Jackson Highway FAX: 703-218-8296 REVENUE: Fairfax, Virginia 22033 NET INCOME: WEB SITE: www.mantech.com

Evolvent Technologies provides services in clinical IT, clinical business intelligence, imaging cyber security and systems integration. It specializes in federal health care systems.

ManTech International Corporation provides technologies and solutions for national security programs. On a trailing 12-month basis, MANT generated revenue of $2.9 billion, EBITDA of $269 million and net income of $137 million.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: $40,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Subject to post-closing working capital adjustment.

The acquisition of Evolvent allows MANT to enter the health care IT market. More specifically, it will enable MANT to deliver information technology solutions through Evolvent's existing relationships with Department of Defense Health organizations, the Veterans Administration and Department of Health and Human Services.


36

TARGET: Health care solutions division

ACQUIRER: QuadraMed Corporation

LISTING: NYSE: NCR LISTING: Private LOCATION: Chicago, Illinois CEO: Duncan James PHONE: 703-709-2300 UNITS: 12110 Sunset Hills Road FAX: 703-709-2490 REVENUE: Reston, Virginia 20190 NET INCOME: WEB SITE: www.quadramed.com

NCR Corp. is selling its health care solutions division, including NCR's MediKiosk patient access software, its patient portal and several other self-service health care-related offerings.

A Francisco Partners portfolio company, QuadraMed, together with its subsidiaries, offers software and service solutions for health care enterprises.


Not disclosed

This acquisition will improve the ability of QuadraMed's clients to self-direct their health care experience at acute care facilities. The health care solutions being acquired automate and streamline routine patient interactions, resulting in improved workflow, increased revenue and an increase in patient satisfaction.

TARGET: MedDirect ACQUIRER: MedData, Inc.

LISTING: Private LISTING: Private LOCATION: Grand Rapids, Michigan CEO: Douglas S.

Thompson PHONE: 800-877-8577

UNITS: 6880 W. Snowville Road, Suite 210

FAX:

REVENUE: Brecksville, Ohio 44141 NET INCOME: WEB SITE: www.meddata.com

MedDirect provides revenue cycle management services and advanced patient communications to health care companies.

MedData is a provider of a range of medical billing services, including billing, coding, collections and revenue cycle management. Specialties include emergency medicine, hospitalists and wound care.


Not disclosed

This acquisition strengthens the buyer's position in the billing services sector by allowing it to incorporate a new set of retail-oriented revenue cycle tools in its product offering.


37

TARGET: Medical Data Exchange ACQUIRER: The TriZetto Group

LISTING: Private LISTING: Private LOCATION: CEO: Trace Devanny PHONE: 800-569-1222 UNITS: 6061 South Willow Drive FAX: REVENUE: Denver, Colorado 80111 NET INCOME: WEB SITE: www.trizetto.com

Medical Data Exchange supports Medicaid and Medicare plan customers that submit encounter data to more than 35 Medicaid state organizations.

The TriZetto Group is a health care information technology company to the health care payor industry.


Not disclosed

This acquisition expands TriZetto's managed Medicare and managed Medicaid solutions, allowing it to offer customers a wider range of products and services.

TARGET: MediConnect Global, Inc. ACQUIRER: Verisk Analytics, Inc.

LISTING: Private LISTING: NASDAQ: VRSK LOCATION: Salt Lake City, Utah CEO: Frank J. Coyne PHONE: 201-469-3000 UNITS: 545 Washington Boulevard FAX: 201-748-1472 REVENUE: Jersey City, New Jersey 07310 NET INCOME: WEB SITE: www.verisk.com

MediConnect Global provides records-retrieval scanning and storage services. It has a repository of nearly 10 million medical records that are digitized, indexed and hosted online.

Verisk Analytics provides data, analytics and decision-support services in a variety of fields. On a trailing 12-month basis, it generated revenue of $1.3 billion, EBITDA of $580 million and net income of $283 million.


Not disclosed

This acquisition expands VRSK's presence in the electronic health record space. Accordingly, MediConnect will be integrated with the Verisk Health suite of data and products. The deal is to be funded through a combination of cash ($149.0 million) and borrowings under its credit facility ($200.0 million).


38

TARGET: MedOptima ACQUIRER: MediGain Services, Inc.

LISTING: Private LISTING: Private LOCATION: Fort Wayne, Indiana CEO: Greg Hackney PHONE: 972-212-5858 UNITS: 7160, Dallas Pkwy, Suite 320 FAX: REVENUE: Plano, Texas 75024 NET INCOME: WEB SITE: www.medigain.com

OptiMed, Inc. (dba MedOptima) is a revenue cycle management and practice management consulting company. It provides services to over 100 physicians in Indiana and Michigan.

MediGain is a national revenue cycle management and health care financial analytics company focused on billing collections and outcomes.


Not disclosed

The acquisition of MedOptima enhances the buyer's practice management business and adds such new services as coding and performing audits.

TARGET: NaviNet ACQUIRER: Lumeris, Inc.

LISTING: Private LISTING: Private LOCATION: Boston, Massachusetts CEO: Mike Long PHONE: 888-586-3747 UNITS: 13900 Riverport Drive FAX: REVENUE: St. Louis, Missouri 63403 NET INCOME: WEB SITE: www.lumeris.com

NaviNet, a real-time health care communications network, securely links health plans and government to physicians, clinicians and others. Its services and solutions for unified patient information management address the full lifecycle of health care data.

Lumeris provides information technology solutions and services for health plans and hospitals.


Not disclosed

Lumeris carried out this acquisition with three health care insurers: Highmark, Horizon Blue Cross Blue Shield of New Jersey and Independence Blue Cross. Through this partnership, NaviNet will leverage its communication network and Lumeris's accountable care delivery platform to drive the adoption of new accountable care models.


39

TARGET: Online physician portal ACQUIRER: AT&T, Inc.

LISTING: Private LISTING: NYSE: T LOCATION: Chicago, Illinois CEO: Randall Stephenson PHONE: 210-821-4105 UNITS: 208 South Akard Street FAX: 302-655-5049 REVENUE: Dallas, Texas 75202 NET INCOME: WEB SITE: www.att.com

The American Medical Association (AMA) is selling its online physician portal, Amagine. The portal has 6,000 registered users with electronic prescribing and patient registries being the most used tools in the portfolio.

AT&T provides telecommunications services to consumers, businesses and others. On a trailing 12-month basis, it generated revenue of $127 billion, EBITDA of $31 billion and net income of $4 billion.


Not disclosed

Amagine is to be combined with AT&T Health Care Community Online; the combined portal will be owned and operated by AT&T. Between 2009 and 2010, the AMA put $16.0 million into the development of its portal.

TARGET: Outreach Services ACQUIRER: Cardon Healthcare Network, Inc.

LISTING: Private LISTING: Private LOCATION: Seattle, Washington CEO: Mark Robinson PHONE: 281-296-1771 UNITS: 4185 Technology Forest Blvd,

Suite 200 FAX:

REVENUE: The Woodlands, Texas 77381 NET INCOME: WEB SITE: www.cardonhealthcare.com

Outreach Services is a provider of uncompensated care management services to hospitals, health care systems and their uninsured and underinsured patients.

Cardon Healthcare Network offers a suite of services and technology solutions to help hospitals in recovering revenue associated with uninsured, underinsured and unfunded patients.


Merger

This merger creates an organization that services a client base of approximately 500 hospitals. The two component companies have a geographically diverse coverage, with little overlap. The combined organization is to be known as Cardon Outreach.


40

TARGET: PatientPoint ACQUIRER: Healthy Advice Networks

LISTING: Private LISTING: Private LOCATION: Orlando, Florida CEO: Mike Collette PHONE: 800-284-8314 UNITS: 8230 Montgomery Road, Suite

300 FAX: 800-238-0348

REVENUE: Cincinnati, Ohio 45236 NET INCOME: WEB SITE: www.healthyadvicenetworks.com

PatientPoint is a developer of software for revenue cycle development and care coordination.

Health Advice Networks is a developer of software.


Not disclosed

This acquisition will enhance the buyer's point-of-care software line. PatientPoint's focus complements Healthy Advice's focus on patient education.

TARGET: PhyLogic Healthcare ACQUIRER: Automatic Data Processing, Inc.

LISTING: Private LISTING: NYSE: ADP LOCATION: Springfield, Massachusetts CEO: Carlos A. Rodriguez PHONE: 973-974-5000 UNITS: 1 ADP Boulevard FAX: 973-974-5390 REVENUE: Roseland, New Jersey 07068 NET INCOME: WEB SITE: www.adp.com

PhyLogic Healthcare is a medical billing and revenue cycle management company serving small and midsize physician medical practices. It also provides electronic health records and cloud-based practice management solutions.

ADP provides business outsourcing solutions in three areas: employer services, professional employer organization services and dealer services. On a trailing 12-month basis, it generated revenue of $10.4 billion, EBITDA of $2.2 billion and net income of $1.3 billion.


Not disclosed

The revenue cycle management industry is poised to grow from $4.0 billion in 2010 to over $9.0 billion by 2018; this acquisition enables ADP to take part in that growth. It also strengthens the buyer's position in the small practice segment.


41

TARGET: Practice Management Associates

ACQUIRER: T-System, Inc.

LISTING: Private LISTING: Private LOCATION: Williamsburg, Pennsylvania CEO: Sunny Sanyal PHONE: 972-503-8899 UNITS: 4020 McEwen Drive FAX: 972-503-8898 REVENUE: Dallas, Texas 75244 NET INCOME: WEB SITE: www.tsystem.com

Practice Management Associates is a provider of coding, billing and other revenue-cycle management services for emergency rooms and emergency room physicians.

A Francisco Partners portfolio company, T-System provides clinical, business and IT solutions for emergency medicine.


Not disclosed

This acquisition enlarges the buyer's footprint in the emergency medicine space. It positions T-System to connect upstream clinical documentation processes with downstream coding and billing. This is one of two such companies that T-System acquired during the first quarter of 2012; the other is Clinical Coding Solutions.

TARGET: ReachMeDaily.com ACQUIRER: MediSwipe, Inc.

LISTING: Private LISTING: OTCBB: MWIP LOCATION: Viera, Florida CEO: Michael Friedman PHONE: 305-396-9097 UNITS: 1395 Brickell Avenue, Suite

800 FAX:

REVENUE: Miami, Florida 33130 NET INCOME: WEB SITE: www.MediSwipe.com

ReachmeDaily.com is a social media and HIPAA compliant platform which connects families with seniors residing in nursing homes and assisted living facilities.

MediSwipe is a provider of merchant payment solutions and financial products for the medical health care industry.


Not disclosed

This acquisition adds a level of social media to the buyer's product offering.


42

TARGET: RealAge, Inc. ACQUIRER: Sharecare

LISTING: Private LISTING: Private LOCATION: San Diego, California CEO: PHONE: UNITS: 3280 Peachtree Road NE, Suite

600 FAX:

REVENUE: Atlanta, Georgia 30305 NET INCOME: WEB SITE: www.sharecare.com

Hearst Corporation is selling RealAge, a consumer health assessment website whose centerpiece is the RealAge Test.

Sharecare is an interactive, social question and answer platform that allows people to ask, learn and act upon questions concerning health and wellness.


For a majority equity interest.

This acquisition provides the buyer with increased content for its online services. The Hearst Corporation is to retain a minority interest in RealAge.

TARGET: Simcyp Limited ACQUIRER: Certara

LISTING: Private LISTING: Private LOCATION: Sheffield, England CEO: Jim Hopkins PHONE: 314-647-1099 UNITS: 1699 South Hanley Road FAX: 314-647-9241 REVENUE: St. Louis, Missouri 63144 NET INCOME: WEB SITE: www.certara.com

Simcyp Limited is a research company that provides a modeling and simulation platform for predicting the fate of drugs in virtual populations, including pediatric populations.

A Vector Capital portfolio company, Certara is engaged in improving health through a spectrum of software products and services.


Not disclosed

Simcyp will provide Certara with key, extensible technologies that support its translational science initiatives. Certara will in effect be able to offer its drug development clients a broader range of services, particularly for the prediction of drug-drug interactions and pharmacokinetic outcomes in clinical populations.


43

TARGET: Stat Technologies ACQUIRER: Passport Health Communications, Inc.

LISTING: Private LISTING: Private LOCATION: Hazlet, New Jersey CEO: Scott MacKenzie PHONE: 615-661-5657 UNITS: 720 Cool Springs Blvd. FAX: REVENUE: Franklin, Tennessee 37067 NET INCOME: WEB SITE: www.passporthealth.com

Stat Technologies is a provider of scheduling software, patient portals and other health care IT technologies.

Backed by Primus Capital Funds, Passport Health provides customers with suites of solutions to manage the health care revenue cycle. Passport serves over 8,000 hospitals, physician practices and other health care providers.


Not disclosed

This acquisition broadens the information technology offerings that Passport Health may offer its health care customers. Stat markets a health information exchange platform, software for patient scheduling, a physician portal for patient charts and other information, and a patient portal.

TARGET: SweetSpot Diabetes Care, Inc.

ACQUIRER: DexCom, Inc.

LISTING: Private LISTING: NASDAQ: DXCM LOCATION: Portland, Oregon CEO: Terrance Gregg PHONE: 858-200-0200 UNITS: 6340 Sequence Drive FAX: 858-200-0201 REVENUE: San Diego, California 92121 NET INCOME: WEB SITE: www.dexcom.com

SweetSpot Diabetes Care is a health care-focused IT company with a cloud-based platform for uploading and processing data.

DexCom designs, develops and commercializes glucose monitoring systems for ambulatory use by people with diabetes. On a trailing 12-month basis, DXCM generated revenue of $76.3 million and a net loss of $45 million.

ANNOUNCEMENT DATE: February 23, 2012 PRICE: $8,500,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

All-stock transaction. $4.5 million in initial consideration. Up to $4.0 million in performance-related milestones.

This acquisition gives the buyer a secure, end-to-end solution for diabetes data management. It complements DXCM's own glucose monitoring systems with an on-line functionality.


44

TARGET: The Inner Office, Ltd. ACQUIRER: iMedX, Inc.

LISTING: Private LISTING: Private LOCATION: Cortland, Ohio CEO: Venkat Sharma PHONE: 203-332 7060 UNITS: Four Corporate Drive FAX: 203-332 7461 REVENUE: Shelton, Connecticut 06484 NET INCOME: WEB SITE: www.imedx.com

The Inner Office (TIO) is selling its medical transcription assets. TIO provides services to clinics, hospitals and surgery centers, primarily in Ohio.

iMedX is a provider of health care software and services to hospitals and medical practices throughout the United States. It is a leader in technology-enabled medical documentation services.


Not disclosed

This acquisition expands the buyer's client base in Ohio. Those clients will benefit from iMedX's cloud-based health care solutions.

TARGET: Transcend Services ACQUIRER: Nuance Communications, Inc.

LISTING: NASDAQ: TRCR LISTING: NASDAQ: NUAN LOCATION: Atlanta, Georgia CEO: Paul Ricci PHONE: 781-565-5000 UNITS: 1 Wayside Road FAX: 781-565-5001 REVENUE: $125,100,000 Burlington, Massachusetts 01803 NET INCOME: $26,200,000 (EBITDA) WEB SITE: www.nuance.com

Transcend Services is a provider of medical transcription and clinical documentation services. On a trailing 12-month basis, it generated revenue of $125.1 million, EBITDA of $26.2 million and net income of $19.0 million.

Nuance is a provider of speech and imaging solutions for businesses and consumers. On a trailing 12-month basis, NUAN generated revenue of $1.4 billion, EBITDA of $287 million and net income of $47 million.

ANNOUNCEMENT DATE: March 7, 2012 PRICE: $300,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.39 PRICE/INCOME: 11.45

Tender offer. $29.50 per share.

This acquisition expands the number of small and midsize hospitals in NUAN's customer base, and expands its footprint in the health care space. NUAN's bid offers TRCR shareholders a 41% premium over the stock's prior-day price. The tender offer is to begin March 20 and end before September 30.


45

TARGET: Trilogy ACQUIRER: Recondo Technology

LISTING: Private LISTING: Private LOCATION: Lakeland, Florida CEO: Rick Adam PHONE: 303-974-2800 UNITS: 8200 E. Maplewood Ave., Suite

200 FAX:

REVENUE: Greenwood Village, Colorado 80111 NET INCOME: WEB SITE: www.recondotech.com

Trilogy is a revenue cycle management and recovery company. Trilogy also has an office in Dallas.

Recondo Technology develops software for revenue cycle management.


Not disclosed

This acquisition allows Recondo to provide its hospital clients with a broader range of products and services. The combined company will also cover a larger geographic area.

TARGET: United Physicians Management Services, Inc.

ACQUIRER: MTBC

LISTING: Private LISTING: Private LOCATION: Winston-Salem, North Carolina CEO: Mahmud Haq PHONE: 732-873-5133 UNITS: 7 Clyde Road FAX: 732-873-6858 REVENUE: Somerset, New Jersey 08873 NET INCOME: WEB SITE: www.mtbc.com

United Physicians Management Services is a medical billing company that provides revenue cycle and practice management services.

MTBC performs practice management and provides EHR software solutions for physician offices and hospitals.


Not disclosed

This acquisition enlarges MTBC's client base and medical billing services platform. MTBC was advised by Corporate Finance Advisors, Inc. of Cleveland, Ohio.


46

TARGET: VeriTeQ ACQUIRER: Connectyx Technologies Holding Group, Inc.

LISTING: Private LISTING: PK: CTYX. LOCATION: Delray Beach, Florida CEO: Ronn Schuman PHONE: 800-526-8006 UNITS: 850 NW Federal Highway FAX: 772-221-8309 REVENUE: Stuart, Florida 34994 NET INCOME: WEB SITE: www.connectyx.com

VeriTeQ is engaged in implantable radio-frequency identification for humans.

Connectyx developed and manufactures the MedFlash system for maintaining personal health records.


Reverse merger

This reverse merger will allow VeriTeQ to tap into the public equity markets for growth. The combined company will be engaged in the areas of patient identification and personal health record (PHR) access through implantable RFID technology and the Health Link web-based PHR.

TARGET: Vigilan, Inc. ACQUIRER: RealPage, Inc.

LISTING: Private LISTING: NASDAQ: RP LOCATION: Willsonville, Oregon CEO: Stephen T. Winn PHONE: 972-820-3000 UNITS: 4000 International Parkway FAX: 972-820-3036 REVENUE: $2,300,000 Carrollton, Texas 75007 NET INCOME: WEB SITE: www.realpage.com

Vigilan is a provider of on-demand software and software-enabled services (SaaS) to assisted living communities. It ended 2011 with an annual revenue run-rate of $2.3 million.

RealPage provides property management software solutions for the rental housing industry in North America. On a trailing 12-month basis, it generated revenue of $241 million, EBITDA of $29 million and a net loss of $1.7 million.

ANNOUNCEMENT DATE: January 4, 2012 PRICE: $5,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.17 PRICE/INCOME:

Not disclosed

This acquisition brings RP Vigilan's client base of 340 senior living communities. It helps the company diversify away from its core customer base of serving the rental housing market.

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51

TARGET: All-Med Services of Florida ACQUIRER: Univita Health

LISTING: Private LISTING: Private LOCATION: Miami Lakes, Florida CEO: Hugh Lytle PHONE: 480-922-8950 UNITS: 8601 N. Scottsdale Road FAX: 408-240-9338 REVENUE: Scottsdale, Arizona 85253 NET INCOME: WEB SITE: www.univitahealth.com All-Med Services is a provider of home-based care. Services include skilled nursing, infusion therapy, DME and respiratory services. It manages over one million lives.

Backed by Genstar Capital, Univita Health promotes independent aging through home-based care and support.

ANNOUNCEMENT DATE: March 5, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: With this acquisition, Univita Health will increase by 25% in size, managing more than five million lives.

TARGET: Connected Home Health ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG LOCATION: Portland, Oregon CEO: Christopher

Christensen PHONE: 949-487-9500

UNITS: 27101 Puerta Real, Suite 450 FAX: 949-487-9400 REVENUE: Mission Viejo, California 92691 NET INCOME: WEB SITE: www.ensigngroup.net Connected Home Health (fka Portland Home Health) is a provider of home health care services in the Portland market.

The Ensign Group operates senior care facilities in six Western states. On a trailing 12-month basis, ENSG generated revenue of $738 million, EBITDA of $114 million and net income of $49 million.

ANNOUNCEMENT DATE: February 13, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash PRICE/REVENUE: PRICE/INCOME: The target business is to be operated as a subsidiary of Cornerstone Health, ENSG's home health and hospice business. This acquisition provides a lateral diversification of the buyer's core senior care facilities.


52

TARGET: Dynamic Healthcare

Services, LLC

ACQUIRER: GMH Ventures, LLC

LISTING: Private LISTING: Private LOCATION: Harrisburg, Pennsylvania CEO: Dennis O'Leary PHONE: 610-355-8087 UNITS: 10 Campus Boulevard FAX: 610-355-8387 REVENUE: Newtown Square, Pennsylvania 19073 NET INCOME: WEB SITE: www.GMH-Ventures.com Dynamic Healthcare Services (DHS) is a provider of residential medical equipment, respiratory therapy products and services, as well as complex rehab products and services in the western and central Pennsylvania markets.

GMH Ventures is a private equity group focused on the manufacturing, distribution and services industries.

ANNOUNCEMENT DATE: January 18, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: For a majority interest. PRICE/REVENUE: PRICE/INCOME: This acquisition was carried out in partnership with DHS's key management team, who will retain a minority position in the company. Management believes this partnership will spur the company's growth in the home medical equipment market. DHS retained Bruderman Brothers to negotiate the recapitalization. Lakewood Capital of Connecticut is also taking part in the deal.

TARGET: Farias Home Health Care ACQUIRER: Jordan Health Services, Inc.

LISTING: Private LISTING: Private LOCATION: Laredo, Texas CEO: Dean Anthony

Holland PHONE: 800-234-1866

UNITS: PO Box 1387 FAX: REVENUE: Mount Vernon, Texas 75457 NET INCOME: WEB SITE: www.jhsi.com Farias Home Health Care is a provider of attendant care services supporting patients in the Laredo market and surrounding counties. The business has been family owned and operated since 2009.

A Palladium Equity Partners portfolio company, Jordan Health Services provides home health and hospice services to pediatric and adult patients from 34 locations throughout Texas. It serves 14,000 clients.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition expands the buyer's presence in the greater Laredo home health market.


53

TARGET: Home care business in

continental Europe

ACQUIRER: The Linde Group

LISTING: NYSE: APD LISTING: DAX: LIN LOCATION: Allentown, Pennsylvania CEO: Wolfgang Reitzle PHONE: 49.89.35757-01 UNITS: 260,000 (patients) Klosterhofstrasse 1 FAX: REVENUE: $267,000,000 Munich, Germany 80331 NET INCOME: WEB SITE: www.linde.com Air Products is divesting its home care business in Belgium, Germany, France, Portugal and Spain. It offers oxygen therapy, sleep therapy and infusion therapy services. With a patient base of 260,000, it generated Eur 210 million in 2011.

The Linde Group is a world leading supplier of industrial, process and specialty gases. In 2010, the company generated revenue of Eur 12.9 billion.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: $750,000,000 (approximate) PRICE PER UNIT: $2,885 TERMS: Eur 590 million. PRICE/REVENUE: 2.80 PRICE/INCOME: With the recent trend toward concentrators and non-oxygen therapies, APD believes that the continental home care business is no longer a natural fit with the company's core gases business. Divestments of similar business units in Britain, Ireland, Brazil and Argentina may follow. This acquisition adds to Linde's Eur 280 million in revenue from home care, nearly doubling it.

TARGET: Home health care business ACQUIRER: Bayada Home Health Care, Inc.

LISTING: NYSE: AHS LISTING: Private LOCATION: San Diego, California CEO: Mark Baiada PHONE: UNITS: FAX: REVENUE: $13,000,000 Philadelphia, Pennsylvania NET INCOME: WEB SITE: www.bayada.com AMN Healthcare Services is selling its home health care business. This business segment, operating under the name Nursefinders Home Care, generates annual revenue of approximately $13 million.

Bayada Home Health Care is a provider of home health care and hospice services.

ANNOUNCEMENT DATE: January 30, 2012 PRICE: $9,650,000 PRICE PER UNIT: TERMS: Cash PRICE/REVENUE: 0.74 PRICE/INCOME: The seller will use $5.0 million of the proceeds to pay down debt and will focus on its core work force solutions business. This expands Bayada's presence on the West Coast. This deal excludes AMN's 19 franchisee-owned Nursefinders offices.


54

TARGET: MSN HomeCare division ACQUIRER: Epic Health Services, Inc.

LISTING: Private LISTING: Private LOCATION: Boca Raton, Florida CEO: John Garbarino PHONE: 214-466-1340 UNITS: 1349 Empire Central, Suite

1050 FAX:

REVENUE: Dallas, Texas 75247 NET INCOME: WEB SITE: http://epichealthservices.com Medical Staffing Network (MSN) is selling its MSN HomeCare division, which provides home health care services.

Epic Health Services is the largest provider in Texas of private duty nursing services for medically-fragile children. It also provides pediatric therapy services and private duty nursing services for adults faced with chronic illnesses or catastrophic injuries.

ANNOUNCEMENT DATE: March 20, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This divestment allows the seller to concentrate on its core business of providing services to acute and nonacute health care organizations. The acquisition expands Epic's stable of clinicians and client service staff. Nexus Health Capital provided MSN with investment banking advice on this deal.

TARGET: PinnacleHealth hospice

program

ACQUIRER: Hospice of Central Pennsylvania

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Harrisburg, Pennsylvania CEO: Karen Paris PHONE: 717-732-1000 UNITS: 1320 Linglestown Road FAX: REVENUE: Harrisburg, Pennsylvania 17110 NET INCOME: WEB SITE: www.hospiceofcentralpa.org PinnacleHealth System is transitioning its hospice and palliative care program.

Hospice of Central Pennsylvania is a provider of hospice and palliative care services in central Pennsylvania. Services are provided in home or at a residential facility.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: Forty-five staff from PinnacleHealth hospice will be joining Hospice of Central Pennsylvania. This transaction should make the provision of hospice care more efficient in the Capital Region of Pennsylvania. This deal closed effective January 9, 2012.


55

TARGET: Solaris Hospice ACQUIRER: Caris Healthcare

LISTING: Private LISTING: Private LOCATION: Columbia, South Carolina CEO: Norman McRae PHONE: 877-412-2747 UNITS: 9041 Executive Park Drive FAX: 865-934-4291 REVENUE: $14,200,000 Knoxville, Tennessee 37923 NET INCOME: WEB SITE: www.carishealthcare.com Solaris Hospice is a provider of outpatient hospice and palliative care. Services are provided from eight locations in South Carolina. In 2011, the operations generated revenue of $14.2 million.

Caris Healthcare is a provider of hospice and palliative care services from 16 offices in Tennessee and one in Virginia. It generates annual revenue of $67 million.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition expands the buyers presence into its third state, and increases its staff by 40% from 400 to 550 employees.

TARGET: Triad Therapeutics, inc. ACQUIRER: Aperture Health, Inc.

LISTING: Private LISTING: PK: APRE LOCATION: Fairfield, New Jersey CEO: James Hennig PHONE: 973-244-0044 UNITS: 333 US Highway 46 # A FAX: REVENUE: Fairfield, New Jersey 07004 NET INCOME: WEB SITE: Triad Therapeutics is a home care infusion and nursing provider in New Jersey that serves the tri-state area of New Jersey, New York and Connecticut.

Aperture Health was, in effect, a corporate shell.

ANNOUNCEMENT DATE: January 15, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Reverse merger. Issuance of 41,392,478

shares of stock. PRICE/REVENUE:

PRICE/INCOME: This reverse merger, completed January 15, 2012, allows Triad Therapeutics to tap the public equity markets to raise capital to grow its business.


56

TARGET: Tritax Healthcare Services,

Inc.

ACQUIRER: Jordan Health Services, Inc.

LISTING: Private LISTING: Private LOCATION: Dallas, Texas CEO: Dean Anthony

Holland PHONE: 800-234-1866

UNITS: PO Box 1387 FAX: REVENUE: Mount Vernon, Texas 75457 NET INCOME: WEB SITE: www.jhsi.com Ancor Capital Partners is selling Tritax Healthcare Services, a provider of home health care services in the Dallas/Fort Worth market.

A Palladium Equity Partners portfolio company, Jordan Health Services provides home health and hospice services to pediatric and adult patients from 34 locations throughout Texas. It serves 14,000 clients.

ANNOUNCEMENT DATE: March 21, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition expands the buyer's presence in the Dallas/Fort Worth home health market. The target will continue to operate offices in Arlington and Addison.

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61

TARGET: Atlanta Memorial Hospital ACQUIRER: Christus St. Michael Health System

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Atlanta, Texas CEO: Chris Karam PHONE: 903-614-1000 UNITS: 37 (beds) 2600 St. Michael Drive FAX: REVENUE: $15,200,000 Texarkana, Texas 75501 NET INCOME: $1,900,000 (EBITDA) WEB SITE: www.christusstmichael.org Atlanta Memorial Hospital is a 37-bed acute care facility (licensed for 65 beds). For 2009, it generated net patient revenue of $15.2 million, EBITDA of $1.9 million and net income of $337,100.

Christus St. Michael is a Catholic health system serving the Texarkana region of Arkansas, Texas, Louisiana and Oklahoma.

ANNOUNCEMENT DATE: January 17, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Long-term lease PRICE/REVENUE: PRICE/INCOME: By joining forces with a larger facility, AMH hopes to avoid the problems that small hospitals are facing in the current financial environment.

TARGET: Bladen County Hospital ACQUIRER: Cape Fear Valley Health System

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Elizabethtown, North Carolina CEO: Michael Nagowski PHONE: 910-609-4000 UNITS: 25 (beds) 1638 Owen Drive FAX: 910-609-6160 REVENUE: $18,300,000 Fayetteville, North Carolina 28304 NET INCOME: WEB SITE: www.capefearvalley.com Bladen County Hospital is a 25-bed critical access hospital. For the year ended September 30, 2010, the hospital generated net patient revenue of $18.3 million and a net loss of $7.3 million.

Cape Fear Valley Health System operates a regional health system with five hospitals and 765 beds.

ANNOUNCEMENT DATE: March 20, 2012 PRICE: $10 PRICE PER UNIT: TERMS: Exercise of purchase option. Nominal

fee of $10.00. PRICE/REVENUE:

PRICE/INCOME: The acquisition comes after four years of affiliation. During that period, Cape Fear leased Bladen County Hospital and invested $19 million in it. This allows the facility to remain open.


62

TARGET: Christ Hospital ACQUIRER: Hudson Hospital Holdco, Inc.

LISTING: Nonprofit LISTING: Private LOCATION: Jersey City, New Jersey CEO: Philip S. Shaegold PHONE: UNITS: 227 (beds) FAX: REVENUE: $125,100,000 New Jersey NET INCOME: $1,400,000 (EBITDA) WEB SITE: Christ Hospital is a 227-bed acute care facility. For 2010, the hospital generated net patient revenue of $125.1 million, EBITDA of $1.4 million and a net loss of $4.6 million.

