MARKET ANALYSIS

Healthcare M&A Weekly 3.25.24

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for March 25, 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 - March 18, 2024.

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• Abridge, a provider of generative AI solutions for clinical documentation, announced a collaboration with NVIDIA to utilize NVIDIA’s compute resources, foundation models, and expertise in efficiently deploying AI systems at scale to bolster Abridge’s mission to improve clinician and patient lives through technologies powered by generative AI. The company also announced an investment from NVentures, NVIDIA’s venture capital arm. View the announcement here.

 

• Arches Medical Partners (AMP), a Boston, MA-based medical group management company, has successfully acquired the primary care practices in Rhode Island previously owned by VillageMD. This strategic move establishes AMP’s presence in the Providence metro area, while benefiting approximately 75,000 patients to continue their access to high-quality care with their experienced providers. Click here to learn more.

 

• AstraZeneca has entered into a definitive agreement to acquire Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company developing next-generation radioconjugates (RCs). The acquisition marks a major step forward in AstraZeneca delivering on its ambition to transform cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted treatments. Read more about the acquisition here.

 

• Cornerstone OnDemand Inc., a provider of learning and talent experience solutions, announced the acquisition of extended reality capabilities and a team of highly specialized domain experts from Talespin, a spatial learning company focused on workforce skills development. Learn more about the acquisition here.

 

• DW Healthcare Partners, a healthcare-focused private equity firm, announced the sale of DermLite Holdco I, Inc. to FotoFinder Systems Gmbh, a portfolio company of EMZ Partners. View the press release here.

 

• GTCR, announced that it has closed the acquisition of Cloudbreak Health, a provider of tech-enabled, healthcare-focused language interpretation services, in a corporate carve-out transaction from UpHealth, Inc. Click here for more on the acquisition.

 

• Hippocratic AI, the company building the first safety-focused Large Language Model (LLM) for healthcare, announced the close of a $53M Series A funding round at a $500M valuation, bringing total funding to $120 million. The round was co-led by Premji Invest and General Catalyst with participation from SV Angel and Memorial Hermann Health System as well as existing investors Andreessen Horowitz (a16z) Bio + Health, Cincinnati Children’s, WellSpan Health, and Universal Health Services (UHS). Read more about the funding here.

 

• Grocer Kroger has entered a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a unit of U.S. health insurer Elevance Health. Learn more about the transaction.

 

• Neighbourly Pharmacy Inc., a Canada-based network of independent pharmacies, announced the closing of the previously announced plan of arrangement to be taken private by Persistence Capital Partners. View the announcement here.

  

• Syllable, a provider of healthcare artificial intelligence and process automation, announced its purchase of Actium Health. Actium Health will operate as a division of Syllable Corporation. Learn more about the acquisition here.

 

• TriasMD, parent company of the DISC Surgery Centers, has announced its acquisition of Thousand Oaks Surgery Center. This move continues the expansion of DISC's proven data/evidence-driven ambulatory surgery center (ASC) model throughout California and further increases accessibility for patients in Greater Los Angeles. View the press release here.

 

• Trinity Hunt Partners, a growth-oriented private equity firm focused on services businesses, announced a majority investment in Coker Group, a healthcare advisory firm serving hospitals, private and health system-affiliated physician groups, private equity-backed platforms, and ancillary healthcare entities. Read more about the investment here.

 

• Waud Capital Partners, a growth-oriented middle-market private equity firm, announced the acquisition of Senior Helpers, a national provider of home care and wellness offerings for seniors. Waud Capital is acquiring Senior Helpers from Advocate Health, the third-largest nonprofit health system in the nation. Click here to learn more.

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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.