MARKET ANALYSIS

Healthcare M&A Weekly 3.20.23

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.
 

• Advanced Orthopedics and Sports Medicine Institute expanded its physical therapy department with the addition of five new locations in Belmar, Brick, Edison, Manalapan, and Robbinsville, NJ, in a strategic alliance with Health Plus Management. Read more here.

 

• Allied OMS, a doctor-owned, led, and governed management services organization (MSO) in the oral and maxillofacial surgery space, announced that Advanced Oral and Maxillofacial Surgery, Oregon Oral Surgeons, and WestsideOMS have joined its growing network of OMS practices, expanding the footprint of Allied OMS' Doctor Equity™ model in Colorado and Oregon. Read more here.

 

• Atlantic Health System expands access to its network and adds new services by acquiring Thompson Healthcare & Sports Medicine. Read more here.

 

• Gauge Capital announced a strategic investment in Streamline Healthcare Solutions, a leading provider of electronic health record (EHR) software primarily serving behavioral health providers and state and local departments of health. Read more here.

 

• Elevate ENT Partners, a practice management service organization of ear, nose, and throat (ENT) practices nationwide, announced that it acquired Ear, Nose & Throat Associates of Texas. The acquisition reinforces Elevate’s commitment to eliminate barriers to quality patient care by providing private ENT practices best-in-class support where and when they need it. Read more here.

 

• Empower Physical Therapy announced the acquisition of Spectrum Therapy Consultants (STC), located in El Paso, Texas. With the addition of Spectrum Therapy Consultants, therapist-founded and -led Empower Physical Therapy now operates 53 clinics across Arizona, California, Louisiana and Texas. Read more here.

 

• HeartBeam, Inc. (NASDAQ: BEAT), a cardiac technology company that has developed the first and only 3D-vector electrocardiogram (VECG) platform for heart attack detection anytime, anywhere, announced the strategic acquisition of substantially all assets from LIVMOR, a digital health solutions company providing a patient-engaging remote monitoring system of critical physiological biomarkers. Read more here.

 

• Herspiegel Consulting, LLC expands its world-class commercialization services with the addition of Sixsense Strategy Group. By incorporating Sixsense Strategy Group's core strengths in Medical Strategy, KOL Engagement, and Medical Communications, the company enhances its industry-leading launch capabilities in the Life Sciences. Read more here.

     

• Kyyba Inc./Kyyba Tech, a leading global technology solutions provider headquartered in Michigan, announced a definitive agreement to acquire Viki Technologies, a specialist healthcare technology provider. Read more here.

 

• Legacy Hospice expanded in Missouri by acquiring Safe Harbor Hospice. Safe Harbor’s 13-county service region builds on Legacy’s footprint in southeastern Missouri. Read more here.

 

• McLeod Health announced the addition of Florence Neurosurgery and Spine Center to McLeod Physician Associates. This partnership enhances the already extensive range of services offered at McLeod Health and supports its commitment to providing the most advanced treatments and techniques. Read more here.

 

• New Heritage Capital announced the successful exit of its investment in Rhythmlink, a market-leading designer and manufacturer of single-use brain health and neurodiagnostic electrodes. Read more here.

 

• NewSpring, a family of private equity strategies, announced that NewSpring Healthcare, the firm's dedicated healthcare strategy, has invested in Prosperity Behavioral Health. Read more here.

 

• Oppenheimer & Co. Inc. announced the completion of a Series C funding round for Perspectum, a United Kingdom-based medical imaging and diagnostic technology provider. Oppenheimer led the $55 million round, investing $27 million through its Private Market Opportunities (PMO) initiative, an ongoing partnership between the firm's Investment Banking, Asset Management, and Private Client Division business units. Read more here.

 

• Pfizer Inc. (NYSE: PFE) and Seagen Inc. (Nasdaq: SGEN) announced that they have entered into a definitive merger agreement under which Pfizer will acquire Seagen, a global biotechnology company that discovers, develops and commercializes transformative cancer medicines, for $229 in cash per Seagen share for a total enterprise value of $43 billion. Read more here.

 

• PointClickCare Technologies, a leading healthcare technology platform enabling meaningful collaboration and access to real‐time insights at every stage of the patient healthcare journey, announced the acquisition of Patient Pattern. Read more here.

 

• Premier Care Dental Management, a rapidly growing DSO in the greater New York and New England region, announced the acquisition of Dental Designs of New England. Read more here.

 

• Sanofi and Provention Bio, Inc., a U.S.-based, publicly traded biopharmaceutical company focused on intercepting and preventing immune-mediated diseases including type 1 diabetes, have entered into an agreement under which Sanofi has agreed to acquire Provention Bio, Inc., for $25 per share in cash, representing an equity value of approximately $2.9B. Read more here.

 

• Select Medical Corporation and Lutheran Health Network of Indiana, LLC, a subsidiary of Community Health Systems (CHS) have announced the formation of a joint venture to provide inpatient rehabilitation and critical illness recovery care in Fort Wayne, Indiana. Read more here.

 

• Statera Biopharma, Inc. (OTCPK:STAB), a biopharmaceutical company creating next-generation immune therapies that focus on immune restoration and homeostasis, announced it has entered into a non-binding letter of intent for a merger with Worksite Labs, Inc. Read more here.

 

• Sumitovant Biopharma Ltd. completed its acquisition of Myovant Sciences Ltd. Sumitovant has acquired all outstanding shares of Myovant not already owned by Sumitovant in an all-cash deal with a total transaction value of approximately $1.7B. Read more here.

 

• Surgery Partners and Growth Orthopedics has announced a strategic partnership at Lakeway Ambulatory Surgery Center (ASC) in Lakeway, Texas that will expand access of high value orthopedic services for the region's physicians and patients. Read more here.

       

• Werfen announced that it has completed the acquisition of Immucor, Inc., after obtaining all necessary regulatory and antitrust approvals. Immucor is a privately held, US-based company, in the in vitro diagnostics (IVD) sector, with a solid global presence in the Transfusion and Transplant markets. Read more here.

 

• Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, announced that it has executed an acquisition agreement with Texas-based InnovationsHR, Inc. to become a wholly owned subsidiary under Xalles Financial Services 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.