MARKET ANALYSIS

Healthcare M&A Weekly 5.16.23

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.
 

• American Clinical Research Services (ACRS), founded in 2022 to improve the quality of life for millions of Americans through scientific research, has announced the acquisition of Clinical Site Services and Patient Advertising Guru. ACRS is a portfolio company of Latticework Capital Management. Read more here.

   

• Baxter International Inc. (NYSE:BAX), a leading global medtech company, announced that it has signed a definitive agreement to divest its BioPharma Solutions business to Advent International and Warburg Pincus. Read more here.

 

• Beltone, named America's #1 Hearing Care Retailer & Best in Customer Service by Newsweek, announced the expansion of MLM Hearing, LLC (MLM) Beltone locations into the United States. MLM currently operates 29 Beltone Canada locations and has now acquired 59 Beltone locations in the U.S. making them the first and only Beltone independent distributors to operate in both the U.S. and Canada. Read more here.

 

• Bio 9 Ventures Healthcare IT division, Tekwings Data Platforms division, Cloud N Cluster and Santanish have entered into a definitive merger agreement to form a new business called Kanectify. Read more here.

 

• Bioventus Inc. (Nasdaq: BVS), a global leader in innovations for active healing, announced that it has signed a definitive agreement to sell its Wound business, including the skin substitutes TheraSkin and TheraGenesis, to LifeNet Health. Read more here.

 

• Bruker Corporation (Nasdaq: BRKR) announced that is has closed the acquisition of ZONTAL Inc., an innovative platform provider for the digital transformation of the analytical laboratory, and for integrated biopharma technical data solutions. Read more here.

   

• CTI BioPharma (Nasdaq: CTIC), a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, announced that it has entered into a definitive agreement under which Swedish Orphan Biovitrum AB will acquire CTI for $9.10 per share of common stock in an all-cash transaction, representing an implied equity value of approximately $1.7 billion. Read more here.

 

• DWK Life Sciences, a leading global manufacturer and supplier of laboratory glassware, plasticware, and primary packaging solutions, has completed the acquisition of Assem-Pak | Aluseal, a U.S. company based in Vineland, New Jersey. Read more here.

 

• A consortium backed by Elliott Investment Management agreed to buy drug-research services company Syneos Health Inc. for about $4.4 billion. The investor group also includes Patient Square Capital and buyout firm Veritas Capital. They will acquire the North Carolina-based firm for $43 per share in cash. Read more here.

 

• Flagship Facility Services announced its acquisition of Managed Lab Services, a leading lab services company headquartered in San Diego, California. Read more here.

 

• Genesis Drug Discovery and Development, Contract Research Organization arm and member of Genesis Global Group, announced that it has acquired JSS Medical Research. Read more here.

 

• Gilead Sciences, Inc. (Nasdaq: GILD) announced the acquisition of all outstanding shares of XinThera, a privately held biotech company in San Diego. Read more here.

   

• Graham Family Office has merged with outpatient behavioral health provider Quince Orchard Psychotherapy. Founded in 2015, the provider offers counseling, cognitive behavioral therapy, psychological assessments, play therapy, teletherapy, virtual group therapy and medication management. Read more here.

 

• Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of healthcare products and services to office-based dental and medical practitioners, has announced the acquisition of Regional Health Care Group Pty Ltd, a medical products distribution company serving public- and private-sector customers in Australia and New Zealand. Read more here.

 

• Hestia Insight Inc. (OTCQB: HSTA), a company focused on the development and operation of novel technologies in the healthcare and biotech sectors, as well as providing sales and marketing guidance and capital markets advisory services to its clients, announced that it has entered into a Letter of Intent with Prisma Biotech Corporation, Taipei, Taiwan, beginning the potential M&A transaction due diligence process. Read more here. 

 

• HouseWorks, LLC, a leading provider of personal care services across the northeast, announced its acquisition of Care and Help Home Care, a leading home care provider serving the greater Philadelphia, Allentown, Harrisburg, and Pittsburgh, PA area. Read more here. 

