MARKET ANALYSIS

Healthcare M&A Weekly 1.22.24

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for January 22, 2024. 

The healthcare industry is rapidly evolving, with the lines between the healthcare technology and services sectors blurring - creating the catalyst for innovation, transformation, and continued market activity. TripleTree's Healthcare M&A Weekly summarizes recent mergers, acquisitions, and investments shaping the future of healthcare.

To view previous healthcare M&A activity, please review last week's post: Healthcare M&A Weekly - January 16, 2024.

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•  98point6 Technologies, a provider of licensed on-demand virtual care software, announced the acquisition of the the remaining assets of Bright.md following the sale of its technology to Evernorth. Read more about the acquisition here.

 

• Alcami Corporation, a contract development and manufacturing organization, announced it has completed the acquisition of Pacific Pharmaceutical Services, Inc., a provider of cGMP pharma storage and services.  Read more here.

 

• Aya Healthcare, a US-based healthcare talent software and staffing company, announced the acquisition of ID Medical, a leading workforce solutions provider in the United Kingdom. ID Medical brings over 20 years of experience providing the National Health Service (NHS) and other healthcare organizations with innovative workforce solutions, including workforce management, international recruitment and temporary healthcare staffing. Learn more about the acquisition here.

   

• Biote Corp. (NASDAQ: BTMD), a solutions provider in preventive healthcare through the delivery of personalized hormone optimization and therapeutic wellness, announced a definitive agreement to acquire F.H. Investments, Inc., d/b/a Asteria Health, a privately held 503B manufacturer of compounded bioidentical hormones. Click here to view the announcement.

 

• Blue Cross and Blue Shield of North Carolina (Blue Cross NC) has acquired all North Carolina-based locations of FastMed and named Jim Moffett as FastMed’s CEO. The acquisition allows Blue Cross NC and FastMed, two North Carolina companies, to ensure access to quality, affordable care across the state. Read more about the acquisition here.

 

• Bora Pharmaceuticals Co., Ltd., announced that its Board of Directors has approved the acquisition of Upsher-Smith Laboratories, Inc., a generics manufacturer based in Minnesota, US, from shareholders, Sawai Group Holdings Co., Ltd. (JP), and Sumitomo Corporation of Americas, for a total consideration of up to $210M. Learn more here.

 

• BridgeBio Pharma, Inc. (NASDAQ: BBIO), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, announced strategic financing from Blue Owl Capital and Canada Pension Plan Investment Board, through a wholly owned subsidiary of CPPIB Credit Investments Inc., bringing in capital of up to $1.25B to accelerate the development and launch of genetic medicines. Read more about the financing here.

 

• BrightSpring Health Services, Inc., announced the launch of its initial public offering of 53,333,334 shares of its common stock and its concurrent offering of 8,000,000 tangible equity units (“Units”), with a stated amount of $50.00 per Unit. The initial public offering price for the common stock is expected to be between $15.00 and $18.00 per share. View the press release.

   

• Certis Oncology Solutions, a precision oncology and translational science company focused on combining artificial intelligence (AI)-directed drug development with advanced functional testing, announced that it raised $10M in a Series C funding round, bringing total raised to $42 million. Learn more about the financing here.

 

• Cleveland Diagnostics, Inc., a clinical-stage biotechnology company developing next-generation diagnostic tests for the early detection of cancers announced the closing of over $75M in growth capital financing. The financing was led by Novo Holdings, along with participation from existing investors as well as a credit facility from Symbiotic Capital. Click here for more on the financing.

 

• ClinicMind, Inc., a healthcare practice management solutions provider, announced its acquisition of a majority stake in Billing Dynamix, LLC, a billing solutions company. Read more about the acquisition here.

 

• Comanche Biopharma Corp. announced the closing of an oversubscribed $75M Series B financing to advance its mission to develop and make globally available the first treatment targeting a root cause of preeclampsia. Existing investors GV (Google Ventures), F-Prime Capital, Lilly Asia Ventures (LAV), and Longview Healthcare Ventures participated in the Series B round, joined by new investors New Enterprise Associates (NEA), who led the round, and Atlas Venture. Learn more about the financing here.

 

• Cynosure and Hahn & Company, which has recently acquired Lutronic, announced that they have entered into a definitive merger agreement for a strategic combination of Cynosure and Lutronic. Both Cynosure and Lutronic are global providers of energy-based medical aesthetic treatment systems and related technologies. Read more about the merger here.

       

• Forta, an AI healthcare company improving access to dependable quality care, announced it has raised $55M in Series A financing led by global software investor Insight Partners. Other technology and healthcare investors participated in the round, including Exor Ventures and Alumni Ventures, as well as founders of 23&Me, Curative, Forward, Flexport, Warby Parker, Prelude Fertility, Harry's and Allbirds. Click here to view the announcement.

   

• Granata Bio, Inc. a biopharma company focused on invigorating the $3.6B global infertility medication market, announced the close of a $14M Series A funding round led by GV (Google Ventures). Participants in the funding round include CooperSurgical, Gedeon Richter, Alumni Ventures, Amboy Street Ventures, Vibe Bio and others. Read more here.

