Insights

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for October 10, 2023. 

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 - October 2, 2023.

• Abbvie announced that it has completed the acquisition of Mitokinin, a discovery-stage biotech company developing potentially first-in-class disease-modifying treatment for Parkinson's Disease (PD), from Mission BioCapital, Pfizer Ventures, and Samambaia Investments for $655M. Read more about the acquisition here.
• Advent International and Warburg Pincus announced they have completed their previously announced acquisition of Baxter International's BioPharma Solutions (BPS) business for $4.25B. Read the announcement here.
• AirLife, a leading North American manufacturer and distributor of consumable medical devices for anesthesia and respiratory care formerly known as SunMed, announced the completion of its acquisition of Avanos Medical, Inc.’s (NYSE: AVNS) respiratory health business. Read the announcement here.
• Alpha II, a leading healthcare revenue cycle management (RCM) technology solutions provider, announced its successful acquisition of RCxRules, an innovator in healthcare revenue cycle automation. Learn more about the acquisition here.
• Ascend Capital Partners has acquired a majority stake in Seoul Medical Group, the largest Korean-American-focused Independent Physician Association, serving over 70,000 patients and 4,800 providers.. Click here for more on the acquisition.
• Connections Health Solutions, the leading innovator in immediate-access behavioral health crisis care, announced the closing of a $28 million growth financing raise led by Town Hall Ventures with participation from existing investor, Heritage Group. Read more about the financing here.
• Commure, a leading provider of technology to healthcare systems, and Athelas, a provider of healthcare workflow automation and RCM software, announced they have entered into a definitive merger agreement. Read more about the merger here.
• Cortica, a hybrid provider that develops care programs for individuals with autism, announced it closed a $40M strategic Series D extension led by CVS Ventures, with participation from Ascension Investment Management, LRV Health, and the University of Wisconsin Foundation. Learn more about the investment here.
• Diana Health, a network of modern women's health practices that partner with hospitals to reimagine the way women's healthcare is delivered, announced that it has closed $34 million in Series B financing led by Norwest Venture Partners. Existing investors.406 Ventures, LRVHealth and AlleyCorp joined the round, bringing the total raised to $46 million. Read more about the financing here.
• Elara Caring, a multi-state home health provider of clinical and personalized services across the patient continuum, has acquired American Family Home Health, a 35-person, privately owned skilled home healthcare provider in Huntley, IL. Read more about the acquisition here.  
• GeBBS Healthcare Solutions, Inc., a ChrysCapital portfolio company and leading provider of technology enabled revenue cycle management HIM & risk adjustment solutions for healthcare providers and payers, announced the acquisition of MRA, a Boston, MA based provider of HIM, auditing and cancer registry services. Read the announcement here.
• Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, announced $31M funding round to scale Predictive Risk Platform. Read more about the funding here.
• Netsmart announced the acquisition of Netalytics, a South Carolina-based addiction treatment software and practice management company, dedicated to developing technology for substance use disorder providers focused on opioid addiction treatment. Click here to read the press release.
• PT Solutions Therapy, a physical therapy practice with over 450 locations across the 25 states and portfolio company of General Atlantic, completed of the acquisition of ActivePro Rehab Partners, a physical therapy practice with locations in New Jersey, PA. Click here for more on the acquisition.
• Reserv, a New York City-based platform designed to use AI to process insurance claims, raised $20M in Series A funding. Altai Ventures and Bain Capital Ventures led the round and were joined by 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group. Click here to read the press release.
• Solaris Health Holdings, a leading national healthcare provider and portfolio company of Lee Equity Partners, announced that Urologic Specialists of Northwest Indiana, a urology physician group consisting of 12 providers, has joined as an affiliate. Read the announcement here.
• Somalogic, a leader in data-driven proteomics technology, and Standard BioTools, which develops Integrated Fluidic Circuit Systems that improve productivity in Life Sciences, have agreed to an all-cash merger with the combined company valued at $1B+. Read more about the merger here.
• S&S Health, a leading provider of administration and technology solutions for health plans for small and mid-sized businesses (SMBs), announced that it has received a majority growth investment from Lovell Minnick Partners. Click here to read the announcement.
• VSS Capital Partners announced that it has made a growth capital investment in Eximia Research Network, a multi-therapeutic, clinical trial research company that serves pharmaceutical companies, biotech companies and CROs. Click here for more on the investment.
• Warburg Pincus has agreed to invest in Everise, valuing the healthcare outsourcing company at $1B. Read more about the investment here.

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.