MARKET ANALYSIS

Healthcare M&A Weekly 9.25.23

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for September 25, 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 - September 18, 2023.

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• Abpro Corporation, a Woburn, MA-based biotech company developing next-generation antibody therapies, and special purpose acquisition company Atlantic Coastal Acquisition Corp. II [NASDAQ:ACAB], have definitively agreed to a combination valuing Abpro at $725M. Read more about the merger here.

 

• Avel eCare, the Aquiline Capital Partners-backed provider of clinician-to-clinician telemedicine services, announced the acquisition of Fident Health, a Texas-based hospitalist provider dedicated to delivering telemedicine care to rural and suburban communities. Learn more about the acquisition here.

 

• bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW), a biotechnology company, announced the acquisition of the laboratory assets of Village Oaks Pathology Services, P.A., d/b/a Precision Pathology Services. Click here to view the press release.

 

• Boston Scientific Corporation (NYSE: BSX) announced it has entered into a definitive agreement to acquire Relievant Medsystems, Inc., a privately held medical technology company. Read more about the acquisition here.

 

• Briya, a healthcare data exchange platform, closed a $11.5M Series A round, which brings its total raise to $17M. The round was led by Team8, with participation from existing investors Amiti Ventures and Insight Partners. George Kaiser Family Foundation also joined the round. Read more here.

 

• Corsair Pharma, Inc., a private biopharmaceutical company developing a transdermal treprostinil prodrug, announced the closing of its $23M Series B financing led by New Rhein Healthcare Investors. Junson Capital, Primavera Capital, Plaisance Capital and Midas Capital joined New Rhein as co-investors in this financing. Learn more about the financing here.

 

• Cyclo Therapeutics, Inc. [NASDAQ: CYTH], a clinical-stage biotechnology company based in Gainesville, FL, announced that it has agreed to merge with Applied Molecular Transport Inc. [NASDAQ: AMTI], a biopharmaceutical company based in Menlo Park, CA, in an all-stock deal. Read more about the merger here.

 

• Day Zero Diagnostics Inc., an infectious disease diagnostics company, announced the recent completion of a $16M round of financing. This latest financing brings the total raised by Day Zero Diagnostics to $49M in venture capital funding and over $18M in non-dilutive funding. Click here to view the announcement.

 

• Diligent Robotics, a developer of robotic automation for healthcare, announced $25M in new financing led by Canaan, with True Ventures, DNX Ventures, Next Coast Ventures among the return investors and Northwestern Medicine Innovation joining as a new strategic investor. Learn more about the financing here.

 

• Elutia Inc. (NASDAQ: ELUT) , a developer of drug-eluting biomatrix products, announced the divestiture of the company’s Orthobiologics business unit to Berkeley Biologics LLC, a wholly owned subsidiary of GNI Group Ltd. Elutia will receive cash proceeds of up to $35M. View the announcement here.

 

• Enzolytics, Inc. announced that it has executed the binding business combination agreement for the sale of Biogenysis, Inc. and Virogentics Inc., the operating subsidiaries of Enzolytics Inc., to Sagaliam Acquisition Corp (NASDAQ: SAGA) in a transaction valued at $450M. Click here to read the press release.

 

• InformedDNA, a St Petersburg, FL-based genomic insights application company, has acquired gWell Health, a digital health, genomics, and wellness company. Read more about the acquisition here.

 

• Insight Vision Group, a leading comprehensive eyecare platform across California, has been acquired by Unifye Vision Partners (UVP), a portfolio company of Waud Capital. The acquisition further establishes UVP’s West Coast footprint. Learn more about the acquisition here.

 

• Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has entered into a merger agreement, pursuant to which its subsidiary, Pelican Technology Holdings, Inc., has become a wholly owned subsidiary of Primrose Bio. As part of the transaction, Ligand will now own 49.9% of Primrose Bio. Read more about the merger here.

 

• Magnet Biomedicine, a Boston, MA-based biotechnology, announced a $50M Series A financing co-led by Newpath Partners and ARCH Venture Partners. Click here to learn more about the financing.

 

• Osteal Therapeutics, a Dallas, TX-based clinical-stage biopharmaceutical company, has raised $23M in a Series C funding round led by Asteroid Partners. New investor Gideon Strategic Partners participated in the round, alongside returning investors Johnson and Johnson Development Corporation (JJDC), HM Capital, Prism Ventures and Medvest Capital. View the announcement here.

 

• Perspecta, a leading provider of physician directories and provider data management solutions in workers’ compensation, government, and commercial healthcare, announced it has merged with TalisPoint, a San Francisco, CA-based provider of workers' compensation directory and data management solutions as well as other workers' compensation and property & casualty insurance and medical data validation services. Read more about the merger here.

 

• SENTA announced that Advanced ENT & Allergy is joining the physician-led, patient-focused alliance. With the addition of Advanced ENT & Allergy, SENTA welcomes a partner in the Southern US and expands its footprint into two new states. View the announcement here.

 

• SK pharmteco acquired a controlling interest in Philadelphia-based cell and gene therapy firm CDMO Center for Breakthrough Medicines, a move that will expand SK pharmteco’s technical expertise, production capacity, and geographic reach. Click here to view the press release.

   

• Vālenz Health announced it has acquired KISx Card, LLC, a provider of self-funded plans with simplified member access to high-quality, direct-provider “non-network” solutions and care navigation for many high-spend surgical and imaging encounters. Learn more about the acquisition here.

 

• Varsity Healthcare Partners announced the formation of a new investment platform, United Aesthetics Alliance, a holding company of cosmetic surgery practices and affiliated medical spa service providers. The Company had completed its initial platform investment, a recapitalization and growth capital partnership with Edina Plastic Surgery, an Edina, MN-based provider of cosmetic surgery and medical spa services. Read the announcement here.

 

• Vivante Health, a digital digestive health company, announced the closing of $31M in Series B funding led by new investor Mercato Partners. The round also includes new capital from Health Catalyst Capital as well as returning investors 7wireVentures, Intermountain Ventures, Distributed Ventures, Human Capital, and SemperVirens. Click here to view the press release.  

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Trends shaping the future of healthcare

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.