Hudson Hospital Holdco is an affiliate of HUMC Holdco, which owns Bayonne Medical Center and Hoboken University Medical Center.

ANNOUNCEMENT DATE: March 27, 2012 PRICE: $43,500,000 (approximate) PRICE PER UNIT: $191,630 TERMS: In bankruptcy proceedings. PRICE/REVENUE: 0.34 PRICE/INCOME: 31.07 This deal gives the buyer its third hospital. The buyer beat out a joint proposal from Community Healthcare Associates and Jersey City Medical Center. This acquisition will allow Christ Hospital to keep operating as a full service, acute care hospital.

TARGET: Community Providers, Inc. ACQUIRER: Fletcher Allen Health Care

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Plattsburgh, New York CEO: PHONE: 802-847-0000 UNITS: 416 (beds) 111 Colchester Avenue FAX: REVENUE: $286,200,000 Burlington, Vermont 05401 NET INCOME: $29,700,000 (EBITDA) WEB SITE: www.fletcherallen.org Community Providers is the parent of 391-bed Champlain Valley Physicians Hospital and Elizabethtown Community Hospital, a 25-bed critical access hospital. In 2010, they generated net patient revenue of $286.2 million, EBITDA of $29.7 million and net income of $8.6 million.

Fletcher Allen Health Care is Vermont's academic medical center. It operates Central Vermont Medical Center. For the year ended September 30, 2010, it generated net patient revenue of $803.9 million and cash flow from operating activities of $64.5 million.

ANNOUNCEMENT DATE: March 26, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Affiliation agreement PRICE/REVENUE: PRICE/INCOME: This affiliation would create a four-hospital system straddling Lake Champlain with two facilities in New York and two in Vermont. The affiliation seeks to reduce administrative costs, improve efficiency, implement a common electronic medical record system and increase access to health care in the region.


63

TARGET: Cumberland River Hospital ACQUIRER: Cookeville Regional Medical Center

LISTING: Private LISTING: Nonprofit LOCATION: Celina, Tennessee CEO: Menachem Langer PHONE: 931-528-2541 UNITS: 36 (beds) 1 Medical Center Boulevard FAX: REVENUE: $11,100,000 Cookeville, Tennessee 38501 NET INCOME: WEB SITE: www.crmchealth.org Restoration Healthcare of Celina is selling Cumberland River Hospital, a 36-bed community hospital serving Clay County. For 2010, it generated net patient revenue of $11.1 million and net loss of $520,000.

Cookeville Regional Medical Center is a 247-bed acute care facility. For the year ended June 30, 2010, it generated net patient revenue of $211.2 million, EBITDA of $28.2 million and net income of $11.8 million.

ANNOUNCEMENT DATE: February 8, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merger PRICE/REVENUE: PRICE/INCOME: This deal gives Cumberland River Hospital access to the larger system's financial and managerial resources, which may help it better face the increasingly challenging financial environment for hospitals.

TARGET: Decatur General Hospital ACQUIRER: Huntsville Hospital

LISTING: Private LISTING: Nonprofit LOCATION: Decatur, Alabama CEO: David Spillers PHONE: 256-265-1000 UNITS: 242 (beds) 101 Sivley Road FAX: REVENUE: $113,500,000 Huntsville, Alabama 35801 NET INCOME: $5,900,000 (EBITDA) WEB SITE: www.huntsvillehospital.org Decatur General Hospital is a 242-bed acute care facility; 64 beds are for psychiatric care. For the year ended June 30, 2010, the hospital generated net patient revenue of $113.5 million, EBITDA of $5.9 million and a net loss of $1.5 million.

Huntsville, the state's largest not-for-profit hospital system, operates six hospitals and a number of ancillary facilities.

ANNOUNCEMENT DATE: February 28, 2012 PRICE: $25,000,000 (approximate) PRICE PER UNIT: $103,306 TERMS: Assumption of $25.0 million in debt. PRICE/REVENUE: 0.22 PRICE/INCOME: 4.23 This deal would include acquisition of Decatur General West, a psychiatric facility. This announcement comes two months after Huntsville acquired Decatur's other acute care hospital, Parkway Medical Center. The two have had a strategic alliance since 2010.


64

TARGET: Hartselle Medical Center ACQUIRER: Huntsville Hospital

LISTING: Private LISTING: Nonprofit LOCATION: Hartselle, Alabama CEO: David Spillers PHONE: 256-265-1000 UNITS: 150 (beds) 101 Sivley Road FAX: REVENUE: $21,200,000 Huntsville, Alabama 35801 NET INCOME: WEB SITE: www.huntsvillehospital.org Capella Healthcare is selling the assets of Hartselle Medical Center, a 150-bed acute care facility. For the year ended January 31, 2011, it generated net patient revenue of $21.2 million and a net loss of $2.3 million.

Huntsville, the state's largest not-for-profit hospital system, operates six hospitals and a number of ancillary facilities.

ANNOUNCEMENT DATE: February 2, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal will allow Huntsville Hospital to better rationalize resources; Morgan County currently has 300 too many hospital beds for its population. Huntsville may transition the facility from an inpatient to an outpatient facility, while keeping its physician network in place.

TARGET: Howard Regional Medical

Center

ACQUIRER: Community Health Network

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Kokomo, Indiana CEO: Bryan Mills PHONE: 317-355-1411 UNITS: 199 (beds) 1500 North Ritter Avenue FAX: REVENUE: $110,300,000 Indianapolis, Indiana 46219 NET INCOME: $3,600,000 (EBITDA) WEB SITE: www.ecommunity.com A County-owned facility, Howard Regional Medical Center operates three hospitals on two campuses with a total of 199 beds. In 2010, it generated net patient revenue of $110.3 million, EBITDA of $3.6 million and a net loss of $8.1 million.

Community Health Network operates a system of hospitals in central Indiana with 920 beds.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Affiliation PRICE/REVENUE: PRICE/INCOME: Howard Regional had a deal in place in May 2011 to merge with Indiana University Health, but that deal terminated in October of that year. This extends Community Health's reach northward in the state. Howard Regional needs a partner to help it deal with the rising costs of uncompensated care, which have generated operating losses in recent years.


65

TARGET: Integris Health joint venture ACQUIRER: Health Management Associates, Inc.

LISTING: Nonprofit LISTING: NYSE: HMA LOCATION: Oklahoma City, Oklahoma CEO: Gary D. Newsome PHONE: 239-598-3131 UNITS: 226 (beds) 5811 Pelican Bay Blvd, Ste.

500 FAX: 239-597-5794

REVENUE: Naples, Florida 34108 NET INCOME: WEB SITE: www.hma-corp.com Integris Health is entering into a joint venture covering five acute care hospitals in Oklahoma with a combined total of 226 beds.

Health Management Associates is a for-profit hospital company that operates 60 hospitals in 16 states. On a trailing 12-month basis, HMA generated $5.8 billion in revenue, $838 million in EBITDA and $181 million in net income.

ANNOUNCEMENT DATE: February 3, 2012 PRICE: $60,000,000 (approximate) PRICE PER UNIT: $265,487 TERMS: For an 80% interest in the joint venture. PRICE/REVENUE: PRICE/INCOME: Integris Health is to retain a 20% interest in the joint venture. It covers 53-bed Blackwell Regional Hospital in Blackwell, 64-bed Clinton Regional Hospital in Clinton, 25-bed Marshall County Medical Center in Madill, 52-bed Mayes County Medical Center in Pryor and 32-bed Seminole Medical Center in Seminole. The price paid implies a purchase price of $75 million for a 100% interest in the J.V., or $331,860 per bed. The deal is to be funded from available cash balances and proceeds from sales of available-for-sale securities.

TARGET: Marquette General Health

System

ACQUIRER: Duke LifePoint Healthcare, LLC

LISTING: Nonprofit LISTING: NASDAQ: LPNT LOCATION: Marquette, Michigan CEO: PHONE: 615-372-8540 UNITS: 275 (beds) 103 Powell Court FAX: REVENUE: $244,200,000 Brentwood, Tennessee 37027 NET INCOME: $15,600,000 (EBITDA) WEB SITE: www.dlphealthcare.com Marquette General Health System is a 275-bed acute care facility. For the year ended June 30, 2010, the system generated net patient revenue of $244.2 million, EBITDA of $15.6 million and net income of $7.6 million.

Duke LifePoint (DLP) Healthcare is a joint venture between an academic health system and a hospital operations company.

ANNOUNCEMENT DATE: March 6, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Signed memorandum of understanding. PRICE/REVENUE: PRICE/INCOME: This is the joint venture's first purchase outside of the North Carolina market. The deal would lead to the construction of new facilities, including an outpatient surgery center, cancer center and implementation of a new IT infrastructure, among others.


66

TARGET: Memorial Health Systems ACQUIRER: Community Health Systems, Inc.

LISTING: Nonprofit LISTING: NYSE: CYH LOCATION: York, Pennsylvania CEO: Wayne T. Smith PHONE: 615-465-7000 UNITS: 100 (beds) 4000 Meridian Boulevard FAX: 615-645-7001 REVENUE: $97,000,000 Franklin, Tennessee 37067 NET INCOME: $7,100,000 (EBITDA) WEB SITE: www.chs.net Memorial Health Systems owns Memorial Hospital a 100-bed acute care facility. For the year ended June 30, 2010, the hospital generated net patient revenue of $97 million, EBITDA of $7.1 million and net income of $2.1 million.

Community Health Systems operates 133 hospital in 29 states. On a trailing 12-month basis, it generates revenue of $13.9 billion, EBITDA of $1.7 billion and net income of $292 million.

ANNOUNCEMENT DATE: January 24, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This would add a 17th facility to CYH's network in Pennsylvania. CYH plans to build a replacement hospital within five years. Included in the deal are several ancillary properties such as the Surgical Center of York. Memorial Hospital competes with 563-bed York Hospital, which has net patient revenue of $741 million.

TARGET: Memorial Hospital ACQUIRER: ProMedica Health System

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Fremont, Ohio CEO: Randy Oostra PHONE: 419-471-4000 UNITS: 102 (beds) 2142 North Cove Boulevard FAX: 419-479-6009 REVENUE: $61,100,000 Toledo, Ohio 43606 NET INCOME: $5,000,000 (EBITDA) WEB SITE: www.promedica.org Memorial Hospital is a 102-bed acute care facility. For the year ended September 30, 2010, the hospital generated net patient revenue of $61.1 million, EBITDA of $5 million and net income of $917,200.

ProMedica operates 11 hospitals in Ohio. It is also the parent of an HMO, Paramount Health Care, and a 130-physician primary care network, ProMedica Physicians.

ANNOUNCEMENT DATE: January 2, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Affiliation agreement PRICE/REVENUE: PRICE/INCOME: Memorial Hospital is located about 30 miles southeast of Toledo. This agreement would extend ProMedica's service area to the southeast of the metropolitan area.


67

TARGET: Mountainside Hospital ACQUIRER: Montclair Health

LISTING: Private LISTING: Private LOCATION: Montclair, New Jersey CEO: PHONE: UNITS: 233 (beds) FAX: REVENUE: $197,600,000 Montclair, New Jersey NET INCOME: $ 13,200,000 (EBITDA) WEB SITE: Merit Health Systems is selling Mountainside Hospital, a 233-bed acute care facility. For 2010, the hospital generated net patient revenue of $197.6 million, EBITDA of $13.2 million and net income of $6.5 million.

Montclair Health is a partnership between LHP Hospital Group, Plano, Texas, and Hackensack University Medical Center.

ANNOUNCEMENT DATE: February 1, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal would leave Merit Health with only one other hospital, 171-bed Nix Health Care System in San Antonio. Merit originally acquired Mountainside in 2007.

TARGET: Nix Health Systems, LLC ACQUIRER: Prospect Medical Holdings, Inc.

LISTING: Private LISTING: Private LOCATION: San Antonio, Texas CEO: Samuel S. Lee PHONE: 310-943-4500 UNITS: 183 (beds) 10780 Santa Monica Blvd., No.

400 FAX:

REVENUE: $96,000,000 Los Angeles, California 90025 NET INCOME: $7,300,000 (EBITDA) WEB SITE: www.prospectmedical.com Merit Health Systems of Kentucky is selling Nix Health System, a 183-bed hospital and health care system. In 2009, it generated net patient revenue of $96 million, EBITDA of $7.3 million and net income of $2.4 million.

Backed by Leonard Green & Partners, Prospect Medical operates five hospitals in the Los Angeles area with a combined total of 759 beds. For the six months ended March 31, 2011, it generated revenue of $294.5 million, EBITDA of $22 million and a loss of $3.8 million.

ANNOUNCEMENT DATE: January 5, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition would establish the buyer in a second metropolitan market, San Antonio, Texas. Merit Health has been divesting its facilities as the company winds down. This deal closed February 1, 2012.


68

TARGET: Northern Michigan

Regional Hospital

ACQUIRER: McLaren Health Care Corp.

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Petoskey, Michigan CEO: Phil Incarnati PHONE: 810-342-2000 UNITS: 214 (beds) 401 S. Bellinger Highway FAX: 810-342-1123 REVENUE: $172,600,000 Flint, Michigan 48532 NET INCOME: $22,400,000 (EBITDA) WEB SITE: www.mclaren.org Northern Michigan Regional Hospital is a 214-bed acute care hospital. In 2009, it generated net patient revenue of $172.6 million, EBITDA of $22.4 million and net income of $14.6 million.

McLaren Health Care Corp. is an integrated delivery system with ten hospitals. The system generates over $4.0 billion in revenue.

ANNOUNCEMENT DATE: January 11, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: The target hospital posted operating losses in 2008, 2009 and 2010, necessitating the search for a partner with larger financial and managerial resources. In 2008, the hospital had considered a deal with Spectrum Health in Grand Rapids, but did not follow through on it.

TARGET: Ottawa Regional Hospital

and Healthcare Center

ACQUIRER: OSF Healthcare Systems

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Ottawa, Illinois CEO: Sister Judith Ann

Duvall PHONE: 309-655-2850

UNITS: 99 (beds) 800 NE Glen Oak Avenue FAX: 309-655-6869 REVENUE: $68,500,000 Peoria, Illinois 61603 NET INCOME: $12,100,000 (EBITDA) WEB SITE: www.osfhealthcare.org Ottawa Regional Hospital and Healthcare Center is a 99-bed acute care facility. For the year ended April 30, 2010, the hospital generated net patient revenue of $68.5 million, EBITDA of $12.1 million and net income of $6.8 million.

OSF Healthcare System operates seven acute care hospitals, one long-term care nursing facility and a 2,000-physician medical group. For the year ended September 30, 2010, it generated gross patient services revenue of $4.7 billion.

ANNOUNCEMENT DATE: January 19, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merger. PRICE/REVENUE: PRICE/INCOME: This deal would enlarge OSF's acute care provider network in Illinois. Ottawa Regional Hospital, currently an independent affiliate of OSF, would be renamed OSF St. Elizabeth Medical Center. Ottawa's relatively small size left it vulnerable, it is believed, in the current financially shifting reimbursement environment. It needs the resources of a larger system.


69

TARGET: Roswell Regional Medical ACQUIRER: Ardent Health Services

LISTING: Private LISTING: Private LOCATION: Roswell, New Mexico CEO: David T. Vandewater PHONE: 615) 296-3000 UNITS: 26 (beds) One Burton Hills Blvd., Ste.

250 FAX:

REVENUE: $42,100,000 Nashville, Tennessee 37215 NET INCOME: $4,000,000 (EBITDA) WEB SITE: www.ardenthealth.com Roswell Regional Medical Center is a 26-bed, investor-owned acute care facility. For the year ended April 30, 2010, the hospital generated net patient revenue of $42.1 million, EBITDA of $4.0 million and a net loss of $1.3 million.

Ardent Health Services operates two health care systems, seven acute care hospitals and one rehab hospital. It has a total of 1,409 licensed beds.

ANNOUNCEMENT DATE: January 23, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash PRICE/REVENUE: PRICE/INCOME: The target hospital is to become part of Ardent's Hillcrest Lovelace Health System, based in Albuquerque, New Mexico. Community Health Systems had made a deal to buy the hospital in late 2011, but ultimately called it off.

TARGET: Roxborough Memorial

Hospital

ACQUIRER: Prime Healthcare Services

LISTING: Private LISTING: Private LOCATION: Philadelphia, Pennsylvania CEO: Prem Reddy PHONE: 909-235-4400 UNITS: 140 (beds) 3300 East Guasti Road FAX: REVENUE: $46,100,000 Ontario, California 91761 NET INCOME: WEB SITE: www.primehealthcare.com Solis Healthcare, LLC is selling Roxborough Memorial Hospital, a 140-bed acute care facility. For 2010, the hospital generated net patient revenue of $46.1 million and a net loss of $14.2 million.

Prime Healthcare Services owns and operates 16 acute care facilities in California and Texas.

ANNOUNCEMENT DATE: February 22, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition would give Prime Healthcare its first hospital in Pennsylvania. Tenet Healthcare sold Roxborough Memorial to Solis in August 2007 for $25.5 million. Tenet acquired it in 2003 for $23.0 million.


70

TARGET: St. Clare's Health System ACQUIRER: Ascension Health Care Network

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Denville, New Jersey CEO: Leo Brideau PHONE: 314-733-8145 UNITS: PO Box 140196 FAX: REVENUE: St. Louis, Missouri 63114 NET INCOME: WEB SITE: www.ahcn.com Catholic Health Initiatives is proposing to sell St. Clare's Health System, which operates three acute-care hospitals and one behavioral facility in New Jersey.

Backed by Oak Hill Capital, Ascension Health Care Network was formed to acquire and operate acute care facilities.

ANNOUNCEMENT DATE: March 16, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal would add more Catholic facilities to Ascension Health Care Network's provider network. St. Clare's operates in the New Jersey communities of Denville, Dover, Sussex and Boonton. The buyer was formed in 2011 with the backing of private capital to separate operating hospitals from Ascension Health's other missions.

TARGET: St. Joseph Medical Center ACQUIRER: University of Maryland Medical System

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Towson, Maryland CEO: Robert Chrencik PHONE: 410-328-8667 UNITS: 305 (beds) 22 South Greene Street FAX: REVENUE: $327,700,000 Baltimore, Maryland 21201 NET INCOME: $12,800,000 (EBITDA) WEB SITE: www.umms.org Catholic Health Initiatives is divesting St. Joseph Medical Center, a 305-bed acute care facility. For the year ended June 30, 2010, the hospital generated net patient revenue of $327.7 million, EBITDA of $12.8 million and a net loss of $2.8 million.

The University of Maryland Medical System (UMMS) is a 12-hospital system network. The system has operating revenue of $2.5 billion.

ANNOUNCEMENT DATE: March 23, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Exclusive negotiations PRICE/REVENUE: PRICE/INCOME: The initial terms of the divestment call for UMMS to honor St. Joseph's Catholic identity and religious heritage. This divestment recognizes that the target may be better off in operational and financial terms as part of a regional system than as an outlier in a national system.


71

TARGET: St. Joseph's Health System ACQUIRER: Emory Healthcare

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Atlanta, Georgia CEO: John T. Fox PHONE: 404-778-5000 UNITS: 294 (beds) 1440 Clifton Road Northeast FAX: REVENUE: $346,600,000 Atlanta, Georgia 30322 NET INCOME: $18,800,000 (EBITDA) WEB SITE: www.emoryhealthcare.org St. Joseph's Health System operates St. Joseph Hospital, a 294-bed acute care facility. For 2010, the hospital generated net patient revenue of $346.6 million, EBITDA of $18.8 million and net income of $10 million.

Emory Healthcare operates three hospitals with 1,184 licensed beds and 20 centers of care in the metropolitan Atlanta area.

ANNOUNCEMENT DATE: January 3, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: For a 51% interest. PRICE/REVENUE: PRICE/INCOME: St. Joseph's Health System will retain a 49% interest; for issues regarding Roman Catholic doctrine and the hospital's mission, it will have super-majority rights. The deal allows the partners to expand their services and facilitate broader patient access. Proposed in early 2011, this deal formally closed on January 1, 2012.

TARGET: St. Mary's Regional Medical

Center

ACQUIRER: Prime Healthcare Services

LISTING: Private LISTING: Private LOCATION: Reno, Nevada CEO: Prem Reddy PHONE: 909-235-4400 UNITS: 312 (beds) 3300 East Guasti Road FAX: REVENUE: $239,500,000 Ontario, California 91761 NET INCOME: WEB SITE: www.primehealthcare.com Dignity Health (fka Catholic Healthcare West) is selling St. Mary's Regional Medical Center, a 312-bed acute care facility. For the year ended June 30, 2010, it generated net patient revenue of $239.5 million and a net loss of $45.5 million.

Prime Healthcare Services owns and operates 16 acute care facilities in California, Pennsylvania and Texas.

ANNOUNCEMENT DATE: March 30, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition would give Prime Healthcare its first hospital in Nevada. Dignity will also transition the related medical group to Prime Healthcare, but retain the St. Mary's health plan. Prime Healthcare has agreed to invest $20 million in capital to maintain current service lines (including the emergency department), offer employment to all the hospital employees and continue the hospital's commitment to charity care. Dignity has invested $67 million in St. Mary's since 2008, but the hospital continues to face significant challenges.


72

TARGET: St. Rose Hospital ACQUIRER: Eden Township Healthcare District

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Hayward, California CEO: Dev Mahadevan PHONE: 510-538-2031 UNITS: 163 (beds) 20410 Lake Chabot Road, Suite

1A FAX:

REVENUE: $142,000,000 Castro Valley, California 94546 NET INCOME: $19,000,000 (EBITDA) WEB SITE: www.ethc.org St. Rose Hospital is a 163-bed acute care facility. For fiscal 2010, the hospital generated net patient revenue of $142 million, EBITDA of $19 million and net income of $15.7 million.

Eden Township Healthcare District co-owns Sutter Health-affiliated Eden Hospital.

ANNOUNCEMENT DATE: January 6, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: St. Rose Hospital concluded that it requires public support and resources in order to assure its long-term viability, and plans to become a district hospital which can receive public funds. Accordingly, St. Rose approached Eden, which loaned it $3 million in 2011. If the deal goes through, Eden would become a hospital operator again.

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TARGET: DMS Health Technologies ACQUIRER: Platinum Equity

LISTING: Private LISTING: Private LOCATION: Fargo, North Dakota CEO: Tom Gores PHONE: 310-712-1850 UNITS: 360 North Crescent Drive FAX: REVENUE: Beverly Hills, California 90210 NET INCOME: WEB SITE: www.platinumequity.com Otter Tail is selling DMS Health Technologies, a company that provides mobile, interim and fixed-site imaging to hospitals, clinics and other providers. Services include MRI, CT, PET/CT, nuclear medicine and digital mammography.

Platinum Equity is involved in the M&A market and operation of companies.

ANNOUNCEMENT DATE: February 7, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal gives DMS Health the resources to develop its business plan to the next level. In addition to providing imaging services, DMS also sells and services Philips Medical diagnostic imaging and monitoring equipment in the upper Midwest and sells and rents refurbished medical equipment.

TARGET: eScreen, Inc. ACQUIRER: Alere, Inc.

LISTING: Private LISTING: NYSE: ALR LOCATION: Overland Park, Kansas CEO: Ron Zwanziger PHONE: 781-647-3900 UNITS: 51 Sawyer Road, Suite 200 FAX: 781-647-3939 REVENUE: $120,000,000 Waltham, Massachusetts 02453 NET INCOME: WEB SITE: www.invernessmedical.com eScreen specializes in toxicology screening and employee health products and services. It has offices in Richmond, Virginia and Calgary, Canada. The company generated revenue of $120.0 million in 2011.

Alere develops, manufactures and markets consumer and professional medical diagnostic products. On a trailing 12-month basis, it generated revenue of $2.4 billion, EBITDA of $560 million and a net loss of $132 million.

ANNOUNCEMENT DATE: March 1, 2012 PRICE: $340,000,000 PRICE PER UNIT: TERMS: $270.0 million in cash; contingent

consideration of up to an additional $70.0 million.

PRICE/REVENUE: 2.83 PRICE/INCOME: This acquisition expands the buyer's capabilities in the global toxicology market, with the addition of eScreen's proprietary testing platform.


78

TARGET: MultiGEN Diagnostics, Inc. ACQUIRER: TrovaGene, Inc.

LISTING: Private LISTING: PK: TROV LOCATION: San Diego, California CEO: Antonius Schuh PHONE: 858-217-4838 UNITS: 11055 Flintkote Ave., Suite B FAX: REVENUE: San Diego, California 92121 NET INCOME: WEB SITE: www.trovagene.com Canada's Nio-ID Diagnostics is selling MultiGEN, a molecular diagnostic company focused on DNA sequence-based identification services.

TrovaGene is developing a patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments that can be detected in urine.

ANNOUNCEMENT DATE: January 6, 2012 PRICE: $4,100,000 (approximate) PRICE PER UNIT: TERMS: 750,000 shares of TROV stock; earn-out

of up to $3.7 million in cash and stock. PRICE/REVENUE:

PRICE/INCOME: The acquisition of a CLIA-certified lab will provide the buyer with a source of cash flow while it develops its platform technology. TROV will explore the possibility of adapting MultiGEN's tests to its proprietary platform.

TARGET: Outpatient Open MRI of

Gadsden

ACQUIRER: Gadsden Regional Medical Center

LISTING: Private LISTING: Private LOCATION: Gadsen, Alabama CEO: Stephen Pennington PHONE: 265-494-4000 UNITS: 1007 Goodyear Avenue FAX: REVENUE: Gadsden, Alabama 35903 NET INCOME: WEB SITE: www.gadsdenregional.com Outpatient Open MRI of Gadsden is a provider of diagnostic imaging services.

Gadsden Regional Medical Center is an acute care hospital.

ANNOUNCEMENT DATE: February 21, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition enlarges the buyer's network of imaging facilities, providing an additional and convenient location at which imaging services are provided.


79

TARGET: S.E.D. Medical Laboratories ACQUIRER: Quest Diagnostics, Inc.

LISTING: Private LISTING: NASDAQ: DGX LOCATION: Albuquerque, New Mexico CEO: Surya Mohapatra PHONE: 800-222-0446 UNITS: 3 Giralda Farms FAX: REVENUE: Madison, New Jersey 07940 NET INCOME: WEB SITE: www.QuestDiagnostics.com Lovelace Health System is selling S.E.D. Medical Laboratories, a full-service medical and federally certified drugs-of-abuse testing lab.

Quest Diagnostics provides diagnostic testing, information and services to the health care industry. On a trailing 12-month basis, DGX generated revenue of $7.5 billion, EBITDA of $1.6 billion and net income of $469 million.

ANNOUNCEMENT DATE: January 3, 2012 PRICE: $50,600,000 (approximate) PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: Lovelace originally acquired S.E.D. from St. Joseph Healthcare System in 2002. This deal expands the buyer's laboratory network in the Southwest.

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85

TARGET: Bellingham/Parklane ACQUIRER: Health Care REIT, Inc.

LISTING: Private LISTING: NYSE: HCN LOCATION: West Chester, Pennsylvania CEO: George L. Chapman PHONE: 419-247-2800 UNITS: 338 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615 NET INCOME: WEB SITE: www.hcreit.com

Walton Street Capital, LLC is selling Bellingham/Parklane, a seniors housing and care community with 208 independent living, 50 assisted living, 16 memory care and 64 skilled nursing units. At the time of sale, it was 92% occupied.

Health Care REIT is a real estate investment trust that is focused on the seniors housing and care industry. On a trailing 12-month basis, HCN generated revenue of $1.23 billion, EBITDA of $871 million and net income of $96 million.

ANNOUNCEMENT DATE: March 22, 2012 PRICE: $60,000,000 (estimated) PRICE PER UNIT: $177,515 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

The independent living portion was built in 1991, followed by the assisted living and memory care portion in 2000 and the skilled nursing portion in 2002. Walton Street Capital owned the property in partnership with Senior Lifestyle Corporation; they purchased it in 2008 for $28.6 million. The buyer will retain Senior Lifestyle Corp. as the manager. CLW Senior Housing represented the seller in this deal.

TARGET: Belmont Village ACQUIRER: Health Care REIT, Inc.

LISTING: Private LISTING: NYSE: HCN LOCATION: Memphis, Tennessee CEO: George L. Chapman PHONE: 419-247-2800 UNITS: 120 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615 NET INCOME: WEB SITE: www.hcreit.com

Belmont Village Memphis, LLC is selling Belmont Village, a 120-unit senior living community. Built in 1999 on 3.8 acres, it is a three-story, Class A senior living center.


ANNOUNCEMENT DATE: February 8, 2012 PRICE: $16,900,000 (approximate) PRICE PER UNIT: $140,833 TERMS: PRICE/REVENUE: PRICE/INCOME:

Sale-leaseback

This deal is being carried out by 6605 Quail Hollow Road, LLC, an affiliate of HCN. Belmont Village Tenant, LLC has leased the property through January 2027.


86

TARGET: Brantley Assisted Living ACQUIRER: Senior Living Management Corporation

LISTING: Private LISTING: Private LOCATION: Milledgeville, Georgia CEO: Dennis Wagner PHONE: 954-691-1030 UNITS: 40 4461 Johnson Road, Suite 1 FAX: 954-691-1036 REVENUE: Coconut Creek, Florida 33073 NET INCOME: WEB SITE: www.slm.net

A national health care real estate investment trust is selling Brantley Assisted Living, a 40-unit assisted living facility. Built in 1987 with additions in 1989 and 1993, it is licensed for 48 beds.

Senior Living Management Corporation is involved in the seniors housing and care industry.


Not disclosed

CLW Health Care Services Group represented the seller in this transaction. The buyer will operate the facility under the name Savannah Court of Milledgeville.

TARGET: Canadian seniors housing portfolio

ACQUIRER: Health Care REIT, Inc.

LISTING: Private LISTING: NYSE: HCN LOCATION: Cardiff by the Sea, California CEO: George L. Chapman PHONE: 419-247-2800 UNITS: 8,187 4500 Dore Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615 NET INCOME: WEB SITE: www.hcreit.com

Five Maestro Retirement entities are selling a portfolio of 42 seniors housing and care facilities in Canada with a combined total of 8,187 units.



In a joint venture with Chartwell Seniors Housing REIT.

Thirty-nine of the properties (7,662 units) are to be co-owned by HCN and Canada's Chartwell Seniors Housing REIT, while three (525 units) are to be 100% owned by HCN. Chartwell will manage the portfolio under an incentive-based contract. Nineteen facilities are located in Quebec, 19 in Ontario, three in British Columbia and one in Alberta.


87

TARGET: Commons at Elk Grove ACQUIRER: West Living. LLC

LISTING: Private LISTING: Private LOCATION: Elk Grove, California CEO: John Rimbach PHONE: 760-602-5850 UNITS: 95 5796 Armada Drive, St. 300 FAX: 760-602-5851 REVENUE: $4,765,000 (2011) Carlsbad, California 92008 NET INCOME: $1,772,000 (2011) WEB SITE: www.westliving.net

Commons at Elk Grove is a 95-unit assisted living facility with 71 assisted living and 24 memory care units. Built in 2009, it had an average occupancy of 95% in 2011.

