MARKET ANALYSIS

Healthcare M&A Weekly 4.24.23

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 activity and highlights the industry transactions shaping the future of healthcare.
 

• Abdera Therapeutics Inc. announced it has raised $142 million in combined Series A and B financing. Versant Ventures and Amplitude Ventures led the Series A round, with participation from other investors. The Series B round was led by venBio Partners with participation from existing and new investors. Read more here.

 

• Alphatec Holdings, Inc. [NASDAQ:ATEC], a Carlsbad, California-based provider of spine surgery technology, has acquired all assets related to REMI Robotic Navigation System from Boulder, CO-based Fusion Robotics, for $55M. Read more here.

 

• Audax Private Equity announced that it has made a growth investment in Pyramid Laboratories, a Costa Mesa, CA-based drug product contract development and manufacturing organization. Read more here.

 

• Blue Water Vaccines [NASDAQ:BWV], a Cincinnati, OH-based vaccine maker, signed an agreement with Miami, FL-based Veru [Nasdaq:VERU] to acquire Entafdi, an FDA-approved treatment for benign prostatic hyperplasia, for up to $100M. Read more here.

 

• CCRM Fertility, a Denver, CO-based provider of fertility treatment, has acquired The New Hope Center for Reproductive Medicine, a Virginia Beach, VA-based fertility clinic. Read more here.

 

• Cortica, a San Diego, CA-based provider of telehealth services and EEG brain monitoring solutions, raised $75M in a funding round led by Deerfield Management and Optum Ventures. Read more here.

 

• Dental Care Alliance, a dental practice management company based in Sarasota, FL, has acquired Austell Dental Associates, a dental practice based in Austell, GA. Read more here.

 

• Dynacare, a Canadian provider of laboratory services, will acquire Valley Medical Laboratories, a Canadian medical laboratory. Read more here.

 

• Enveda Biosciences, a Boulder, CO-based biotechnology company, has raised an additional $51M in the second tranche of Series B round of financing led by Kinnevik [STO:KINV-B]. The company raised $68M in Series B equity and debt financing in December 2022. Read more here.

 

• Enzolytics, Inc. [OTC PINK:ENZC], a drug development company based in College Station, TX, announced that it has executed a non-binding term sheet for the sale of Biogenysis, Inc. and Virogentics, Inc., its operating subsidiaries, to Sagaliam Acquisition Corp. [NASDAQ: SAGA], an SPAC, for $250M. Read more here.

 

• Global Healthcare Exchange (GHX), a Louisville, CO-based cloud-based technology and strategic healthcare consulting services firm backed by Warburg Pincus, has agreed to acquire Prodigo Solutions, a Pittsburgh, PA-based provider of supply chain and data enablement technology company. Read more here.

 

• Headlands Research, a San Francisco, CA-based clinical research site organization backed by KKR & Co, has acquired an established clinical research site, now known as Headlands Research Eastern Massachusetts. Read more here.

 

• Ivy Fertility, an InTandem-backed provider of advanced reproductive technology, in-vitro fertilization and third-party reproduction, announced it has acquired Virginia Fertility & IVF based in Charlottesville, VA. Read more here.

 

• LHC Group, a Lafayette, LA-based provider of in-home healthcare services, has acquired Summit Home Care, a Lewes, DE-based home health agency. Read more here.

 

• LP First Capital and Genesis Park acquired Fastest Labs, a San Antonio-based provider of drug, alcohol, and DNA testing services. Read more here.

 

• MedShift, a Charlotte, NC-based medical software and products company, has raised $108M from Turning Rock Partners, Micota Capital, and OY6 Capital. This additional funding will allow MedShift to fund growth and development. Read more here.

 

• Memora Health, a San Francisco, CA-based maker of virtual care delivery and complex care management software, announced that it has raised $30M in strategic investment. Read more here.

 

• Merck [NYSE:MRK], a Rahway, NJ-based pharmaceutical giant, will acquire Prometheus Biosciences, Inc. [NASDAQ:RXDX], a San Diego, CA-based drug developer, for $200 per share in cash, or $10.8B. Read more here.

 

• National Partners in Healthcare, a Richardson, TX-based anesthesiology services provider backed by Assured Healthcare Partners, has acquired Medstream Anesthesia Solutions, an Asheville, NC-based medical anesthesia services provider. Read more here.

 

• Noah Medical, a medical robotics business based in San Carlos, CA, announced that it has raised $150M in Series B funding. Read more here.

 

• Nura Pain Clinics, an Edina, MN-based foremost multidisciplinary pain management clinic, announced that it has merged with Capitol Pain Institute, an Austin, TX-based interventional pain management provider backed by Iron Path Capital. Read more here.

 

• Quest Diagnostics [NYSE:DGX], a provider of diagnostic information services, announced that it has completed the acquisition of select assets of the laboratory services business of NewYork-Presbyterian. Read more here.

 

• Reliable Medical, a Minneapolis, MN-based provider of clinical respiratory products and medical equipment and backed by Seven Hills Capital, purchased Capstone Medical Partners, a Lakewood, WA-based medical equipment provider. Read more here.

 

• TPG [NASDAQ:TPG], an alternative asset management firm, and AmerisourceBergen Corporation [NYSE:ABC] announced that they have agreed to acquire Nashville, TN-based OneOncology, a network of oncology practices, from General Atlantic.  Read more here.

 

• Vyne Dental, a Dunwoody, GA-based leading provider of revenue cycle, claims management, and electronic health information exchange for all-sized dental practices, has acquired Simplifeye, Inc., a company that provides software solutions that digitize and improve existing processes core to many dental practices. Read more here.

 

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.