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1、Infusion ServicesSECTOR SPOTLIGHTWIN TER 2023 New Indications Expanding Infusion UtilizationNew indications will continue to expand the addressable population that can be treated with infusible drugs Immunology Shows Greatest U.S.Growth3Long-Term,Macro Value Drivers in InfusionPipeline of Infusible
2、Drugs and Biosimilars460%of therapies in front of the FDA for approval are infusible,driving growth to alternate sites as payors seek more affordable and convenient care settingsAttractive Reimbursement Outlook 6Due to the cost benefits associated with alternate site infusion therapy,the reimburseme
3、nt outlook remains favorable as payors continue to create incentives to drive care out of the hospitalHome+AIC Is the Winning Model5Investor sentiment strongly weighted toward a long-term strategy that includes both home and AICs$-$10$20$30$40$5020192020E2021E2022E2023E2024ESavings Range High/LowSav
4、ings Base CaseKey inflection point as biosimilars continue to get approved and launch,including introduction of Biosimilar Red Tape Elimination ActSource:BCG,IQVIA,industry estimates.(1)Includes blended average of physician office and AIC.(2)Based on survey of combined 27,600 members of three major
5、payor networks.Physician Awareness and Patient Preference for Alternative Sites of Care 2Increased physician awareness and comfort with infusions taking place in alternative sites are compounded(post-pandemic)by patient preference and improved patient outcomes and adherence 64%60%10%7%23%35%29%17%55
6、%MACommercialCurrent InfusionMarketHomeOffice/AmbulatoryHospitalPatient Preference,by Site of Infusion(2)Biosimilar Spend in BillionsShift of Care Shift1Payor-,physician-,and patient-driven tailwinds continue to drive the site of care for infusion out of the hospital and into alternate sitesAverage
7、Cost per IG InfusionMajority of payors now promote alt.site options Alternative Site Infusion Drivers(10%)0%10%20%30%(5%)0%5%10%15%20%25%One-Year CAGR(2021)FiveYear CAGR(16-21)IMMUNOLOGYANTIDIABETICSONCOLOGICSHIV ANTIVIRALSPAINAbility to serve patients in AIC and home,capturing greater share of phys
8、ician wallet Ability to treat high-risk,complication-prone patients that require a controlled environmentPotential to offset need for larger nursing network in more challenging labor markets+AICMarket Size:$8BHome InfusionMarket Size:$19BSite of care now included in more pre-authorization formsGrowi
9、ng physician preference for alt.site administration Low market adoption provides expansion opportunityMA and Part D are rapidly growing and politically popularThere are numerous compelling secular tailwinds that will continue to drive the overall market.$6K$2K$2KHospitalInfusion SuiteHome(1)2Payors
10、criticizing in-office infusion driving volume to alt.sitesCurrent%of Infusion Market 55%5%30%10%Descriptions/Key Attributes Hospital covers majority of inpatient care situations(e.g.emergencies,post operation,etc.).Significant site-of-care shift occurring,given cost relative to alternatives.Treatmen
11、t sent to the facility and administered/overseen by RNs on-site in an AIC.Continued growth in category increasing patient access points and convenience.Treatment administered on-site and overseen by the prescribing physicians staff in a physician office infusion center(OIC).Increased payor focus on“
12、buy and bill”dynamics likely to influence growth opportunities.Medication and equipment typically sent directly to the patients home.Nurse administers treatment to the patient over the length of visit and may train eligible patients for future self-administration.Service and Facility FeesYesNoNoNoAv
13、erage Cost per Infusion$5,500$11,500$3,500$5,000$3,500$5,000$1,700$3,500Cost to Payor HighLowLowLowEstimated Payor MixCommercial(1):75%Government:20%Other:5%Growth OpportunitiesInfusion Site of Care OverviewThe infusion market is segmented across four primary sites-of-care:hospitals,AICs,physician o
14、ffices,and patient homes.3Sources:BCG,BRG,industry estimates.(1)Includes Part D.AIC($8B)Hospital($80B)Home($19B)Physician Office($42B)%Care often delivered as part of acute in-patient treatment or in hospital-owned outpatient facilityIdeal for patients receiving medication potentially not suitable f