West Living owns and operates senior living communities in the West.

ANNOUNCEMENT DATE: January 1, 2012 PRICE: $20,017,000 (approximate) PRICE PER UNIT: $210,705 TERMS: PRICE/REVENUE: 4.20 PRICE/INCOME: 11.29

$7,048,500 paid in cash; $12,968,500 in an assumed Fannie Mae loan with a 6.5% interest rate.

Commons at Elk Grove was one of four assisted living communities purchased by West Living from the same group of private investors over a period of several months.

TARGET: Dearborn Towers ACQUIRER: Alchemy Management, LLC

LISTING: Private LISTING: Private LOCATION: Clearwater Beach, Florida CEO: PHONE: 516-684-4800 UNITS: 88 60 Cuttermill Rd., Suite 210 FAX: REVENUE: Great Neck, New York 11021 NET INCOME: WEB SITE:

Dearborn Towers is a senior living complex with 40 one-bedroom and 48 two-bedroom units.

Alchemy Management is involved in the seniors housing industry.

ANNOUNCEMENT DATE: March 26, 2012 PRICE: $6,250,000 PRICE PER UNIT: $71,023 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

This facility has been on the market since 2010. The City Council approved its sale. The buyer was one of three suitors, all of whom offered more than the $5.975 million appraised value. The building requires some asbestos remediation; there are additionally some indications that the property could be converted into high-end condominiums.


88

TARGET: Gade Nursing Home ACQUIRER: Trilogy Health Services

LISTING: Private LISTING: Private LOCATION: Greenville, Ohio CEO: Randall Bufford PHONE: 502-412-5847 UNITS: 51 (beds) 303 N. Hurstbourne Pkwy, 200 FAX: 502-412-0407 REVENUE: Louisville, Kentucky 40222 NET INCOME: WEB SITE: www.trilogyhs.com

Gade Nursing Home is a 51-bed skilled nursing facility. The facility was opened in 1975.

Trilogy Health Services operates over 60 senior living communities in Illinois, Indiana, Kentucky, Michigan and Ohio.


Not disclosed

The facility is to be renamed Gade Healthcare Center. The buyer plans to operate the facility at its current location then move the skilled nursing operations to a new Trinity Village model health campus within the next 18 to 20 months.

TARGET: Garden Park Villas ACQUIRER: Capitol Seniors Housing

LISTING: Private LISTING: Private LOCATION: Escondido, California CEO: Scott Stewart PHONE: 202-585-1454 UNITS: 89 975 F Street, N.W. FAX: REVENUE: $2,000,000 Washington, DC 20004 NET INCOME: $500,000 (EBITDA) WEB SITE:

Garden Park Villas is an 89-unit assisted living facility with 59 assisted living and 30 memory care units. Built in 2002, it was 75% occupied at the time of sale. Census was 100% private pay.

Capitol Seniors Housing is involved in the seniors housing and care industry.

ANNOUNCEMENT DATE: March 20, 2012 PRICE: $9,500,000 PRICE PER UNIT: $106,742 TERMS: PRICE/REVENUE: 4.75 PRICE/INCOME: 19

Not disclosed

The buyer plans to convert up to 12 of the assisted living units to memory care, changing the mix. Capital Funding Group arranged the HUD financing which was at a 3.47% interest rate and a 40-year amortization. The ISS over five years may be 45% with an exit at an 8% cap rate. Integral Senior Living has been hired to manage the property. This deal closed April 16, 2012.


89

TARGET: Harbor Village ACQUIRER: Health Care REIT, Inc.

LISTING: Private LISTING: NYSE: HCN LOCATION: Greendale, Wisconsin CEO: George L. Chapman PHONE: 419-247-2800 UNITS: 221 4500 Dorr Street FAX: 419-247-2826 REVENUE: Toledo, Ohio 43615 NET INCOME: WEB SITE: www.hcreit.com

Walton Street Capital, LLC is selling Harbor Village, a seniors housing and care community with 139 independent living, 38 assisted living and 44 memory care units. At the time of sale, it was 92% occupied.


ANNOUNCEMENT DATE: March 22, 2012 PRICE: $38,000,000 (approximate) PRICE PER UNIT: $171,946 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

The independent living portion was built in 1988, followed by the assisted living portion in 1996 and the memory care portion in 2000. Walton Street Capital owned the property in partnership with Senior Lifestyle Corporation; they purchased it in 2008 for $28.6 million. The buyer will retain Senior Lifestyle Corp. as the manager. CLW Senior Housing represented the seller in this deal.

TARGET: Hillcrest Haven Convalescent Hospital

ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG LOCATION: Pocatello, Idaho CEO: Christopher


UNITS: 113 (beds) 27101 Puerta Real, Suite 450 FAX: 949-487-9400 REVENUE: Mission Viejo, California 92691 NET INCOME: WEB SITE: www.ensigngroup.net

Hillcrest Haven Convalescent Hospital is a 113-bed skilled nursing facility. At the time of acquisition, it had an occupancy rate of 45%.



Asset acquisition

This deal further expands the buyer's presence in the southeast Idaho market. The facility is to be operated by ENSG subsidiary Milestone Healthcare, Inc. Due to low occupancy, the facility is expected to be operationally dilutive to earnings in 2012. The deal closed effective March 1, 2012.


90

TARGET: Lonoke skilled nursing facility

ACQUIRER: AdCare Health Systems, Inc.

LISTING: Private LISTING: AMEX: ADK LOCATION: Lonoke, Arkansas CEO: Boyd P. Gentry PHONE: 937-964-8974 UNITS: 141 (beds) 5057 Troy Road FAX: 937-964-8961 REVENUE: Springfield, Ohio 45502 NET INCOME: WEB SITE: www.adcarehealth.com

Gyman Properties, LLC is selling a 141-bed skilled nursing facility.

AdCare is involved in owning and operating seniors housing communities, as well as providing home health care services in several states. On a trailing 12-month basis, ADK generated revenue of $135 million, EBITDA of $5.6 million and a net loss of $2.7 million.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: $6,486,000 (approximate) PRICE PER UNIT: $46,000 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

This acquisition expands the buyer's presence within the Arkansas skilled nursing market.

TARGET: Mason Valley Residence ACQUIRER: Regional Operator

LISTING: Private LISTING: Private LOCATION: Yerington, Nevada CEO: PHONE: UNITS: 40 FAX: REVENUE: $1,234,000 California NET INCOME: $200,000 (EBITDA) WEB SITE:

Mason Valley Residence is a 40-unit assisted living facility with 34 assisted living and six memory care units. The facility is located near Reno, Nevada. Built in 1998, it was 90% occupied at the time of sale.

The buyer is a regional operator of seniors housing and care facilities in California and Nevada.

ANNOUNCEMENT DATE: March 30, 2012 PRICE: $2,500,000 PRICE PER UNIT: $62,500 TERMS: PRICE/REVENUE: 2.02 PRICE/INCOME: 12.5

Not disclosed

The target facility was sold by a *mom and pop* operator seeking to exit the business and enjoy retirement. Occupancy at the facility had been stabilized for several years at over 90%, but recently dipped to 85% with the departure of two residents. The seller financed 80% of the sales price. Evans Senior Investments represented the seller in this transaction.


91

TARGET: Mattoon Health Care & Rehab

ACQUIRER: The Tutera Group

LISTING: Private LISTING: Private LOCATION: Mattoon, Illinois CEO: PHONE: 816-444-0900 UNITS: 85 (beds) 7611 State Line Rd., Suite 301 FAX: 816-822-0081 REVENUE: $4,800,000 Kansas City, Missouri 64114 NET INCOME: $350,000 (EBITDA) WEB SITE: www.tutera.com

Mattoon Health Care & Rehab is a single-story, 85-bed skilled nursing facility that is licensed for 143 beds. It was built in 1975 with an addition/renovation in 1986. Occupancy, based on its current configuration for 85 beds, is 92%.

The Tutera Group is a diversified health care and senior living company providing development and management services to the seniors housing and care industry.

ANNOUNCEMENT DATE: January 18, 2012 PRICE: $3,200,000 PRICE PER UNIT: $37,647 TERMS: PRICE/REVENUE: 0.66 PRICE/INCOME: 9.14

Not disclosed

In 2010, revenue and EBITDA were approximately $5.0 million and $600,000, respectively. Annualized revenues and EBITDA in 2011, adjusted for lower Medicare payments after September 30, were estimated to be $4.8 million and $350,000, respectively. Marcus & Millichap represented the seller.

TARGET: New Hampton Care Center ACQUIRER: Aviv REIT

LISTING: Private LISTING: Private LOCATION: New Hampton, Iowa CEO: Craig M. Bernfield PHONE: 312-855-0930 UNITS: 70 (beds) 303 West Madison, Suite 2400 FAX: 312-855-1684 REVENUE: $3,700,000 Chicago, Illinois 60606 NET INCOME: $575,000 (EBITDA) WEB SITE: www.avivam.com

New Hampton Care Center is a 70-bed skilled nursing facility. Occupancy at the time of sale was 88%. Census was 34% Medicaid, 60% private pay and 6% Medicare.

Aviv REIT is a real estate trust focusing on seniors housing and care properties.


Not disclosed

The financial data for the facility is pro forma. The facility was originally part of a larger portfolio in Iowa, but was split off. Marcus & Millichap represented the seller in this deal.


92

TARGET: Nine community portfolio ACQUIRER: Brookdale Senior Living, Inc.

LISTING: Private LISTING: NYSE: BKD LOCATION: Various, States CEO: Bill Sheriff PHONE: 615-221-2250 UNITS: 1,295 111 Westwood Place, Suite 400 FAX: 615-221-2289 REVENUE: Brentwood, Tennessee 37027 NET INCOME: WEB SITE: www.brookdaleliving.com

The target is a portfolio of nine seniors housing and care communities with a combined total of 1,295 units.

Brookdale operates 646 senior care facilities, primarily offering assisted and independent living services, as well as a continuum of care. On a trailing 12-month basis, BKD generated revenue of $2.3 billion and EBITDA of $388 million.


Not disclosed

The nine communities had been previously operated by Brookdale under long-term leases that were accounted for as operating leases. By owning the properties outright, BKD can now renovate and reposition these assets to improve their performance.

TARGET: Nine Illinois senior care facilities

ACQUIRER: Formation Capital, LLC

LISTING: Private LISTING: Private LOCATION: Morton Grove, Illinois CEO: Arnold Whitman PHONE: 770-754-9660 UNITS: 1,540 (beds) 1035 Powers Place FAX: 770-754-3085 REVENUE: Alpharetta, Georgia 30009 NET INCOME: WEB SITE: www.formationcapital.com

Kensington Management Group is selling nine senior care facilities located in Illinois. The portfolio includes eight skilled nursing and one assisted living facility. They have a combined total of 1,540 beds.

Formation Capital, LLC is a private equity firm in the senior housing and long-term care industry.


All-cash transaction. $69.35 per share. $450.0 million in assumed debt.

Five of the facilities are located upstate, three mid-state and one downstate. They are to be leased to newly formed Symphony Healthcare, a new entity formed by Bob Hartman, Chairman of NuCare, an Illinois-based SNF operator. A licensed renal dialysis center affiliated with one of the facilities was also included in the sale. Senior debt for the acquisition was provided by GE Healthcare and CapitalSource. Healthcare Transaction Group represented the seller in this transaction. It closed effective December 30, 2011.


93

TARGET: North Roanoke Assisted Living

ACQUIRER: Not disclosed

LISTING: Private LISTING: Private LOCATION: Roanoke, Virginia CEO: PHONE: UNITS: 142 FAX: REVENUE: $2,663,000 Virginia NET INCOME: $697,000 (EBITDA) WEB SITE:

A local operator is selling North Roanoke Assisted Living, a 142-unit assisted living facility. Built in 1970 on 18 acres, it was 75% occupied at the time of sale. The census was 80% Medicaid and 20% private pay.

The buyer is an operator of seniors housing and care facilities based in Virginia.


Not disclosed

Built in 1960 and expanded in 1980, the facility has a licensed capacity for 225 beds. About 80% of the revenue comes from state reimbursement through the *auxiliary grant* program, and the ceiling on that reimbursement played a role in the low sales price and acquisition multiples. The buyer plans to increase services, viz., mental rehabilitation, to increase cash flow. The buyer also purchased the stock in the selling entities to avoid having to wait for license transfer. Financing was done through an SBA loan. Senior Living Investment Brokerage handled the transaction.

TARGET: Orem Rehabilitation & Nursing Center

ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG LOCATION: Orem, Utah CEO: Christopher


UNITS: 108 (beds) 27101 Puerta Real, Suite 450 FAX: 949-487-9400 REVENUE: Mission Viejo, California 92691 NET INCOME: WEB SITE: www.ensigngroup.net

Orem Rehabilitation & Nursing Center is a 108-bed skilled nursing facility.



Cash

A subsidiary of ENSG had been operating the target facility since 2008 under a lease without a purchase option. With this acquisition, the buyer now owns three-quarters of the facilities it operates.


94

TARGET: Park Place Assisted Living ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG LOCATION: Reno, Nevada CEO: Christopher


UNITS: 60 27101 Puerta Real, Suite 450 FAX: 949-487-9400 REVENUE: $1,044,000 Mission Viejo, California 92691 NET INCOME: WEB SITE: www.ensigngroup.net

Park Place Assisted Living is a 60-unit assisted living facility that was built in 1989. It was 45% occupied at the time of sale.


ANNOUNCEMENT DATE: February 3, 2012 PRICE: $2,100,000 Not disclosed PRICE PER UNIT: $35,000 TERMS: PRICE/REVENUE: 2.01 PRICE/INCOME:

Cash

This deal is effective February 1, 2012. This expands the buyer's footprint in Reno where it already has skilled nursing operations. It was losing money at the time of sale because occupancy had dropped after some survey problems; it had increased to 65% by closing. Estimated revenues and EBITDA at stabilization are $2.1 million and $500,000, respectively. Senior Living Investment Brokerage handled the transaction.

TARGET: Primrose portfolio ACQUIRER: CNL Lifestyle Properties, Inc.

LISTING: Private LISTING: Private LOCATION: Aberdeen, South Dakota CEO: Tom Sittema PHONE: 407-540-7500 UNITS: 394 450 South Orange Ave. FAX: 407-540-2544 REVENUE: Orlando, Florida 32801 NET INCOME: WEB SITE: www.cnllifestylereit.com

Primrose Retirement Communities is selling five senior housing communities with a combined total of 394 units, all of which were built between 2004 and 2007. The communities were 95% occupied at the time of sale.

CNL Lifestyle Properties is a real estate investment trust that invests in lifestyle properties.


Sale-leaseback transaction.

The properties include Casper Senior Living in Casper, Wyoming; Grand Island Senior Living in Grand Island, Nebraska; Sweetwater Senior Living in Billings, Montana; Marion Senior Living in Marion, Ohio; and Mansfield Senior Living in Mansfield, Ohio. Primrose will continue to operate the properties under a long-term triple net lease.


95

TARGET: Pristine Pines portfolio ACQUIRER: Concordia Lutheran Ministries

LISTING: Private LISTING: Nonprofit LOCATION: Sewickley, Pennsylvania CEO: Keith Frndak PHONE: 724-352-1571 UNITS: 84 134 Marwood Road FAX: 724-352-4685 REVENUE: $3,081,000 Cabot, Pennsylvania 16023 NET INCOME: $732,000 (EBITDA) WEB SITE: www.concordialm.org

A private equity fund is selling two assisted living facilities: 56-unit Pristine Pines of Franklin Park in Sewickley and 28-unit Pristine Pines of Wexford. Built in 1996, they have 50 assisted living and 34 Alzheimer's units and were 67% occupied at the time of sale.

Concordia Lutheran Ministries owns and operates six retirement housing campuses and one hospice facility in Pennsylvania.

ANNOUNCEMENT DATE: March 15, 2012 PRICE: $7,850,000 (approximate) PRICE PER UNIT: $93,452 TERMS: PRICE/REVENUE: 2.54 PRICE/INCOME: 10.72

Not disclosed

The two targeted communities are licensed for a combined total of 148 beds. The financial data above is annualized from 2011 figures. The buyer bought the loan from a defaulted CMBS pool, and foreclosed. Marcus & Millichap represented the seller in the sale.

TARGET: Reflections Retirement Community

ACQUIRER: Northstar REIT

LISTING: Private LISTING: Private LOCATION: Lancaster, Ohio CEO: David T. Hamamoto PHONE: 212-547-2600 UNITS: 71 399 Park Avenue, 18th FL FAX: 212-547-2700 REVENUE: $838,000 New York, New York 10022 NET INCOME: $133,000 (EBITDA) WEB SITE: www.northstarreit.com

Reflections Retirement Community is a 71-unit, two-story independent living community. It was built in 1987 and occupancy had been 70%.

Northstar REIT is a non-traded real estate investment trust that invests in a diversified portfolio of real estate properties across the country.


Not disclosed

The financial metrics are not particularly relevant because the buyer intends to convert the building from independent living to assisted living. Currently, there is a mix of studios, one- and two-bedroom units with an average rent of $1,635 per month. Marcus & Millichap represented the seller.


96

TARGET: Riverbend Assisted Living & Memory Care

ACQUIRER: Capital Senior Living Corporation

LISTING: Private LISTING: NYSE: CSU LOCATION: Jeffersonville, Indiana CEO: Lawrence A. Cohen PHONE: 972-770-5600 UNITS: 97 14160 Dallas Parkway, Suite

300 FAX: 972-770-5666

REVENUE: $4,285,000 Dallas, Texas 75254 NET INCOME: $1,570,000 (EBITDA) WEB SITE: www.capitalsenior.com

A regional owner is selling Riverbend Assisted Living & Memory Care, a 97-unit assisted living facility with 63 assisted living and 34 Alzheimer's units. Built in 2000, it was 100% occupied at the time of sale. Census was 25% Medicaid and 75% private pay.

Capital Senior Living operates senior living communities. It currently operates 77 communities in 23 states with a capacity for 11,000 residents. On a trailing 12-month basis, CSU generated revenue of $257 million, EBITDA of $37 million and net income of $3 million.


Not disclose

The facility was built in 2000 with memory care and assisted living units; a 22-unit assisted living unit expansion took place in 2008. It now has 114 beds. There are also approvals for a further 20-unit expansion. About 25% of the census is under the Indiana Medicaid waiver program. Marcus & Millichap represented the seller in this transaction.

TARGET: Schowalter Villa ACQUIRER: Kidron Bethel Village

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Hesston, Kansas CEO: James Krehbeil PHONE: 316-284-2900 UNITS: 425 (residents) 3001 Ivy Drive FAX: 316-284-0173 REVENUE: North Newton, Kansas 67117 NET INCOME: WEB SITE: www.kidronbethel.org

Schowalter Villa is a CCRC that services approximately 425 persons in 172 independent living homes, a 50-apartment low-income housing center, 40 assisted living units and a 105-bed skilled nursing facility with 12 memory care beds. It started operations in 1961.

Kidron Bethel Village is a CCRC located on 27 acres serving approximately 300 residents.


Merger

Merger discussions began in late 2010. This merger unites two facilities affiliated with the Mennonite Church USA to become the second largest CCRC in Kansas. Ziegler Investment Banking/Senior Living conducted financial due diligence on this transaction.


97

TARGET: Six seniors housing and care facilities

ACQUIRER: Aviv REIT

LISTING: Private LISTING: Private LOCATION: Nebraska and, Iowa CEO: Craig M. Bernfield PHONE: 312-855-0930 UNITS: 420 (beds/units) 303 West Madison FAX: 312-855-1684 REVENUE: $13,184,000 (2010) Chicago, Illinois 60606 NET INCOME: $1,725,000 (EBITDA) WEB SITE: www.avivam.com

The portfolio includes six seniors housing and care facilities in Iowa (5) and Nebraska (1) with 293 skilled nursing beds and 127 assisted living units. Built on average in 1975, they were 74% occupied at the time of sale.

Aviv REIT is a real estate trust focusing on seniors housing and care properties.


Not disclosed

The largest facility in this portfolio, with 71 skilled nursing beds and 49 assisted living units, is in North Platte, Nebraska. The remaining five are in Iowa: a 40-bed SNF in Creston; a 38-bed SNF in Rockwell City; a 44-bed SNF with a 29-unit ALF in Rock Rapids; a 100-bed SNF with a 29-unit ALF in Onawa; and a 20-unit ALF in Shenandoah. With a higher Medicaid rate in Iowa due to a new provider tax, it is possible that EBITDA could reach $2.5 million in 2012. Marcus & Millichap represented the seller in this transaction.

TARGET: The 80th Street Residence ACQUIRER: Coast to Coast Assisted Living Realty, LLC

LISTING: NYSE: HCN LISTING: Private LOCATION: New York, New York CEO: PHONE: UNITS: 61 FAX: REVENUE: NET INCOME: WEB SITE:

Health Care REIT is selling The 80th Street Residence, a 61-unit assisted living facility specializing in memory care. It is a 38,100-square-foot facility located at 430 East 80th Street between First and York Avenues.

Coast to Coast Assisted Living Realty is involved in the seniors housing and care industry.


Not disclosed

The target is said to be the only assisted living facility in Manhattan dedicated to memory care. Its location on the Upper East Side likely contributed to the hefty sales price. The buyer secured $25.9 million in acquisition financing for the purchase of the building late last year; the loan, arranged by CBRE Group, provides a 35-year, fully amortizing loan at 80% loan-to-value. It also includes $1.2 million for capital upgrades and life-safety improvements for the facility.


98

TARGET: The Blake at Gulf Breeze ACQUIRER: AEW Capital Management

LISTING: Private LISTING: Private LOCATION: Gulf Breeze, Florida CEO: Jeffrey D. Furber PHONE: 617-261-9000 UNITS: 107 Two Seaport Lane FAX: 617-261-9555 REVENUE: $4,993,000 Boston, Massachusetts 02210 NET INCOME: $1,967,000 (EBITDA) WEB SITE: www.aew.com

The Blake at Gulf Breeze is a seniors living facility with 107 assisted living (70) and memory care (37) units. The facility was built in 2008 and has an extended congregate care license. At closing, occupancy was 97%.

Part of AEW, a real estate investor, AEW Capital Management is involved in acquiring and owning seniors housing properties.

ANNOUNCEMENT DATE: February 13, 2012 PRICE: $24,000,000 PRICE PER UNIT: $224,299 TERMS: PRICE/REVENUE: 4.80 PRICE/INCOME: 12.20

Not disclosed

Though opened in 2008, the facility was able to fill up during the recession. The facility is to be operated by Blake Management Group, who was the original developer of the property. ARA Seniors Housing represented the seller in the transaction.

TARGET: The Carlton ACQUIRER: MedHoldings, Inc.

LISTING: Private LISTING: Private LOCATION: Sandy Springs, Georgia CEO: Milton Cruz PHONE: 787-706-5255 UNITS: 66 101 Ave. San Patricio FAX: 787- 706-5256 REVENUE: Guaynabo, Puerto Rico 00968 NET INCOME: WEB SITE: www.medholdings.com

The Carlton, fka Summer's Landing Mount Vernon, is a 66-unit assisted living facility licensed for 74 beds. It contains a memory care unit. At the time of sale, the facility was 91% occupied.

MedHoldings is an owner of senior care facilities.


Not disclosed

The facility is located next to Congregation B'nai Torach on Mount Vernon Highway. It is to be leased to Insignia Living of Georgia, LLC. This acquisition gives the buyer its sixth acquisition in Georgia and its eighteenth in the southeast U.S. and Puerto Rico.


99

TARGET: The Colonnade at Schwenksville

ACQUIRER: Not disclosed

LISTING: Private LISTING: Private LOCATION: Schwenksville, Pennsylvania CEO: PHONE: UNITS: 94 FAX: REVENUE: $1,582,000 NET INCOME: WEB SITE:

TIC Investment Group is selling The Colonnade at Schwenksville, a 94-unit assisted living facility. Originally built in 1927, the building underwent significant renovation in 1998. It was 42% occupied at the time of sale.

The buyer was not disclosed.

ANNOUNCEMENT DATE: March 16, 2012 PRICE: $5,800,000 PRICE PER UNIT: $61,702 TERMS: PRICE/REVENUE: 3.66 PRICE/INCOME:

Not disclosed

In 2010, the Pennsylvania Department of Public Welfare imposed a ban on new admissions, causing occupancy to plunge and EBITDA to turn negative. The buyer believes it can stabilize the property and return cash flow to about $800,000, which is where is was before the ban was imposed. Senior Living Investment Brokerage handled the transaction.

TARGET: The Commons at Thornton ACQUIRER: West Living, LLC

LISTING: Private LISTING: Private LOCATION: Stockton, California CEO: John Rimbach PHONE: 760-602-5850 UNITS: 100 5796 Armada Drive, Ste. 300 FAX: 760-602-5851 REVENUE: $3,750,000 Carlsbad, California 92008 NET INCOME: $1,000,000 (EBITDA) WEB SITE: www.westliving.net

The Commons at Thornton is a two-story, 100-unit assisted living facility with 76 assisted living and 24 Alzheimer's units. Built in 2004, it was 85% occupied at the time of sale. The census was 100% private pay.

West Living is involved in the seniors housing and care industry.


Cash

This is the last of four properties in California sold by a group of investors to West Living during recent months. These deals expand West Living's facility network in California.


100

TARGET: The Lodge of Lompoc ACQUIRER: Meridian Senior Living

LISTING: Private LISTING: Private LOCATION: Lompoc, California CEO: Charles Trafzger PHONE: 828-326-7200 UNITS: 67 1270 25th St. FAX: REVENUE: Hickory, North Carolina 28601 NET INCOME: WEB SITE: www.meridiansenior.com

Lompoc Retirement, Inc. is selling The Lodge of Lompoc, a 67-unit assisted living facility that is licensed for 130 beds. At the time of sale, it was 80% occupied.

Meridian Senior Living is involved in the seniors housing and care industry. It provides care to over 5,000 residents at its 80 facilities in 12 states.


Not disclosed

This acquisition enlarges the buyer's facility network in California, one of the company's principal markets. The sale of the Lodge leaves the seller with just one 103-unit assisted living facility in its seniors housing portfolio. JCH Consulting Group represented the seller in this deal.

TARGET: The Renaissance on Peachtree

ACQUIRER: The Carlyle Group

LISTING: Private LISTING: Private LOCATION: Atlanta, Georgia CEO: PHONE: 202-347-2626 UNITS: 228 1001 Pennsylvania Avenue,

NW FAX: 202-347-1818

REVENUE: $7,000,000 Washington, DC 20004 NET INCOME: $1,750,000 (EBITDA) WEB SITE: www.carlyle.com

Retirement Corp. of America Partners is selling The Renaissance on Peachtree, a 15-story seniors housing and care community with 185 independent living and 43 assisted living units. It was 70% occupied at the time of sale.

The Carlyle Group is an alternative assets manager with $147 billion of assets under management in 89 active funss and 49 fund-of-fund vehicles.


Not disclosed

The target property is being acquired by a joint venture between The Carlyle Group and Atlanta-based Formation Development Group. The buyers plan to spend $7 million on capital improvements to the property, which is to be managed by Seattle-based Leisure Care. Senior Capital Advisors represented the seller; Grandbridge provided the bridge financing.


101

TARGET: The Terrace at Priceville ACQUIRER: Institutional Owner/Operator

LISTING: Private LISTING: Private LOCATION: Priceville, Alabama CEO: PHONE: UNITS: 92 FAX: REVENUE: $3,708,000 NET INCOME: $958,000 (EBITDA) WEB SITE:

The Terrace at Priceville is a single story assisted living, memory care and independent living community built between 2006 and 2008. There are 28 assisted living units, 32 memory care units and 32 independent living units in cottages. Occupancy has been 90%.

The buyer is an institutional owner and operator of seniors housing facilities.

ANNOUNCEMENT DATE: February 1, 2012 PRICE: $11,300,000 PRICE PER UNIT: $122,826 TERMS: PRICE/REVENUE: 3.04 PRICE/INCOME: 11.79

Not disclosed

The Terrace at Priceville sits on 20 acres in the north central region of Alabama. The assisted living and memory care units were built in 2006, while the independent living cottages were added in 2008. There is plenty of room for expansion. Senior Living Investment Brokerage handled the transaction.

TARGET: The Veranda ACQUIRER: Regional Operator

LISTING: Private LISTING: Private LOCATION: Columbus, Ohio CEO: PHONE: UNITS: 55 FAX: REVENUE: $1,500,000 NET INCOME: $350,000 (stabilized

EBITDA) WEB SITE:

The Veranda is a 40-unit assisted living community. An additional 15 units on the third floor are not occupied. The whole property is licensed for 64 beds. At the time of sale, occupancy, based on 40 units, was 90%.

The buyer is a regional operator of seniors housing and care facilities.


Not disclosed

The Veranda has three floors but because of construction flaws, the third floor and its additional 15 units are not occupied. It has been estimated that the cost to repair the problem is about $500,000. The financial data above are estimated and based on 90% occupancy after the construction flaws are repaired and using the existing average base rents of $2,225 per month. The price per unit with the repair added increases to $44,545, and the cap rate increases to 14.3%. Marcus & Millichap represented the seller.


102

TARGET: Three skilled nursing facilities in Arkansas


LISTING: Private LISTING: AMEX: ADK LOCATION: Arkansas CEO: Boyd P. Gentry PHONE: 937-964-8974 UNITS: 439 (beds) 5057 Troy Road FAX: 937-964-8961 REVENUE: $22,200,000 Springfield, Ohio 45502 NET INCOME: WEB SITE: www.adcarehealth.com

The target is a portfolio of three skilled nursing facilities in Arkansas with a combined total of 439 beds. They generate gross annual revenue of about $22.2 million.

AdCare is involved in owning and operating seniors housing communities, as well as providing home health care services in several states. On a trailing 12-month basis, ADK generated revenue of $135 million, EBITDA of $5.6 million and a net loss of $2.7 million.

ANNOUNCEMENT DATE: January 6, 2012 PRICE: $27,300,000 (approximate) PRICE PER UNIT: $62,187 TERMS: PRICE/REVENUE: 1.22 PRICE/INCOME:

Not disclosed

This acquisition continues to expand the buyer's presence in the Arkansas skilled nursing market. The buyer plans to fund the acquisition with a traditional bank loan.

TARGET: Two assisted living campuses

ACQUIRER: Joint venture

LISTING: Nonprofit LISTING: Private LOCATION: Daphne, Alabama CEO: PHONE: UNITS: 237 FAX: REVENUE: $8,415,000 Texas NET INCOME: $1,475,000 WEB SITE:

Mercy Medical is selling its Daphne campus, which includes Catherine Place with 60 assisted living units and Snook Center with 64 memory care units. The Fairhope campus includes Carol Place with 95 assisted living units and Hamlet, with 18 independent living units (villas).

The buyer is a joint venture formed by a real estate investment trust and a Texas-based operator.


Not disclosed

The Hamlet residents were initially brought in under life care contracts, and the buyer assumed an estimated $2 million in projected liabilities to care for them. The Hamlet is also subject to a 75-year ground lease with a private investor, which the buyer also assumed. The buyer plans to increase operating efficiencies and increase census (overall occupancy was 70% at the time of sale). Senior Living Investment Brokerage handled the sale.


