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 July 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 - June 27, 2023.

• Addus HomeCare Corporation will acquire Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services with 17 locations in its namesake state. Read more here.
• Agape Care Group, a hospice and palliative care provider owned by Ridgemont Equity Partners, has acquired Hope Hospice in Alabama and Assured Hospice in Georgia. Read more here.
• Alfie Health, an AI-powered obesity treatment company, has raised $2.1M in pre-seed funding led by Y Combinator and Nina Capital, joined by Goodwater Capital, Phoenix Investment Club, and others. Read more here.
• Special purpose acquisition company Alpha Healthcare Acquisition Corp. III has executed a non-binding letter of intent to acquire a commercial stage regenerative medicine company. This acquisition is contingent on the closing of the SPAC's initial business combination with Carmell Therapeutics Corporation. Read more here.
• Anatomy IT, the leading platform for healthcare IT and cybersecurity solutions, announced today the acquisition of the Merit-Based Incentive Payment System (MIPS) business unit from MarsdenAdvisors, a leading healthcare solutions and consulting company. Read more here.
• Augmetics, a developer of augmented reality technology for surgery, has raised $82.5M in a Series D round led by CPMG, joined by syndicate partner Evidity Health Capital, as well as current investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures and others. Read more here.
• Author Health, which treats seniors with mental illness, has launched with $115M in backing led by General Atlantic with participation from Flare Capital. Read more here.
• Baudax Bio, which develops acute care products, has acquired TeraImmune, a biotechnology company specializing in novel autoimmune disease treatments, in an all-stock transaction. Read more here.
• Bausch + Lomb Corporation [NYSE/TSX:BLCO], a global eye health company, announced that an affiliate has purchased the Blink® product line of eye and contact lens drops from Johnson & Johnson Vision. Read more here.
• Baylor Scott & White Health, the Dallas, Texas-based health system, has partnered with Tempe, Arizona-based NextCare Urgent Care on a venture in which it will fold NextCare locations into its system, according to a release and news reports. Read more here.
• Bright Health Group will sell its California Medicare Advantage business to Molina Healthcare for $600M, using proceeds to pay off certain liabilities. Read more here.
• Cardiovascular Associates of America, an Orlando, Florida-based physician management services organization backed by Webster Equity, has partnered with Shore Heart Group, a Neptune, New Jersey-based leading cardiology practice. Read more here.
• CareTrust REIT, Inc. (NYSE:CTRE) announced that it closed two separate transactions on the West Coast with an aggregate initial investment amount of approximately $45.2M. The investments include the acquisition of a skilled nursing facility as well as the funding of a mortgage loan secured by a California skilled nursing, assisted living, and independent living campus. Read more here.
• Children's Mercy Kansas City and KVC Health Systems, a child welfare and behavioral health provider, formed a joint venture to open a $35M 72-bed mental health inpatient hospital to expand inpatient pediatric and adult mental health treatment. Read more here.
• Clairvest Group Inc. [TSX:CVG], a Canada-based private equity management firm, has made a minority equity investment in Mountain Land Physical Therapy, a Salt Lake City, Utah-based comprehensive rehabilitation services company. Read more here.
• Comvest Partners has acquired Your Behavioral Health, a mental health and addiction treatment services provider with 17 facilities in Southern California. Read more here.
• The Dungarvin organization, a Mendota Heights, MN-based provider of community-based services for people with disabilities in 15 states , has announced a deal to acquire Bridges MN, Rumi, and Bridges WI. Read more here.
• Eli Lilly announced its intention to fully acquire Sigilon Therapeutics, which produces experimental diabetes treatments. Read more here.
• Finger Lakes Health and the University of Rochester’s UR Medicine will officially merge on August 1.The merger will add two hospitals—Geneva General in Ontario County and Soldiers and Sailors Memorial in Yates County—to UR Medicine’s eight-hospital system. Read more here.
• Functionalab Group and Dermapure, a branded network of premium aesthetic medicine clinics in Canada, are acquiring Montreal-based MunkMD Dermatology clinic. Functionalab is backed by L Catterton. Read more here.