15、or the home or by patient preference Favored by patients who can conveniently,safely,and effectively receive treatment at homeConvenient option for patients receiving medication potentially not suitable for the home and preference for a single providerHome and AIC Settings Offer Patients and Provide
16、rs ChoiceWhile many similarities exist between home and AIC settings,patient and provider preferences generally drive decision-making.Most therapies available in the AIC can be administered in the home,even though AICs(in certain cases)can administer higher risk therapies,amortize nursing costs,and
17、purchase drugs under the physician class of trade.4Length of Service110+years$2BREVENUE$6BMARKET CAPITALIZATION(2)23Senior officers dedicated to the sponsor community in North America and EuropeFully Integrated Financial Sponsor Coverage1,000+Sponsors covered,providing market insights and knowledge
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19、255Moelis&Co21Source:Refinitiv.1998 to 2022 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey1,2322JP Morgan1,0303Duff&Phelps,A Kroll Business9384Morgan Stanley7255BofA Securities Inc710Source:Refinitiv.Announced or completed transactions.2022 M&A Advisory RankingsGlobal Transactions
20、Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Refinitiv.Excludes accounting firms and brokers.About Our Healthcare Industry Group14Selected Healthcare Industry Transactions200+Transactions Closed Since 2016,the Most by Any Firm93%Clos
21、e Rate Within the Past Four YearsNo.1Global Healthcare Team by Deals Under$1BKey Facts and FiguresHoulihan Lokeys Healthcare Group has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation adviso
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23、tions Closed in or AbovePitch Range70+Dedicated Healthcare Investment Bankers Global Medical Technology Products and ServicesOral HealthPayor and Employer ServicesPharmacyPharmaceutical ServicesPhysician Practice ManagementPost-Acute/Senior HousingOutpatient ServicesBehavioralDistributionGlobal Heal
24、thcare TechnologyGlobal PharmaceuticalsHospital/Outpatient Clinical and Outsourced ServicesManaged Care/PayorsHealth Systems and HospitalsRetail Healthcarea portfolio company ofhas merged witha portfolio company ofSellside Advisorhas acquiredfrom Buyside Advisora portfolio company of has been acquir
25、ed bySellside Advisora portfolio company ofhas completed the recapitalization withSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company of has been acquired bya portfolio company of Sellside Advisora po
26、rtfolio company ofhas been acquired bySellside Advisora portfolio company of has merged witha portfolio company of with equity financing fromSellside AdvisorApollo funds have partnered with and made a strategic investment inBuyside Advisora portfolio company ofhas been acquired by a fund managed by
27、Blackrock,Inc.Sellside AdvisorMark FrancisGlobal Head of HealthcareIn-Home and Post-Acute ServicesMFrancisHL.com214.220.8484J.J.BrownManaging DirectorSpecialty PharmacyJBrownHL.com212.497.7956Jeff SternManaging DirectorFinancial SponsorsJSternHL.com312.456.4724Contact UsPlease reach out to us to sch
28、edule a call to discuss insights on the sector or to explore how we can serve your business needs.Mike PisaniCo-Head of Healthcare Services MPisaniHL.com214.665.8611Colby CataniaVice President CCataniaHL.com212.497.7944About Our Pharmacy and Infusion Team15Pharmacy and Infusion TeamSelect Sector Tra
29、nsactionshas made a majority investment inBuyside AdvisorCertain assets of a portfolio company of have been acquired byFinancial Advisora portfolio company of has been acquired bySellside Advisor/Subsector Coverage Ambulatory Infusion Centers Compounding Home Infusion Hub Services Institutional Phar
30、macy Mail Order Medication Management Pharmaceutical Benefit Management Pharmacy-Related Services Specialty PharmacyOther Supporting Team Membersa portfolio company ofhas been acquired bySellside AdvisorPlacement Agenta portfolio company ofhas been acquired bySellside Advisora portfolio company of h
31、as been acquired byKrogerSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas acquiredBuyside Advisora portfolio company ofhas entered into a partnership withSellside AdvisorTombstones included herein represent select
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