103

TARGET: Two skilled nursing facilities in Oklahoma


LISTING: Private LISTING: AMEX: ADK LOCATION: Oklahoma CEO: Boyd P. Gentry PHONE: 937-964-8974 UNITS: 239 (beds) 5057 Troy Road FAX: 937-964-8961 REVENUE: $10,300,000 Springfield, Ohio 45502 NET INCOME: WEB SITE: www.adcarehealth.com

The target portfolio consists of two skilled nursing facilities in Oklahoma. They have an aggregate of 239 beds and generate an estimated $10.3 million in gross annualized revenue.

AdCare is involved in owning and operating seniors housing communities, as well as providing home health care services in several states. On a trailing 12-month basis, ADK generated revenue of $151 million, EBITDA of $8.2million and a net loss of $4.2 million.

ANNOUNCEMENT DATE: March 15, 2012 PRICE: $11,600,000 PRICE PER UNIT: $48,536 TERMS: PRICE/REVENUE: 1.12 PRICE/INCOME:

Not disclosed

This acquisition expands the buyer's presence in the Oklahoma skilled nursing market. This deal, once completed, will bring the total number of facilities ADK has put under contract to 47 since it began its M&A program. More specifically, it brings to 12 the number of facilities ADK has put under contract in Oklahoma.

TARGET: Van Dyk at Bald Eagle Commons

ACQUIRER: Chelsea Senior Living

LISTING: Private LISTING: Private LOCATION: West Milford, New Jersey CEO: Herbert Heflich PHONE: 908-889-4200 UNITS: 124 316 South Avenue FAX: 908-889-4224 REVENUE: Fanwood, New Jersey 07023 NET INCOME: WEB SITE: www.chelseaseniorliving.com

Van Dyk Health Care is selling Van Dyk at Bald Eagle Commons, an assisted living facility with 124 units. It was opened in 2000.

Chelsea Senior Living operates 15 senior living communities in New Jersey (12) and New York (3). The communities include assisted living, independent living and Alzheimer's care.


Not disclosed

This acquisition expands the buyer's network of seniors living facilities in the Garden State. The facility has been renamed Chelsea at Bald Eagle. Rents start at $2,999 per month.


104

TARGET: Vistas at Longmont ACQUIRER: Undisclosed REIT

LISTING: Private LISTING: Private LOCATION: Longmont, Colorado CEO: PHONE: UNITS: 120 FAX: REVENUE: NET INCOME: $2,360,000 (stabilized

EBITDA) WEB SITE:

Vistas at Longmont is a 120-unit assisted living facility. It was built in 2009.

The buyer is an undisclosed real estate investment trust.

ANNOUNCEMENT DATE: March 1, 2012 PRICE: $28,000,000 PRICE PER UNIT: $233,333 TERMS: PRICE/REVENUE: PRICE/INCOME: 11.86

Not disclosed

The figure given above for EBITDA is stabilized; it is believed the facility will reach stabilized occupancy by July or August 2012. The trailing 12-month EBITDA at the time of sale was $1.6 million. Evans Senior Investments represented the seller in this transaction.

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109

TARGET: APS Healthcare, Inc. ACQUIRER: Universal American Corp.

LISTING: Private LISTING: NYSE: UAM LOCATION: White Plains, New York CEO: Richard A. Barasch PHONE: 914-934-5200 UNITS: 6 International Drive FAX: 914-934-0700 REVENUE: $300,000,000 Rye Brook, New York 10573 NET INCOME: WEB SITE: www.uafc.com

GTCR, LLC is selling APS Healthcare, a provider of specialty health care solutions, including disease management and care coordination, clinical quality review and behavioral health services. It generated 2011 revenue of over $300 million

Universal American Corp. provides health insurance and managed care products and services to the senior population. On a trailing 12-month basis, it generated revenue of $4.8 billion, EBITDA of $228 million and net income of $109 million.


$147.5 million to retire APS debt; $80 million in shares of UAM stock; up to $50 million in performance-based contingent consideration.

This acquisition combines APS's specialization in Medicaid with UAM's expertise in Medicare Advantage plans, allowing the company to better service dual eligibles. APS's 400 customers include Medicaid agencies, state and local governments, health plans, employers and labor trust groups. BofA Merrill Lynch is underwriting a $150 million term loan and $50 million revolving credit facility, which will help pay off APS indebtedness. Goldman Sachs and Credit Suisse provided UAM and APS, respectively, with financial advice on this deal.

TARGET: Blue Cross Blue Shield of Delaware

ACQUIRER: Highmark, Inc.

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Wilmington, Delaware CEO: Robert Baum PHONE: 412-544-7000 UNITS: 400,000 (members) Fifth Avenue Place FAX: REVENUE: Pittsburgh, Pennsylvania 15222 NET INCOME: WEB SITE: www.highmark.com

Blue Cross Blue Shield of Delaware is a franchisee of the national Blues association. It serves 400,000 members.

Highmark, one of the largest Blue Cross Blue Shield plans, provides a range of insurance products to its approximately 23 million members in Pennsylvania and across the nation. For 2010, Highmark generated revenue of $7 billion and net income of $462.5 million.

ANNOUNCEMENT DATE: January 3, 2012 PRICE: $10,000,000 (approximate) PRICE PER UNIT: $25 TERMS: PRICE/REVENUE: PRICE/INCOME:

$500,000 annually for 10 years to develop health care work force programs; $500,000 annually for 10 years to Delaware charities.

This merger allows one of the smallest and more financially vulnerable Blues plans to join with a larger entity capable of sustaining the smaller one. Delaware's Insurance Commissioner approved this deal December 30, 2011.


110

TARGET: DentalPlans.com ACQUIRER: The Riverside Company

LISTING: Private LISTING: Private LOCATION: Plantation, Florida CEO: Kristin Newhall PHONE: 212-265-6575 UNITS: 630 Fifth Avenue, Suite 2400 FAX: 212-265-6478 REVENUE: New York, New York 10111 NET INCOME: WEB SITE: www.riversidecompany.com

DentalPlans.com provides dental savings plans in the U.S., Puerto Rico and the U.K. It offers over 30 dental savings plans at more than 100,000 dental listings across the United States.

The Riverside Company is a private equity firm. It has morethan $3.2 billion in assets under management.


According to media estimates.

The Riverside Company's investment in DentalPlans.com will allow it to boost its business-to-consumer and business-to-business marketing efforts.

TARGET: Innovante Benefit Administrators

ACQUIRER: HealthSmart Holdings, Inc.

LISTING: Private LISTING: Private LOCATION: Denver, Colorado CEO: Jim Pennington PHONE: 214-574-3456 UNITS: 222 W Las Colinas Blvd, Suite

600N FAX: 214-574-3911

REVENUE: Irving, Texas 75039 NET INCOME: WEB SITE: www.healthsmart.com

HealthTrans is selling its subsidiary Innovante Benefit Administrators, which provides self-funded medical benefit plans to employers, as well as eligibility and provider services for special programs.

HealthSmart is involved in managing employee benefits and health care claims.


Asset purchase agreement.

Innovante is to be integrated with HealthSmart's operations in the Denver area. This deal expands the buyer's footprint in the western United States.


111

TARGET: Medica HealthCare Plans ACQUIRER: UnitedHealth Group

LISTING: Private LISTING: NYSE: UNH LOCATION: Coral Gables, Florida CEO: Stephen J. Hemsley PHONE: 952-936-1300 UNITS: 42,200 (members) 9900 Bren Road East FAX: REVENUE: Minnetonka, Minnesota 55343 NET INCOME: WEB SITE: www.unitedhealthgroup.com

Medica HealthCare Plans is a managed care organization that serves 35,000 Medicare Advantage members as well as 7,200 members Medicaid beneficiaries. It also runs two medical centers.

UnitedHealth Group is a managed care organization. On a trailing 12-month basis, it generated revenue of $102 billion, EBITDA of $9.2 billion and net income of $5.1 billion.


Not disclosed

This is one of two plans UNH announced acquiring at the same time in central and southern Florida; the other is located in Miami. Both plans add to UNH's Medicare Advantage population.

TARGET: Preferred Care Partners ACQUIRER: UnitedHealth Group

LISTING: Private LISTING: NYSE: UNH LOCATION: Miami, Florida CEO: Stephen J. Hemsley PHONE: 952-936-1300 UNITS: 55,000 (members) 9900 Bren Road East FAX: REVENUE: Minnetonka, Minnesota 55343 NET INCOME: WEB SITE: www.unitedhealthgroup.com

Preferred Care Partners is a managed care organization that serves 50,000 Medicare Advantage members as well as 5,000 members in Medicaid plans for low income citizens. It also operates six primary care centers.

UnitedHealth Group is a managed care organization. On a trailing 12-month basis, it generated revenue of $102 billion, EBITDA of $9.2 billion and net income of $5.1 billion.


Not disclosed

This is one of two plans UNH announced acquiring at the same time in central and southern Florida. Both plans add to UNH's Medicare Advantage population.

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117

TARGET: Aderma dermal pads line ACQUIRER: Smith & Nephew plc

LISTING: Private LISTING: NYSE: SNN LOCATION: England CEO: Olivier Bohuon PHONE: 44 20 7401 7646 UNITS: 15 Adam Street FAX: 44 20 207930 3353 REVENUE: London, England WC2N 6LA NET INCOME: WEB SITE: www.smith-nephew.com

Focus Products Development is selling its line of Aderma dermal pads, which are used to prevent pressure ulcers acquired in hospitals.

Smith & Nephew plc develops, manufactures and markets tissue repair products, primarily in the areas of bone, joints, skin and other soft tissue. On a trailing 12-month basis, SNN generated revenue of $4 billion, EBITDA of $1.2 billion and net income of $612 million.


Not disclosed

This acquisition gives the buyer a line of products which are used in Britain's National Health System to prevent pressure ulcers.

TARGET: Aesthetic business unit ACQUIRER: Cutera, Inc.

LISTING: NASDAQ: IRIX LISTING: NASDAQ: CUTR LOCATION: Brisbane, California CEO: Kevin P. Connors PHONE: 415-657-5500 UNITS: 3240 Bayshore Boulevard FAX: 415-330-2444 REVENUE: Brisbane, California 94005 NET INCOME: WEB SITE: www.cutera.com

Iridex Corporation is selling certain assets of its global aesthetic business unit. They pertain mainly to the vascular aesthetic sector.

Cutera designs, develops, manufacture and sells laser and light-based systems for aesthetic and podiatric applications. On a trailing 12-month basis, CUTR generated revenue of $57 million and a net loss of $10 million.


Not disclosed

Cutera's management believes that this acquisition will help to leverage the company's business, particularly in Europe.


118

TARGET: Biologics and Clinical Therapies unit

ACQUIRER: Essex Woodlands

LISTING: LSE: SNN LISTING: Private LOCATION: London, England CEO: Marty Sutter PHONE: 646-429-1251 UNITS: 280 Park Avenue, 27th Floor

East FAX: 212-922-0551

REVENUE: $190,000,000 (2010) New York, New York 10017 NET INCOME: WEB SITE: www.ewhv.com

Smith & Nephew plc, Britain's largest medical device company, is spinning out its biologics and clinical therapies unit.

Essex Woodlands is a private equity firm specializing in health care. The firm currently has $2.5 billion under management and is investing out of its eighth fund of $900.0 million, which closed in 2009.


For a 51% interest. $98.0 million in cash; $160 million in a five-year note.

The new U.S.-based joint venture, to be known as Bioventus, LLC, will be 51% owned by Essex Woodlands and 49% owned by SNN. Its product line includes the Exogen Ultrasound Bone Healing System and hyaluronic acid joint fluid therapy products, Supartz and Durolane, which treat the symptoms of osteoarthritis. This sale gives resources for SNN to grow and shore up its core orthopedic business in the near term. This spin-off values a 100% share of the company at about $515.0 million, and implies a price to revenue multiple of 2.7x.

TARGET: BioReliance Holdings ACQUIRER: Sigma-Aldrich Corp.

LISTING: Private LISTING: NASDAQ: SIAL LOCATION: Rockville, Maryland CEO: Rakesh Sachder PHONE: 314-771-5765 UNITS: 3050 Spruce Street FAX: 314-771-5757 REVENUE: $110,000,000 (2010) St. Louis, Missouri 63103 NET INCOME: WEB SITE: www.sigma-aldrich.com

Avista Capital Partners is selling BioReliance, a global provider of biopharmaceutical testing services. It provides services in biologics testing, specialized toxicology and animal health testing.

Sigma-Aldrich sells biochemical and organic chemical products used in genomic, biotech and pharmaceutical development. On a trailing 12-month basis, SIAL generated revenue of $2.5 billion, EBITDA of $739 million and net income of $443 million.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: $350,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 3.18 PRICE/INCOME:

Cash

The addition of BioReliance's QA/QC testing services allows SIAL to better support customers' needs in determining the quality and integrity of biological drugs at each stage of the development and manufacturing process. The deal is to be funded from a combination of cash on hand and credit facilities. Morgan Stanley and JP Morgan Securities provided SIAL and BioReliance, respectively, with financial advice on this deal. Avista originally acquired BioReliance from Life Technologies Corp. (then Invitrogen) for $210.0 million in 2007, or 1.9x revenue. This deal closed February 1, 2012.


119

TARGET: Brennen Medical, LLC ACQUIRER: Molnlycke Health Care AB

LISTING: Private LISTING: Private LOCATION: St. Paul, Minnesota CEO: Pierre Guyot PHONE: 460 31 722 30 00 UNITS: Gamlestadsvagen 3C FAX: REVENUE: Gothenburg, Sweden SE-402 52 NET INCOME: WEB SITE: www.molnlycke.com

Brennen Medical is a supplier to the burn and wound care community in three areas: porcine xenograft tissue; beta-glucan creams, gels and dressings; and ancillary burn care products.

An Investor AB portfolio company, Molnlycke Health Care is a manufacturer of single-use surgical and wound care products and services.


Not disclosed

This deal was carried out by U.S. subsidiary Molnlycke Health Care US, LLC, based in Norcross, Georgia. This expands the range of burn and wound care products the buyer may offer in the U.S.

TARGET: Cameron Health, Inc. ACQUIRER: Boston Scientific Corporation

LISTING: Private LISTING: NYSE: BSX LOCATION: San Clemente, California CEO: William H.

Kucheman PHONE: 508-650-8000

UNITS: One Boston Scientific Place FAX: 508-650-8923 REVENUE: Natick, Massachusetts 01760 NET INCOME: WEB SITE: www.bostonscientific.com

Cameron Health has developed an alternative to traditional defibrillators. Cameron's S-ICD wireless system is the only commercially available subcutaneous implantable defibrillator.

Boston Scientific Corp. develops, manufactures and markets interventional medical devices. On a trailing 12-month basis, BSX generated revenue of $7.6 billion, EBITDA of $1.7 billion and net income of $441 million.

ANNOUNCEMENT DATE: March 9, 2012 PRICE: $1,350,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

$150 million upfront; $150 million on approval of S-ICD wireless system; up to an additional $1.05 billion in revenue-based milestones over a six-year period.

Cameron Health's defibrillator does not touch the heart and blood vessels and so may offer a competitive advantage over conventional defibrillators which pass through the venous system and into the heart. This acquisition expands the buyer's cardiac rhythm management business.


120

TARGET: Chemotherapy management software

ACQUIRER: Mediware Information Systems, Inc.

LISTING: Private LISTING: NASDAQ: MEDW LOCATION: Nijkirk, Netherlands CEO: Thomas Mann PHONE: 913-307-1000 UNITS: 11711 West 79th Street FAX: 913-307-1111 REVENUE: Lenexa, Kansas 66214 NET INCOME: WEB SITE: www.mediware.com

Cobbler ICT Services BV is selling its chemotherapy management software services, the Cyto Management System. The software is currently in use in the Netherlands and Belgium.

Mediware Information Systems develops, markets, licenses, implements and supports clinical management information solutions. On a trailing 12-month basis, MEDW generated revenue of $58 million, EBITDA of $11 million and net income of $6.7 million.

ANNOUNCEMENT DATE: March 16, 2012 PRICE: $2,200,000 Not disclosed PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

The buyer plans to market the software through European distribution agreements. The Cyto software helps providers to track individual patients undergoing cancer treatment, managing their multiple medications, controlling costs and reporting how well the treatment worked.

TARGET: ChipDX assets ACQUIRER: Signal Genetics, LLC

LISTING: Private LISTING: Private LOCATION: New York CEO: Joe Hernandez PHONE: 212-486-0040 UNITS: 667 Madison Ave., 14th Floor FAX: 212-319-3328 REVENUE: New York, New York 10065 NET INCOME: WEB SITE: www.signalgenetics.com

ChipDX, LLX is selling all of its assets, including patents for prognostic tests in lung, breast and colon cancers.

Signal Genetics is a predictive genetic testing company focused on oncology.


Not disclosed

This acquisition gives the buyer three prognostic tests in development by ChipDX: BreastGeneDX, ColonGeneDX and LungGeneDX. Signal is also acquiring ChipDX's web-based interface, which will be used to enhance Signal's own physician web portal and allow for remote interpretation of test algorithms.


121

TARGET: Collaboration agreement ACQUIRER: Roche Holding AG

LISTING: LSE: VER LISTING: VX: ROG LOCATION: Winnersh, England CEO: Severin Schwan PHONE: 41-61-688-1111 UNITS: Grenzacherstrasse 124 FAX: 41-61-691-9391 REVENUE: Basel, Switzerland CH-4070 NET INCOME: WEB SITE: www.roche.com

Vernalis plc is entering into a collaboration agreement to develop drugs for an undisclosed target using VER's fragment and structure-based drug discovery platform.



Not disclosed

This collaboration is with Roche's Genentech subsidiary. It gives Genentech access to VER's proprietary drug platform for developing novel drug candidates.

TARGET: Cranial Technologies, Inc. ACQUIRER: Cortec Group

LISTING: Private LISTING: Private LOCATION: Tempe, Arizona CEO: Jeffrey Lipsitz PHONE: 212-370-5600 UNITS: 200 Park Avenue FAX: 212-682-4195 REVENUE: New York, New York 10166 NET INCOME: WEB SITE: www.cortecgroup.com

Cranial Technologies develops, manufactures and provides medical devices and services for the treatment of positional plagiocephaly in infants.

Cortec Group is a private equity firm focused on the middle market. It targets firms with an enterprise value of between $30 million and $300 million.


For a majority stake.

This deal is being carried out in partnership with Cranial Tech management, who will retain a minority interest in the company. This partnership seeks to grow Cranial Tech's business by expanding its sales and marketing efforts in existing markets and strategically entering new ones.


122

TARGET: CSC Laboratories ACQUIRER: Essilor International SA

LISTING: Private LISTING: PA: EI LOCATION: Watsonville, California CEO: Hubert Sagnieres PHONE: 330 1 49 77 42 24 UNITS: 147, rue de Paris FAX: 330 1 49 77 44 20 REVENUE: $32,000,000 Charenton-Le-Pont, France 94227 NET INCOME: WEB SITE: www.essilor.com

CSC Laboratories is a prescription laboratory and distributor for vision correction. The business generates annual revenue of about $32 million.

Essilor manufactures and distributes ophthalmic and optical products on a global basis. On a 12-month trailing basis, the company generated revenue of Eur 4.0 billion, EBITDA of Eur 939 million and net income of Eur 523 million.



This partnership will expand Essilor's presence in the San Francisco market.

TARGET: ECG Scanning & Medical Services, Inc.

ACQUIRER: CardioNet, Inc.

LISTING: Private LISTING: NASDAQ: BEAT LOCATION: Dayton, Ohio CEO: Joseph H. Capper PHONE: 610-729-7000 UNITS: 227 Washington Street FAX: 610-828-8048 REVENUE: Conshohocken, Pennsylvania 19428 NET INCOME: WEB SITE: www.cardionet.com

ECG Scanning & Medical Services is a provider of cardiac monitoring services in the Midwest.

CardioNet provides ambulatory, continuous and real-time outpatient management solutions for monitoring an individual's health. On a trailing 12-month basis, BEAT generated revenue of $119 million and a net loss of $61.0 million.


$5.8 million in cash at closing; $0.6 million in cash on achieving certain performance targets.

This acquisition strengthens the buyer's presence in the Midwest cardiac monitoring market. The target comes with established relationships with providers and payors in that region.


123

TARGET: Fiomi Diagnostics AB ACQUIRER: Trinity Biotech plc

LISTING: Private LISTING: NASDAQ: TRIB LOCATION: Uppsala, Sweden CEO: Ronan O'Caoimh PHONE: 353-1276-9800 UNITS: IDA Business Park, Bray FAX: 353-1276-9888 REVENUE: Wicklow, Ireland NET INCOME: WEB SITE: www.trinitybiotech.com

Fiomi Diagnostics is developing a panel of point-of-care cardiac marker assays. It is concentrating on the detection of acute cardiac infarction.

Trinity Biotech develops, manufactures and markets rapid diagnostic test kits used for the clinical laboratory, point-of-care and self-testing segments of the diagnostic market. On a trailing 12-month basis, TRIB generated revenue of $78 million and EBITDA of $18.3 million.


Cash $5.6 million; 408,000 TRIB shares ($4.1 million); contingent payment of up to $3.4 million.

This brings TRIB into the cardiac assay market, which is predicted to expand greatly over the near term. The deal also expands TRIB's R&D capabilities.

TARGET: Firma Medical ACQUIRER: Xion Medical

LISTING: Private LISTING: Private LOCATION: Mansfield, Texas CEO: PHONE: 800-417-2040 UNITS: 216 Willis Avenue FAX: REVENUE: Roslyn Heights, New York 11577 NET INCOME: WEB SITE: www.xionmedical.com

Firma Medical sells a patented, proprietary line of vacuum erection devices and disposables.

Xion Medical is a specialty medical company focused on the diagnosis and management of sexual health and wellness for men and women.


Acquisition of 100% of Firma Medical's shares outstanding.

This combination creates one of the country's largest medical devices companies focused on sexual health and wellness. Firma Medical is to operate as a wholly owned subsidiary of the buyer. This deal closed on March 14, 2012.


124

TARGET: InfiMed, Inc. ACQUIRER: Varian Medical Systems, Inc.

LISTING: Private LISTING: NYSE: VAR LOCATION: Syracuse, New York CEO: Timothy E. Guertin PHONE: 650-493-4000 UNITS: 3100 Hansen Way FAX: 650-424-6822 REVENUE: $15,000,000 Palo Alto, California 94304 NET INCOME: WEB SITE: www.varian.com

InfiMed is a supplier of workstations, including hardware and software, for processing diagnostic X-ray images. The company generates approximately $15 million in annual revenue.

Varian Medical Systems provides cancer therapy systems through its subsidiaries. On a trailing 12-month basis, VAR generated revenue of $2.6 billion, EBITDA of $635 million and net income of $402 million.

ANNOUNCEMENT DATE: March 5, 2012 PRICE: $15,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 1 PRICE/INCOME:

$15.0 million upfront. Additional consideration in earnouts over the next 24 months.

The target business is to operate with VAR's X-Ray Products Segment. It will allow VAR to offer its X-ray customers one-stop shopping for their medical device needs.

TARGET: KIESTRA Lab Automation BV

ACQUIRER: BD

LISTING: Private LISTING: NYSE: BDX LOCATION: Netherlands CEO: Vincent Forlenza PHONE: 201-847-6800 UNITS: One Becton Drive FAX: 201-847-6475 REVENUE: Franklin Lakes, New Jersey 07417 NET INCOME: WEB SITE: www.bd.com

KIESTRA Lab Automation designs, develops, manufactures and sells lab automation solutions for the microbiology lab.

BD (fka Becton, Dickinson & Co.) manufactures and sells a broad line of supplies, devices and systems. On a trailing 12-month basis, BDX generated revenue of $7.9 billion, EBITDA of $2.2 billion and net income of $1.2 billion.


Not disclosed

This acquisition expands the buyer's presence in the life sciences market in Europe, particularly in the Benelux region.


125

TARGET: MedEfficiency, Inc. ACQUIRER: Derma Sciences, Inc.

LISTING: Private LISTING: NASDAQ: DSCI LOCATION: Wheat Ridge, Colorado CEO: Edward J. Quilty PHONE: 609-514-4744 UNITS: 214 Carnegie Center, Suite 300 FAX: 609-514-0502 REVENUE: $5,300,000 Princeton, New Jersey 08540 NET INCOME: WEB SITE: www.dermasciences.com

MedEfficiency manufacturers a device for the treatment of diabetic foot ulcers. In 2011, the company generated revenue of $5.3 million.

Derma Sciences provides a range of skin care, wound management and specialty securement devices. On a trailing 12-month basis, DSCI generated revenue of $61.0 million and EBITDA of $990,450.

ANNOUNCEMENT DATE: March 29, 2012 PRICE: $14,500,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.73 PRICE/INCOME:

Cash

This acquisition expands the buyer's wound care product offering with the addition of MedEfficiency's TCC-EZ Total Contact Cast system, regarded by some as the gold standard for treating diabetic foot ulcers. The company is growing well; 2011 revenue was approximately 45% over the comparable 2010 figure. Piper Jaffray & Co. provided DSCI with financial advice on this transaction.

TARGET: Medicinal Genomics Corporation

ACQUIRER: Courtagen Life Sciences

LISTING: Private LISTING: Private LOCATION: Marblehead, Massachusetts CEO: Brian McKernan PHONE: 617-714-0315 UNITS: 12 Gill Street, Suite 3700 FAX: 617-892-7191 REVENUE: Woburn, Massachusetts 01801 NET INCOME: WEB SITE: www.courtagen.com

Medicinal Genomics Corp. applies next-generation sequencing technologies to the analysis of cannabis for strain identification and therapeutic purposes.

Courtagen Life Sciences is a provider of proteomic and genomic products, services and solutions.


Not disclosed

Courtagen plans to use the target's expertise in producing strain genotyping and medical strain development of cannabis. The two companies are owned by brothers.


126

TARGET: Navilyst Medical ACQUIRER: AngioDynamics, Inc.

LISTING: Private LISTING: NASDAQ: ANGO LOCATION: Marlborough, Massachusetts CEO: Joseph DeVivo PHONE: 518-795-1400 UNITS: 14 Plaza Drive FAX: 518-795-1401 REVENUE: $149,000,000 Latham, New York 12110 NET INCOME: WEB SITE: www.angiodynamics.com

Avista Capital Partners is selling Navilyst Medical, a manufacturer of vascular access devices used in surgery, transfusions and delivery of antibiotics. In 2011, it generated revenue of $149 million.

AngioDynamics designs, develops, manufactures and markets therapeutic and diagnostic devices for peripheral vascular and other noncoronary diseases. On a trailing 12-month basis, ANGO generated revenue of $223 million, EBITDA of $31 million and net income of $6.7 million.


Issuance of stock.

This deal doubles the size of ANGO's vascular access business. The deal is to be financed with cash on hand ($97 million) and $150 million from a financing facility. Acquired tax assets will reduce the effective purchase price by $80 million to $292 million and the price to revenue multiple to 1.96x. JP Morgan Securities and Barclays Capital provided ANGO and Navilyst, respectively, with financial advice on this deal.

TARGET: NeuroNexus Technologies ACQUIRER: Greatbatch, Inc.

LISTING: Private LISTING: NYSE: GB LOCATION: Ann Arbor, Michigan CEO: Thomas J. Hook PHONE: 716-759-5600 UNITS: 1000 Wehrle Drive FAX: 716-759-5560 REVENUE: Clarence, New York 14031 NET INCOME: WEB SITE: www.greatbatch.com

NeuroNexus Technologies is a firm that designs active implantable medical devices. It specializes in neural-interface technology, components and systems for neuroscience and clinical markets.

Greatbatch develops and manufactures critical components used in implantable medical devices. On a trailing 12-month basis, GB generated revenue of $560 million, EBITDA of $114 million and net income of $41 million.


Includes assumption of debt and future considerations.

This acquisition strengthens the buyer's design capacity and enlarges its presence in the neuroscience market. The acquired technologies will be utilized in cardiovascular and neuromodulation devices.


127

TARGET: Neurovascular guide catheter business

ACQUIRER: Covidien Plc

LISTING: Private LISTING: NYSE: COV LOCATION: Irvine, California CEO: Jose Almeida PHONE: 353 1 438-1700 UNITS: 20 Lower Hatch Street FAX: REVENUE: Dublin, Ireland 2 NET INCOME: WEB SITE: www.covidien.com

Reverse Medical Corporation, a medical device company, is selling its neurovascular guide catheter business.

Covidien develops, manufactures and distributes medical devices and supplies, diagnostic imaging agents and pharmaceuticals. On a trailing 12-month basis, COV generated revenue of $11.6 billion, EBITDA of $3.2 billion and net income of $1.9 billion.


Not disclosed

Reverse Medical is to retain possession of its thrombectomy technologies and products. This sale allows some return on investment to MedFocus Fund, which invested in the company in 2007.

TARGET: Newport Medical Instruments, Inc.

ACQUIRER: Covidien Plc

LISTING: Private LISTING: NYSE: COV LOCATION: Costa Mesa, California CEO: Jose Almeida PHONE: 353 1 438-1700 UNITS: 20 Lower Hatch Street FAX: REVENUE: Dublin, Ireland 2 NET INCOME: WEB SITE: www.covidien.com

Newport Medical Instruments is a manufacturer of ventilators.



Not disclosed

This acquisition brings the buyer into the ventilator market. The target's devices are sold in the United States and in over 115 countries. COV plans to report the Newport Medical business as part of its Airway & Ventilation product line.


128

TARGET: Onset Medical Corporation ACQUIRER: Terumo Corporation

LISTING: Private LISTING: T: 4543 LOCATION: Irvine, California CEO: Takashi Wachi PHONE: 81-3-3374-8111 UNITS: 44-1, 2-chome, Hatagaya,

Shibuya-ku FAX:

REVENUE: Tokyo, Japan 151-072 NET INCOME: WEB SITE: www.terumo.co.jp

Onset Medical Corp. is a medical device company that uses its proprietary technology platform to develop minimally invasive clinical applications in cardiology and urology.

Terumo Corporation manufactures and distributes medical products, including cardiovascular technologies and implants. It has annual sales of $4 billion.


Not disclosed

This deal is being carried out by Terumo subsidiary, Terumo American Holding, Inc. Onset's Controlled Deployment Technology is the basis for developing access sheaths to protect against unnecessary access site or arterial trauma for the patient. Onset will become part of Terumo's interventional systems business.

TARGET: Ostial Solutions, LLC ACQUIRER: Merit Medical Systems, Inc.

LISTING: Private LISTING: NASDAQ: MMSI LOCATION: Kalamazoo, Michigan CEO: Fred Lampropoulos PHONE: 801-253-1600 UNITS: 1600 West Merit Parkway FAX: 801-253-1652 REVENUE: South Jordan, Utah 84095 NET INCOME: WEB SITE: www.merit.com

Ostial Solutions sells the Ostial Pro Stent Positioning System, which facilitates precise stent positioning in coronary and renal aorto-ostial lesions.