 

• Innovaccer Inc., announced that it has acquired a 100% stake in Cured, a digital marketing and CRM platform for healthcare. Learn more about the acquisition here.

 

• iuvo BioScience, a specialty PROTM (Partner Research Organization) providing preclinical and clinical development services, laboratory services, and scientific consulting services, announced it has acquired Promedica International, a specialty ophthalmology-focused clinical contract research organization. Click here to learn more.

 

• Kindeva Drug Delivery, a global leader in drug-device combination products, announced that it has acquired Summit Biosciences Inc., an intranasal drug-delivery contract development and manufacturing organization (CDMO), from its founding family shareholders. Read more about the acquisition here.

 

• Medical Technology Associates, LLC, a provider of testing, inspection, certification, and calibration services, announced the acquisition of MicronPA, a calibration services provider in the eastern Pennsylvania market. Click here to view the announcement.

     

• Noctrix Health, Inc. announced that it has closed a $40M Series C financing round led by Sectoral Asset Management with participation from other new investors Angelini Ventures, ResMed, and Asahi Kasei Corporation with strong support from insiders including OrbiMed and Treo Ventures. Read more about the financing here.

       

• Parse Biosciences, a provider of accessible and scalable single cell sequencing solutions, announced it has acquired data analysis software company Biomage. View the press release here.

 

• Pharma Force Group LLC, a pharmacy solutions provider to hospitals and health clinics, announces that Aquiline Capital Partners LP has made a majority investment. Click here to learn more.

 

• PointClickCare Technologies, a healthcare technology platform, announced the acquisition of American HealthTech, Inc. (AHT), a subsidiary of Computer Programs and Systems, Inc. (NASDAQ: CPSI) and a provider of electronic health record solutions and related services for the post-acute care market. Read more about the acquisition here.

 

• Pyx Health, a social health platform solving loneliness, announced the acquisition of InquisitHealth. The addition of InquisitHealth's clinical expertise will complement Pyx Health's social health-focused solution, resulting in more comprehensive offerings for members and a greater ability to impact clients' CAHPS and Star ratings. Click here to view the announcement.

 

• RLDatix Life Sciences announced the integration of Porzio Life Sciences, iContracts, and iCoachFirst. This strategic union – a business unit of RLDatix, a provider of connected healthcare operations software and services – marks the launch of a new business poised to lead innovation and drive excellence in the life sciences sector. Learn more here.

 

• Safe Life, a Stockholm-based company with portfolio companies across Europe and North America, has expanded its reach in North America by acquiring AED4Life. This milestone builds upon the successful integrations of numerous acquisitions throughout North America, further establishing Safe Life's position to revolutionize the global defibrillation industry. Click here to learn here.

 

• SmartLabs, a provider of flexible laboratory infrastructure and resourcing solutions, announced the raise of a $48M Series C financing. The round included participation from ArrowMark Partners, Winslow Capital Management, and Conversion Venture Capital (CVC2). Read more about the financing here.

 

• STEMCELL Technologies, Canada’s largest biotechnology company, announced the acquisition of Propagenix Inc.—a Maryland-based biotechnology company focused on developing technologies to enable new approaches in regenerative medicine. Learn more about the acquisition here.

 

• Summa Health and General Catalyst’s Health Assurance Transformation Corporation (HATCo) announced that the two organizations have signed a non-binding Letter of Intent outlining HATCo’s planned acquisition of Summa Health. This strategic alignment marks the beginning of a long-term, transformational journey to create a new, more proactive, affordable and equitable system of community-based, lifelong healthcare. View the press release.

 

• Tr1X announced $75M in Series A funding as it looks to bring allogeneic engineered Treg and CAR-Treg cell therapies to treat major autoimmune diseases into the clinic this year. The funding round was led by The Column Group and had participation from Alexandria Ventures and NEVA SGR. Read more about the financing here.

 

• Viant Technology Inc. (NASDAQ: DSP), a people-based advertising technology company,  announced a new integration with PurpleLab, a healthcare analytics company that holds one of the largest medical and pharmaceutical claims databases in the US, to create an unparalleled measurement solution for healthcare marketers. Read the announcement here.

 

• Visibly, a healthcare technology company, announced the merger of Visibly and EyecareLive.  In collaboration with EyecareLive, Visibly will launch real-time video visits between optometrists and patients, allowing for more comprehensive vision consultations. Learn more about the merger here.

 

• Vesey Street Capital Partners, LLC, a New York-based healthcare services private equity firm, announced that funds managed by VSCP have completed a majority recapitalization of Inceptua Group. Inceptua is a provider of clinical trial supplies and related services, as well as global early access programs, with over 25 years of specialized industry experience. Read more about the recapitalization here.

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Transactions outlined in this summary highlight some of the key trends shaping the future of healthcare. Get the latest industry news from TripleTree every week.

This is a partial list of transaction activity across the healthcare industry and is not intended to be a complete listing. Transaction information was identified from various sources and TripleTree may or may not have acted as the financial advisor for the transactions listed. All product names, logos and brands are property of their respective owners. All company, product and service names used in this communication are for identification purposes only. Use of these names, logos and brands does not imply endorsement.