Insights

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for June 27, 2023. 

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 mergers, acquisitions, and investments shaping the future of healthcare.

To view previous healthcare M&A activity, please review last week's post: Healthcare M&A Weekly - June 20, 2023.

• Aditxt (NASDAQ: ADTX), a Virginia-based biotechnology company focused on immune system health, announced that its wholly-owned subsidiary, Pearsanta, has signed an LOI to acquire Natural State Laboratories and Natural State Genomics, an Arkansas-based full-service laboratory. Read more here.
• Aledade, a network of independent primary care practices, announced the closing of $260M in funding led by Lightspeed Venture Partners. Funding will enable Aledade to enhance and acquire services and technology to support its practices. Read more here.
• AltPep Corporation, a biotechnology company specializing in treatments and detection tools, announced $52.9M in funding led by Senator Investment Group and Eli Lilly and Company. Funds will be used to advance AltPep’s novel therapeutics for both Alzheimer’s and Parkinson’s diseases. Read more here.
• Attovia Therapeutics, a newly formed biotechnology company, announced $60M in funding led by Frazier Life Sciences, including venBio and Illumina Ventures. Funding will be used to create a pipeline of biotherapeutics in immune-mediated disease and cancer. Read more here.
• Becton, Dickinson and Company (NYSE: BDX), a medical technology company, has divested its Surgical Instrumentation platform to STERIS (NYSE: STE), a medical equipment company, for $540M. The divestiture advances BDX’s 2025 strategy to simplify their product portfolio and manufacturing network. Read more here.
• Bio-Techne Corporation (NASDAQ: TECH), a global life sciences company, announced it has reached an agreement to acquire Lunaphore, a developer of fully automated spatial biology solutions. Read more here.
• Caraway, a digital healthcare company for Gen Z, announced $16.75M in funding led by Maveron and Google Ventures. Funding will be used to fundamentally change how Gen Z experiences healthcare. Read more here.
• CareOne, a New Jersey-based senior care provider, has completed the acquisition of Whitney Place at Sharon, formerly owned by SALMON Health and Retirement, a Massachusetts-based assisted living and memory care community. Read more here.
• CRH Medical, a Vancouver-based products provider for treating gastrointestinal diseases and a unit of WELL Health Technologies (TSX: WELL), has made a strategic investment in Graphium Health, an electronic medical records company focused on anesthesia practices. Read more here.
• DexCare, a software-Medical Technology company, has raised $75M in funding led by ICONIQ Growth. Funding will help further expand DexCare’s care access platform. Read more here.
• Eli Lilly & Company (NYSE: LLY), a pharmaceutical company, announced it has acquired DICE Therapeutics (NASDAQ: DICE), a San Francisco-based, immunology-focused biotechnology company for $2.4B. Read more here.
• evolvedMD, an Arizona-based primary care provider that specializes in collaborative care management, has raised $14M led by San Francisco-based Conductive Ventures. Funding will be used to scale evolvedMD’s infrastructure and continue building their clinical delivery team. Read more here.
• HighFive Healthcare, a specialty dental partnership organization, announced they have closed a $100M growth investment led by Norwest, a venture capital and growth equity investment firm. Read more here.
• LongueVue Capital, a New Orleans-based private equity firm, is pleased to announce the addition of Viera Fertility, a Florida-based fertility clinic, to its fertility specialists network. Read more here.
• The Pennant Group, Inc. (NASDAQ: PNTG), announced that it has acquired Bluebird, an Idaho-based home health, hospice, and home care provider. Read more here.
• PM Pediatric Care, a pediatric care provider, announced $50M in funding led by Scopia Capital, including Jefferson River Capital. Funding will be used to accelerate expansion of the company’s urgent care network. Read more here.
• Restor3d and Conformis (NASDAQ: CFMS) announced that they have entered into a definitive merger agreement under which Restor3d, a personalized 3D-printed orthopedic company, will acquire all outstanding shares of common stock of Conformis, a medical technology company, at $2.27 per share in cash. Read more here.
• Simulations Plus (NASDAQ: SLP), a modeling and simulation software and services provider for pharmaceutical safety and efficacy, announced the acquisition of Immunetrics, a modeling and simulation company focused on accelerating drug development in therapeutics for $23.5M. Read more here.
• Sollis Health, a concierge urgent and emergency care provider, announced $15M in funding led by Torch Capital, Strand Equity, Arkitekt Ventures, and Read Capital. This investment will enable Sollis to further expand across the United States. Read more here.
• Straine Dental Management, a Sacramento-based dental services organization, announced the acquisition of six dental practices in Louisiana, Michigan, and North Carolina. These acquisitions align with SDM’s commitment to expansion. Read more here.
• Surgalign Holdings (NASDAQ: SRGA), a global medical technology company, announced that it has entered into an asset purchase agreement with Xtant Medical Holdings (NYSE: XTNT). This agreement includes Surgalign’s global hardware and biologics business for $5M as part of its Chapter 11 bankruptcy proceedings. Read more here.
• SV Health Investors, a Boston-based private investment firm focused exclusively on the healthcare industry, announced the acquisition of Robling Medical, a full-service outsourced manufacturing partner to the medical device and pharmaceuticals industry. Read more here.
• Tagworks Pharmaceuticals, a Netherlands-based biotechnology company, announced $65M in funding led by Ysios Capital and Gilde Healthcare. Funds will be used to advance their click-cleavable ADC targeting TAG72 program. Read more here.
• Talaris Therapeutics (NASDAQ: TALS), a cell therapy company, and Tourmaline Bio, a late-stage clinical biotechnology company, announced the companies have entered into a definitive agreement to merge for $230M. The combined company will focus on advancing Tourmaline’s antibody program. Read more here.
• Vālenz Health announced a new equity investment from Kelso & Company, a leading middle market private equity firm with a shared vision for accelerating positive change in the delivery of healthcare for the self-insured industry. TripleTree served as exclusive financial advisor to Valenz Health for this transaction. Read more here.
• Vivo Infusion, a provider of ambulatory infusion services, announced it has acquired Speciality Infusion, a New York-based ambulatory infusion and specialty pharmacy services provider. Read more here.

Transactions outlined in this summary highlight some of the key trends shaping the future of healthcare. Get the latest industry news from TripleTree every week.

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.