• Hicuity Health, a provider of high-acuity telemedicine, has completed growth equity financing led by Concord Health Partners. Read more here.
• Immunome, a biopharmaceutical company, and Morphimmune, a biotechnology company, have announced a simultaneous merger agreement and private placement investment of $125M. Read more here.
• Konica Minolta, Inc [TYO:4902] has acquired INCJ, Ltd's entire 23% stake in REALM IDx, Inc, a California, US-based precision medicine business, for $220M. Read more here.
• Lightwave Dental, a leading management services partner for high-quality dentists in the mid-Atlantic region, has secured a majority investment from Lindsay Goldberg, a leading private investment firm that focuses on partnering with families, founders, and management teams. TripleTree served as exclusive financial advisor to Lindsay Goldberg for this transaction. Read more here.
• Montecito Medical, a leading acquirer of medical office properties nationwide, has acquired a 32,300-square-foot medical office property in Visalia, California. Read more here.
• Myra Vision, a Shifamed portfolio company focusing on glaucoma treatment, announced the closing of $25M in Series B financing led by Cormorant Asset Management alongside The Capital Partnership (TCP), the PA MedTech VC Fund, and Shifamed angel investors. Read more here.
• Novartis has sold its dry eye disease medication Xiidra and related assets to Bausch + Lomb for $2.5B. Read more here.
• Optimum Healthcare IT, a healthcare IT staffing and consulting company, announced that it has acquired eCloud Managed Solutions, which advises clients on cloud utilization. Read more here.
• UnitedHealth Group’s Optum has agreed to acquire Amedisys’ outstanding common stock for $101 per share in cash after Option Care Health confirmed the termination of its own merger agreement with Amedisys. Read more here.
• Parkview Health Services, a provider of specialized pharmacy services, has secured a strategic growth investment from ArtesRx, an affiliate of Flexpoint Ford. Read more here.
• ResMed [NYSE:RMD, ASX:RMD], a San Diego-based medical device company, has acquired Somnoware, a Sunnyvale, California-based sleep and respiratory care diagnostics software provider. Read more here.
• Ryan Specialty (NYSE: RYAN), a leading international specialty insurance firm, announced that it completed the acquisition of certain assets of Point6 Healthcare, LLC, a distributor of medical stop loss insurance, pharmacy solutions, and complex claims management on behalf of retail brokers and third party administrators. Read more here.
• Semper Paratus Acquisition Corporation, a special purpose acquisition company, will merge with Tevogen Bio, a biotechnology company focused on cancer and viral treatments. The combined company, Tevogen Bio Holdings, will be worth nearly $1.2B and become publicly listed. Read more here.
• Southern Ear Nose Throat & Allergy (SENTA) Partners, an Atlanta, GA-based ENT and allergy services clinic backed by Shore Capital Partners, has acquired Gainesville, GA-based Breathe Better Allergy, Asthma & Sinus Center. Read more here.
• Thermo Fisher Scientific [NYSE: TMO], a Waltham, MA-based manufacturer of analytical instruments, has agreed to acquire CorEvitas, a Waltham, MA-based pharmaceutical services, from Audax Private Equity, for $912.5M in cash. Read more here.
• THINK Surgical, a developer of orthopedic surgical robots, has raised $5M from Black Lake Expeditions Managing Director David Dvorak. Read more here.
• Vernal Biosciences, a developer and manufacturer of mRNA and LNP-mRNA, has raised $20M in a funding round led by Ampersand Capital Partners and Charles River Labs, alongside Dynamk Capital and the Vermont Center for Emerging Technologies. Read more here.
• Verséa Health, a provider of diagnostics and medical supplies for urgent care centers will form a strategic joint venture with medical supply e-commerce company iRemedy Healthcare Companies. Read more here.
• WM Partners announced that HPH III Investments, LP, together with its parallel and feeder funds ("HPH III"), through its wholly owned entity, has acquired Allergy Research Group LLC, a subsidiary of KI NutriCare, from Kikkoman Corporation. Read more here.
• Zavation Medical Products, a designer and manufacturer of spine and biologics products, announced that it has acquired CoreLink, a provider of spinal implant and instrumentation systems, from The Stephens Group. Read more 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.