Merit Medical develops, manufactures and distributes proprietary disposable medical accessories for interventional and diagnostic procedures. On a trailing 12-month basis, MMSI generated revenue of $359 million, EBITDA of $59 million and net income of $23 million.


$10 million at closing; $6.5 million within six months of closing; up to $13.5 million based on future product sales.

This acquisition gives the buyer a stent placement system that is compatible with many stent platforms. The target also has higher margins than MMSI's corporate average.


129

TARGET: Platinum Medical Imaging, LLC

ACQUIRER: Oxford Instruments Group

LISTING: Private LISTING: LSE: OXIG LOCATION: Deerfield Beach, Florida CEO: Jonathan Flint PHONE: 44 01865 393200 UNITS: Tubney Woods FAX: REVENUE: $14,100,000 (2010) Abingdon, England OX13 5QX NET INCOME: $2,300,000 (EBIT) WEB SITE: www.oxford-instruments.com

Platinum Medical Imaging is a provider of parts, services and turnkey services for MRI medical imaging instruments.

Oxford Imaging is a provider of parts, services and turnkey services for MRI and CT medical imaging instruments.

ANNOUNCEMENT DATE: January 23, 2012 PRICE: $55,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 3.90 PRICE/INCOME: 23.91

$18 million upfront; contingent payments of up to $37 million over three years.

The buyer is using this acquisition to significantly expand its presence in the U.S. market. The acquisition is to be funded from existing facilities.

TARGET: Pluromed, Inc. ACQUIRER: Sanofi SA

LISTING: Private LISTING: NYSE: SNY LOCATION: Woburn, Massachusetts CEO: Chris Viehbacher PHONE: 33 1 53 77 40 00 UNITS: 174, avenue de France FAX: 33 1 53 77 42 4622 REVENUE: Paris, France 75635 NET INCOME: WEB SITE: www.sanofi-aventis.com

Pluromed is a medical device company that has developed injectable plugs using a proprietary polymer technology.

Sanofi is a pharmaceutical firm engaged primarily in the prescription drug market. It is the world's third largest pharma company. On a trailing 12-month basis, it generated revenue of $47 billion, EBITDA of $17 billion and net income of $7.6 billion.


Not disclosed

This acquisition enlarges the buyer's biosurgery unit. SNY will commercialize Pluromed's LeGoo, a gel for temporary endovascular occlusion of blood vessels during surgical procedures, particularly in cardiovascular surgery.


130

TARGET: Professional Ophthalmic Laboratories

ACQUIRER: Essilor International SA

LISTING: Private LISTING: PA: EI LOCATION: Roanoke, Virginia CEO: Hubert Sagnieres PHONE: 330 1 49 77 42 24 UNITS: 147, rue de Paris FAX: 330 1 49 77 44 20 REVENUE: $2,000,000 Charenton-Le-Pont, France 94227 NET INCOME: WEB SITE: www.essilor.com

Professional Ophthalmic Laboratories is a prescription laboratory for ophthalmic and optical products. The business generates annual revenue of about $2 million.

Essilor manufactures and distributes ophthalmic and optical products on a global basis. On a 12-month trailing basis, the company generated revenue of Eur 4.0 billion, EBITDA of Eur 939 million and net income of Eur523 million.



This partnership will expand Essilor's presence in the Virginia market.

TARGET: ProShield assets ACQUIRER: iVolution Medical Systems, Inc.

LISTING: Private LISTING: OTCBB: UCMT LOCATION: Avondale, Pennsylvania CEO: Michael Queen PHONE: 302-998-8824 UNITS: 2601 Annand Drive FAX: REVENUE: Wilmington, Delaware 19808 NET INCOME: WEB SITE: www.ivmedical.us

Seitz Technical Products is selling its ProShield assets. ProShield is a protector and contaminant shield for flexible endoscopes.

A Universal Capital Management portfolio company, iVolution Medical System assists and enables entrepreneurs to introduce products to the consumer, wholesale or retail markets.


Nonbinding letter of intent.

The buyer believes that it can market ProShield to hospitals and others as a standardized medical device for handling endoscopes before, during and after procedures.


131

TARGET: Prostate brachytherapy customer base

ACQUIRER: Theragenics Corporation

LISTING: Private LISTING: NYSE: TGX LOCATION: Santa Barbara, California CEO: M. Christine Jacobs PHONE: 770-271-0233 UNITS: 5203 Bristol Industrial Way FAX: 678-482-4909 REVENUE: $8,000,000 Buford, Georgia 30518 NET INCOME: WEB SITE: www.theragenics.com

Core Oncology is selling its prostate brachytherapy customer base.

Theragenics develops, manufactures, and markets radiologicals, pharmaceuticals and devices to treat cancer. On a trailing 12-month basis, TGX generated revenue of $83 million, EBITDA of $12.7 million and net income of $3.1 million.

ANNOUNCEMENT DATE: February 20, 2012 PRICE: $10,500,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 1.31 PRICE/INCOME:

Earnout of between $7.5 million and $10.5 million, based on revenue earned during the earnout period.

This acquisition enlarges the buyer's prostate brachytherapy business. $3.5 million of the earnout was paid at closing.

TARGET: Prostate cancer tests ACQUIRER: OPKO Health, Inc.

LISTING: Private LISTING: AMEX: OPK LOCATION: Turku, Finland CEO: Phillip Frost PHONE: 305-575-4100 UNITS: 4400 Biscayne Boulevard FAX: 305-575-6049 REVENUE: Miami, Florida 33137 NET INCOME: WEB SITE: www.opko.com

Arctic Partners Ob Oy is licensing two biomarkers in the kallikrein family which can be used to reduce prostate biopsies by over 50%.

OPKO is a company focused on developing ophthalmologic drugs and tests. On a trailing 12-month basis, it generated revenue of $43 million and a net loss of $24 million.


Not disclosed

This licensing agreement gives OPK a new-generation prostate cancer test that has greater accuracy, allowing for the reduction of prostate biopsies.


132

TARGET: R.P. Scherer GmbH & Co. KG

ACQUIRER: Catalent Pharma Solutions, Inc.

LISTING: Private LISTING: Private LOCATION: Eberbach, Germany CEO: John R. Chiminski PHONE: 732-537-6200 UNITS: 14 Schoolhouse Road FAX: 732-537-5932 REVENUE: Somerset, New Jersey 08873 NET INCOME: WEB SITE: www.catalent.com

Gelita AG is selling its 49% interest in R.P. Scherer. The company innovated the rotary die production process for softgel capsules.

A Blackstone Group portfolio company, Catalent Pharma offers development services, delivery technologies and supply solutions for drugs and biologics. In fiscal 2011, it generated revenue of over $1.6 billion.


For the remaining 49% interest it does not already own.

The initial 51% interest was originally sold to Cardinal Health PTS, which later became Catalent. This deal gives Catalent control over the operations and expands its presence in the European softgel capsules market.

TARGET: Remmele Engineering, Inc. ACQUIRER: RTI International Metals, Inc.

LISTING: Private LISTING: NYSE: RTI LOCATION: New Brighton, Minnesota CEO: Dawne S. Hickton PHONE: 412-893-0026 UNITS: 1550 Coraopolis Heights Road FAX: 412-893-0027 REVENUE: $125,900,000 (2011) Pittsburgh, Pennsylvania 15108 NET INCOME: WEB SITE: www.rtiintl.com

Goldner Hawn Johnson & Morrison is selling Remmele Engineering, a contract manufacturer of titanium products. Remmele has expertise in the engineering and precision machining of titanium for the medical device sector from which half its revenue derives.

RTI International Metals produces and supplies titanium mill products. On a trailing 12-month basis, it generated revenue of $502 million, EBITDA of $52 million and net income of $5 million.


Stock purchase agreement. $164.5 million in cash; $18 million in assumed debt.

This acquisition, the buyer's largest ever, allows RTI to enter the medical device market and diversify away from the defense and aerospace industries, which may be facing declining demand. It also strengthens RTI's downstream position. Remmele is to be combined with RTI's fabrication unit. Barclays Capital and Greene Holcomb & Fisher provided RTI and Remmele, respectively, with financial advice on the deal.


133

TARGET: Restorative and impression products

ACQUIRER: DenMat Holdings, LLC

LISTING: Private LISTING: Private LOCATION: Netherlands CEO: Steve Semmelmayer PHONE: 805-922-8491 UNITS: 2727 Skyway Drive FAX: REVENUE: Santa Maria, California 93455 NET INCOME: WEB SITE: www.denmat.com

Royal Philips Electronics' portfolio company, Discus Dental, LLC, is selling its restorative and impression products line. It includes impression materials, registration materials, bonding agents, crown and bridge material and curing lights.

Backed by private equity, DenMat Holdings manufactures a broad range of cosmetic, restorative and clinical product solutions for the dental industry.


Not disclosed

This acquisition gives the buyer a complementary set of dental products, allowing them to leverage brand equity to expand their offerings.

TARGET: Rights to certain genomic biomarkers

ACQUIRER: QIAGEN, NV

LISTING: Private LISTING: NASDAQ: QGEN LOCATION: Germantown, Maryland CEO: Peer M. Schatz PHONE: 31-77-320-8400 UNITS: Spoorstraat 50 FAX: 31-77-320-8409 REVENUE: Venlo, Netherlands 5911 KJ NET INCOME: WEB SITE: www.qiagen.com

Personal Genome Diagnostics is granting exclusive worldwide rights to biomarkers that test for brain gliomas, acute myelogenous leukemia and other cancers. The tests involve mutations of the IDH1 and IDH2 genes.

QGEN produces and distributes biotechnology products for the separation and purification of nucleic acids. On a trailing 12-month basis, QGEN generated revenue of $1.1 billion, EBITDA of $350 million and net income of $144 million.


Not disclosed

This acquisition enlarges the buyer's portfolio of diagnostic biomarkers, and expands its personalized health care initiative. This deal is being carried out by its 89% subsidiary Ipsogen.


134

TARGET: SeraCare Life Sciences, Inc. ACQUIRER: Linden, LLC

LISTING: NASDAQ: SRLS LISTING: Private LOCATION: Milford, Massachusetts CEO: Eric Larson PHONE: 312-506-5600 UNITS: 111 S. Wacker Drive, Suite

3350 FAX: 312-506-5601

REVENUE: $44,000,000 Chicago, Illinois 60606 NET INCOME: $4,700,000 (EBITDA) WEB SITE: www.lindenllc.com

SeraCare provides products and services to facilitate the discovery, development and production of human and animal diagnostics and therapeutics. On a trailing 12-month basis, it generated revenue of $44 million, EBITDA of $4.7 million and net income of $

Linden, LLC is a private equity firm specializing in investments in the health care and life science sectors.

ANNOUNCEMENT DATE: February 13, 2012 PRICE: $80,300,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 1.82 PRICE/INCOME: 17.08

$4.00 per share.

This bid offers SRLS shareholders a 12% premium on the stock's prior-day price. SRLS indicated earlier that it had been exploring strategic alternatives, including a sale, after it received an unsolicited buyout offer from MSMB Capital.

TARGET: Sight Science Limited ACQUIRER: Vycor Medical, Inc.

LISTING: Private LISTING: OTCBB: VYCO LOCATION: Aberdeen, Scotland CEO: Kenneth T. Coviello PHONE: 561-558-2020 UNITS: 6401 Congress Ave., Suite 140 FAX: 631-244-1436 REVENUE: Boca Raton, Florida 33431 NET INCOME: WEB SITE: www.vycormedical.com

Sight Science has developed a computer-based therapy, called Neuro-Eye Therapy, for rehabilitating patients with visual field defects.

Vycor Medical engages in the development and marketing of surgical access systems to hospitals and medical professionals.

ANNOUNCEMENT DATE: January 10, 2012 PRICE: $752,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Cash of $310,00 at closing; cash of $155,000 to be paid on the first anniversary of closing; issuance of 14,350,000 restricted shares, worth $287,000.

This acquisition is being carried out by VYCO subsidiary NovaVision, which was acquired in 2010. It gives the buyer a complementary therapy for vision rehabilitation.


135

TARGET: superDimension, Ltd. ACQUIRER: Covidien Plc

LISTING: Private LISTING: NYSE: COV LOCATION: Herzliya, Israel CEO: Jose Almeida PHONE: 353 1 438-1700 UNITS: 20 Lower Hatch Street FAX: REVENUE: $30,000,000 Dublin, Ireland 2 NET INCOME: WEB SITE: www.covidien.com

superDimension develops minimally invasive interventional pulmonology devices. The company generates approximately $30 million in annual revenue.


ANNOUNCEMENT DATE: March 19, 2012 PRICE: $300,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 10 PRICE/INCOME:

$300 million. Future earnout payments possible.

This gives COV access to the target's proprietary i-Logic System, which uses electromagnetic navigation bronchoscopy to provide minimally invasive access to lesions in the lungs as well as mediatinal lymph nodes.

TARGET: Synvasive Technology ACQUIRER: Zimmer Holdings, Inc.

LISTING: Private LISTING: NYSE: ZMH LOCATION: Reno, Nevada CEO: David C. Dvorak PHONE: 574-267-6131 UNITS: 1800 West Center St. FAX: 574-372-4988 REVENUE: Warsaw, Indiana 46581 NET INCOME: WEB SITE: www.zimmer.com

Synvasive Technology is a manufacturer of surgical saws and cutting tools. It makes surgical saw blades and the eLibra knee balancing systems.

Zimmer Holdings designs, develops and manufactures orthopedic reconstructive implants and fracture management products. On a trailing 12-month basis, ZMH generated revenue of $4.4 billion, EBITDA of $1.6 billion and net income of $639 million.


Not disclosed

The target business is to be wrapped into ZMH's knees, hips and extremities business.


136

TARGET: TransPharma Medical Ltd. ACQUIRER: Syneron Medical Ltd.

LISTING: Private LISTING: NASDAQ: ELOS LOCATION: Lod, Israel CEO: Louis P. Scafuri PHONE: 972 73 244 2200 UNITS: Tavor Building FAX: 972 73 244 2202 REVENUE: Yokneam Illlit, Israel 20692 NET INCOME: WEB SITE: www.syneron.com

TransPharma Medical is a specialty pharmaceuticals company focusing on developing and commercializing drug products utilizing an innovative active transdermal delivery system.

Syneron Medical researches, develops, markets and sells aesthetic medical products. On a trailing 12-month basis, it generated revenue of $150 million and a net loss of $438 million.


Cash

Under terms of this deal, Syneron will acquire substantially all the assets of TransPharma Medical. It gives the buyer access to the target's proprietary technology which uses radio-frequency devices to create microchannels across the skin. TransPharma's Viador system has been used in esthetic applications for dermatology.

TARGET: Transtem, LLC ACQUIRER: Mediware Information Systems, Inc.

LISTING: Private LISTING: NASDAQ: MEDW LOCATION: St. Louis, Missouri CEO: Thomas Mann PHONE: 913-307-1000 UNITS: 11711 West 79th Street FAX: 913-307-1111 REVENUE: Lenexa, Kansas 66214 NET INCOME: WEB SITE: www.mediware.com

Transtem creates software for managing the collection and transplantation of adult stem cells for cellular therapy and medical research.

Mediware Information Systems develops, markets, licenses, implements and supports clinical management information solutions. On a trailing 12-month basis, MEDW generated revenue of $58 million, EBITDA of $11 million and net income of $6.7 million.


Not disclosed

This acquisition allows MEDW to take part in the growth in the adult stem cell business. It complements MEDW's core blood management focus.


137

TARGET: Ultrashape Ltd. ACQUIRER: Syneron Medical Ltd.

LISTING: TASE: ULSP LISTING: NASDAQ: ELOS LOCATION: Israel CEO: Louis P. Scafuri PHONE: 972 73 244 2200 UNITS: Tavor Building FAX: 972 73 244 2202 REVENUE: Yokneam Illlit, Israel 20692 NET INCOME: WEB SITE: www.syneron.com

Ultrashape develops, manufactures and markets noninvasive technologies for fat cell destruction and body sculpting.

Syneron Medical researches, develops, markets and sells aesthetic medical products. On a trailing 12-month basis, it generated revenue of $150 million and a net loss of $438 million.


Cash

This acquisition enlarges the buyer's esthetic medical franchise. Ultrashape's products are available in Europe, Canada, Latin America and Asia. This deal closed March 5, 2012.

TARGET: World Heart Corporation ACQUIRER: HeartWare International, Inc.

LISTING: NASDAQ: WHRT LISTING: NASDAQ: HTWR LOCATION: Salt Lake City, Utah CEO: Douglas E. Godshall PHONE: 508-739-0950 UNITS: 205 Newbury Street FAX: 508-739-0948 REVENUE: $289,030 Framingham, Massachusetts 01701 NET INCOME: WEB SITE: www.heartware.com.au

World Heart Corp. develops and commercializes implantable ventricular assist devices. On a trailing 12-month basis, it generated revenue of $289,030 and a net loss of $9.2 million.

HeartWare develops and manufactures ventricular assist devices to treat advanced heart failure. On a trailing 12-month basis, it generated revenue of $83 million and a net loss of $55 million.


Cash or stock, at HTWR's election.

This merger expands HTWR's intellectual property and technology portfolio through the addition of over 100 patents. The buyer believes that this deal broadens its prospects for the future.


138

TARGET: Xcellerex, Inc. ACQUIRER: GE HealthCare

LISTING: Private LISTING: NYSE: GE LOCATION: Marlborough, Massachusetts CEO: John Dineen PHONE: UNITS: Amersham Place FAX: REVENUE: $50,000,000 Chalfont St Giles, England HP7 9NA NET INCOME: WEB SITE: www.gehealthcare.com

Venture capital-backed Xcellerex is a supplier of manufacturing technologies for the biopharma industry. In 2011, it generated revenue of approximately $50 million.

A unit of the General Electric family of companies, GE HealthCare is a provider of transformational medical technologies and services.


Not disclosed

This acquisition will allow the buyer to expand its products and services for the manufacture of such biopharmaceuticals as recombinant proteins, antibodies and vaccines. The target's proprietary products offer such advantages as faster installation, lower capital investment and increased flexibility of use. Jefferies acted as sell-side advisor to Xcellerex.

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143

TARGET: ALS Distribuidora Limitada ACQUIRER: OPKO Health, Inc.

LISTING: Private LISTING: AMEX: OPK LOCATION: Chile CEO: Phillip Frost PHONE: 305-575-4100 UNITS: 4400 Biscayne Boulevard FAX: 305-575-6049 REVENUE: Miami, Florida 33137 NET INCOME: WEB SITE: www.opko.com

ALS Distribuidora is a pharmaceutical company that imports, commercializes and distributes pharmaceutical products for the private market. It is the exclusive distributor of Arama Laboratorios.

OPKO is a company focused on developing ophthalmologic drugs and tests. On a trailing 12-month basis, it generated revenue of $43 million and a net loss of $24 million.

ANNOUNCEMENT DATE: January 23, 2012 PRICE: $4,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: PRICE/INCOME:

Cash

This acquisition expands the buyer's sales and distribution capabilities in Chile. OPK also acquired the Arama trademark. The target was sold by three investment firms: Inversiones SVJV Limitada, Inversiones BS Limitada and Inversiones PYTT Limitada.

TARGET: Ascent Pharmahealth Ltd. ACQUIRER: Watson Pharmaceuticals, Inc.

LISTING: LISTING: NYSE: WPI LOCATION: Australia CEO: Paul M. Bisaro PHONE: 862-621-7000 UNITS: 400 Interpace Parkway FAX: REVENUE: $157,200,000 Parsippany, New Jersey 07054 NET INCOME: $23,112,000 WEB SITE: www.watsonpharm.com

India's Strides Arcolabs is selling Ascent Pharmahealth, its Australia and Southeast Pacific generic pharma business. In 2010, it generated revenue of approximately A$150 million.

Watson Pharmaceuticals develops, produces, markets and distributes branded and off-patent pharmaceutical products. On a trailing 12-month basis, WPI generated revenue of $4.0 billion, EBITDA of $816 million and net income of $184 million.

ANNOUNCEMENT DATE: January 24, 2012 PRICE: $393,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.5 PRICE/INCOME: 17.00

AUD $375 million in cash.

This acquisition makes WPI the fifth largest generic pharmaceutical company in Australia based on revenue. WPI also becomes the largest generics company in Singapore and gains an established commercial presence in Malaysia, Hong Kong, Vietnam and Thailand. Strides is selling this business to concentrate on its steriles segment. Jefferies advised Strides on this transaction.


144

TARGET: CanAm Care ACQUIRER: The Perrigo Company

LISTING: Private LISTING: NASDAQ: PRGO LOCATION: Alpharetta, Georgia CEO: Joseph Papa PHONE: 269-673-8451 UNITS: 515 Eastern Ave. FAX: 269-673-7534 REVENUE: $40,000,000 (projected) Allegan, Michigan 49010 NET INCOME: WEB SITE: www.perrigo.com

CanAm is a distributor of diabetes care products, including hypoglycemia products, insulin delivery syringes, lancing, wound care and compression stockings. It is expected to generate $40 million in revenue.

The Perrigo Company manufactures store brand OTC pharmaceutical products, as well as nutritional products. On a trailing 12-month basis, PRGO generated revenue of $2.8 billion, EBITDA of $626 million and net income of $337 million.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: $36,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 0.90 PRICE/INCOME:

Cash

This acquisition is expected to be immediately accretive to adjusted earnings per share. The buyer believes that the incidence of obesity and diabetes will enlarge the market for CanAm's products. This deal closed January 9, 2012.

TARGET: Cardiokine, Inc. ACQUIRER: Cornerstone Therapeutics, Inc.

LISTING: Private LISTING: NASDAQ: CRTX LOCATION: Philadelphia, Pennsylvania CEO: Craig A. Collard PHONE: 919-678-6611 UNITS: 1255 Crescent Green Drive FAX: 866-443-3092 REVENUE: Cary, North Carolina 27518 NET INCOME: WEB SITE: www.crtx.com

Cardiokine is a specialty pharmaceutical company focused on developing new therapies for heart conditions.

Cornerstone Therapeutics focuses on acquiring, developing and commercializing prescription products for the respiratory market. On a trailing 12-month basis, CRTX generated revenue of $116 million, EBITDA of $21 million and net income of $3 million.


$1 million in upfront payment; up to $147 million in contingency payments.

This acquisition enlarges CRTX's cardiology drug candidate pipeline. Cardiokine recently completed a series of phase 3 clinical trials for Lixivaptan, a potential treatment for hyponatremia, which occurs when there is not enough sodium in the blood. Cardiokine filed an NDA for Lixivaptan with the FDA on December 29, 2011. FDA approval will trigger some of the contingency payments. Cardiokine received $87 million from private investors since its founding in 2004.


145

TARGET: Certain assets of Gerot Lannach

ACQUIRER: Valeant Pharmaceuticals International

LISTING: Private LISTING: NYSE: VRX LOCATION: Vienna, Austria CEO: J. Michael Pearson PHONE: 514-744-6792 UNITS: 4787 Levy Street FAX: 514-744-6272 REVENUE: $55,000,000 Montreal, Quebec H4R 2P9 NET INCOME: WEB SITE: www.valeant.com

Gerot Lannach, a branded generics pharma, is selling certain assets. About 90% of their sales are in Russia, with a strong presence in other CIS countries. The portfolio generated net revenue of $55.0 million in 2011.



Upfront price of less than 3x revenue; up to an additional $20 million in performance-based milestones.

This acquisition gives the buyer a portfolio of products to sell in Russia. Later in the month, VRX also bought a Russian company to assist in the sales and distribution of these products. VRX also signed a 10-year exclusive supply agreement for the acquired products and the opportunity for VRX to introduce additional Gerot Lannach products into VRX territories that Gerot does not serve.

TARGET: Cimzia and Mircera royalties

ACQUIRER: Royalty Pharma AG

LISTING: NASDAQ: NKTR LISTING: Private LOCATION: San Francisco, California CEO: Pablo Legorreta PHONE: 212-883-0200 UNITS: 110 E. 59th Street, 33rd Floor FAX: 212-883-2260 REVENUE: $8,300,000 New York, New York 10022 NET INCOME: WEB SITE: www.royaltypharma.com

Nektar Therapeutics is selling its royalties in future sales of Cimzia, under NKTR's agreement with UCB Pharma, and Mircera, under its agreement with Roche. 2011 sales from the two drugs were $8.3 million

Royalty Pharma AG is a Swiss stock corporation. It acquires royalties and other contractual rights that entitle it to receive a portion of revenue from the sale of biotech and pharma products.

ANNOUNCEMENT DATE: February 29, 2012 PRICE: $124,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 14.93 PRICE/INCOME:

Cash

NKTR will apply the proceeds from this deal toward the repayment of $215.0 million of convertible debt. If worldwide sales of Mircera do not reach certain thresholds, NKTR is required to pay Royalty Pharma up to $3.0 million in 2013 and $7.0 million in 2014. Morgan Stanley & Co. provided NKTR will financial advice on this deal.


146

TARGET: CNS collaboration ACQUIRER: Ironwood Pharmaceuticals, Inc.

LISTING: ASX: BNO LISTING: Private LOCATION: Adelaide, Australia CEO: Peter M. Hecht PHONE: 617-621-7722 UNITS: 301 Binney Street, 2nd floor FAX: 617-494-0480 REVENUE: Cambridge, Massachusetts 02142 NET INCOME: WEB SITE: www.ironwoodpharma.com

Bionomics is entering into a collaboration, research and licensing agreement for Ironwood to develop and commercialize BNO's antianxiety compound BNC210 and other related compounds.

Ironwood Pharmaceuticals is developing drugs in a range of therapeutic areas and at various stages of clinical development.


Upfront and milestone payments and research funding. Royalties on sales of collaboration-related products.

This agreement diversifies Ironwood's drug pipeline with a CNS candidate that has been through phase 1 clinical studies. The company is also developing a compound to treat irritable bowel syndrome.

TARGET: Creapharma Parenterals ACQUIRER: Dishman Pharmaceuticals and Chemicals, Ltd.

LISTING: Private LISTING: BO: DISHMAN LOCATION: Le Haillan, France CEO: Jay R. Vyas PHONE: 9179 26443053 UNITS: Bhadr-Raj Chambers C.G.

Road FAX: 9179 2642-0198

REVENUE: $2,600,000 Ahmedabad, India 380 009 NET INCOME: WEB SITE: www.dishmangroup.com

Creapharma Group is selling Creapharma Parenterals, a contract research and manufacturing group. It specializes in liquid, semi-solid and injectable aseptic dosages. It generates annual revenue of about $2.6 million.

Dishman Pharmaceuticals and Chemicals manufactures active pharmaceutical ingredients.


Not disclosed

This acquisition was carried out by Dishman's Swiss unit, Carbogen Amcis AG. It enlarges the buyer's ability to provide clients with contract research and manufacturing services, and supports the company's entry into the formulations market.


147

TARGET: Eletone Cream ACQUIRER: Mission Pharmacal Company

LISTING: Private LISTING: Private LOCATION: Ferndale, Michigan CEO: Neill Walsdorf, Jr. PHONE: 210-696-8400 UNITS: 10999 IH-10 West, Ste. 1000 FAX: 210-696-6010 REVENUE: San Antonio, Texas 78230 NET INCOME: WEB SITE: www.missionpharmacal.com

Ferndale Healthcare, Inc. is selling Eletone, a prescription, nonsteroidal barrier cream indicated in the treatment of atopic dermatitis.

Mission Pharmacal is a pharmaceutical company involved in developing prescription and OTC drugs.


Not disclosed

This acquisition strengthens the buyer's pediatric product offerings, and expands its dermatology franchise.

TARGET: European OTC brands ACQUIRER: Omega Pharma

LISTING: NYSE: GSK LISTING: Private LOCATION: London, England CEO: Marc Coucke PHONE: 32 09 381 02 00 UNITS: IZ De Prijkels Venecoweg 26 FAX: 32 09 381 02 20 REVENUE: $295,937,000 Nazareth, Belgium B-9810 NET INCOME: WEB SITE: www.omega-pharma.be

GlaxoSmithKline is selling a portfolio of European over-the-counter drugs. The portfolio includes Solpadeine (pain), Zantac (stomach acid), Beconase (hay fever) and vitamin and feminine hygiene linea. They generated annual revenue of GBP 185 million in 20

Omega Pharma provides health care products and services, emphasizing OTC and personal care brands. In 2010, it generated Eur 856.6 million in revenue, Eur 136 million in EBITDA and Eur 75.9 million in net income.

ANNOUNCEMENT DATE: March 15, 2012 PRICE: $612,000,000 (apportioned) PRICE PER UNIT: TERMS: PRICE/REVENUE: 2.06 PRICE/INCOME:

Eur 470 million.

As part of this deal, Omega is to acquire a manufacturing site in Herrenberg, Germany. The buyer believes this purchase will give it critical mass in Germany, Britain, Poland and Italy. The buyer stands just below the top tier of consumer health companies, and wants to grow into their ranks. Glaxo plans to return a substantial part of the proceeds from this sale to shareholders in 2012.


148

TARGET: Five-drug portfolio (Glaxo) ACQUIRER: Covis Pharma Sarl

LISTING: NYSE: GSK LISTING: Private LOCATION: Brentford, England CEO: Jack Davis PHONE: UNITS: Lindenstrasse 16 FAX: REVENUE: Zug, Switzerland CH-6341 NET INCOME: WEB SITE: www.covispharma.com

GlaxoSmithKline plc is selling a portfolio of drugs sold in the United States and Puerto Rico: Fortaz, Zinacef, Lanoxin, Parnate and Zantac injection.

A Cerberus Capital Management portfolio company, Covis Pharma is a specialty pharma company.


Not disclosed

This acquisition will expand the buyer's current focus on the acute care, cardiovascular and CNS markets into new and adjacent therapeutic areas. It adds five drugs to Covis's six branded drugs currently on the market. GSK will manufacture and supply Fortaz Injection, Zinacef Injection, Parnate, and Zantac Injection to Covis; Lanoxin Tablets and Injection, Fortaz Frozen, Zinacef Frozen and Zantac Injection Premixed will continue to be manufactured and supplied by current third-party suppliers. Bourne Partners provided Covis with advice on this deal.

TARGET: Inhibitex, Inc. ACQUIRER: Bristol-Myers Squibb, Inc.

LISTING: NASDAQ: INHX LISTING: NYSE: BMY LOCATION: Alpharetta, Georgia CEO: Lamberto Andreotti PHONE: 212-546-4000 UNITS: 345 Park Avenue FAX: 212-546-4020 REVENUE: $53,000,000 New York, New York 10154 NET INCOME: WEB SITE: www.bms.com

Inhibitex focuses on developing products to prevent or treat serious infections such as shingles and hepatitis C virus. On a trailing 12-month basis, it generated revenue of $53 million and a net loss of $25 million.

Bristol-Myers Squibb is a producer and distributor of consumer medicines, pharmaceuticals, nutritional, medical devices and beauty care products. On a trailing 12-month basis, BMY generated revenue of $20.9 billion, EBITDA of $7.6 billion and net income of $3.3 billion.

