MARKET ANALYSIS

Healthcare M&A Weekly 9.5.23

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 activity and highlights the industry transactions shaping the future of healthcare.
 

• Beta Bionics, a Massachusetts-based developer of a portable artificial pancreas for diabetes patients, has raised $100M in Series D funding in a round co-lead by new investors Sands Capital and Omega Funds. Read more here.

 

• Bethesda Rehab & Senior Care, a skilled nursing facility, has been sold to an undisclosed buyer. Read more here.

 

• Elevate ENT Partners, a Florida-based ENT group backed by Audax Private Equity, has acquired San Antonio Head & Neck Surgical Associates. Read more here.

 

• Harvest Integrated Research Organization, a globally oriented clinical research organization, announced the acquisition of Courante Oncology, a US-based full-service clinical research provider specializing in oncology product development. Read more here.

 

• Johnson County Clin-Trials, a Kansas-based clinical research site platform, has received an investment from FFL Partners, a private equity firm focused on healthcare and tech-enabled services businesses. Read more here.

 

• Lexeo Therapeutics, a clinical-stage gene therapy company, has secured a strategic investment from Sarepta Therapeutics, a medical research and drug development company. Read more here.

 

• Otto (formerly TeleVet), the leading customer engagement platform for veterinary clinics, has raised $43M in a Series B round of equity financing. Existing investors Mercury Fund and Boehringer Ingelheim were joined by new investor Hill's Pet Nutrition in the round. Read more here.

 

• Serina Therapeutics, Inc., a clinical-stage biotechnology company developing a pipeline of therapies for the treatment of Parkinson's Disease and other neurological diseases, entered into a merger agreement with AgeX Therapeutics, Inc., under which Serina will merge with a wholly-owned subsidiary of AgeX in an all-stock transaction. Read more here.

 

• Throne HealthTech, a South Carolina-based developer of supplements, has entered into a definitive agreement under which L Catterton will commence a tender offer to acquire all outstanding shares of common stock for $10.20 per share in a deal valued at $680M. Read more here.

 

• TPG, a global alternative asset management firm, and Crowe LLP, a public accounting, consulting, and technology firm, have signed an agreement for TPG to acquire a majority stake in Crowe Healthcare Consulting. TripleTree served as exclusive financial advisor to TPG for this transaction. Read more here.

 

• Zebra Therapeutics, Inc., a FL-based rare disease company, announced that it has agreed to acquire Acer Therapeutics Inc., a Massachusetts-based pharmaceutical company, for up to $91M. 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.