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 April 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 - April 22, 2024.

• AccessHope, a company changing the way leading-edge cancer expertise is delivered, announced that it has raised $33M in a Series B round of funding from City of Hope, one of the largest cancer research and treatment organizations in the United States. Read more about the funding here.
• Alaffia Health, a provider of generative AI solutions for health plan claim operations, announced $10M in Series A funding, bringing its total amount of capital raised to $17.6M. The round was led by FirstMark Capital, with participation from GingerBread Capital and existing investors including Anthemis, Aperture Venture Capital, 1984 Ventures, Remarkable Ventures, and Tau Ventures. Click here to view the announcement.
• Amae Health, a provider of patient-centered care for people with severe mental illness, announced the successful closing of its oversubscribed $15M Series A funding round. The round was led by Quiet Capital and included a significant investment from Healthier Capital, founded by Amir Dan Rubin, the former CEO of One Medical. Read more about the funding here.
• AtaCor Medical Inc., a privately-held medical device company delivering the next generation of extravascular leads to advance the care of cardiac rhythm management (CRM) patients, announced that it has completed a $28M Series C financing round. The new financing was led by Arboretum Ventures and includes existing investors Longview Ventures, Hatteras Venture Partners, Catalyst Health Ventures, and BayMed Venture Partners. Click here to learn more.
• Avesi Partners has made an investment in First Steps Recovery, a provider of substance use disorder (SUD) treatment. Avesi has partnered alongside the Company's existing management team to support the continued growth of FSR and provide a full continuum of addiction recovery care to patients in need. Learn more about the investment here.
• The Balance RehabClinic, a provider of mental health and addiction services, announces its expansion into The Balance Healthcare Group, a collection of premium mental health solutions tailored for affluent individuals. View the announcement here.
• Cerevance, a company focused on developing precision novel therapeutics for central nervous system (CNS) diseases, announced an initial closing of its Series B-1 Extension financing round that will add $47M to the $51 million previously raised bringing the total Series B-1 raise to $98 million. The financing is led by Agent Capital, Bioluminescence Ventures, and Double Point Ventures, with participation from new investors MQB Partners and LifeRock Ventures and existing investors Gates Frontier, GV (Google Ventures), and Lightstone Ventures. Read more about the financing here.
• Clarivate Plc (NYSE:CLVT) a global provider of transformative intelligence, announced that it has acquired Global QMS, known as Global Q, a provider of cloud-based solutions that enable life sciences clients to automate regulatory reporting and compliance management. Click here for more on the acquisition.
• Clarity Pediatrics, a digital health company reimagining pediatric chronic care, announced the expansion of their pediatric ADHD platform and $10M in seed funding led by Rethink Impact with participation from Homebrew and Maverick Ventures. Read more about the funding here.
• Green Security, a provider of SaaS healthcare compliance and access management solutions, announced a majority growth investment, led by Spire Capital and Strattam Capital. TripleTree served as the exclusive financial advisor to Green Security for this transaction. Read more about the investment here.
• Healthy Labs, a tech forward leader in Medicare performance marketing and digital plan discovery, was acquired by Adir Ventures. The acquisition promises to deepen the years-long relationship between Healthy Labs and MyPlanAdvocate, Adir Ventures' flagship consumer Medicare agency. Learn more about the acquisition here.
• Incyte (NASDAQ:INCY) and Escient Pharmaceuticals, a clinical-stage drug discovery and development company advancing novel small molecule therapeutics for systemic immune and neuro-immune disorders, have entered into a definitive agreement under which Incyte has agreed to acquire Escient. Click here for more on the transaction.
• Invitae, a medical genetics company, announced that Labcorp, a global laboratory services provider, has been selected as the winning bidder in the Company's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. View the press release here.
• Lilly acquired an additional injectable medicine manufacturing facility from Nexus Pharmaceuticals, a leading sterile manufacturer in the pharmaceutical industry. Learn more about the acquisition here.
• Lumeris announced the completion of a $100M equity capital raise. The funding round was led by Deerfield Management, a longstanding lender, and new investor Endeavor Health. Existing investors Kleiner Perkins, Sandbox Industries, BlueCross BlueShield Venture Partners and JDLinx (an investment company owned by John Doerr) participated in the round. Read more about the capital raise here.
• Midi Health, a virtual care clinic for women navigating perimenopause and menopause, announced the close of a $60M Series B funding round led by Emerson Collective, bringing the company's total funding raised to date to $100M. Additional investors include GV (Google Ventures), who led the previous funding round, along with Memorial Hermann, SemperVirens, Felicis, Icon Ventures, Black Angel Group, Gingerbread Capital, Able Partners, G9 and Operator Collective. Read the announcement here.
• OneDigital, the nation's leading insurance brokerage, financial services and HR consulting firm, has acquired Lyons HR, a professional employer organization (PEO) and HR Management company headquartered in Florence, AL. Learn more about the acquisition here.
• PinkDx, Inc., an early-stage company focused on positively impacting the health of women throughout their life journey, launched with $40M in Series A financing. The financing was co-led by Catalio Capital Management, LP, and The Production Board. Other investors include Mountain Group Partners, Byers Capital and Mayo Clinic. Read more about the financing here.
• ShiftMed, a provider of On-Demand workforce technology, acquired CareerStaff Unlimited from Genesis HealthCare, a national post-acute care provider. Click here for more on the acquisition.
• Summer Health, a digital health company offering 24/7 pediatric support to parents, announced $11.65M in Series A Funding, co-led by new investor 7wire Ventures and returning investor Lux Capital. Returning investors Sequoia Capital, Metrodora Ventures, Box Group, and Shrug Capital participated, with new participation from Pivotal Ventures, a Melinda French Gates company and Leaps by Bayer. Read more about the funding 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.