ANNOUNCEMENT DATE: January 7, 2012 PRICE: $2,500,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 47.16 PRICE/INCOME:

$26.00 per share. Includes options and warrants.

This bid offers INHX shareholders a 163% premium to the stock's prior-day price. The acquisition gives BMY a set of products to compete with Gilead on the hepatitis C front. INHX's hepatitis C treatment INX-189, an oral drug, will be the centerpiece of BMY's efforts in this market; results from phase 2 studies are expected later this year. BMY envisions combining INX-189 with products in its own pipeline for an all-oral regimen that eliminates the need for interferons, which can cause flu-like side effects.


149

TARGET: Ista Pharmaceuticals, Inc. ACQUIRER: Bausch + Lomb

LISTING: NASDAQ: ISTA LISTING: Private LOCATION: Irvine, California CEO: Brent Saunders PHONE: 585-338-6000 UNITS: One Bausch & Lomb Place FAX: 585-338-6007 REVENUE: $160,000,000 Rochester, New York 14604 NET INCOME: $2,000,000 (EBITDA) WEB SITE: www.bausch.com

ISTA Pharmaceuticals discovers, develops and markets remedies for diseases and conditions of the eye. On a trailing 12-month basis, it generated revenue of $160 million, EBITDA of $2 million and a net loss of $57 million.

A Warburg Pincus portfolio company, Bausch + Lomb provides health care products for the eye in three business segments: vision care, pharmaceuticals and surgical.

ANNOUNCEMENT DATE: March 26, 2012 PRICE: $500,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 3.12 PRICE/INCOME: 250

$9.10 per share in cash.

This bid offers ISTA shareholders a 9% premium on the stock's prior-day price; it offers a 134% premium to the price before Valeant Pharmaceuticals made its $6.50 per share bid in December 2011 (which terminated in January 2012). ISTA sells Istalol for intraocular pressure and Bromday for issues associated with cataract extraction. Goldman Sachs and Greenhill & Co. provided BOL and ISTA, respectively, with financial advice on this deal.

TARGET: Natur Produkt International, JSC

ACQUIRER: Valeant Pharmaceuticals International

LISTING: Private LISTING: NYSE: VRX LOCATION: Saint Petersburg, Russia CEO: J. Michael Pearson PHONE: 514-744-6792 UNITS: 4787 Levy Street FAX: 514-744-6272 REVENUE: $65,000,000 Montreal, Quebec H4R 2P9 NET INCOME: WEB SITE: www.valeant.com

Natur Produkt is a manufacturer of over-the-counter pharmaceuticals and supplements. In 2011, it generated revenue of $65.0 million.



Not disclosed

This acquisition expands the buyer's business in Russia. VRX recently acquired a portfolio of branded generics from Austria's Gerot Lannach, which generate the bulk of their sales in Russia. With Natur Produkt's expected double-digit growth and the Gerot portfolio, VRX believes that its pro forma revenue from Russia will be $175.0 million by the end of 2012.


150

TARGET: Neuronix, Ltd. ACQUIRER: Acorda Therapeutics, Inc.

LISTING: Private LISTING: NASDAQ: ACOR LOCATION: Morrisville, New Jersey CEO: Ron Cohen PHONE: 914-347-4300 UNITS: 15 Skyline Drive FAX: 914-347-4560 REVENUE: Hawthorne, New York 10532 NET INCOME: WEB SITE: www.acorda.com

Neuronix is a pharmaceutical company developing a nasal spray formulation of the epilepsy drug diazepam.

Acorda Therapeutics, a biopharma, is involved in therapies for disorders of the central nervous system. On a trailing 12-month basis, ACOR generated revenue of $292 million and EBITDA of $54 million and net income of $31 million.


$9 million upfront; up to $26 million in potential milestone payments.

This acquisition gives the buyer a potential neurology drug. Neuronix raised $1.5 million in a first round of funding in 2010.

TARGET: Oncogenerix, Inc. ACQUIRER: DARA BioSciences, Inc.

LISTING: Private LISTING: NASDAQ: DARA LOCATION: Mount Pleasant, South Carolina CEO: David J. Drutz PHONE: 919-872-5578 UNITS: 8601 Six Forks Road, Suite 160 FAX: 919-861-0239 REVENUE: Raleigh, North Carolina 27615 NET INCOME: WEB SITE: www.darabiosciences.com

Oncogenerix is a specialty pharma company with U.S. marketing rights to Soltamox, a liquid formulation of tamoxifen for the treatment of breast cancer.

A development stage company, DARA acquires therapeutic molecules and medical technologies and develops them for subsequent sale or license to pharma and biotech companies.


Merger agreement. Issuance of 1,114,560 shares on closing; up to an additional 1,114,560 shares in contingent consideration.

This acquisition gives the buyer the U.S. marketing rights to a liquid formulation of the breast cancer drug, tamoxifen, thereby expanding DARA's oncology program. The liquid formulation provides advantages to those patients who have difficulty taking solid dosages. The initial part of the deal is to be financed from a $1.7 million registered direct offering.


151

TARGET: Oncology drug collaboration

ACQUIRER: Boehringer Ingelheim GmbH

LISTING: Private LISTING: Private LOCATION: Watertown, Massachusetts CEO: Andreas Barner PHONE: 49/6132/77 0 UNITS: Binger Str. 173 FAX: 49/6132/72 0 REVENUE: Ingelheim, Germany 55216 NET INCOME: WEB SITE: www.boehringer-ingelheim.com

FORMA Therapeutics is entering into an R&D collaboration to discover and develop new drug candidates for treating cancer. The focus will be on small molecule drugs against oncology-relevant protein-protein interactions.

Boehringer Ingelheim is a major pharmaceutical company. In 2010, the company generated revenue of Eur 12.6 billion and operating income of Eur 1.9 billion.


$65 million in upfront payments and R&D funding. Up to $750 million in pre-commercial milestones for programs resulting from the collaboration.

This deal extends Boehringer Ingelheim's oncology pipeline. Many *un-druggable* and/or novel targets in oncology involve protein-protein interactions, so this collaboration offers the promise of opening up a set of therapeutics previously thought unobtainable.

TARGET: Rights to Asparec for leukemia

ACQUIRER: EUSA Pharma

LISTING: Private LISTING: Private LOCATION: Lyon, France CEO: Bryan Morton PHONE: 44 1865 784255 UNITS: Magdalen Centre, Oxford

Science FAX: 44 1865 784253

REVENUE: Oxford, England OX4 4GA NET INCOME: WEB SITE: www.eusapharma.com

Alize Pharma is selling the worldwide development and commercialization rights to Asparec, a treatment for acute lymphoblastic leukemia.

EUSA is a transatlantic specialty pharma company founded in May 2006 with a $53 million funding from Essex Woodlands.


Upfront fee, regulatory milestone payments, royalties on future product sales.

This acquisition enlarges EUSA's cancer drug pipeline. Asparec is in phase 1 trials; it is being developed as an alternative to standard-of-care asparaginase therapy, to which some patients have demonstrated hypersensitivity; and it may be longer acting and less immunogenic than the currently available therapy.


152

TARGET: Rights to Factive tablets ACQUIRER: Merus Labs International, Inc.

LISTING: NASDAQ: CRTX LISTING: NASDAQ: MSLI LOCATION: Cary, North Carolina CEO: Ahmad Doroudian PHONE: 416-593-3725 UNITS: 30 St. Patrick Street FAX: REVENUE: $6,300,000 (2011) Toronto, Ontario M5T 3A3 NET INCOME: WEB SITE: www.meruslabs.com

Cornerstone Therapeutics is selling the North American rights to its Factive (gemifloxacin mesylate) tablets, an anti-infective drug. It has not been commercialized in Canada.

Merus Labs acquires and licenses prescription and OTC pharmaceutical products in North America. On a trailing 12-month basis, it generated revenue of $3.8 million and a net loss of $2.7 million.


Cash and assumption of certain product-related liabilities.

This is one of two divestments CRTX made as it transitions to a company focused on hospitals; the other is the sale of its Spectracef products. The deal was made as a multiple of product cash flow. Merus has also entered into a sales and promotion agreement for Factive with Vansen Pharma to market the product in the United States. As part of this arrangement, MSLI agreed to provide Vansen with a short-term loan in the amount of $1.0 million for working capital purposes.

TARGET: Rights to Spectracef anti-infective

ACQUIRER: Vansen Pharma, Inc.

LISTING: NASDAQ: CRTX LISTING: Private LOCATION: Cary, North Carolina CEO: PHONE: UNITS: FAX: REVENUE: NET INCOME: WEB SITE:

Cornerstone Therapeutics is selling the North American rights to Spectracef (cefditoren pivoxil), an anti-infective.

Vansen Pharma is a sales and marketing organization focused on specialty pharma products.


Not disclosed

This is one of two divestments CRTX made as it transitions to a company focused on hospitals; the other is the sale of its Factive product to Merus Labs International.


153

TARGET: U.S. rights to Zomig headache drug

ACQUIRER: Impax Laboratories, Inc.

LISTING: NYSE: AZN LISTING: NASDAQ: IPXL LOCATION: London, England CEO: Larry Hsu PHONE: 510-240-6000 UNITS: 30831 Huntwood Avenue FAX: 510-471-3200 REVENUE: $163,000,000 Hayward, California 94544 NET INCOME: WEB SITE: www.impaxlabs.com

AstraZeneca is selling the U.S. rights for its migraine headache drug, Zomig. It is sold as a tablet, disintegrating tablet and a nasal spray. For the 12 months ended September 30, 2011, U.S. sales of Zomig products total $163.0 million.

Impax Laboratories develops, manufactures and markets bioequivalent pharmaceutical products. On a trailing 12-month basis, it generated revenue of $513 million and net income of $66 million.

ANNOUNCEMENT DATE: February 1, 2012 PRICE: $130,000,000 PRICE PER UNIT: TERMS: PRICE/REVENUE: 0.79 PRICE/INCOME:

$130 million and royalties.

This deal grants Impax the rights to market Zomig and develop new products based on the drug that will carry the Zomig name. This adds to IPXL's portfolio of generic drugs.

TARGET: US rights to Resolor ACQUIRER: Shire plc

LISTING: NYSE: JNJ LISTING: NASDAQ: SHPGY LOCATION: New Brunswick, New Jersey CEO: Angus Russell PHONE: 353 1 429 7700 UNITS: 5 Riverwalk, Citywest Campus FAX: REVENUE: Dublin, Ireland 24 NET INCOME: WEB SITE: www.shire.com

Janssen Pharmaceutica NV is granting the rights to develop and market Resolor in the U.S. The drug is a prokinetic for the symptomatic treatment of chronic constipation in women.



Not disclosed

The drug is already approved for use in 33 countries, primarily in Europe. Shire will develop it for use in the United States.

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159

TARGET: Advanced Dermatology &

Cosmetic Surgery

ACQUIRER: Audax Group

LISTING: Private LISTING: Private LOCATION: Maitland, Florida CEO: Geoffrey S. Rehnert PHONE: 617-859-1500 UNITS: 53 (practices) 101 Huntington Avenue FAX: 617-859-1600 REVENUE: Boston, Massachusetts 02199 NET INCOME: WEB SITE: www.audaxgroup.com Advanced Dermatology & Cosmetic Surgery is a dermatology-focused physician practice management company. It has 53 affiliated dermatology clinics in Florida and Ohio.

Audax Group is an investment firm focused on the middle market.

ANNOUNCEMENT DATE: February 6, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This investment by Audax is intended to grow the target's business. As a company whose revenue largely derives from private pay sources, it is attractive to investors. Brentwood Capital Advisors advised the target on this deal. NXT Capital provided debt financing to support the transaction.

TARGET: Asana Integrated Medical

Group

ACQUIRER: IPC-The Hospitalist Co.

LISTING: Private LISTING: NASDAQ: IPCM LOCATION: Agoura Hills, California CEO: Adam Singer PHONE: 888- 447-2362 UNITS: 4605 Lankershim Blvd. Suite

617 FAX: 818-766-3999

REVENUE: North Hollywood, California 91602 NET INCOME: WEB SITE: www.hospitalist.com Asana Integrated Medical Group provides acute and post-acute behavioral clinical services in southern California and Phoenix, Arizona through a team of psychiatrists, psychologists and nurse practitioners.

IPC provides management services to hospitalists. On a trailing 12-month basis, IPCM generated revenue of $457 million, EBITDA of $49 million and net income of $29 million.

ANNOUNCEMENT DATE: March 7, 2012 PRICE: $11,100,000 (apportioned) PRICE PER UNIT: TERMS: Cash. See below for details of

apportionment. PRICE/REVENUE:

PRICE/INCOME: This acquisition expands the buyer's provider network in markets where it is already present, adding behavioral health services. The target practice generates about 65,000 patient encounters annually. This is one of three practices that IPCM acquired for a total of $26,222,000, which has been divided among the three in proportion to annual patient visits.


160

TARGET: Atlantic Orthopedics, PA ACQUIRER: Wilmington Orthopaedic Group

LISTING: Private LISTING: Private LOCATION: Wilmington, North Carolina CEO: Mark Rodger PHONE: 910-763-2361 UNITS: 11 (physicians) 2716 Ashton Drive FAX: REVENUE: Wilmington, North Carolina 28412 NET INCOME: WEB SITE: www.orthowilmington.com Atlantic Orthopedics is a physician medical group practice specializing in orthopedics. It has 11 physicians.

Wilmington Orthopaedic Group is a physician medical group practice specializing in orthopedics. It has nine physicians.

ANNOUNCEMENT DATE: January 13, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merger PRICE/REVENUE: PRICE/INCOME: The merged group, with 20 physicians, is known as OrthoWilmington. It is the largest such group in the southeast part of the state. Services are provided from five locations: three in Wilmington, one in Brunswick Forest and one in Jacksonville.

TARGET: Cheyenne Medical

Specialists

ACQUIRER: Poudre Valley Medical Group, LLC

LISTING: Private LISTING: Private LOCATION: Cheyenne, Wyoming CEO: PHONE: 970-495-7000 UNITS: 10 (physicians) 2315 E. Harmony Road FAX: REVENUE: Fort Collins, Colorado 80528 NET INCOME: WEB SITE: www.pvhs.org Cheyenne Medical Specialists is a multispecialty physician group practice. The practice's 10 physicians represent specialties in family medicine, internal medicine, gastroenterology, neurology, women's health, occupational health, rheumatology and endocrinology.

Part of the Poudre Valley Health System, Poudre Valley Medical Group is a multspecialty physician group practice. Its 28 clinics represent 170 doctors in 24 specialties.

ANNOUNCEMENT DATE: February 9, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition broadens the buyer's physician network into Wyoming.


161

TARGET: Cincinnati Hematology-

Oncology

ACQUIRER: Christ Hospital

LISTING: Private LISTING: Nonprofit LOCATION: Cincinnati, Ohio CEO: Susan Croushore PHONE: 513-585-2000 UNITS: 8 (physicians) 2139 Auburn Avenue FAX: REVENUE: Cincinnati, Ohio 45219 NET INCOME: WEB SITE: www.thechristhospital.com Cincinnati Hematology-Oncology is a physician medical group practice specializing in hematology and oncology. Its eight physicians offer services from six locations in the metropolitan area.

Christ Hospital is a 555-bed acute care facility. For the year ended June 30, 2008, the hospital generated net patient revenue of $430.2 million and a net loss of $15.7 million.

ANNOUNCEMENT DATE: February 1, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition continues the buyer's acquisition of primary care and specialist physicians.

TARGET: Diagnostic Clinic of

Longview, PA

ACQUIRER: Community Health Systems, Inc.

LISTING: Private LISTING: NYSE: CYH LOCATION: Longview, Texas CEO: Wayne T. Smith PHONE: 615-465-7000 UNITS: 100 (physicians) 4000 Meridian Boulevard FAX: 615-645-7001 REVENUE: Franklin, Tennessee 37067 NET INCOME: WEB SITE: www.chs.net Diagnostic Clinic of Longview is a multispecialty physician group practice with 100 physicians, 30 mid-level providers and 500 other employees.

Community Health Systems operates 133 hospital in 29 states. On a trailing 12-month basis, it generates revenue of $13.9 billion, EBITDA of $1.7 billion and net income of $292 million.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: $64,300,000 PRICE PER UNIT: $643,000 TERMS: $52.3 million in cash; $12.0 million in

assumed liabilitites. PRICE/REVENUE:

PRICE/INCOME: This acquisition gives CYH a physician medical group that can provide services at its Longview Regional Medical Center, an acute care hospital. This deal closed March 5, 2012.


162

TARGET: Doctors Optical ACQUIRER: ABQ Health Partners

LISTING: Private LISTING: Private LOCATION: Albuquerque, New Mexico CEO: Harry Magnes PHONE: 505-262-7000 UNITS: 5400 Gibson Blvd SE FAX: REVENUE: Albuquerque, New Mexico 87108 NET INCOME: WEB SITE: www.abqhp.com Doctors Optical is a physician group practice focused on eye care. Services are provided from two locations in Albuquerque.

ABQ is the largest independent multi-specialty physician group practice in New Mexico. ABQ has 230 physicians.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition enlarges the buyer's capacity to provide eye care services for its patients.

TARGET: High Point Radiological

Services

ACQUIRER: Greensboro Radiology

LISTING: Private LISTING: Private LOCATION: High Point, North Carolina CEO: Worth Saunders PHONE: 336-274-4285 UNITS: 8 (physicians) 1317 N. Elm Street, Suite 1-B FAX: 336-274-8097 REVENUE: Greensboro, North Carolina 27401 NET INCOME: WEB SITE: www.greensbororadiology.com High Point Radiological Services is a physician medical group practice specializing in radiology. Its eight radiologists provide services at area facilities.

Greensboro Radiology is a physician medical group specializing in radiology. The practice has 44 radiologists.

ANNOUNCEMENT DATE: January 12, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merger PRICE/REVENUE: PRICE/INCOME: With 59 radiologists, the merged organization will perform as many as 850,000 imaging studies each year and provide services at 12 area hospitals and numerous outpatient facilities.


163

TARGET: Inpatient Clinical Solutions,

Inc.

ACQUIRER: IPC-The Hospitalist Co.

LISTING: Private LISTING: NASDAQ: IPCM LOCATION: Coral Springs, Florida CEO: Adam Singer PHONE: 888- 447-2362 UNITS: 4605 Lankershim Blvd. Suite

617 FAX: 818-766-3999

REVENUE: North Hollywood, California 91602 NET INCOME: WEB SITE: www.hospitalist.com Inpatient Clinical Solutions is a physician medical group specializing in providing hospitalist services. The practice generates 80,000 patient visits annually.

IPC provides management services to hospitalists. On a trailing 12-month basis, IPCM generated revenue of $457 million, EBITDA of $49 million and net income of $29 million.

ANNOUNCEMENT DATE: February 14, 2012 PRICE: $13,622,000 (apportioned) PRICE PER UNIT: TERMS: Cash. See below for details of

apportionment PRICE/REVENUE:

PRICE/INCOME: This continues the expansion of the buyer's provider network in Southern Florida, where the company has recently made several acquisitions. This is one of three practices that IPCM acquired for a total of $26,222,000, which has been divided among the three in proportion to annual patient visits. This deal closed on March 20, 2012.

TARGET: Louisville Surgical

Associates

ACQUIRER: Jewish Hospital & St. Mary's

HealthCare

LISTING: Private LISTING: Nonprofit LOCATION: Louisville, Kentucky CEO: PHONE: 502-587-4011 UNITS: 7 (physicians) 200 Abraham Flexner Way FAX: REVENUE: Louisville, Kentucky 40202 NET INCOME: WEB SITE: www.jhsmh.org Louisville Surgical Associates is a physician medical group practice specializing in surgery. The practice has seven physicians.

Part of KentuckyOne, Jewish Hospital & St. Mary's HealthCare operates a multihospital system.

ANNOUNCEMENT DATE: January 31, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: The target practice has been affiliated with the system's Sts. Mary & Elizabeth Hospital; this deal more closely integrates the two groups.


164

TARGET: Manet Community Health ACQUIRER: Steward Health Care System

LISTING: Private LISTING: Private LOCATION: North Quincy, Massachusetts CEO: Ralph de la Torre PHONE: 617-419-4700 UNITS: 500 Boylston St. FAX: REVENUE: Boston, Massachusetts 02116 NET INCOME: WEB SITE: www.steward.org Manet Community Health is a physician group practice. Physicians offer their services at five area clinics in Hough's Neck, Hull, North Quincy, Quincy Medical and Snug Harbor. The network has about 14,000 patients.

Backed by private equity, Steward Health Care manages eight hospitals in Massachusetts, six of which come from the former Caritas Christi Health System.

ANNOUNCEMENT DATE: February 5, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition expands the buyer's physician network. This affiliation will allow the physician group to expand its IT infrastructure, expand outreach and shore up its primary care site at Quincy Medical Center, a part of Steward Health Care.

TARGET: Nautilus Healthcare

Management Group

ACQUIRER: MemorialCare Health System

LISTING: Private LISTING: Nonprofit LOCATION: Orange County, California CEO: Barry Arbuckle PHONE: 714-377-2900 UNITS: 400 (physicians) 17360 Brookhurst Street FAX: REVENUE: Fountain Valley, California 92708 NET INCOME: WEB SITE: www.memorialcare.org Nautilus Healthcare Management Group is a management services organization that offers physicians a spectrum of such services as physician billing, practice management, accounting and electronic medical records implementation.

MemorialCare Health System is an integrated delivery system with six hospitals in Orange and Los Angeles Counties. For the year ended June 30, 2011, the system generated revenue of $1.7 billion.

ANNOUNCEMENT DATE: February 28, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: Simultaneous with this acquisition, MemorialCare announced that its physician group, MemorialCare Medical Foundation, had affiliated with Greater Newport Physicians, a 400-physician medical group that is a client of Nautilus Healthcare.


165

TARGET: New Britain Anesthesia, PC ACQUIRER: North American Partners in Anesthesia

LISTING: Private LISTING: Private LOCATION: New Britain, Connecticut CEO: Timothy Dowd PHONE: 888-240-1793 UNITS: 14 (physicians) 68 South Service Road, Ste.

350 FAX: 516-945-3137

REVENUE: Melville, New York 11747 NET INCOME: WEB SITE: www.NAPAanesthesia.com New Britain Anesthesia is a physician group practice specializing in anesthesiology. The practice's 14 physicians provide services at several area hospitals.

A Moelis Capital Partners portfolio company, North American Partners in Anesthesia is a physician practice management company specializing in anesthesiology. It has 425 anesthesiologists at 75 locations in Maryland, Pennsylvania, New York, New Jersey and New Hampshire.

ANNOUNCEMENT DATE: January 9, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition expands the buyer's provider network into central Connecticut. The target provides anesthesia services at several hospitals and other medical facilities in the region.

TARGET: Palmetto Fertility Center ACQUIRER: IntegraMed America, Inc.

LISTING: Private LISTING: NASDAQ: INMD LOCATION: Miami Lakes, Florida CEO: Jay Higham PHONE: 914-253-8000 UNITS: 2 (physicians Two Manhattanville Road FAX: 914-253-8008 REVENUE: Purchase, New York 10577 NET INCOME: WEB SITE: www.integramed.com Palmetto Fertility Center is a physician medical group practice specializing in reproductive medicine. The practice is currently staffed by two board-certified reproductive endocrinologists along with a lab director and additional office staff.

IntegraMed manages health care facilities in the fertility and vein care markets. On a trailing 12-month basis, INMD generated revenue of $274 million, EBITDA of $18 million and net income of $4.6 million.

ANNOUNCEMENT DATE: March 5, 2012 PRICE: (approximate) PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal was carried out by INMD's Attain Fertility Centers division. The target will merge its operations, including a state-of-the-art fertility laboratory, with another Attain Fertility partner center, IVF Florida Reproductive Associates.


166

TARGET: Premier Medical Associates ACQUIRER: Highmark, Inc.

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Monroeville, Pennsylvania CEO: Robert Baum PHONE: 412-544-7000 UNITS: Fifth Avenue Place FAX: REVENUE: Pittsburgh, Pennsylvania 15222 NET INCOME: WEB SITE: www.highmark.com Premier Medical Associates is the largest multispecialty group practice in the Pittsburgh market. It has 250 employees.

Highmark, one of the largest Blue Cross Blue Shield plans, provides a range of insurance products to its approximately 23 million members in Pennsylvania and across the nation. For 2010, Highmark generated revenue of $7 billion and net income of $462.5 million.

ANNOUNCEMENT DATE: January 4, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition enlarges Highmark's provider network in Pittsburgh, giving it a large medical group practice to complement its pending acquisition of a four-hospital system.

TARGET: Premier Psychiatry

Associates, Inc.

ACQUIRER: Franklin Family Services, Inc.

LISTING: Private LISTING: Private LOCATION: Camp Hill, Pennsylvania CEO: Scott Trayer PHONE: 717-267-1515 UNITS: 131 E. McKinley Street FAX: 717-267-2316 REVENUE: Chambersburg, Pennsylvania 17201 NET INCOME: WEB SITE: www.ffspa.com Premier Psychiatry Associates is a physician practice that provides adult and child psychiatric services.

Franklin Family Services is a provider of mental and behavioral health services.

ANNOUNCEMENT DATE: January 1, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Merger PRICE/REVENUE: PRICE/INCOME: This is one of two transactions Franklin Family Services undertook at the same time; the other was the purchase of Guidance Associates of Pennsylvania, based in Camp Hill. PPA's president becomes the vice-president and co-owner of Franklin Family Services. The consolidation is intended to foster administrative efficiencies, broaden services and pursue growth.


167

TARGET: Richmond Bone & Joint

Clinic

ACQUIRER: Memorial Hermann Healthcare System

LISTING: Nonprofit LISTING: Nonprofit LOCATION: Houston, Texas CEO: Dan Wolterman PHONE: 713-776-6992 UNITS: 15 (physicians) 7737 SW Freeway, Suite 200 FAX: 713-776-5011 REVENUE: Houston, Texas 77074 NET INCOME: WEB SITE: www.mhhs.org Richmond Bone & Joint Clinic is a physician medical group specializing in orthopedics. Services include general orthopedics, sports medicine, spine surgery and pain management, among others.

Memorial Hermann operates a hospital system in the Houston area.

ANNOUNCEMENT DATE: January 4, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This acquisition adds a physician group to its hospital system to promote quality care and accountability. This will aid its efforts to build an accountable care organization.

TARGET: Southwest Medical Center ACQUIRER: St. Anthony's Medical Center

LISTING: Private LISTING: Nonprofit LOCATION: St. Louis, Missouri CEO: PHONE: 314-525-1000 UNITS: 15 (physicians) 10010 Kennerly Road FAX: REVENUE: St. Louis, Missouri 63128 NET INCOME: WEB SITE: www.stanthonysmedcenter.com Southwest Medical Group is a 15-physician medical group practice. The group includes specialists in internal medicine, family practice, geriatrics, gastroenterology and general surgery. They serve a patient base of 30,000.

St. Anthony's Medical Center is an acute care facility with 767 licensed beds.

ANNOUNCEMENT DATE: March 9, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: Southwest Medical Center is joining forces with St. Anthony's Medical Center's physician organization. Southwest Medical will continue to offer radiological and diagnostic services, such as X-rays and ultrasound.


168

TARGET: Three subspecialty practices ACQUIRER: Mednax, Inc.

LISTING: Private LISTING: NYSE: MD LOCATION: Sacramento, California CEO: Roger J. Medel PHONE: 954-384-0175 UNITS: 19 (physicians) 1301 Concord Terrace FAX: 954-838-9961 REVENUE: Sunrise, Florida 33323 NET INCOME: WEB SITE: www.mednax.com Children's Medical Group is divesting three subspecialty practices: neonatology (9 physicians), perinatology (4 physicians) and pediatric intensive care (6 physicians). Included are 17 support staff. Annual NICU patient volume exceeds 22,000.

Mednax is a national practice for neonatal, maternal-fetal, pediatric and anesthesiology specialties. On a trailing 12-month basis, MD generated revenue of $1.6 billion, EBITDA of $374 million and net income of $213 million.

ANNOUNCEMENT DATE: March 29, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Cash PRICE/REVENUE: PRICE/INCOME: The three practices will join MD's Pediatrix Medical Group. The practice provides services at Sutter Memorial Hospital and Sutter Roseville Medical Center in the Sacramento market.

TARGET: Vascular Associates, PC ACQUIRER: Holy Spirit Hospital & Health System

LISTING: Private LISTING: Nonprofit LOCATION: Camp Hill, Pennsylvania CEO: PHONE: 717-763-2100 UNITS: 3 (physicians) North 21st Street FAX: REVENUE: Camp Hill, Pennsylvania 17011 NET INCOME: WEB SITE: www.hsh.org Vascular Associates is a physician medical group focused on the diagnosis, treatment and surgery for vascular disease. The practice has three physicians, and offices in Camp Hill and Carlisle.

Holy Spirit Hospital & Health System is an integrated delivery system. For the year ended June 30, 2011, it generated net patient revenue of $265.2 million, EBITDA of $29.9 million and net income of $17.7 million.

ANNOUNCEMENT DATE: February 29, 2012 PRICE: Not disclosed PRICE PER UNIT: TERMS: Not disclosed PRICE/REVENUE: PRICE/INCOME: This deal enlarges Holy Spirit Hospital's physician group, adding vascular specialists. They will practice in conjunction with the acquirer's Holy Spirit Cardiovascular Institute, as well as from other facilities and offices in the region.

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173

TARGET: Balanced Physical Therapy ACQUIRER: Proaxis Therapy

LISTING: Private LISTING: Private LOCATION: Raleigh, North Carolina CEO: PHONE: 864-528-5700 UNITS: 103 N. Main St., Suite 300 FAX: 864-576-8457 REVENUE: Greenville, South Carolina 29601 NET INCOME: WEB SITE: www.proaxistherapy.com

Balanced Physical Therapy is a provider of physical therapy services. Services are provided from four locations in Raleigh, Carrboro and Pittsboro.

Proaxis Therapy is a company that provides physical therapy services in South Carolina (13) and Colorado (15). It specializes in a sports residency program.


Not disclosed

This acquisition marks the buyer's entry into the North Carolina market and expands the overall number of clinics it operates by 14%.

TARGET: Ernest Health, Inc. ACQUIRER: Medical Properties Trust, Inc.

LISTING: Private LISTING: NYSE: MPW LOCATION: Albuquerque, New Mexico CEO: Edward K. Aldag Jr. PHONE: 205-969-3755 UNITS: 606 (beds) 1000 Urban Center Drive FAX: 205-969-3756 REVENUE: Birmingham, Alabama 35242 NET INCOME: WEB SITE: www.medicalpropertiestrust.com

Ernest Health owns and operates eight acute rehabilitation facilities and eight long-term acute care hospitals in nine states. They have a combined total of 606 beds.

Medical Properties Trust, a real estate investment trust, acquires, develops and invests in health care facilities. On a trailing 12-month basis, it generated revenue of $143 million, EBITDA of $112.8 million and net income of $18.2 million.


Sale-leaseback transaction.

This acquisition gives MPW a total of 78 hospitals in 24 states, and will bring the value of the company to $2.0 billion. MPW undertook a stock offering to help pay for this transaction. The deal, first mooted in January, closed on March 1, 2012.


