MARKET ANALYSIS

Healthcare M&A Weekly 10.30.23

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 30, 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 23, 2023.

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• AMN Healthcare Services [NYSE:AMN], a Dallas, TX-based provider of staffing services to healthcare organizations, has agreed to acquire peer MSDR for $300M. Read more about the acquisition here.

   

• Blue Cross and Blue Shield of North Carolina has agreed to acquire all North Carolina-based locations of FastMed, an urgent care provider. Learn more about the acquisitions here.

 

• Carlin Consumer Health, a New York City-based preeminent consumer health business that specializes in acquiring over the counter brands, has acquired Infirst USA Holdings, the Westport, CT-based parent company of Infirst Healthcare. Click here to read the announcement.

 

• Clinisupplies, a manufacturer and supplier of continence care consumables, announced the acquisition of the Aquaflush transanal irrigation (“TAI”) business from Renew Medical and Renew Medical UK Limited, a US and UK manufacturer of continence products. Clinisupplies is backed by KKR's [NYSE:KKR] KKR Health Care Strategic Growth Fund II. Learn about the acquisition here.

 

• Greater Good Health, an El Segundo, CA-based primary care provider for the elderly, has raised $20M in a Series A round led by Flare Capital Partners and designed to support buildout of its first three clinics. Read more about the capital raise here.

 

• iCAD [NASDAQ:ICAD], the Nashua, NH-based diagnostics business, announced that it has sold Xoft, its brachytherapy business line to Elekta [Stockholm: EKTA], a Swedish brachytherapy solutions provider, for $5.5M and assumed liabilities. Read the press release here.

 

• INVO Bioscience [NASDAQ:INVO], a Sarasota, FL-based healthcare services company, announced that it has agreed to merge with NAYA Biosciences, an acquisition & development company. As per the agreement, existing shareholders in NAYA Biosciences will receive 7.3333 shares of INVO for each share. NAYA shareholders will own an 88% stake in the combined company. Click here for more on the merger.

 

• Kingsway Financial Services [NYSE: KFS], a Canadian holding company, acquired Digital Diagnostics Imaging, a Wall Township, NJ-based provider of fully managed outsourced cardiac monitoring telemetry services for $11M in an all-cash transaction. Read the announcement here. Additionally, Kingsway Financial Services announced an agreement to purchase 95% of the shares of National Institute of Clinical Research, a Pasadena, CA-based provider of clinical trial site management and recruitment services for nephrology, cardiometabolic, infectious diseases and gastroenterology. Under the terms of the definitive purchase agreement, Kingsway will acquire 95% of the shares of NICR for $7.9M. Read the announcement here.

 

• Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, announced that it has completed the acquisition of Urotronic, a private medical device company that developed Optilume® drug-coated balloon technology used in interventional urology to treat urethral strictures and benign prostatic hyperplasia (BPH) or enlarged prostate conditions. Learn more about the acquisition.

 

• Mitro Biotech, a China-based molecular imaging contract research organization (MI-CRO) company, has merged with US' XingImaging. Read more about the merger here.

 

• Pearl Street Dental, based in Dallas, TX and backed by SkyKnight Capital, has acquired two Texas-based dental practices. Click here for more on the investment.

 

• PicnicHealth has acquired fellow San Francisco, CA-based healthcare technology company AllStripes. Read more about the acquisition here.

 

• Rampart Bioscience, a Monrovia, CA-based biotechnology company developing next-generation biologics, announced an $85M Series A financing to create medicines that aim to unburden patients from disease and their treatments. Learn more about the financing here.

 

• Roche (SIX: RO, ROG; OTCQX: RHHBY), a Switzerland-based bio-technology company, announced a definitive agreement to acquire Telavant Holdings from US-based Roivant Sciences and Pfizer [NYSE:PFE] for $7.1B. Read the press release here.

 

• Sheridan Capital Partners has formed Ascend Plastic Surgery Partners, an Atlanta, GA-based plastic surgery physician practice management company, through the combination of five plastic surgery practices and two standalone MedSpas. Sheridan invested alongside Ascend’s surgeons and management, who have retained a meaningful ownership stake in the business. Click here to learn more.

 

• SurgNet Health Partners, a Nashville, TN-based Ambulatory Surgery Center (ASC) development and management company, announced the acquisitions of Dearborn, MI-based Executive Ambulatory Surgery Center and a Warren, OH-based Lippy Surgery Center. Read more about the acquisitions here.

 

• TT Capital Partners announced a majority investment in Cantata Health Solutions, a provider of healthcare technology solutions for providers of behavioral health, human services, acute care, and post-acute care. Learn more about the investment here.

 

• United Dental Corporation (UDC), a Miami, FL-based dental service organization, backed by Doshi Capital Partners, has acquired Atlanta, GA-based Dr. Hal N. Arnold DMD Esthetic & Implant Dentistry. Click here to learn more about the acquisition.

 

• Velocity Clinical Research, a multi-specialty clinical sites business backed by GHO Capital Partners, has acquired Waco, TX-based Impact Research Institute and the clinical trials unit of Seattle-based Liver Institute Northwest, expanding its capabilities in liver disease research. Read the press release 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.