Healthcare M&A Weekly 7.24.23

JUL 24
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.
  • Advanced Medaesthetic Partners, a Dallas, TX-based network of elite aesthetic practices throughout the US and backed by Leon Capital Group, announced its new alliance with Blush Med Spa, a medical aesthetics practice in Hartford, CT. Read more here.
  • Allied Benefit Systems, one of the nation's largest healthcare administrators for employee benefit plans and backed by Stone Point Capital, acquired Medxoom, an Atlanta-based digital benefits company. Read more here.
  • American Nitrile, a Grove City, OH-based disposable nitrile gloves manufacturer, received a strategic investment from Darby Group Companies. Read more here.
  • Bicycle Therapeutics [Nasdaq: BCYC], a UK-based biotechnology company, raised $230M via public offering. Read more here.
  • BioIVT, a Westbury, NY-based drug research services firm backed by Linden Capital Partners, announced that it has acquired PrecisionMed, Inc., a Carlsbad, CA-based supplier of human cerebrospinal fluid (CSF) for research and development, backed by West-Atlantic Partners. Read more here.
  • Bluesight received a strategic growth investment from Thoma Bravo to support company's acquisition of Medacist. Read more here.
  • Boyu Capital agreed to acquire Quasar, a Hong Kong-based medical device maker, at more than $600M from Longreach Group. Read more here.
  • Capsa Healthcare, a Portland, OR-based provider of healthcare delivery solutions, has acquired MASS Medical Storage, a Kansas City, MO-based provider of medical storage cabinets and carts. Read more here.
  • Doylestown Health, owner of Doylestown Hospital in Doylestown, Pennsylvania, is selling Pine Run Retirement Community and related assets to Presbyterian Senior Living for roughly $80.6M. Read more here.
  • Elevate ENT Partners, a Miami, Florida-based ENT group backed by Audax, announced that it has partnered with Vero ENT Associates in Florida. Read more here.
  • Herself Health, a startup that provides primary care aimed at women of over 65, raised $26M in a Series A investment round led by Michael Cline from Accretive. Read more here.
  • Jupiter Acquisition Corporation will merge with Filament Health, a Canadian clinical‐stage psychedelic drug development company, at a pro forma enterprise value of about $210M. Read more here.
  • K Health, the developer of a platform which makes use of AI to bring clinical data and medical expertise together, assisting users assess treatments and diagnosis, has received an investment of $59M. Read more here.
  • Kidd & Company has sold NextPhase Medical Devices to Medical Device (Arterex), an Italian leading medical device contract manufacturer, indirectly invested in by Investindustrial Growth fund. Read more here.
  • Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) and Travere Therapeutics, Inc. (NASDAQ: TVTX) announced that they have entered into a definitive agreement for the sale of Travere’s bile acid product portfolio that includes Cholbam® (cholic acid) and Chenodal® (chenodiol), two medications addressing rare diseases in high-need settings. Read more here.
  • Neurogene Inc., a New York City-based rare neurological disease drug company, and Neoleukin Therapeutics [NASDAQ:NLTX], a Seattle, WA-based biopharmaceutical company, have agreed to merge in an all-stock transaction. Read more here.
  • Novartis [NYSE:NVS] has agreed to acquire DTx Pharma, a San Diego-based biotechnology company creating novel RNA-based therapeutics. Read more here.
  • Smile Doctors, a Georgetown, TX-based orthodontics group practice, announced the successful completion of a capital raise of over $550M. Read more here.
  • Southeast Primary Care Partners (SPCP), a Georgia-based primary care-focused management services organization dedicated to achieving true value-based care everywhere, announced a new practice partnership with Bear Creek Family Practice, a Tuscaloosa, AL-based primary care practice. Read more here.
  • SURGE Therapeutics, a Cambridge, MA-based biotechnology research company, secured $32M in a Series B financing round led by Bioluminescence Ventures. Read more here.
  • Torch Dental, a New York City-based dental supply company, raised $28M in a Series B round led by Health Velocity Capital. Read more here.
  • TPG announced that it has signed a definitive agreement to acquire Nextech, a leading provider of clinical and administrative healthcare technology solutions for specialty physician practices, from Thomas H. Lee Partners (THL) for $1.4B. TripleTree served as financial advisor to TPG for this transaction. Read more here.
  • TT Capital Partners has made a majority growth investment in Pyx Health, a Tucson, AZ-based technology platform that reduces loneliness and social isolation. TripleTree served as exclusive financial advisor to Pyx Health for this transaction. Read more here.
  • Unchained Labs, the Pleasanton, CA-based life sciences company, has acquired Blacktrace Holdings, a UK-based developer and manufacturer of premium quality scientific products. Read more here.
  • Urgent Care Group, a Nashville, TN-based urgent care company backed by ICV Partners, announced the acquisition of a local peer, ParkMed Urgent Care. Read more here.
  • Ventra Health, the leading business solutions provider for hospital-based clinicians, announced the acquisition of ArcMed, an India-based billing and automation services organization. Read more here.
  • Verismo Therapeutics, a Philadelphia, PA-based biotechnology company, has raised $17M in a second pre-Series A financing round. Read more here.
  • VitalConnect, a San Jose, California-based wearable biosensor technology company, has raised over $30M in a Series F round led by Revelation Partners. Existing investors Pacific General Ventures and EW Healthcare Partners also participated. Read more here.
  • WELL Health Technologies Corp. [TSX:WELL] [OTCQX:WHTCF], a Canadian digital health company, has entered into an agreement to acquire clinic assets from MCI Medical clinics Inc., a subsidiary of MCI Onehealth Technologies Inc. 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.
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