174

TARGET: First Choice Rehabilitation Specialists

ACQUIRER: Select Medical Holdings Corporation

LISTING: Private LISTING: NYSE: SEM LOCATION: Harrisburg, Pennsylvania CEO: Rocco A. Ortenzio PHONE: 717-972-1100 UNITS: 4714 Old Gettysburg Road FAX: REVENUE: Mechanicsburg, Pennsylvania 17055 NET INCOME: WEB SITE: www.selectmedicalcorp.com

First Choice Rehabilitation Specialists is a provider of physical therapy services from 13 clinics in the greater Harrisburg area.

Select Medical operates specialty hospitals and outpatient rehabilitation clinics. On a trailing 12-month basis, SEM generated revenue of $2.7 billion, EBITDA of $370 million and net income of $91 million.


Not disclosed

This acquisition enlarges SEM's Harrisburg rehabilitation clinic network to 18 facilities.

TARGET: Physiotherapy Associates ACQUIRER: Court Square Partners

LISTING: Private LISTING: Private LOCATION: Exton, Pennsylvania CEO: PHONE: 212-752-6110 UNITS: 55 East 52nd Street, 34th Floor FAX: 212-752-6184 REVENUE: New York, New York 10055 NET INCOME: WEB SITE: www.courtsquare.com

Water Street Capital Partners and Wind Point Partners are selling Physiotherapy Associates, providers of outpatient rehabilitation services. It offers physical therapy, industrial rehabilitation and orthotic and prosthetic services to patients across the country.

Court Square Capital is a private equity firm with investments in aerospace and defense, industrial, technology and health care, among other industries.


Not disclosed

This deal allows the sellers to realize a return on their investments. Water Street acquired Physiotherapy Associates in 2007 from Stryker Corp. for $150.0 million and then combined it with Benchmark Medical, which Wind Point built through 23 acquisitions since 2000. Jefferies & Co. provided Physiotherapy Associates with financial advice on this deal; it also served as lead joint arranger in the company's $125 million credit facility and $210 million in senior notes offering to finance the acquisition.


175

TARGET: Village Healthcare Center ACQUIRER: American Realty Capital Healthcare Trust, Inc.

LISTING: Private LISTING: Private LOCATION: Santa Ana, California CEO: Nicholas S. Schorsch PHONE: 212-415-6500 UNITS: 14 (rooms) 405 Park Ave., 15th Floor FAX: REVENUE: New York, New York 10022 NET INCOME: WEB SITE:

The Village Healthcare Center is a congregate living facility with 14 patient rooms, specializing in the rehabilitation and care of patients with catastrophic brain and spine injuries.

American Realty Capital Healthcare Trust is a newly formed REIT focused on health care properties.

ANNOUNCEMENT DATE: January 13, 2012 PRICE: $4,500,000 PRICE PER UNIT: $321,429 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

The target property is 100% leased in CareMeridian, LLC. The triple net lease has a 15-year term, expiring in January 2025. With this acquisition, the buyer increases its portfolio to approximately $169.0 million comprising 13 properties.

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181

TARGET: Alacer Corp. ACQUIRER: Pfizer, Inc.

LISTING: Private LISTING: NYSE: PFE LOCATION: Foothill Ranch, California CEO: Ian C. Read PHONE: 212-573-2323 UNITS: 235 East 42nd Street FAX: 212-573-7851 REVENUE: New York, New York 10017 NET INCOME: WEB SITE: www.pfizer.com

Alacer manufactures and distributes Emergen-C products, the largest selling branded vitamin C line in the United States.

Pfizer is the world's largest manufacturer of pharmaceuticals. On a trailing 12-month basis, PFE generated revenue of $67 billion, EBITDA of $28 billion and net income of $8.7 billion.


Not disclosed

This acquisition adds a dietary supplement to PFE's consumer health care product portfolio. Lazard and Houlihan Lokey provided PFE and Alacer, respectively, with financial advice on this deal.

TARGET: AmMed Direct ACQUIRER: Arriva Medical, Inc.

LISTING: Private LISTING: Private LOCATION: Nashville, Tennessee CEO: PHONE: 888-216-3576 UNITS: 120,000 (customers) 4252 NW 120th Avenue FAX: 888-216-3577 REVENUE: Coral Springs, Florida 33065 NET INCOME: WEB SITE: www.arrivadiabeticsupply.com

AmMed Direct serves people with diabetes by providing test supplies and support through its exclusive Better Care Program, an ongoing educational service to help people better manage diabetes.

Arriva Medical is a national provider of diabetic supplies, coordinating diabetic testing supplies with patients and insurers.

ANNOUNCEMENT DATE: March 14, 2012 PRICE: $23,000,000 (approximate) PRICE PER UNIT: $192 TERMS: PRICE/REVENUE: PRICE/INCOME:

$21 million in cash at closing; $2 million in contingent payments.

This acquisition enlarges Arriva's diabetes supply franchise and gives the buyer AmMed's customer base of approximately 120,000 active customers.


182

TARGET: Apex Systems ACQUIRER: On Assignment, Inc.

LISTING: Private LISTING: NASDAQ: ASGN LOCATION: Richmond, Virginia CEO: Peter Dameris PHONE: 818-878-7900 UNITS: 26745 Malibu Hills Road FAX: 818-878-7930 REVENUE: $700,000,000 Calabasas, California 91301 NET INCOME: $65,000,000 (EBITDA) WEB SITE: www.onassignment.com

Apex Systems is an information technology staffing and services firm. In 2011, it generated revenue of approximately $700 million and EBITDA of $65 million.

ASGN provides temporary professionals in certain industries: biotech, pharma, food and beverage, chemical, environmental and health care. On a trailing 12-month basis, ASGN generated revenue of $597 million, EBITDA of $53 million and net income of $24 million.

ANNOUNCEMENT DATE: March 21, 2012 PRICE: $600,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 0.85 PRICE/INCOME: 9.23

$383 million in cash; $217 million in shares of newly issued stock.

This acquisition combines the second and sixth-largest IT staffing firms in the country. The target has achieved a compound annual growth rate of 30.4% since 2000, making it attractive to a growth-oriented company.

TARGET: Appearance Implant & Laser Dentistry

ACQUIRER: Northwest Management Services. LLC

LISTING: Private LISTING: Private LOCATION: Jupiter, Florida CEO: David Willens PHONE: 877-343-3253 UNITS: 951 Broken Sound Parkway FAX: REVENUE: Boca Raton, Florida 33487 NET INCOME: WEB SITE: www.GentleDentalGroup.com

Appearance Implant & Laser Dental of Jupiter, PA is a general dentistry and implant specialty practice serving southern Florida.

A Beekman Group portfolio company, Northwest Management Services manages a network of 20 dental practices in southeast Florida under the Gentle Dental brand.


Not disclosed

This acquisition expands the Gentle Dental provider network in southeast Florida, giving it its 20th location.


183

TARGET: BioScrip business units ACQUIRER: Walgreen Co.

LISTING: Private LISTING: NYSE: WAG LOCATION: Elmsford, New York CEO: Greg Wasson PHONE: 847-940-2500 UNITS: 200 Wilmot Road FAX: 847-2804-3652 REVENUE: $1,251,300,000 (annualized) Deerfield, Illinois 60015 NET INCOME: WEB SITE: www.walgreens.com

BioScrip is selling its community specialty pharmacies, centralized specialty and mail-service pharmacy businesses. BioScrip operates 30 specialty pharmacies in 16 states.

Walgreen Co. is the country's largest drugstore chain. On a trailing 12-month basis, WAG generated revenue of $66 billion, EBITDA of $4.5 billion and net income of $2.1 billion.


$225 million upfront; an additional $60 million may be payable under certain circumstances.

This acquisition will enlarge WAG's centralized specialty and mail-service pharmacy businesses. The divestiture leaves BioScrip with more assets and a sharper focus to pursue opportunities in the home or alternate-site health care sector.

TARGET: Capitol Spine & Pain Centers

ACQUIRER: National Spine & Pain Centers

LISTING: Private LISTING: Private LOCATION: Arlington, Vrginia CEO: PHONE: 301-881-7246 UNITS: 12 (offices) 11921 Rockville Pike, Suite

505 FAX: 301-881-2449

REVENUE: Rockville, Maryland 20852 NET INCOME: WEB SITE: www.myspinedoctors.com

Capitol Spine & Pain Centers is a provider of interventional pain management services focused on relieving neck and back pain through minimally invasive outpatient procedures. It operates 12 medical offices treating over 24,000 patients per year.

A Sentinel Capital Partners portfolio company, National Spine operates 10 outpatient surgery centers for the treatment of pain.


Not disclosed

This acquisition enlarges the buyer's outpatient surgery center network around the nation's capital. They will operate a combined total of 22 centers, treating over 40,000 patients annually.


184

TARGET: Celsis Analytical Services ACQUIRER: AAIPharma, Inc.

LISTING: Private LISTING: Private LOCATION: Edison, New Jersey CEO: Patrick Walsh PHONE: 910-254-7000 UNITS: 2320 Scientific Park Drive FAX: 910-815-2300 REVENUE: Wilmington, North Carolina 28405 NET INCOME: WEB SITE: www.aaipharma.com

Celsis International, Ltd. is selling Celsis Analytical Services, which provides material testing services for the pharmaceutical, biotechnology and manufacturing sectors. It has two cGMP-certified laboratories, one in Edison, and one in St. Louis.

A Water Street Healthcare Partners portfolio company, AAIPharma provides product development and support services on a contract basis for pharmaceutical companies.


All cash transaction.

This transaction expands the buyer's footprint in the material testing market. Brown Gibbons Lang & Company represented Celsis International in the transaction.

TARGET: Clark Fork Surgery Center ACQUIRER: Texas Health Resources, Inc.

LISTING: Private LISTING: Nonprofit LOCATION: Fort Worth, Texas CEO: Douglas D.

Hawthorne PHONE: 682-236-7900

UNITS: 612 E. Lamar Blvd. FAX: REVENUE: Arlington, Texas 76011 NET INCOME: WEB SITE: www.texashealth.org

Clark Fork Surgery Center is an outpatient surgery center that was previously a joint venture between Texas Health, Symbion and physicians.

Texas Health Resources (THR) is an integrated delivery system, operating 13 hospitals in the Dallas-Ft. Worth area with 3,100 beds.


Not disclosed

The surgery center has been renamed Texas Health Outpatient Surgery Center Fort Worth. Procedures performed at the center include general surgeries, cosmetic, gynecological, head, podiatry, ENT, pain management and urology. This acquisition expands the surgery facilities available to the hospital.


185

TARGET: Danville HealthCare, LLC ACQUIRER: Provena United Samaritan Medical Center

LISTING: Private LISTING: Nonprofit LOCATION: Danville, Illinois CEO: Mike Brown PHONE: 217-443-5000 UNITS: 812 North Logan Avenue FAX: REVENUE: Danville, Illinois 61832 NET INCOME: WEB SITE: www.provena.org

Danville HealthCare owns an outpatient surgery center.

Provena United Samaritan Medical Center is an acute care facility.


Not disclosed

This acquisition would expand the facilities that Provena United has to perform outpatient surgeries. Should the state approve the application, the buyer's initial capital investment in the facility would be $4.6 million.

TARGET: Direct Diabetic Source, Inc. ACQUIRER: Arriva Medical, Inc.

LISTING: Private LISTING: Private LOCATION: Sunrise, Florida CEO: PHONE: 888-216-3576 UNITS: 25,000 (customers) 4252 NW 120th Avenue FAX: 888-216-3577 REVENUE: Coral Springs, Florida 33065 NET INCOME: WEB SITE: www.arrivadiabeticsupply.com

Direct Diabetic Source is a provider of diabetic supplies to approximately 25,000 customers.

Arriva Medical is a national provider of diabetic supplies, coordinating diabetic testing supplies with patients and insurers.

ANNOUNCEMENT DATE: January 13, 2012 PRICE: $5,000,000 (approximate) PRICE PER UNIT: 200 TERMS: PRICE/REVENUE: PRICE/INCOME:

$2.5 million at closing; $2.5 million in contingent payments.

This acquisition expands the buyer's customer base in Florida, as well as its ability to service that base through mail-order pharmacy.


186

TARGET: Doctors Express ACQUIRER: The Ensign Group, Inc.

LISTING: Private LISTING: NASDAQ: ENSG LOCATION: Baltimore, Maryland CEO: Christopher


UNITS: 27101 Puerta Real, Suite 450 FAX: 949-487-9400 REVENUE: Mission Viejo, California 92691 NET INCOME: WEB SITE: www.ensigngroup.net

Doctors Express is a national urgent care franchise system. It currently has 49 franchised urgent care centers.



Not disclosed

This deal is being carried out by ENSG's urgent care joint venture, Immediate Clinic, LLC, which was established early in 2012. This broadens the buyer's reach in the urgent care business, allowing it to add routine physician services to its existing business profile. It also diversifies its sources of revenue.

TARGET: Everbeauty ACQUIRER: SCA

LISTING: Private LISTING: ST: SCA A LOCATION: Taipei, Taiwan CEO: Jan Johansson PHONE: 46 8-788 51 00 UNITS: Box 200 FAX: REVENUE: $244,200,000 Stockholm, Sweden SE-101 23 NET INCOME: WEB SITE: www.sca.com

Everbeauty is a hygiene products company based in Taiwan, specializing in incontinence care and diapers. In 2010, the company generated sales of approximately $244.4 million.

SCA is a global hygiene and paper company. In 2011, it generated sales of SEK 106 billion.


SEK 1.9 billion.

This acquisition enlarges the buyer's presence in the east Asian markets for hygiene products. In China, Everbeauty holds the number two position in incontinence products; in Taiwan, the number one position.


187

TARGET: Florida Hospital occupational health center

ACQUIRER: U.S. HealthWorks

LISTING: Private LISTING: Private LOCATION: Brandon, Florida CEO: Daniel D. Crowley PHONE: 661-678-2600 UNITS: 25124 Springfield Court FAX: 661-678-2700 REVENUE: Valencia, California 91355 NET INCOME: WEB SITE: www.ushealthworks.com

Florida Hospital is selling its occupational health care center. Services include occupational medicine, including diagnosis and treatment for injury and illness, preventive services and return-to-work rehab services, among others.

U.S. HealthWorks operates 174 outpatient occupational health and urgent care centers. The centers provide injury care, early return-to-work programs, injury prevention and wellness programs.


Not disclosed

This acquisition brings to 13 the number of centers that the buyer operates in Florida, expanding its presence in the Tampa Bay market. Following the acquisition, the buyer will combine its existing Tampa East center with its new Brandon location. The deal was effective March 30, 2012.

TARGET: Healthcare Distribution Specialists, LLC

ACQUIRER: Sunpeaks Ventures, Inc.

LISTING: Private LISTING: OTCBB: SNPK LOCATION: Silver Spring, Maryland CEO: Mackie Barch PHONE: 204-898-8160 UNITS: 9337 Fraser Avenue FAX: REVENUE: Silver Spring, Maryland 20910 NET INCOME: WEB SITE: www.sunpeaksventures.com

Healthcare Distribution Specialists is a distributor of hard-to-find and specialty drugs. In addition, HDS owns and markets Clotamin, a multivitamin that is used in conjunction with the Warfarin drug thinner.

Incorporated in 2009, Sunpeaks Venture is a shell company.


Share exchange agreement. Issuance of 200 million common shares of stock and 3 million preferred shares..

This acquisition provides the buyer with an entry into the specialty drug distribution business, one which is perceived as difficult to enter.


188

TARGET: Home infusion and enteral business

ACQUIRER: CarePoint Partners

LISTING: Private LISTING: Private LOCATION: Tampa, Florida CEO: Dana Soper PHONE: 513-891-6666 UNITS: 8280 Montgomery Road, Suite

101 FAX: 513-891-1410

REVENUE: Cincinnati, Ohio 45236 NET INCOME: WEB SITE: www.carepointpartners.com

Pediatric Health Choice is selling its home infusion and enteral division. It serves chronically ill patients in the Tampa, Gainesville and Orlando market.

A Waud Capital Partners portfolio company, CarePoint Partners operates a network of home infusion and specialty pharmacies in the United States.


Not disclosed

This acquisition expands the buyer's presence in the Florida home infusion market. It complements CarePoint's 2011 acquisition of Infusion Technologies, also based in Tampa. This may allow for some rationalization of administrative functions in the region.

TARGET: Homeopathic nasal sprays ACQUIRER: Hi-Tech Pharmacal, Co., Inc.

LISTING: Private LISTING: NASDAQ: HITK LOCATION: Parsippany, New Jersey CEO: David Seltzer PHONE: 631-789-8228 UNITS: 369 Bayview Avenue FAX: 631-789-8429 REVENUE: Amityville, New York 11701 NET INCOME: WEB SITE: www.hitechpharm.com

Dynova Laboratories, Inc. is selling several branded homeopathic branded nasal spray products. The portfolio includes Sinus Buster and Allergy Buster.

Hi-Tech Pharmacal is a specialty manufacturer and marketer of prescription, OTC and nutritional products. On a trailing 12-month basis, HITK generated revenue of $226 million, EBITDA of $80 million and net income of $52 million.


$1.25 million in cash; $1.25 million in escrow for certain expenses; royalty on net sales for 3-1/2 years, or $1.75 million, whichever comes first.

The acquired brands are to be sold through the buyer's Health Care Products OTC division. This deal positions the company to benefit from the growing trend to utilize homeopathic remedies.


189

TARGET: IMS Research ACQUIRER: IHS, Inc.

LISTING: Private LISTING: NYSE: IHS LOCATION: Wellingborough, England CEO: Jeere Stead PHONE: 303-397-7956 UNITS: 321 Inverness Drive South FAX: 303-397-2740 REVENUE: Englewood, Colorado 80112 NET INCOME: WEB SITE: www.ihs.com

IMS Research is a market research and consulting firm whose clients include medical device companies.

IHS provides critical information and insight products and services. On a trailing 12-month basis, it generated revenue of $1.38 billion, EBITDA of $276.0 million and net income of $127.0 million.


Not disclosed

This acquisition enlarges the buyer's portfolio of products and services, including the areas of technology, media and telecommunications. It also expands the client base to include medical device companies. Marlin & Associates served as financial advisor to IMS Research. The deal closed during March 2012.

TARGET: Jurlique international ACQUIRER: Pola Orbis

LISTING: Private LISTING: T: 4297 LOCATION: Melbourne, Australia CEO: Satoshi Suzuki PHONE: 81-3-3563-5517 UNITS: 1-7-7 Ginza Chuo-ku FAX: REVENUE: $100,000,000 Tokyo, Japan 141-0061 NET INCOME: WEB SITE: www.po-holdings.co.jp

Jurlique International is a skin care company. It generates annual revenue of approximately $100 million.

Pola Orbis is the fourth leading cosmetic company in Japan. For 2011, it generated revenue of $2 billion.


A$335 million

JH Partners, a San Francisco-based private equity firm, conducted the sale of Jurlique International. It originally acquired the company in mid-2006. This enlarges the buyer's presence in Australia and contiguous markets.


190

TARGET: Kforce Clinical Research, Inc.

ACQUIRER: inVentiv Health, Inc.

LISTING: NASDAQ: KFRC LISTING: Private LOCATION: Tampa, Florida CEO: Paul Meister PHONE: 800-416-0555 UNITS: 1 Van de Graaff Drive FAX: REVENUE: $100,000,000 Burlington, Massachusetts 01803 NET INCOME: WEB SITE: www.inventivhealth.com

Kforce, Inc. is selling its clinical research business. It provides contingent contract staffing and permanent placement of clinical research personnel to pharmacies and biotechs.

Backed by Thomas H. Lee Partners, inVentiv Health provides services to the pharma, life sciences and health care industries through its four divisions. For the six months ended June 30, 2010, it generated revenue of $553.8 million and net income of $19.7 million.


Cash

This divestment allows Kforce to concentrate on its core staffing business. The business unit accounted for about 9.5% of Kforce's total revenue in 2011. Robert W. Baird provided KFRC with financial advice on this deal.

TARGET: Medicine Shoppe Canada, Inc.

ACQUIRER: McKesson Corp.

LISTING: Private LISTING: NYSE: MCK LOCATION: Ontario CEO: John Hammergren PHONE: 415-983-8300 UNITS: One Post Street FAX: 415-983-8464 REVENUE: San Francisco, California 94104 NET INCOME: WEB SITE: www.mckesson.com

Katz Group Canada, Inc. is selling Medicine Shoppe Canada and Drug Trading Co., the marketing and franchising businesses of over 1,000 Canadian independent pharmacies.

McKesson Corp. provides supply, information and care management products and services. On a trailing 12-month basis, MCK generated revenue of $120 billion, EBITDA of $2.7 billion and net income of $1.3 billion.


CAD 920 million. Cash.

This acquisition enlarges MCK's Canadian pharmaceutical distribution business.


191

TARGET: Mid America Medical Associates

ACQUIRER: Humana, Inc.

LISTING: Private LISTING: NYSE: HUM LOCATION: Lincolnwood, Illinois CEO: Michael B.

McCallister PHONE: 502-580-1000

UNITS: 500 West Main Street FAX: 502-580-3639 REVENUE: Louisville, Kentucky 40202 NET INCOME: WEB SITE: www.humana.com

Mid America Medical Associates and Garcia, Rosenberg & Associates are providers of primary care services from a center in Lincolnwood.

Humana offers various health and supplemental benefit plans. On a trailing 12-month basis, it generated revenue of $35.4 billion, EBITDA of $2.4 billion and net income of $1.3 billion.


Not disclosed

This deal is being carried out by HUM subsidiary Concentra, based in Addison, Texas. The acquisition raises to 15 the number of centers that Concentra operates in the Chicago metropolitan area.

TARGET: National Healing Corp. ACQUIRER: Diversified Clinical Services

LISTING: Private LISTING: Private LOCATION: Boca Raton, Florida CEO: Jeff Nelson PHONE: 904-296-6526 UNITS: 5220 Belfort Rd., Suite 200 FAX: 904-296-3429 REVENUE: Jacksonville, Florida 32256 NET INCOME: WEB SITE: www.diversifiedcs.com

National Healing Corp. is involved in disease management services. It manages over 500 wound care centers in hospitals around the country.

Diversified Clinical Services (DCS) is a provider of chronic wound care and disease management services.


Merger

The combined company is to be headquartered in Jacksonville. It creates a large company specializing in wound care treatment and training. As part of the deal, The Jordan Company, a private investment firm, has agreed to sell its ownership position in DCS. Moelis & Company and Jefferies & Company are serving as financial advisors to DCS.


192

TARGET: Nexus Oncology ACQUIRER: Ockham

LISTING: Private LISTING: Private LOCATION: Edinburgh, Scotland CEO: James V. Baker PHONE: 919-462-8867 UNITS: 8000 Regency Parkway, Suite

360 FAX: 919-462-9280

REVENUE: Cary, North Carolina 27518 NET INCOME: WEB SITE: www.ockham.com

Nexus Oncology is a contract research organization with a focus on oncology. Founded in 1999, it provides its services to biotechs developing new cancer treatments. It operates in nine European countries, Canada and the United States.

Ockham is a full service contract research organization with a focus on cancer. It provides a full range of phase 1-4 clinical trials in oncology, as well as other therapeutic areas.


Merger

With the acquisition of Nexus, Ockham now employs 300 people in 12 countries. This deal closed effective February 14, 2012.

TARGET: Outpatient surgery center ACQUIRER: University General Health System

LISTING: Private LISTING: OTCBB: UGHS LOCATION: Baytown, Texas CEO: Hassan Chahadeh PHONE: 713-652-3800 UNITS: 1221 McKinney, Suite 3240 FAX: REVENUE: $12,000,000 (projected) Houston, Texas 77010 NET INCOME: $5,000,000 (EBITDA) WEB SITE: www.uhsys.net

The target is an outpatient surgery center. The center hosts about 3,100 procedures on an annual basis.

University General Health System is a diversified health care provider that delivers concierge services. It is currently trying to establish health care hubs in metropolitan areas.


Seller's note and the assumption of certain equipment financing commitments.

The acquisition expands the range of facilities that the buyer operates to include ambulatory surgery centers. The center is to be co-managed with Jacinto Medical Group, PA, a multispecialty physician group practice.


193

TARGET: Pacific Walk-In Clinic ACQUIRER: U.S. HealthWorks

LISTING: Private LISTING: Private LOCATION: Lacey, Washington CEO: Daniel D. Crowley PHONE: 661-678-2600 UNITS: 25124 Springfield Court FAX: 661-678-2700 REVENUE: Valencia, California 91355 NET INCOME: WEB SITE: www.ushealthworks.com

Pacific Walk-In Clinic is a provider of occupational health care and urgent care services. Services include occupational medicine, including diagnosis and treatment for injury and illness, preventive services and return-to-work rehab services, among others.

U.S. HealthWorks operates 173 outpatient occupational health and urgent care centers in 15 states. The centers provide injury care, early return-to-work programs, injury prevention and wellness programs.


Not disclosed

This acquisition brings to 18 the number of centers that the buyer operates in Washington State.

TARGET: Panhandle Correctional Care, Inc.

ACQUIRER: Conmed Healthcare Management, Inc.

LISTING: Private LISTING: AMEX: CONM LOCATION: Amarillo, Texas CEO: Richard W. Turner PHONE: 410-567-5520 UNITS: 7250 Parkway Drive, Suite 400 FAX: 410-712-4760 REVENUE: Hanover, Maryland 21076 NET INCOME: WEB SITE: www.conmedinc.com

Panhandle Correctional Care is a provider of health care services to correctional facilities in Texas. It has three medical staffing contracts in the Texas Panhandle, including Randolf County Jail, a 450-bed facility in Amarillo.

Conmed Healthcare Management, Inc. provides correctional health care services to county and municipal detention centers. On a trailing 12-month basis, it generates revenue of $66.8 million and net income of $692,000.


Not disclosed

This expands the buyer's geographic reach into Texas, as well as the contracts that it can execute.


194

TARGET: PHACTS, LLC ACQUIRER: CareFusion Corp.

LISTING: Private LISTING: NYSE: CFN LOCATION: Seattle, Washington CEO: Kieran Gallahue PHONE: 858-617-2000 UNITS: 3750 Torrey View Court FAX: 858-617-2900 REVENUE: San Diego, California 92130 NET INCOME: WEB SITE: www.carefusion.com

PHACTS is a technology and consulting company that assists hospitals in managing inventory, reducing pharmaceutical costs and streamlining operations.

CareFusion provides health care products in two areas: critical care technologies, and medical technologies and services. On a trailing 12-month basis, CFN generated revenue of $3.6 billion, EBITDA of $793.0 million and net income of $344.0 million.


Not disclosed

This acquisition advances the buyer's strategy of offering hospitals safe and efficient systems to manage medication throughout their facilities. PHACTS will be added to CFN's core Pyxis dispensing system.

TARGET: PHS Staffing ACQUIRER: Advantage RN

LISTING: Private LISTING: Private LOCATION: San Diego, California CEO: Matt Price PHONE: 866-301-4045 UNITS: 8892 Beckett Road FAX: 866-850-4048 REVENUE: $18,000,000 West Chester, Ohio 45069 NET INCOME: WEB SITE: www.advantagern.com

PHS Staffing is a provider of nurse staffing services to health care facilities in California, Arizona, Nevada and Utah. The company manages over 200 health care providers and generates annual revenue of $18 million.

Advantage RN provides nursing staff to 400 health care facilities nationally. It generates over $60 million in annual revenue.


Not disclosed

This deal adds the target's expertise in per diem staffing to the buyer's. The acquisition of a similar company raises the buyer's annual revenue to about $80.0 million. PHS Staffing used to be a division of Premier Healthcare Services, Inc. of California.


195

TARGET: Prescription drug plan ACQUIRER: CVS Caremark Corporation

LISTING: NYSE: HNT LISTING: NYSE: CVS LOCATION: Woodland Hills, California CEO: Larry J. merlo PHONE: 401-765-1500 UNITS: 400,000 (members) One CVS Drive FAX: 401-762-2137 REVENUE: $490,000,000 (annualized) Woonsocket, Rhode Island 02895 NET INCOME: WEB SITE: www.caremark.com

Health Net is selling assets related to its prescription drug plan business. Products and services are provided to 400,000 members in 49 states under this plan.

CVS Caremark Corp. operates retail pharmacy and pharmacy benefit management businesses. On a trailing 12-month basis, CVS generated revenue of $107 billion, EBITDA of $7.9 billion and net income of $3.5 billion.

ANNOUNCEMENT DATE: January 6, 2012 PRICE: $160,000,000 (approximate) PRICE PER UNIT: $400 TERMS: PRICE/REVENUE: 0.32 PRICE/INCOME:

Cash. Approximately $400.00 per member.

This divestment rids the seller of a business in which it was not competitive in scale. CVS subsidiary Pennsylvania Life Insurance Company is carrying out this acquisition.

TARGET: Prestige Brands Holdings, Inc.

ACQUIRER: Genomma Lab Internacional SAB de CV

LISTING: NYSE: PBH LISTING: BMV: LAB.B LOCATION: Irvington, New York CEO: Rodrigo Herrera

Aspra PHONE:

UNITS: FAX: REVENUE: $403,000,000 Mexico City, Mexico NET INCOME: $119,000,000 (EBITDA) WEB SITE: www.genommalab.com

Prestige Brands Holdings markets, sells and distributes OTC health care and household cleaning products. On a trailing 12-month basis, it generated revenue of $403 million, EBITDA of $119 million and net income of $44 million.

Genomma is a fast growing pharmaceutical and personal care products company in Latin America.

ANNOUNCEMENT DATE: February 21, 2012 PRICE: $1,264,000,000 (approximate) PRICE PER UNIT: TERMS: PRICE/REVENUE: 3.13 PRICE/INCOME: 10.62

Unsolicited bid of $16.60 per share in cash, or $834 million. Assumption of $430 million in debt.

This offers PBH shareholders a 23% premium over the stock's prior-day price. It would enlarge the buyer's business north of the Rio Grande. In response to the hostile takeover bid, PBH adopted a shareholders rights plan.


196

TARGET: PriceSpective, LLC ACQUIRER: ICON plc

LISTING: Private LISTING: NASDAQ: ICLR LOCATION: Philadelphia, Pennsylvania CEO: Ciaran Murray PHONE: 353-1-291-2000 UNITS: South County Business Park FAX: 353-1-291-2700 REVENUE: Dublin, Ireland 18 NET INCOME: WEB SITE: www.iconplc.com

PriceSpective provides value strategy consultancy for pharmaceutical and biotechnology clients.

ICLR is a CRO providing clinical research and development services on a global basis to the pharmaceutical and biotechnology industries. On a trailing 12-month basis, ICON generated revenue of $935 million, EBITDA of $91 million and net income of $41 million.


Not disclosed

This acquisition adds to the portfolio of services that ICLR can offer its pharma and biotech clients.

