MARKET ANALYSIS

Healthcare M&A Weekly 8.14.23

The healthcare industry is rapidly evolving, with the lines betweeen 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.
 

• ADARx Pharmaceuticals raised $200M in Series C financing co-led by Bain Capital Life Sciences, TCGX. Read more here. 

 

• Addimmune, a clinical stage HIV-focused gene therapy company, to go public through a business combination with 10x Capital Venture Acquisition Corp. III in a transaction representing a pre-money enterprise value of $500M for Addimmune. Read more here.

 

• Swedish medical equipment company ADDvise will acquire the Ohio-based medical equipment supplier Diabetic Supplies for an initial cash price of $9.5M. Read more here.

 

• Alltrna, a Massachusetts-based Flagship Pioneering company unlocking transfer RNA (tRNA) biology and pioneering tRNA medicines to regulate the protein universe and resolve disease, announced that it has raised $109M in a Series B financing. Read more here.

 

• Bright Health Group, Inc. (NYSE: BHG), the technology enabled, value-driven healthcare company, announced that it entered into a credit facility with an investment partnership of New Enterprise Associates with $60M of credit capacity. Read more here.

 

• Capital Rx, a New York-based pharmacy benefit manager, has received a strategic investment from Memorial Hermann Health System, a Texas-based non-profit health system committed to creating healthier Houston communities. Read more here.

 

• Capstan Medical, an Oakland, California-based developer of minimally invasive technology to address heart valve disease, announced a $31.4M Series B investment led by Eclipse to progress heart valve tech into human trials. Read more here.

 

• Curalta Foot & Ankle, a Rutherford, NJ-based a network of foot and ankle healthcare providers, announced that NewSpring, a family of private equity strategies, has invested preferred equity and provided a delayed draw senior subordinated debt facility to the company through its dedicated private credit strategy, NewSpring Mezzanine. Read more here.

 

• Danam Health, a Lutz, Florida-based healthcare technology and pharmaceutical logistics company, and Artemis Strategic Investment announced a definitive merger agreement at an expected combined pro forma enterprise value of approximately $200M. Read more here.

 

• Daybreak Health, a digital mental health company for children and teens focused on schools, has raised $13M in Series B funding led by Union Square Ventures, bringing its total raise to $25M. The company will use the funds to grow its offerings, including its teletherapy platform, and expand its reach nationally. Read more here.

 

• Dental Care Alliance (DCA), a dental practice management (DPM) company based in Sarasota, Florida, has acquired Dental Health Associates of Virginia. Read more here.

 

• Dentognostics, a Germany-based research-driven technology company, has secured significant investments from Dental Innovation Alliance and Dental365 for an undisclosed sum to further propel its growth and innovation in the US dental market. Read more here.

 

• Diality, Inc., an Irvine, California-based medical device company, has raised $28M in a funding round to support continued regulatory, clinical and commercial initiatives for its user friendly, mobile and connected hemodialysis system. Read more here.

 

• Georgiamune, a privately held, clinical stage biotechnology company, has raised $75M in a Series A round co-led by General Catalyst and Parker Institute for Cancer Immunotherapy. Read more here.

 

• Havencrest Capital Management, a Dallas, TX-based healthcare private equity firm, has formed its non-medical home care platform, Avid Health at Home in connection with its first acquisition of Chicago, IL-based For Papa's Sake Home Care. Read more here.

 

• HDL Therapeutics, Inc., a privately held commercial stage biotech company with an FDA-approved cardiovascular therapy, has signed a definitive merger agreement with Swiftmerge Acquisition Corp. [NASDAQ:IVCP], a special purpose acquisition company with a disruptive consumer healthcare focused team, at a combined company valuation of $480M. Read more here.

 

• Ikena Oncology, Inc. [NASDAQ: IKNA], a Boston, MA-based drug development company, announced that it has acquired Pionyr Immunotherapeutics, Inc., a privately-held, clinical-stage biotechnology company, based in San Francisco, CA in an all-stock transaction. Read more here.

 

• MicroCare, a leading provider of critical cleaning fluids, coatings, sealants and related packaging and dispensing solutions, and portfolio company of Heartwood Partners, has acquired ICT Infection Control Technologies, a Clearfield, UT-based manufacturer of infection control chemistries for the dental market. Read more here.

 

• Neuralink, a Fremont, CA-based brain-implant startup founded by Elon Musk, announced that it raised $280M in a Series D funding round led by Peter Thiel’s Founders Fund. Read more here.

 

• Novo Nordisk A/S, the Denmark based pharmaceuticals group, announced it will acquire Inversago Pharma Inc, the Canada-based pre-clinical stage biopharmaceutical company for $1.075B. Read more here.

   

• Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) announced a definitive agreement for the acquisition of Decibel Therapeutics, a Boston-based hearing loss biotech company dedicated to discovering and developing transformative treatments for hearing and balance disorders for $213M. Read more here.

 

• ReWalk Robotics [Nasdaq:RWLK], a Marlborough, MA-based provider of technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, has signed a definitive agreement to acquire AlterG, a Fremont, CA-based provider of anti-gravity systems for use in physical and neurological rehabilitation for $19M. Read more here.

 

• Roper Technologies, Inc. (NASDAQ: ROP) announced that it has completed the acquisition of Syntellis Performance Solutions for a net purchase price of $1.25B. Syntellis is a leading provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education, and will be combined with Roper’s Strata Decision Technology business, a leading provider of healthcare financial planning, decision support, and performance management solutions. Read more here.

 

• Sunbird Bio, a Cambridge, MA-based biotechnology company, has merged with Glympse Bio to accelerate development of proprietary protein-based diagnostic technologies. Read more here.

 

• Tabula Rasa HealthCare, Inc. [NASDAQ:TRHC] a healthcare company advancing personalized, comprehensive care for value-based care organizations, entered into a definitive agreement to be acquired by Nautic Partners for $570M ($10.50 in cash per share), and will combine with ExactCare Pharmacy, a portfolio company of Nautic. Read more here.

 

• ToxStrategies, a multidisciplinary scientific consulting firm, announced the acquisition of Modality Solutions, a pharma and biotech cold chain engineering firm. Read more here.

 

• TytoCare, a virtual primary care technology vendor, raised $49M in growth funding, which it will use to further integrate AI into its Home Smart Clinic for diagnostic support and remote exam assistance for chronic care management. Read more here.

 

• Worldwide Clinical Trials, the Research Triangle Park, North Carolina-based global, full service contract research organization, announced that Kohlberg & Company has entered into a definitive agreement to acquire the company, in partnership with the company’s management team. 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.