MARKET ANALYSIS

Healthcare M&A Weekly 1.29.24

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 29, 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 22, 2024.

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• Accent Therapeutics, a Lexington, MA-based biopharmaceutical company, has raised $75M in Series C financing, led by Mirae Asset Capital Life Science. Read more about the financing here.

 

• Amplifon [AMP:IM], a provider of hearing solutions and services, has acquired the business of a major Miracle-Ear franchise in the US, owned by Hearing Pro, Las Davis Enterprises and Miracle-Ear Centers of Arkansas, which operates around 50 points of sale in Arkansas, Kansas, Illinois, and Missouri. Learn more about the acquisition here.

 

• Ansys [NASDAQ: ANSS], a Canonsburg, PA-based simulation software company, agreed to acquire a minority stake in Humanetics, a Farmington Hills, MI-based provider of physical and digital human safety systems and sensor technologies. The deal is backed by Bridgepoint, a global private equity firm. Click here to view the announcement.

 

• BrightSpring Health Services, backed by KKR [NYSE:KKR], announced the pricing of an initial public offering of 53.3 million shares of its common stock at $13 per share and a concurrent offering of 8 million units with a stated amount of USD 50.00 per unit. Read more about the initial public offering here.

 

• Distribution Solutions Group, Inc. (NASDAQ:DSGR), a specialty distribution company, today announced that its operating company, Lawson Products, completed the acquisition of Safety Supply Illinois LLC, DBA Emergent Safety Supply, a national distributor of safety products based in Batavia, IL. Read more here.

 

• Elephas Biosciences, a Madison, WI-based developer of an oncology imaging diagnostics platform, has raised $55M in Series C funding. Learn more about the funding here.

     

• Invitae (NYSE: NVTA), a medical genetics company, announced it has completed the sale of certain reproductive health assets, which include carrier screening and non-invasive prenatal screening, to Natera (NASDAQ: NTRA). Read more about the transaction here.

 

• Legacy Care Partners, a Manitowic, WI-based healthcare services provider, acquired San Antonio, TX-based healthcare organizations Superior Home Health and Superior Hospice, which together serve 50 counties and 500 cities. Click here for more about the acquisitions.

 

• MY DR NOW, an Arizona-based provider of primary and specialty care, secured a follow-on investment from private equity firm Kain Capital. Read more about the investment here.

 

• NAYA Biosciences, a Florida-based life science company focused on oncology, regenerative medicine, and fertility, has entered into a binding letter of intent to acquire Florida Biotechnologies, a gene therapy company specializing in the treatment of mitochondrial diseases, for up to $25M. View the announcement here.

 

• OneroRx, a West Des Moines, IA-based provider of integrated pharmacy services and medical supplies to patients in underserved rural counties and urban areas across the Midwest, has received an investment from the private equity firm Cyprium Partners. Read more about the investment here.

 

• Peloton Equity, a Connecticut-based private equity firm, has closed an investment in OnPoint Healthcare Partners, an AI-enabled technology services provider that offers solutions to hospitals and medical groups to reduce physician burnout and improve administrative efficiencies. Learn more about the investment here.

 

• RadNet [NASDAQ: RDNT], a Los Angeles, CA-based provider of outpatient diagnostic imaging services, through its joint venture Arizona Diagnostic Radiology, has acquired seven outpatient imaging centers in Phoenix, Arizona from Evernorth Care Group. View the press release here.

 

• Sandoz, a provider of generic and biosimilar medicines, has signed an agreement to acquire the US biosimilar ranibizumab CIMERLI^®* (ranibizumab-eqrn) from Coherus BioSciences, Inc. Click here for more on the acquisition.

 

• Sanofi and Inhibrx, Inc., a publicly traded clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates, have entered into a definitive agreement under which Sanofi has agreed to acquire Inhibrx following the spin-off of non-INBRX-101 assets into New Inhibrx. Read more about the transaction here.

 

• Shore Capital Partners announced it has completed a partnership with C2Dx, a medical device company based in Kalamazoo, MI, with a second location in Memphis, TN. Following the partnership, Shore Capital and C2Dx also announced they have acquired the Otolaryngology/Head and Neck Surgery (OHNS) family of products from Cook Medical. Learn more about the partnership and acquisition here.

 

• SmithRx, a San Francisco, CA-based pharmacy benefits manager, raised $60M in a series C financing round led by Venrock. Read more about the financing here.

 

• StateServ, an Arizona-based provider of durable medical equipment benefit management solutions, has acquired Delta Care Rx, a national pharmaceutical care provider offering integrated pharmacy benefit management, mail order prescription, and clinical pharmacist consulting to the hospice and palliative care markets. TripleTree served as exclusive financial advisor to StateServ for this transaction. Read more about the acquisition here.

 

• Synnovation Therapeutics, a Delaware-based precision medicine company developing small molecule therapies, has raised $102M in Series A funding, led by Boston-based healthcare venture firm Third Rock Ventures. Click here for more about the funding.

 

• TPG [NASDAQ:TPG], a global alternative asset management firm, has made a strategic investment in Compass Surgical Partners, an independent ambulatory surgery center development and management partner, with the funding provided by TPG Growth and participation from existing investor Health Velocity Capital. View the announcement here.

 

• Turquoise Health, a San Diego, CA-based healthcare price comparison startup, has closed $30M in Series B financing round, led by Adams Street Partners. Learn more about the financing here.

 

• Viper Partners, has acquired California-based Wave Plastic Surgery and Aesthetic Laser Center, a top-tier anti-aging procedures practice. Read more about the acquisitions 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.