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 2, 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 - September 25, 2023.

• Adela (formerly DNAMx), a platform technology for the early detection of cancer and other diseases, announced that it has raised $48M in new funding, bringing total capital raised to date to $108M. F-Prime Capital, OrbiMed, Deerfield Management, Decheng Capital, RA Capital Management, Labcorp and a laboratory services company participated in the round for the Company. Click here to read the announcement.
• Alfasigma, one of Italy's leading pharmaceutical companies, has reached an agreement to acquire Intercept Pharmaceuticals, a Morristown, NJ-based leading biopharmaceutical company in rare and serious liver diseases, for $19 per share in cash. Read more about the acquisition here.
• Anthropic, a San Francisco, CA-based AI safety and research company, announced that it will receive an investment of up to $4B from Amazon. As part of the investment, Amazon will take a minority stake in Anthropic. Learn more about the investment here.
• Avalyn Pharma, a Seattle, WA-based biopharmaceutical company, has raised $175M in an oversubscribed Series C funding round. The round was co-led by Perceptive Xontogeny Venture Funds, SR One, and Eventide Asset Management. Read more about the capital raise here.
• Azurity Pharmaceuticals, a Woburn, MA-based pharmaceutical company backed by QHP Capital, has acquired its Princeton, NJ-based rival Slayback Pharma. The sellers are existing investors including KKR and Everstone Capital. Click here for more on the acquisition.
• Cano Health, Inc. announced that it sold substantially all of the assets associated with the operation of Cano Health's senior-focused primary care centers in Texas and Nevada to CenterWell Senior Primary Care. Read the announcement here.
• CellFE Inc., a San Carlos, CA-based life sciences tools company developing a microfluidics-based cell engineering platform dedicated to transforming the development and manufacturing of advanced cell therapies, announced the completion of a $22M Series A financing led by M Ventures. Read more about the financing here.
• Datavant, a patient privacy platform intended to help institutions protect, match, and share health data, announced the completion of its acquisition of Healthjump, the leader in health data exchange for value-based care organizations, which has built connections to more than 1500 healthcare organizations participating in risk-bearing arrangements. Learn more about the acquisition here.
• Deka Biosciences, the Germantown, MD-based biotech business, announced that it has raised $20M in a Series B2 financing round. Click here for more on the financing.
• Dentologie has raised a total of $25M via a Series B investment form C&S Family Capital, which follows a $16M Series A raise in June 2022, in which Warburg Pincus, Hyde Park Venture Partners, and 81 Collection all participated. Read more about the investment here.
• Enovis Corp, the Wilmington, DE-based orthopedic products maker, announced that it has agreed to acquire LimaCorporate S.p.A., an Italian orthopedic implant solutions provider, from EQT Private Equity, for $850M in enterprise value. Learn more about the acquistion here.
• Epiphany Dermatology, an Austin, TX-based provider of dermatological services, backed by Leonard Green & Partners, has acquired Colorado Springs, CO-based SkinMD Dermatology & Skin Enhancement Center. Read more about the acquisition here.
• FitLife Brands, an Omaha, NE-based provider of nutritional supplements for health conscious consumers, has received approval from the US Bankruptcy Court to acquire the assets of MusclePharm Corporation for $18.5M in an all-cash transaction. Click here to read the announcement.
• Florence Healthcare, a site connectivity platform in clinical trials, based in Atlanta, GA, has acquired VersaTrial, a Wilton, CT-based cutting-edge clinical trial solutions provider. Read more about the acquisition here.
• Halifax Group has agreed to acquire the Worldwide Home Care division of Sodexo, the France-based food services and facilities management company, including their home care subsidiaries in the US, UK, Ireland, France, Denmark, Norway, Sweden and Brazil. Learn more about the acquisition here.
• Harbinger Health, a Cambridge, MA-based biotechnology company, has raised $140M in Series B funding. The investors include the company's founder, Flagship Pioneering, alongside new global institutional investors including Pictet, Partners Investment, and Catalyst, M&G Investments' purpose-led private assets strategy, among other investors. Click here for more on the investment.
• Lane Perio, a dental care firm based in Florence, AL, has been acquired by SGA Dental Partners, a portfolio company of Thurston Group. Read more about the acquisition here.
• Medical Specialists of the Palm Beaches (MSPB), a primary care-focused, multi-specialty physician group practice in South Florida backed by Ascend, announced the acquisition of Metzger Comprehensive Care LLC, a concierge medicine practice in Boca Raton, FL. This transaction is MSPB's third acquisition in 2023. Click here for more on the acquisition.
• Midi Health, a Menlo Park, CA-based emerging digital leader in women's midlife healthcare, has raised $25M in a Series A round led by GV (Google Ventures). Read more about the investment here.
• Sharps Technology [NASDAQ:STSS] a Melville, NY-based innovative medical device and pharmaceutical packaging company offering patented best-in-class syringe products has reached an agreement to acquire the InjectEZ specialty syringe manufacturing facility from Nephron Pharmaceuticals Corporation, a West Columbia, SC-based manufacturer of generic respiratory medication. Click here for more on the acquisition.
• Tendo Systems, a PA-based healthcare service provider via software and digital engagement, is acquiring MDSave, a Nashville, TN-based technology and healthcare payments company. Read more about the acquisition here.
• Virgin Pulse and benefits administrator HealthComp are set to merge in a $3B deal that aims to drive lower costs and improve outcomes for employers. Virgin Pulse is backed by Marlin Equity Partners and HealthComp is backed by New Mountain Capital. New Mountain will hold a majority ownership of the new, combined company. Learn more about the merger 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.