MARKET ANALYSIS

Healthcare M&A Weekly 5.30.23

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.
 

• Advanced Medaesthetic Partners, a Dallas, TX-based network of elite aesthetic practices throughout the US, backed by PE firm Leon Capital Group, has made a growth investment in The AgeLess Center, a leading provider of non-surgical cosmetic treatments in Atlanta. Read more here.

 

• Alliance Clinical Network (ACN), a Dallas, TX-based comprehensive clinical site platform, has been acquired by PE firm Amulet Capital Partners. ACN currently owns and operates six clinical research sites. Read more here.

 

• Allied OMS, a Southlake, TX-based oral and maxillofacial surgery managed service organization (MSO), has acquired Elevation Implant Services and Integrative Oral & Facial Surgery (IOFS), two maxillofacial surgery practices based in McLean, VA. Read more here. 

 

• Avrobio [NASDAQ:AVRO], a Cambridge, MA-based clinical-stage gene therapy company, has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for the treatment of cystinosis, to Novartis [NYSE:NVS], a Swiss pharmaceutical business, for USD $87.5M in cash. Read more here.

 

• Cosmos Health, Inc [NASDAQ:COSM], a Chicago, IL-based distributor of pharmaceuticals, branded generics, OTC medications and medical devices, has executed a binding Letter of Intent (LOI) to acquire all of the outstanding shares of Docpharm GmbH, a Germany-based pharmaceutical distributor. Read more here.

 

• Florence Labs, a New York-based healthtech that provides solutions related to clinical capacity, has acquired Zipnosis, a Minneapolis, MN-based telehealth services provider. Read more here.

 

• Inspired Healthcare Capital (IHC), a Scottsdale, AZ-based private real estate investment fund, has acquired Terova Senior Living, a Mequon, WI-based 101-unit senior living community from Marquee Capital. Read more here.

 

• Ironwood Pharmaceuticals [NASDAQ:IRWD], a Massachusetts-based biopharmaceutical company, announced a deal to acquire VectivBio Holding AG [Nasdaq: VECT], a Basel, Switzerland-based clinical-stage biopharmaceutical company, for USD $17 per share in an all-cash transaction with an estimated aggregate consideration of approximately USD $1BN, net of VectivBio cash and debt. Read more here.

 

• Medisolv, a Columbia, MD-based leader in healthcare quality data measurement and reporting solutions, has secured an investment from BVP Forge to accelerate its growth. Read more here.

 

• Medtronic [NYSE:MDT], a Minneapolis, MN-based healthcare technology company, has agreed to acquire EOFlow [KOSDAQ:294090], a South Korean insulin pump maker, for KRW 971bn (USD $738M). As part of the transaction, Medtronic will acquire all outstanding EOFlow shares for KRW 30,000 per share, while new shares of EOFlow will be acquired at KRW 24,359 apiece. Read more here.

 

• Patheous Health, a private equity-backed provider of dysphagia healthcare, announced the acquisition of Apex, NC-based Carolina Speech Pathology, LLC, the largest U.S. provider of mobile fiberoptic endoscopic evaluation of swallow study services. Read more here.

 

• Pyxis Oncology [NASDAQ: PYXS], a Boston, MA-based immuno-oncology company, has agreed to acquire Apexigen [Nasdaq: APGN], a San Carlos, CA-based biopharmaceutical company, in an all-stock transaction at an enterprise value of USD $16M. The transaction includes an issuance of 4.4M Pyxis shares to Apexigen shareholders, with each Apexigen share exchanged for 0.1725 Pyxis shares at an implied value of USD $0.64 apiece. Following completion of the transaction, Apexigen shareholders will retain a 10% stake in the combined entity. Read more here.

 

• Theralink Technologies [OTC: THER], a Golden, CO-based precision medicine company, has signed a merger agreement with IMAC Holdings, Inc. [NASDAQ:BACK], a Brentwood, TN-based provider of medical care specializing in orthopedic treatments, which will result in Theralink surviving as a subsidiary of IMAC. Under the stock-for-stock reverse merger agreement, Theralink stakeholders are expected to own around 85% of the combined company. 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.