MARKET ANALYSIS

Healthcare M&A Weekly 8.21.23

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.
 

• Abcuro, a Newton, Massachusetts-based clinical stage biotechnology company, has secured $155M in an oversubscribed Series B financing co-led by Redmile Group and Bain Capital Life Sciences. Read more here.

 

• Apotheco Pharmacy Group, a New York-based operator of specialized pharmacies focused on clinical dermatology, has received an investment from Comvest Partners, an operationally focused middle-market private investment firm. Read more here.

 

• AQUA Dermatology, a Gryphon Investors and GTCR-backed provider of dermatology services in the Southeast US, has partnered with Birmingham, Alabama-based True Dermatology, a skin cancer surgery and general dermatology services provider. Read more here.

 

• Astrocyte Pharmaceuticals, a Cambridge, MA-based clinical-stage drug discovery and development company, announced an oversubscribed pre-Series B Bridge financing round of over $6M that was led by Dreavent Capital, and joined by the Alzheimer's Drug Discovery Foundation, and other investors. Read more here.

 

• BrightPath Health Holdings, LLC d.b.a ABA Connect, an early intervention-focused ABA therapy provider, based in Austin, Texas, announced that it has acquired Colorado Springs, Colorado-based Bright Behavior, LLC, an ABA therapy facility. Read more here.

 

• Harmony Biosciences Holdings [NASDAQ: HRMY], the PA-based pharmaceutical company, has agreed to acquire Zynerba Pharmaceuticals [NASDAQ: ZYNE], a Devon, PA-based provider of pharmaceutically-produced transdermal cannabinoid therapies, for up to $200M. Read more here.

 

• Mendaera, a San Mateo, California-based healthcare robotics company, has raised $24M in a Series A funding round led by Lux Capital, with participation from Founders Fund, Operator Partners, and Allen & Company, LLC. Read more here.

 

• Nuvo Group, the creator of an FDA-cleared remote pregnancy monitoring platform, and LAMF Global Ventures Corp. I [NASDAQ:LGVC], a publicly traded special purpose acquisition company, announced they have entered into a definitive business combination agreement. Read more here.

 

• Oregon Health & Science University, and Legacy Health, Portland, Oregon-based, announced that they have signed a nonbinding letter of intent to combine and create an integrated health system. Read more here.

 

• Phreesia, a leader in patient intake, outreach and activation, has acquired Access eForms, an innovative electronic forms management and automation provider. Read more here.

 

• Princeton Medspa Partners (PMP), a national aggregator of medspas, has acquired Advanced Life Clinic, a Huntsville, Alabama-based aesthetic medical practice. Read more here.

 

• SSI Strategy Holdings, a Parsippany, NJ-based life sciences consulting firm backed by Amulet Capital Partners, has agreed to merge with NDA Group. Read more here.

 

• VBA, a leader in cloud-based benefits software for healthcare payers, announced today that the company has closed a $156M majority growth equity transaction led by Spectrum Equity. Existing investor Arthur Ventures also participated in the round. TripleTree served as exclusive financial advisor to Spectrum Equity for this transaction. Read more here.

 

• Visana Health, a Minneapolis, Minnesota-based virtual-first comprehensive women’s health clinic, announced the close of $10.1M in seed funding co-led by Flare Capital Partners and Frist Cressey Ventures. Read more here.

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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.