MARKET ANALYSIS

Healthcare M&A Weekly 10.23.23

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for October 23, 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 - October 16, 2023.

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• Advanced Biologics (commercially known as Biologica Technologies), a Carlsbad, CA-based company developing innovative biologic solutions, has merged with MA-based Isto Biologics, a provider of regenerative and autologous therapies. Isto Biologics is a portfolio company of Thompson Street Capital Partners. Click here to read more about the merger.

 

• Aimfinity Investment Corp. I [NASDAQ: AIMAU], a Wilmington, DE-based special purpose acquisition company, and Docter Inc., a Taiwanese non-invasive blood glucose watch developer, have entered into a definitive merger agreement to become a publicly listed, combined company. Learn more about the merger here.

   

• Atlantic Street Capital has acquired Brown's Medical Imaging, an Omaha, NE-headquartered medical imaging solutions company. Brown's Medical Imaging provides equipment, service, maintenance, services and support to hospitals, physician practices and ambulatory service centers across the Midwest. The target will be combined with Prestige Medical Imaging, which was acquired by Atlantic Street Capital in 2021. Read more about the acquisition here.

 

• Computer Programs and Systems [NASDAQ:CPSI], a large healthcare information technology company, has acquired Viewgol, a Frisco, TX-based provider of ambulatory revenue cycle management analytics and complementary outsourcing services. Click here for more on the acquisition.

 

• DermCare Management, a Hollywood, FL-based dermatology practice management company, has acquired Albemarle Dermatology, in Charlottesville, VA; Posh Plastic Surgery in Jacksonville, FL and First OC Dermatology Research, in California. View the press release here.

 

• Eli Lilly and Company [NYSE:LLY], an Indianapolis, IN-based pharmaceutical company, has reached an agreement to acquire Mablink Bioscience, a French biotechnology company. Read more about the acquisition here.

 

• GordonMD Global Investments has jointly invested in a private placement financing for Radionetics Oncology, a San Diego, California-based clinical stage pharmaceutical company spun out of Crinetics [NASDAQ:CRNX] in 2021. Click here to view the announcement.

 

• Hallmark Health Care Solutions, a healthcare technology company specializing in workforce management solutions, announced a significant investment led by global growth equity investor Summit Partners, with participation from existing investor Enhanced Healthcare Partners and Hallmark management. TripleTree served as exclusive financial advisor to Hallmark for this transaction. Read more about the investment here.

 

• Havencrest Capital Management announced the acquisition of Well Care Home Care, the home care division of North Carolina-based Well Care Health, the second deal under the private equity firm's Avid Health at Home platform. Learn more about the acquisition here.

 

• Hightop Health, an Atlanta, GA-based mental health platform, has launched after an investment from JLL Partners and SV Health Investors. Click here to learn more.

 

• Home Care Delivered, a Glen Allen, VA-based provider of reimbursable medical supplies, backed by BPOC, announced the acquisition of Illinois-based Medline Industries, LP's Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) business unit. Read more about the acquisition here.

 

• InfoBionic, a Waltham, MA-based cardiac monitoring device company, announced the initial closing of its Series D financing round to support continued domestic growth and international expansion of its newly FDA approved MoMe® ARC system for virtual telemetry and remote wireless monitoring and detection of cardiac arrhythmias. Security International Investments (SII), Mayo Clinic and Excel Venture Management participated in the round, with existing investors like Blue Cross Blue Shield of MA (Zaffre Investments), Blue Cross Blue Shield of Kansas and Safeguard Scientifics also participating. Learn more about the financing here. 

 

• Nucleus RadioPharma, a Rochester, MN-based contract development and manufacturing organization in the radiopharmaceutical industry, announced that it has raised $56M in a Series A round. View the announcement here.

 

• Petfolk, a Charlotte, NC-based network of veterinary care clinics, has raised $40M in a Series B round led by Movendo Capital. Existing investors including White Star Capital, Idea Farm Ventures, and others, also participated in the round. Read more about the financing here.

 

• Procerus Skin Care, an Ann Arbor, MI-based medical spa, has been acquired by Cosmetic Skin & Laser Center, a Petoskey, MI-based provider of aesthetic and regenerative services, backed by private equity firm Incline Equity Partners. Click here for more on the acquisition.

 

• Reed Orthodontics, Naples, FL-based provider of orthodontic services has been acquired by a Tennessee-based peer, Southern Orthodontic Partners. Read more about the acquisition here.

 

• Reimagine Care, a Nashville, TN-based provider of technology-enabled services to support community-based oncology care settings, has secured an investment from Memorial Hermann Health System, a non-profit, community-focused, award-winning health system committed to creating healthier Greater Houston communities. Click here for more on the investment.

 

• SilverAssist, a New York-based provider of senior care resources, announced the acquisition of Oasis Senior Advisors, a Bonita Springs, FL-based provider of free, personalized help to seniors and their families. View the press release here.

 

• SportsMed Physical Therapy, a Glen Rock, NJ-based provider of physical therapy, chiropractic, acupuncture and occupational therapy services, backed by Hildred Capital Management, has acquired two clinics comprising Mountainside Wellness, another provider of physical therapy and chiropractic services in the central New Jersey area. Read more about the acquisitions here.

 

• Thermo Fisher Scientific [NYSE:TMO], a Waltham, MA-based manufacturer of analytical instruments, and Olink Holding AB (publ) [NASDAQ:OLK)], a Sweden-based company that develops bioscience solutions, announced that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink for $26 per common share in cash. The transaction values Olink at approximately $3.1B which includes net cash of approximately $143M. Learn more here.

 

• TriasMD, a Newport, CA-based musculoskeletal management company, has acquired Walnut Creek, CA-based Pinnacle Surgery Center. This move expands DISC's proven data/evidence-driven ambulatory surgery center model into Northern California and marks the second such acquisition in the last six months. Read more about the acquisition here.

 

• The Waldorf Center for Plastic Surgery and The Spa at the Waldorf Center have been acquired by Forefront Dermatology, a Manitowoc, WI-based dermatology practice platform backed by Partners Group, a global private markets firm. Click here to learn more about the acquisitions.

 

• Waymark, a San Francisco, CA-based public benefit company, has raised $42M in a new financing. The investment consists of an equity capital of $22M and a $20M line of credit. Existing investor Lux Capital led the oversubscribed round, and CVS Health Ventures, the venture capital arm of CVS Health, joins the company as a new investor. Existing investors Andreessen Horowitz and New Enterprise Associates (NEA) also participated in the round. The total raised by the company now reaches $87M. Learn more about the financing here.

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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.