MARKET ANALYSIS

Healthcare M&A Weekly 7.31.23

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.
 

• A-Alpha Bio, a Seattle, WA-based biotechnology company, announced that it has raised $22.4M in a Series A2 round. Read more here.

 

• AstraZeneca [LON: AZN] affiliate Alexion, AstraZeneca Rare Disease, announced that it has entered a definitive purchase and license agreement for a portfolio of preclinical gene therapy programs and enabling technologies from Pfizer [NYSE:PFE] for a total consideration of up to $1B. Read more here.

 

• Axxess, a home healthcare technology provider based in Dallas, TX, announced that it has acquired Complia Health, a home health and hospice technology solutions provider, based in Schaumburg, IL. Read more here.

 

• Biogen [NASDAQ:BIIB], a Cambridge, MA-based biotechnology company, has agreed to acquire Reata Pharmaceuticals, [Nasdaq: RETA] a Plano, TX-based clinical-stage biopharmaceutical company, for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3B. Read more here.

 

• Carmell Therapeutics [Nasdaq: CTCX], a Pittsburgh, PA-based drug developer, has agreed to acquire Axolotl Biologix, a Flagstaff, AZ-based regenerative medicine company developing products for active soft tissue repair, aesthetics and orthopedic indications, for an initial equity value of $65M, with additional milestone payments up to $75M. Read more here.

 

• Community Health Systems [NYSE:CYH] has signed a definitive agreement to sell three hospitals in Florida to Tampa General Hospital for $280M. Read more here.

 

• Dynamic Access, a Dallas, TX-based provider of outsourced vascular access services, backed by RiverGlade Capital, has acquired Priority PICC Solutions, a provider of services to healthcare facilities in Chicago. Read more here.

 

• Headlands Research, a San Francisco, California-based clinical research site organization backed by KKR & Co, has acquired a local peer, AMCR Institute. Read more here.

 

• HerMD, a Cincinnati, Ohio-based women's healthcare firm, has raised additional $18M in Series A round, bringing the total funding raised by the company to nearly $30M. Read more here.

 

• Hospitales MAC, one of Mexico’s largest hospital providers, has announced an up to $160M strategic growth investment from General Atlantic, a leading global growth equity firm. Read more here.

 

• Johnson & Johnson [NYSE: JNJ] announced its intention to split-off at least 80.1% of the shares of Kenvue Inc. [NYSE: KVUE] through an exchange offer. Read more here.

 

• Kincell Bio, a Gainesville, FL-based technology-forward contract development and manufacturing organization (CDMO) focused on cell therapies, announced $36M in new funding led by Kineticos Ventures. Read more here.

 

• Kriya Therapeutics, Inc., a Redwood City, California-based biotech development firm, has raised $150M in a Series C extension round, bringing the round total to over $430M. Read more here.

 

• Laplace Interventional, a Plymouth, MN-based medical device company developing a transcatheter tricuspid valve technology, has completed the first close of its Series B funding round at $12.9M. Read more here.

   

• MEI Pharma [NASDAQ:MEIP], a San Diego, California-based pharmaceutical firm, announced that it did not obtain by a narrow margin the necessary stockholder votes to approve the merger agreement with Infinity Pharmaceuticals [NASDAQ:INFI], a Cambridge, Massachusetts-based biotech company. Read more here.

 

• Nexo Therapeutics, a small molecule oncology company based in Littleton, CO, announced that it has launched with a $60M Series A funding round. Read more here.

 

• Octave Bioscience, a Menlo Park, CA-based commercial stage precision-medicine company, announced the closing of a $30M extension to its Series B funding round. Read more here.

 

• One Rock Capital Partners has sold Kova International, a Garden Grove, CA-based developer, manufacturer and marketer of in vitro diagnostic products for clinical laboratories, to LGC Group, a UK-based life science measurement and testing company backed by Astorg and Cinven. Read more here.

 

• Ossium Health, a San Francisco, California-based donor marrow bank, announced a $52M Series C funding round led by CPMG. Read more here.

 

• PaceMate, a market leading cardiac data management platform, announced a strategic growth investment from Lead Edge Capital. TripleTree served as exclusive financial advisor to Lead Edge Capital for this transaction. Read more here.

 

• PatientPoint, a Cincinnati, Ohio-based tech-enabled point-of-care patient engagement company, has secured additional investments from L Catterton with participation from Neuberger Berman and Fortress Investment Group. Read more here.

 

• Proprio, a Seattle-based surgical technology company, has secured $43M in Series B funding from new and existing investors. The capital fuels commercialization to address significant demand for Proprio's AI-driven surgical navigation platform in the US and overseas. Read more here.

 

• Quince Therapeutics [NASDAQ;QNCX], a San Francisco-based biotech formerly known as Cortexyme, has entered into an agreement to acquire EryDel SpA, an Italy-based late-stage biotech company, in a stock-for-stock upfront exchange with potential cash payments of up to $485M. Read more here.

 

• RapidAI, a Menlo Park, CA-based advanced imaging company, has raised $75M in a Series C investment round led by Vista Credit Partners, a subsidiary of Vista Equity Partners. Read more here.

 

• Sanofi [EPA:SAN], a French pharmaceutical company, has agreed to acquire Qunol, a Montville, New Jersey-based brand in health & wellness. Read more here.

 

• Solar Biotech Incorporated, a Norton Virginia-based provider of complete sustainable and scalable biomanufacturing solutions, has acquired Noblegen, an advanced digital biology company based in Peterborough, Ontario, Canada. Read more here.

 

• Spinal Stabilization Technologies (SST), an Ireland-based medical device company, and BlueRiver Acquisition [NYSE AM:BLUA], a publicly traded special purpose acquisition company, have entered into a definitive business combination agreement expected to have a post-transaction enterprise value of approximately $302M. Read more here.

 

• Teleflex Incorporated [NYSE:TFX], a Wayne, Pennsylvania-based healthcare supplies and services provider, has signed an agreement to acquire Palette Life Sciences, the Sweden-domiciled life sciences company, for an upfront cash payment of $600M and up to an additional $50M as earn-outs. Read more here.

 

• U.S. Orthopaedic Partners (USOP), a Jackson, Mississippi-based orthopedic care platform backed by FFL Partners, acquired two Louisiana-based firms Orthopaedic Associates of New Orleans and Mid State Orthopaedic & Sports Medicine Center. Read more here.

 

• Vital Biosciences, a Toronto, Ontario-based developer of advanced diagnostic technologies, has raised a total of $48M to date from Lachy Groom, Northpond Ventures, Sam Altman, Marc Benioff, Labcorp [NYSE:LH], Inovia Capital, Route 66 Ventures, and others. Read more here.

 

• Xtant Medical Holdings [NYSE American: XTNT], a Belgrade, MT-based medical supplies company, was the successful bidder for certain assets and liabilities related to the domestic and international biologics and spinal fixation offerings of Surgalign Holdings [NASDAQ:SRGA]. 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.