MARKET ANALYSIS

Healthcare M&A Weekly 1.17.23

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.
 

• ARC Health, a Thurston Group portfolio company, has announced the acquisition of the Lilac Center, an integrated mental health care provider group with four locations in Kansas and Missouri. Read more here.

 

• Alpine Investors, a people-driven private equity firm, announced that it has made an investment in Medusind, a leading provider of revenue cycle management services to the healthcare industry. Read more here. TripleTree served as financial advisor to Alpine Investors for this transaction. 

 

• AstraZeneca has entered into a definitive agreement to acquire CinCor Pharma, Inc., a clinical-stage biopharmaceutical company, for a price of $26.00 per share representing a value of $1.3B. Read more here.

 

• Avel eCare, the nation's leading provider of clinician-to-clinician telemedicine services, announced the acquisition of NightWatch, a West Virginia-based company that provides remote pharmacy services to hospitals, clinics and nursing homes. Read more here.

 

• Censinet, the leading provider of healthcare risk management solutions, announced $9M in funding led by MemorialCare Innovation Fund including Rex Health Ventures and Ballad Ventures, bringing the company’s total funding to more than $22M. Existing investors LRVHealth, HLM Venture Partners, Schooner Capital, Excelerate Health Ventures, and Cedars Sinai, participated in the round as well. Read more here.

 

• CVS Health Ventures, the corporate venture capital platform of CVS Health Corp, has acquired an undisclosed stake in Carbon Health Technologies Inc, a software-Medical Technology company engaged with care delivery systems for booking appointments, making payments, conducting video calls with doctors and getting prescriptions in a series D funding round. The consideration was $100M. Read more here.

 

• The IMA Group (IMA) announced it had completed the acquisition of Clinical Trials of America (CTA), a multi-therapeutic clinical trials company that brings to IMA four new independent and six embedded site locations in Louisiana and North Carolina. Read more here.

 

• InTandem Capital Partners, LLC, a healthcare services focused private equity firm, announced that it has completed a strategic equity investment in HouseWorks , one of the nation's largest independent home care companies. Read more here.

 

• Ipsen has acquired Albiereo, a rare disease specialist, for $952M. Ipsen’s tender offer is for $42 per share plus a contingent value right of $10 per share tied to the potential approval of Bylvay in biliary atresia (BA). Read more here.

 

• JanOne Inc. (Nasdaq: JAN), a company that focuses on the development of drugs with non-addictive, pain-relieving properties, announced that it has completed the acquisition of Soin Therapeutics, LLC and its product, a patent-pending, novel formulation of low-dose naltrexone. This all stock transaction has a value of $13M, with up to an additional $17M depending on revenues generated by the product, for a total value of up to $30M. Read more here.

 

• LeanTaaS, Inc., a Silicon Valley-based leading provider of AI-powered and SaaS-based capacity management and patient flow software for health systems, announced it has acquired Hospital IQ, a leading provider of intelligent automation solutions for hospital. Read more here.

 

• Medix Infusion, which creates access to infusion therapy for patients in rural, suburban and other underserved markets, has closed a $35M Series B funding round led by Echo Health Venture. Read more here. TripleTree served as financial advisor to Medix Infusion for this transaction. 

 

• Medline Canada, Corporation announced the acquisition of Calgary-based Stat Healthcare Corporation, a medical and laboratory supplies provider with expertise in clinic set-ups. Read more here.

 

• Monogram Health, a value-based specialty provider of in-home evidence-based care and benefit management services for patients living with polychronic conditions, announced it has closed on $375M of new funding. Led by strategic investors CVS Health, Cigna Ventures, Humana, Memorial Hermann Health System, and SCAN, as well as from financial investors including TPG Capital, Frist Cressey Ventures, Heritage Group, Pura Vida Investments, and Norwest Venture Partners, among others. Read more here.

 

• Paytient Technologies Inc, a sponsored benefit that makes it easier to pay for out-of-pocket healthcare expenses, was acquired by Commerce Bancshares, Inc., Commerce Bank, Felicis Ventures LLC, Bertelsmann Asia Investments, Lightbank LLC, Cultivation Capital, Box Group, Lachy Groom (Private Investor), Inspired Capital Partners, Mercato Partners Traverse Fund, Left Lane Capital, Crossbeam Venture Partners and Mercator Partners. The consideration was for $33M as part of a series B funding round. Read more here.

 

• QHP Capital, L.P., the management company for NovaQuest Private Equity, announced an investment in COPILOT Provider Support Services, LLC, a hub services platform. Read more here.

 

• Scipher Medicine, a precision immunology company matching each patient with their most effective therapy, has acquired Philadelphia-based data, analytics, and software company CrossBridge to bolster its data and analytics capabilities. Read more here.

 

• Sena Health announced that it has partnered with Care2U, an in-home acute care provider backed by Regal Healthcare Capital Partners. Read more here.

 

• Talent Group, a leading national IT staffing company, announced the acquisition of Queen Consulting Group, a nationally recognized IT staffing and consulting company specializing in healthcare and pharma IT, Epic EMR implementations, financial services, and niche technical recruiting. Read more here.

 

• Vaxess, a Cambridge, Mass.-based vaccine patch developer, raised an additional $10M in Series B funding. RA Capital, The Engine, and Mission BioCapital invested in the round. Read more here.

 

• Veradigm Inc. (NASDAQ: MDRX), formerly Allscripts Healthcare Solutions, Inc., announced an investment in Holmusk, a global behavioral health real-world evidence and data analytics company, as part of Holmusk’s $45M series B financing round. Read more here.

 

• VERO Biotech Inc., a commercial-stage healthcare business dedicated to neonatal intensive care and the acute care hospital community, announced the successful close of a $30M financing with Petrichor, a leading healthcare-dedicated growth capital provider. 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.