   

• Jackson Healthcare, a family of highly specialized healthcare staffing, search and technology companies, announced the signing of a definitive agreement to acquire Omaha, NE-based LRS Healthcare. Read more here.

 

• KIRCO, a nationally recognized full-service corporate real estate and investment company, is proud to announce the acquisition of a senior living community, Brookmeadow at Blue Hills, located in the Boston, MA area. Read more here.

 

• MB2 Dental announced partnerships with twelve dentist practices; Dr. Henry Huang, the owner of Bethlehem Town Family Dental,Dr. Brad Chvatal, owner of Chvatal Orthodontics in Eugene, OR, Dr. James Brennan, owner of Brennan Dentistry in Grand Rapids, MI. Read more here (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)

 

• MultiPlan Corporation (NYSE: MPLN), a leading provider of technology and data-enabled cost management, payment, and revenue integrity solutions to the U.S. healthcare industry, announced that it has acquired Benefits Science LLC, a next generation data and advanced analytics company that combines modern data science, including machine learning and artificial intelligence, with deep expertise in healthcare to deliver solutions that reduce the cost of care and improve health outcomes. Read more here.

 

• NVISION Eye Centers, a national leader in eye care services, announced its continued expansion in Texas with Eyeplastx (San Antonio), the South Texas Ambulatory Surgery Center (San Antonio), and the Eye Institute of Corpus Christi, TX. Read more here. 

   

• ŌURA, the company behind the smart ring that delivers personalized health data, insights, and daily guidance, announced its acquisition of Proxy, best known for its digital identity signal platform, in an all-equity deal. Read more here.

 

• PhyNet Dermatology LLC announced its recent affiliation with Peachtree Dermatology Associates (PDA), a six-provider, full-service dermatology practice. Read more here.

 

• Pocket Nurse Enterprises, LLC, a Pittsburgh, PA-based nurse-owned and operated leading manufacturer and distributor of medical supplies and equipment for simulation and healthcare education, acquired DiaMedical USA, a leading manufacturer and distributor of medical equipment, supplies, furnishings and replacement parts. Read more here.

 

• Prairie Lakes Healthcare System announced the signing of a letter of intent to acquire Brown Clinic within approximately 90 days, pending successful completion of due diligence and a definitive agreement. Read more here.

 

• QuestionPro, a global leader in survey and research, data and insights services, announced it has acquired Patient Safety Group, a leading technology platform that helps health systems and hospitals collect and analyze patient and employee safety insights for better health outcomes, from Smart Patients, LLC. Read more here. 

 

• Recursion Pharmaceuticals, a drug discovery company that applies artificial intelligence to biology, announced the acquisition of two AI-focused companies, Cyclica and Valence. Read more here. 

 

• Revolution Healthcare Services (RHS), backed by BlueKey Equity Partners (BKEP), has acquired Firststat Medical Staffing. BKEP had previously invested in RHS in November 2019, and this acquisition marks a significant expansion of RHS's healthcare staffing solutions. Read more here. 

 

• RQM+, the world’s leading MedTech service provider, announced the acquisition of Libra Medical, a full-service contract research organization that specializes in early-stage clinical trials. Read more here.

   

• Spectrum Vision Partners announced the acquisition of Crossroads Eye Care Associates to continue to build the AIO|OCLI Vision presence in Pittsburgh. Read more here.

 

• TTG Imaging Solutions, LLC announced the acquisition of Digirad Health, Inc., headquartered in Suwanee, GA. Read more here. 

 

• Ucardia, a cardiac conditioning software developer, announced that it has reached an agreement to acquire Phas3, a pioneer in home-based cardiac rehab and fellow industry leader. Read more here. 

 

• Uniguest, a global leader in digital engagement for the senior living and other industries, announced the acquisition of Eversound, a technology and content provider specializing in creating engagement for senior living communities to improve quality of life for residents. Read more here. 

 

• UpHealth, Inc. (NYSE: UPH), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, announced it has completed the divestiture of Innovations Group, Inc., including its compounding pharmacy subsidiary, MedQuest Pharmacy, Inc., completing the asset sale to Belmar Pharma Solutions for $56.0 million in gross proceeds. 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.