TARGET: Priority Medical Care ACQUIRER: U.S. HealthWorks

LISTING: Private LISTING: Private LOCATION: Bridgewater, New Jersey CEO: Daniel D. Crowley PHONE: 661-678-2600 UNITS: 25124 Springfield Court FAX: 661-678-2700 REVENUE: Valencia, California 91355 NET INCOME: WEB SITE: www.ushealthworks.com

Priority Medical Care is a provider of occupational health care and urgent care services from sites in Bridgewater and Somerset. Services include occupational medicine, including diagnosis and treatment for injury and illness, and preventive services, among others.

U.S. HealthWorks operates 173 outpatient occupational health and urgent care centers in 15 states. The centers provide injury care, early return-to-work programs, injury prevention and wellness programs.


Not disclosed

This acquisition brings to seven the total number of centers that the buyer operates in the Garden State.


197

TARGET: Probiotica Laboratorios ACQUIRER: Valeant Pharmaceuticals International

LISTING: Private LISTING: NYSE: VRX LOCATION: Sao Paulo, Brazil CEO: J. Michael Pearson PHONE: 514-744-6742 UNITS: 4787 Levy Street FAX: 514-744-6272 REVENUE: $45,700,000 Montreal, Quebec L5N 8M5 NET INCOME: WEB SITE: H4R 2P9

Probiotica Laboratorios is involved in the sports food supplement market. In 2011, it generated annual revenue of $45.7 million.



Not disclosed

This acquisition expands the buyer's presence in the OTC sports nutrition products and other food supplements markets. It also enlarges the company's footprint in the South American market.

TARGET: Professional Medical Transport

ACQUIRER: Rural/Metro Corp.

LISTING: Private LISTING: Private LOCATION: Phoenix, Arizona CEO: Michael P. DiMino PHONE: 480-606-3886 UNITS: 9221 East Via De Ventura FAX: REVENUE: Scottsdale, Arizona 85258 NET INCOME: WEB SITE: www.ruralmetro.com

Professional Medical Transport (PMT) is a provider of medical transport services in Arizona. It serves over 200,000 patients and customers annually.

A Warburg Pincus portfolio company, Rural/Metro is a provider of medical ambulance response services in 20 states.


Not disclosed

This acquisition enlarges the buyer's network of medical transport services in Arizona. Arizona's Department of Health Services approved this transaction in January 2012. As a condition of the deal, the Department is requiring the buyer to continue using PMT's electronic data transfer system which helps the state health department better manage outcomes. This is the second business the owner of PMT has sold to Rural/Metro: he founded Southwest Ambulance, which he sold to the company in 1997.


198

TARGET: Promotional and medical audit businesses

ACQUIRER: inVentiv Health, Inc.

LISTING: Private LISTING: Private LOCATION: Norwalk, Connecticut CEO: Paul Meister PHONE: 800-416-0555 UNITS: 1 van de Graaff Drive FAX: REVENUE: Burlington, Massachusetts 01803 NET INCOME: WEB SITE: www.inventivhealth.com

IMS Health is selling certain promotional and medical audit businesses of its subsidiary SDI Health.

Backed by Thomas H. Lee Partners, inVentiv Health provides services to the pharma, life sciences and health care industries through its four divisions. For the six months ended June 30, 2010, it generated revenue of $553.8 million and net income of $19.7 million.


Not disclosed

IMS has committed to divest certain of its subsidiaries to obtain regulatory approval to buy SDI Health. The business lines are to be incorporated into inVentiv's Campbell Alliance subsidiary.

TARGET: St. Louis Surgical Center ACQUIRER: Carter Validus Mission Critical REIT, Inc.

LISTING: Private LISTING: Private LOCATION: Creve Coeur, Missouri CEO: John Carter PHONE: 813-387-1700 UNITS: 7 (operating rooms) 4211 West Boy Scout Blvd. FAX: REVENUE: Tampa, Florida 33607 NET INCOME: WEB SITE: cvmissioncriticalreit.com

St. Louis Surgical Center is an outpatient surgery center with seven operating rooms. Built in 2005, it was expanded in 2007.

Carter Validus Mission Critical REIT is a public, non-traded REIT.

ANNOUNCEMENT DATE: February 9, 2012 PRICE: $8,470,000 PRICE PER UNIT: $1,210,000 TERMS: PRICE/REVENUE: PRICE/INCOME:

Not disclosed

The surgery center is located near three area hospitals: St. Johns Mercy Medical Center, BJC Missouri Baptist and Barnes Jewish West County Hospital. The facility is managed under an agreement by United Surgical Partners International.


199

TARGET: Total Medical Solutions ACQUIRER: MSC Care Management

LISTING: Private LISTING: Private LOCATION: Sanford, Florida CEO: Joe Delaney PHONE: UNITS: FAX: REVENUE: Jacksonville, Florida NET INCOME: WEB SITE: www.YourMSC.com

Total Medical Solutions is a provider of complex care products and services, specializing in workers' compensation. It coordinates home health and catastrophic care services, home infusion therapy and DME, among other products and services.

MSC is a care management company focused on coordinating care for its customers' post-discharge and post-injury workers' comp claimants.


Not disclosed

This acquisition gives the buyer the target's expertise in dealing with large-loss claims.

TARGET: World Courier Group, Inc. ACQUIRER: AmerisourceBergen

LISTING: Private LISTING: NYSE: ABC LOCATION: New Hyde Park, New York CEO: Steven H. Collis PHONE: 610-727-7000 UNITS: 1300 Morris Drive, Suite 100 FAX: 610-647-0141 REVENUE: $500,000,000 (2012) Chesterbrook, Pennsylvania 19087 NET INCOME: WEB SITE: www.amerisourcebergen.net

World Courier Group is a global specialty transportation and logistics provider for the biopharma industry. The company is predicted to generate $500 million in 2012.

AmerisourceBergen is a wholesale distributor of pharmaceuticals and related health care services. On a trailing 12-month basis, ABC generated revenue of $81 billion, EBITDA of $1.4 billion and net income of $708 million.


Cash

This acquisition adds to ABC's portfolio of pharmaceutical manufacturer services. It also provides a platform for the introduction of the company's specialty services outside North America.

INDEX


203

Name Sector PageAAIPharma, Inc. Other 184 Abbott Laboratories Biotechnology 20 Abcam Plc Biotechnology 18 ABQ Health Partners Physician Medical Groups 162 Acadia Healthcare Company, Inc. Behavioral Health Care 7 Acorda Therapeutics, Inc. Pharmaceuticals 150 Actelion Pharmaceuticals, Ltd. Biotechnology 27 AdCare Health Systems, Inc. Long-Term Care 90, 102, 103 Aderma dermal pads line Medical Devices 117 Advanced Dermatology & Cosmetic Surgery Physician Medical Groups 159 Advantage RN Other 194 Aesthetic business unit Medical Devices 117 AEW Capital Management Long-Term Care 98 Alacer Corp. Other 181 Alchemy Management, LLC Long-Term Care 87 Aldagen, Inc. Biotechnology 13 Alere, Inc. Laboratories, MRI and Dialysis 77 All-Med Services of Florida Home Health Care 51 ALS Distribuidora Limitada Pharmaceuticals 143 Altacor Biotechnology 13 American Realty Capital Healthcare Trust, Inc. Rehabilitation 175 AmerisourceBergen Other 199 Amgen, Inc. Biotechnology 22 AmMed Direct Other 181 Anabasis Srl Biotechnology 14 AngioDynamics, Inc. Medical Devices 126 Aperture Health, Inc. Home Health Care 55 Apex Systems Other 182 API Healthcare e-Health 35 Appearance Implant & Laser Dentistry Other 182 APS Healthcare, Inc. Managed Care 109 Araclon Biotech (majority stake) Biotechnology 14 Ardent Health Services Hospitals 69 Arriva Medical, Inc. Other 181, 185 Asana Integrated Medical Group Physician Medical Groups 159 Ascension Health Care Network Hospitals 70 Ascent Pharmahealth Ltd. Pharmaceuticals 143 Ascentia Health Care Solutions e-Health 33 AT&T, Inc. e-Health 39 Atlanta Memorial Hospital Hospitals 61 Atlantic Orthopedics, PA Physician Medical Groups 160 Audax Group Physician Medical Groups 159 Automatic Data Processing, Inc. e-Health 40 Avadyne Health e-Health 33 Avila Therapeutics, Inc. Biotechnology 15 Aviv REIT Long-Term Care 91, 97 Balanced Physical Therapy Rehabilitation 173 Bausch + Lomb Pharmaceuticals 149 Bayada Home Health Care, Inc. Home Health Care 53


204

BD Medical Devices 124 Bellingham/Parklane Long-Term Care 85 Belmont Village Long-Term Care 85 Benchmark Revenue Management, Inc. e-Health 33 Biogen Idec, Inc. Biotechnology 23, 26, 27 Biologics and Clinical Therapies unit Medical Devices 118 BioReliance Holdings Medical Devices 118 BioScrip business units Other 183 Bladen County Hospital Hospitals 61 Blue Cross Blue Shield of Delaware Managed Care 109 Bodha Recovery Residences Behavioral Health Care 7 Boehringer Ingelheim GmbH Pharmaceuticals 151 Boston Biomedical, Inc. Biotechnology 15 Boston Scientific Corporation Medical Devices 119 Brantley Assisted Living Long-Term Care 86 Brennen Medical, LLC Medical Devices 119 Bristol-Myers Squibb, Inc. Pharmaceuticals 148 Brookdale Senior Living, Inc. Long-Term Care 92 Cameron Health, Inc. Medical Devices 119 Canadian seniors housing portfolio Long-Term Care 86 CanAm Care Pharmaceuticals 144 Cancer drug alliance Biotechnology 16 Cape Fear Valley Health System Hospitals 61 Capital Senior Living Corporation Long-Term Care 96 Capitol Seniors Housing Long-Term Care 88 Capitol Spine & Pain Centers Other 183 Cardiokine, Inc. Pharmaceuticals 144 CardioNet, Inc. Medical Devices 122 Cardon Healthcare Network, Inc. e-Health 39 CareFusion Corp. Other 194 CarePoint Partners Other 188 Caris Healthcare Home Health Care 55 Carlyle Care Center Behavioral Health Care 5 Carter Validus Mission Critical REIT, Inc. Other 198 Catalent Pharma Solutions, Inc. Medical Devices 132 Celgene Corporation Biotechnology 15 Celsis Analytical Services Other 184 Celtaxsys, Inc. Biotechnology 17 Certain assets of Gerot Lannach Pharmaceuticals 145 Certara e-Health 42 Chelsea Senior Living Long-Term Care 103 Chemotherapy management software Medical Devices 120 Cheyenne Medical Specialists Physician Medical Groups 160 ChipDX assets Medical Devices 120 Christ Hospital Hospitals, Physician Medical

Groups 62, 161

Christus St. Michael Health System Hospitals 61 Cimzia and Mircera royalties Pharmaceuticals 145 Cincinnati Hematology-Oncology Physician Medical Groups 161 Clark Fork Surgery Center Other 184


205

ClearTrial e-Health 34 Clinical Coding Solutions e-Health 34 CNL Lifestyle Properties, Inc. Long-Term Care 94 CNS collaboration Pharmaceuticals 146 CNS drug license Biotechnology 16 Coast to Coast Assisted Living Realty, LLC Long-Term Care 97 Collaboration agreement Medical Devices 121 Commons at Elk Grove Long-Term Care 87 Community Health Network Hospitals 64 Community Health Systems, Inc. Hospitals, Physician Medical

Groups 66, 161

Community Providers, Inc. Hospitals 62 Concerro e-Health 35 Concordia Lutheran Ministries Long-Term Care 95 Conmed Healthcare Management, Inc. Other 193 Connected Home Health Home Health Care 51 Connectyx Technologies Holding Group, Inc. e-Health 46 Cookeville Regional Medical Center Hospitals 63 Cornerstone Therapeutics, Inc. Pharmaceuticals 144 Cortec Group Medical Devices 121 Court Square Partners Rehabilitation 174 Courtagen Life Sciences Medical Devices 125 Covidien Plc Medical Devices 127, 135 Covis Pharma Sarl Pharmaceuticals 148 Cranial Technologies, Inc. Medical Devices 121 Creapharma Parenterals Pharmaceuticals 146 CSC Laboratories Medical Devices 122 CTX-4430 inflammation drug Biotechnology 17 Cumberland River Hospital Hospitals 63 Cutera, Inc. Medical Devices 117 CVS Caremark Corporation Other 195 Cytomedix, Inc. Biotechnology 13 Dainippon Sumitomo Pharmaceutical Co Ltd. Biotechnology 15 Danville HealthCare, LLC Other 185 DARA BioSciences, Inc. Pharmaceuticals 150 Dearborn Towers Long-Term Care 87 Decatur General Hospital Hospitals 63 DenMat Holdings, LLC Medical Devices 133 DentalPlans.com Managed Care 110 Derma Sciences, Inc. Medical Devices 125 DexCom, Inc. e-Health 43 Diagnostic Clinic of Longview, PA Physician Medical Groups 161 DiaKine Therapeutics, Inc. Biotechnology 17 Direct Diabetic Source, Inc. Other 185 Dishman Pharmaceuticals and Chemicals, Ltd. Pharmaceuticals 146 Diversified Clinical Services Other 191 DMS Health Technologies Laboratories, MRI and Dialysis 77 Doctors Express Other 186 Doctors Optical Physician Medical Groups 162 Dompe Biotechnology 14


206

Duke LifePoint Healthcare, LLC Hospitals 65 Dynamic Healthcare Services, LLC Home Health Care 52 ECG Scanning & Medical Services, Inc. Medical Devices 122 Eden Township Healthcare District Hospitals 72 Eletone Cream Pharmaceuticals 147 Emory Healthcare Hospitals 71 Epic Health Services, Inc. Home Health Care 54 Epigenetics drug collaboration Biotechnology 18 Epitomics, Inc. Biotechnology 18 Ernest Health, Inc. Rehabilitation 173 eScreen, Inc. Laboratories, MRI and Dialysis 77 Essex Woodlands Medical Devices 118 Essilor International SA Medical Devices 122, 130 European OTC brands Pharmaceuticals 147 EUSA Pharma Pharmaceuticals 151 Everbeauty Other 186 Evolvent Technologies, Inc. e-Health 35 Eyetech, Inc. Biotechnology 19 Farias Home Health Care Home Health Care 52 FerroKin BioSciences, Inc. Biotechnology 19 Fiomi Diagnostics AB Medical Devices 123 Firma Medical Medical Devices 123 First Choice Rehabilitation Specialists Rehabilitation 174 Five-drug portfolio (Glaxo) Pharmaceuticals 148 Fletcher Allen Health Care Hospitals 62 Florida Hospital occupational health center Other 187 Formation Capital, LLC Long-Term Care 92 Franklin Family Services, Inc. Behavioral Health Care, Physician

Medical Groups 5, 166

Gade Nursing Home Long-Term Care 88 Gadsden Regional Medical Center Laboratories, MRI and Dialysis 78 Garden Park Villas Long-Term Care 88 GE HealthCare Medical Devices 138 Genomma Lab Internacional SAB de CV Other 195 GlaxoSmithKline plc Biotechnology 21 GMH Ventures, LLC Home Health Care 52 Greatbatch, Inc. Medical Devices 126 Greensboro Radiology Physician Medical Groups 162 Grifols, SA Biotechnology 14 Guidance Associates of Pennsylvania Behavioral Health Care 5 Harbor Village Long-Term Care 89 Hartselle Medical Center Hospitals 64 Health Care REIT, Inc. Long-Term Care 85, 86, 89 Health care solutions division e-Health 36 Health Management Associates, Inc. Hospitals 65 Healthcare Distribution Specialists, LLC Other 187 HealthSmart Holdings, Inc. Managed Care 110 Healthways, Inc. e-Health 33 Healthy Advice Networks e-Health 40 HeartWare International, Inc. Medical Devices 137


207

Hepatitis C inhibitor program Biotechnology 20 High Point Radiological Services Physician Medical Groups 162 Highmark, Inc. Managed Care, Physician Medical

Groups 109, 166

Hillcrest Haven Convalescent Hospital Long-Term Care 89 Hi-Tech Pharmacal, Co., Inc. Other 188 Holy Spirit Hospital & Health System Physician Medical Groups 168 Home care business in continental Europe Home Health Care 53 Home health care business Home Health Care 53 Home infusion and enteral business Other 188 Homeopathic nasal sprays Other 188 Hospice of Central Pennsylvania Home Health Care 54 Howard Regional Medical Center Hospitals 64 Hudson Hospital Holdco, Inc. Hospitals 62 Humana, Inc. Other 191 Huntsville Hospital Hospitals 63, 64 Hyperion Therapeutics, Inc. Biotechnology 25 ICON plc Other 196 IHS, Inc. Other 189 iMedX, Inc. e-Health 44 Impax Laboratories, Inc. Pharmaceuticals 153 IMS Research Other 189 InfiMed, Inc. Medical Devices 124 Inflammatory drug collaboration Biotechnology 20 Inhibitex, Inc. Pharmaceuticals 148 Innovante Benefit Administrators Managed Care 110 Inpatient Clinical Solutions, Inc. Physician Medical Groups 163 Institutional Owner/Operator Long-Term Care 101 IntegraMed America, Inc. Physician Medical Groups 165 Integris Health joint venture Hospitals 65 inVentiv Health, Inc. Other 190, 198 IPC-The Hospitalist Co. Physician Medical Groups 159, 163 Ironwood Pharmaceuticals, Inc. Pharmaceuticals 146 Islet Sciences, Inc. Biotechnology 17 Ista Pharmaceuticals, Inc. Pharmaceuticals 149 iVolution Medical Systems, Inc. Medical Devices 130 Jewish Hospital & St. Mary's HealthCare Physician Medical Groups 163 Johnson & Johnson, Inc. Biotechnology 16 Joint venture Long-Term Care 102 Jordan Health Services, Inc. Home Health Care 52, 56 Jurlique international Other 189 Kadmon Corporation, LLC Biotechnology 25 Kforce Clinical Research, Inc. Other 190 Kidron Bethel Village Long-Term Care 96 KIESTRA Lab Automation BV Medical Devices 124 La Jolla Pharmaceutical Company Biotechnology 24 Las Vegas psychiatric hospitals Behavioral Health Care 6 License for BTK inhibitors Biotechnology 21 Linden, LLC Medical Devices 134 Lonoke skilled nursing facility Long-Term Care 90


208

Louisville Surgical Associates Physician Medical Groups 163 Lumeris, Inc. e-Health 38 Lysomal storage disease program Biotechnology 21 Manet Community Health Physician Medical Groups 164 ManTech International Corp. e-Health 35 Marquette General Health System Hospitals 65 Mason Valley Residence Long-Term Care 90 Mattoon Health Care & Rehab Long-Term Care 91 McKesson Corp. Other 190 McLaren Health Care Corp. Hospitals 68 MedData, Inc. e-Health 36 MedDirect e-Health 36 MedEfficiency, Inc. Medical Devices 125 MedHoldings, Inc. Long-Term Care 98 Medica HealthCare Plans Managed Care 111 Medical Data Exchange e-Health 37 Medical Properties Trust, Inc. Rehabilitation 173 Medicinal Genomics Corporation Medical Devices 125 Medicine Shoppe Canada, Inc. Other 190 MediConnect Global, Inc. e-Health 37 MediGain Services, Inc. e-Health 38 MediSwipe, Inc. e-Health 41 Mediware Information Systems, Inc. Medical Devices 120, 136 Mednax, Inc. Physician Medical Groups 168 MedOptima e-Health 38 Memorial Health Systems Hospitals 66 Memorial Hermann Healthcare System Physician Medical Groups 167 Memorial Hospital Hospitals 66 MemorialCare Health System Physician Medical Groups 164 Meridian Senior Living Long-Term Care 100 Merit Medical Systems, Inc. Medical Devices 128 Merus Labs International, Inc. Pharmaceuticals 152 Micromet, Inc. Biotechnology 22 Mid America Medical Associates Other 191 Mission Pharmacal Company Pharmaceuticals 147 Molnlycke Health Care AB Medical Devices 119 Monogenic disease collaboration Biotechnology 22 Montclair Health Hospitals 67 Mountainside Hospital Hospitals 67 MS drug collaboration Biotechnology 23 MSC Care Management Other 199 MSN HomeCare division Home Health Care 54 MTBC e-Health 45 MultiGEN Diagnostics, Inc. Laboratories, MRI and Dialysis 78 National Healing Corp. Other 191 National Spine & Pain Centers Other 183 Natur Produkt International, JSC Pharmaceuticals 149 Nautilus Healthcare Management Group Physician Medical Groups 164 Navilyst Medical Medical Devices 126 NaviNet e-Health 38


209

NeuroNexus Technologies Medical Devices 126 Neuronix, Ltd. Pharmaceuticals 150 Neurovascular guide catheter business Medical Devices 127 New Britain Anesthesia, PC Physician Medical Groups 165 New Hampton Care Center Long-Term Care 91 Newport Medical Instruments, Inc. Medical Devices 127 Nexus Oncology Other 192 NicOx, S.A. Biotechnology 13 Nine community portfolio Long-Term Care 92 Nine Illinois senior care facilities Long-Term Care 92 Nix Health Systems, LLC Hospitals 67 North American Partners in Anesthesia Physician Medical Groups 165 North Roanoke Assisted Living Long-Term Care 93 Northern Michigan Regional Hospital Hospitals 68 Northstar REIT Long-Term Care 95 Northwest Management Services. LLC Other 182 Novartis AG Biotechnology 20, 24 Nuance Communications, Inc. e-Health 44 Ockham Other 192 Omega Pharma Pharmaceuticals 147 On Assignment, Inc. Other 182 Oncogenerix, Inc. Pharmaceuticals 150 Oncology drug collaboration Pharmaceuticals 151 Online physician portal e-Health 39 Onset Medical Corporation Medical Devices 128 OPKO Health, Inc. Medical Devices, Pharmaceuticals 131, 143 Oracle Corporation e-Health 34 Orem Rehabilitation & Nursing Center Long-Term Care 93 OSF Healthcare Systems Hospitals 68 Ostial Solutions, LLC Medical Devices 128 Ottawa Regional Hospital and Healthcare Center Hospitals 68 Outpatient Open MRI of Gadsden Laboratories, MRI and Dialysis 78 Outpatient surgery center Other 192 Outreach Services e-Health 39 Oxford Instruments Group Medical Devices 129 Pacific Walk-In Clinic Other 193 Pain therapeutics collaboration Biotechnology 23 Palmetto Fertility Center Physician Medical Groups 165 Panhandle Correctional Care, Inc. Other 193 Park Place Assisted Living Long-Term Care 94 Passport Health Communications, Inc. e-Health 43 PatientPoint e-Health 40 Pfizer, Inc. Other 181 PHACTS, LLC Other 194 PHS Staffing Other 194 PhyLogic Healthcare e-Health 40 Physiotherapy Associates Rehabilitation 174 PinnacleHealth hospice program Home Health Care 54 Pioneer Human Services Behavioral Health Care 5 Platinum Equity Laboratories, MRI and Dialysis 77


210

Platinum Medical Imaging, LLC Medical Devices 129 Pluromed, Inc. Medical Devices 129 Pola Orbis Other 189 Poudre Valley Medical Group, LLC Physician Medical Groups 160 Practice Management Associates e-Health 41 Preferred Care Partners Managed Care 111 Premier Medical Associates Physician Medical Groups 166 Premier Psychiatry Associates, Inc. Physician Medical Groups 166 Prescription drug plan Other 195 Prestige Brands Holdings, Inc. Other 195 PriceSpective, LLC Other 196 Prime Healthcare Services Hospitals 69, 71 Primrose portfolio Long-Term Care 94 Priority Medical Care Other 196 Pristine Pines portfolio Long-Term Care 95 Proaxis Therapy Rehabilitation 173 Probiotica Laboratorios Other 197 Professional Medical Transport Other 197 Professional Ophthalmic Laboratories Medical Devices 130 ProMedica Health System Hospitals 66 Promotional and medical audit businesses Other 198 ProShield assets Medical Devices 130 Prospect Medical Holdings, Inc. Hospitals 67 Prostate brachytherapy customer base Medical Devices 131 Prostate cancer tests Medical Devices 131 Provena United Samaritan Medical Center Other 185 Providence Service Corporation Behavioral Health Care 6 Psych Support, Inc. Behavioral Health Care 6 QIAGEN, NV Medical Devices 133 QuadraMed Corporation e-Health 36 Quest Diagnostics, Inc. Laboratories, MRI and Dialysis 79 R.P. Scherer GmbH & Co. KG Medical Devices 132 ReachMeDaily.com e-Health 41 RealAge, Inc. e-Health 42 RealPage, Inc. e-Health 46 Recondo Technology e-Health 45 Reflections Retirement Community Long-Term Care 95 Regional Operator Long-Term Care 90, 101 Remmele Engineering, Inc. Medical Devices 132 Restorative and impression products Medical Devices 133 Richmond Bone & Joint Clinic Physician Medical Groups 167 Rights to Asparec for leukemia Pharmaceuticals 151 Rights to certain genomic biomarkers Medical Devices 133 Rights to Factive tablets Pharmaceuticals 152 Rights to GCS-100 galectin-3 antagonist Biotechnology 24 Rights to Ocriplasmin Biotechnology 24 Rights to Ravici Biotechnology 25 Rights to salirasib tumor drug Biotechnology 25 Rights to Spectracef anti-infective Pharmaceuticals 152 Rights to Zevalin Biotechnology 26


211

Riverbend Assisted Living & Memory Care Long-Term Care 96 Roche Holding AG Biotechnology, Medical Devices 18, 23, 121 Roswell Regional Medical Hospitals 69 Roxborough Memorial Hospital Hospitals 69 Royalty Pharma AG Pharmaceuticals 145 RTI International Metals, Inc. Medical Devices 132 Rural/Metro Corp. Other 197 S.E.D. Medical Laboratories Laboratories, MRI and Dialysis 79 Sanofi SA Medical Devices 129 SCA Other 186 Schowalter Villa Long-Term Care 96 Select Medical Holdings Corporation Rehabilitation 174 Senior Living Management Corporation Long-Term Care 86 SeraCare Life Sciences, Inc. Medical Devices 134 Sharecare e-Health 42 Shire plc Biotechnology, Pharmaceuticals 16, 19, 22, 153 Sight Science Limited Medical Devices 134 Sigma-Aldrich Corp. Medical Devices 118 Signal Genetics, LLC Medical Devices 120 Simcyp Limited e-Health 42 Six seniors housing and care facilities Long-Term Care 97 SMA drug collaboration Biotechnology 26 Smith & Nephew plc Medical Devices 117 Solaris Hospice Home Health Care 55 Southwest Medical Center Physician Medical Groups 167 Spectrum Pharmaceuticals, Inc. Biotechnology 26 St. Anthony's Medical Center Physician Medical Groups 167 St. Clare's Health System Hospitals 70 St. Joseph Medical Center Hospitals 70 St. Joseph's Health System Hospitals 71 St. Louis Surgical Center Other 198 St. Mary's Regional Medical Center Hospitals 71 St. Rose Hospital Hospitals 72 Stat Technologies e-Health 43 Steward Health Care System Physician Medical Groups 164 Strategic Behavioral Health, LLC Behavioral Health Care 6 Stromedix, Inc. Biotechnology 27 Sunpeaks Ventures, Inc. Other 187 superDimension, Ltd. Medical Devices 135 SweetSpot Diabetes Care, Inc. e-Health 43 Syneron Medical Ltd. Medical Devices 136, 137 Synvasive Technology Medical Devices 135 Terumo Corporation Medical Devices 128 Texas Health Resources, Inc. Other 184 The 80th Street Residence Long-Term Care 97 The Blake at Gulf Breeze Long-Term Care 98 The Carlton Long-Term Care 98 The Carlyle Group Long-Term Care 100 The Colonnade at Schwenksville Long-Term Care 99 The Commons at Thornton Long-Term Care 99


212

The Ensign Group, Inc. Home Health Care, Long-Term Care, Other

51, 89, 93, 94, 186

The Inner Office, Ltd. e-Health 44 The Linde Group Home Health Care 53 The Lodge of Lompoc Long-Term Care 100 The Perrigo Company Pharmaceuticals 144 The Renaissance on Peachtree Long-Term Care 100 The Riverside Company Managed Care 110 The Terrace at Priceville Long-Term Care 101 The TriZetto Group e-Health 37 The Tutera Group Long-Term Care 91 The Veranda Long-Term Care 101 Theragenics Corporation Medical Devices 131 Three inpatient behavioral hospitals Behavioral Health Care 7 Three skilled nursing facilities in Arkansas Long-Term Care 102 Three subspecialty practices Physician Medical Groups 168 Tolero Pharmaceuticals, Inc. Biotechnology 21 Total Medical Solutions Other 199 Transcend Services e-Health 44 TransPharma Medical Ltd. Medical Devices 136 Transtem, LLC Medical Devices 136 Triad Therapeutics, inc. Home Health Care 55 Trilogy e-Health 45 Trilogy Health Services Long-Term Care 88 Trinity Biotech plc Medical Devices 123 Tritax Healthcare Services, Inc. Home Health Care 56 TrovaGene, Inc. Laboratories, MRI and Dialysis 78 T-System, Inc. e-Health 34, 41 Two assisted living campuses Long-Term Care 102 Two skilled nursing facilities in Oklahoma Long-Term Care 103 U.S. HealthWorks Other 187, 193, 196 U.S. rights to Zomig headache drug Pharmaceuticals 153 Ultrashape Ltd. Medical Devices 137 Undisclosed REIT Long-Term Care 104 United Physicians Management Services, Inc. e-Health 45 UnitedHealth Group Managed Care 111 Universal American Corp. Managed Care 109 University General Health System Other 192 University of Maryland Medical System Hospitals 70 Univita Health Home Health Care 51 US rights to Resolor Pharmaceuticals 153 Valeant Pharmaceuticals International Biotechnology, Pharmaceuticals,

Other 19, 145, 149, 197

Van Dyk at Bald Eagle Commons Long-Term Care 103 Vansen Pharma, Inc. Pharmaceuticals 152 Varian Medical Systems, Inc. Medical Devices 124 Vascular Associates, PC Physician Medical Groups 168 Verisk Analytics, Inc. e-Health 37 VeriTeQ e-Health 46 Vigilan, Inc. e-Health 46 Village Healthcare Center Rehabilitation 175


213

Vista House Behavioral Health Care 7 Vistas at Longmont Long-Term Care 104 Vycor Medical, Inc. Medical Devices 134 Walgreen Co. Other 183 Watson Pharmaceuticals, Inc. Pharmaceuticals 143 West Living, LLC Long-Term Care 99 West Living. LLC Long-Term Care 87 Wilmington Orthopaedic Group Physician Medical Groups 160 World Courier Group, Inc. Other 199 World Heart Corporation Medical Devices 137 Xcellerex, Inc. Medical Devices 138 Xiaflex collaboration Biotechnology 27 Xion Medical Medical Devices 123 Zimmer Holdings, Inc. Medical Devices 135

Documents

THE HEALTH CARE M&A REPORT - Levin Associates Products...THE HEALTH CARE M&A REPORT FIRST QUARTER 2012 A SUPPLEMENT TO THE HEALTH CARE M&A MONTHLY IRVING LEVIN ASSOCIATES, INC. Health