Recent Transactions Showcase William Blair’s Medical Technology Investment Banking Expertise

Friday, April 13, 2018

Recent highlights from the medical technology investment banking team include:

Paragon Medical sale to NN, Inc.

Exclusive Sell-Side Advisor to Paragon Medical on Pending $375 Million Sale to NN, Inc. (Ticker:  NNBR)

William Blair acted as exclusive sell-side advisor to Paragon Medical, a portfolio company of Beecken Petty O'Keefe & Company, on its pending sale to NN, Inc. (ticker:  NNBR) for $375 million in cash.  The transaction value represented a 2017 EBITDA multiple of 15.6x.

Paragon Medical is a world-class precision manufacturer of solutions for custom and standard surgical instrument delivery systems, surgical instrumentation, implantable components, and design and development services for the medical device marketplace.

NN, Inc. is a publicly traded diversified conglomerate, combining advanced engineering and production capabilities with in-depth materials expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global scale.

OrthoD has been acquired by Apposite Capital LLP March 2018

Exclusive Sell-Side Advisor to OrthoD on its Sale to Apposite Capital

William Blair acted as exclusive sell-side advisor to OrthoD Group, Ltd. (OrthoD), a portfolio company of The Riverside Company, and management, in connection with its sale to Apposite Capital LLP for an undisclosed amount.

OrthoD is a leading innovator, manufacturer, and provider of clinically-proven, targeted orthopaedic products and solutions, catering a customer base of over 1,000 leading surgeons, blue-chip OEMs, hospitals and distributors in more than 45 countries.

Invuity Confidentially Marketed Follow-on March 2018

Sole Bookrunner for Invuity Follow-On

William Blair acted as sole bookrunner for Invuity's $23.8 million follow-on offering.  The issuance was 2.2x oversubscribed and upsized based on robust investor demand. 

Having served as one of four investment banks on Invuity's IPO, William Blair's promotion to sole-bookrunner on the follow-on underscores the firm's exceptional client service and equity distribution capabilities.

Invuity is a commercial-stage medical technology company focused on developing and marketing advanced surgical devices to improve the ability of physicians to perform minimal access surgery through smaller and hidden incisions.

InTouch Health Senior Secured Credit Facility February 2018

Adviser to InTouch Health on Senior Secured Credit Facility

William Blair acted as exclusive financial advisor to InTouch Technologies, Inc. ("InTouch Health") on a $20.0 senior secured credit facility. The term loan was structured with an interest-only period followed by straight-line amortization.  The transaction demonstrates William Blair's ability to act as holistic solutions provider for clients across the continuum of capital alternatives.

InTouch Health, the 2018 Best in KLAS Category Leader for Virtual Care Platforms, provides its world class, 24/7 monitored InTouch Telehealth Network to hospitals and healthcare systems for the delivery of clinical care, anytime, anywhere.

Accelerate Convertible Notes March 2018

Underwriter for Accelerate Diagnostics Convertible Notes Offering

William Blair acted as underwriter on a $171.5 million convertible debt offering for Accelerate Diagnostics, Inc. (NASDAQ: AXDX). The convertible senior notes bear an interest rate of 2.50% and will mature in March 2023. William Blair previously participated as a joint bookrunner on Accelerate's $79.3 million follow-on offering in May 2017 and as a co-manager on the company's $109.3 million follow-on offering in December 2015, underscoring William Blair's institutional commitment to Accelerate and highlighting the bank's capital markets expertise.

Accelerate Diagnostics, Inc. is an in vitro diagnostics company dedicated to providing solutions that improve patient outcomes and lower healthcare costs through the rapid diagnosis of serious infections. The company's technology platform is built to deliver significantly faster and more accurate testing of infectious pathogens in various patient sample types.

Invitae Confidentially Marketed Follow-on March 2018

William Blair Acts as Underwriter for Invitae Corporation Follow-On

William Blair acted as underwriter for Invitae Corporation's $57.5 million follow-on offering. The issuance was oversubscribed and upsized based on robust investor demand.

Invitae is a genetic information diagnostics company that brings genetic testing into mainstream medical practice by providing high-quality, affordable genetic testing. The company's goal is to aggregate most of the world's hereditary genetic tests into a single service with higher quality, faster turnaround time, and lower pricing than many single gene tests today.

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