MARKET ANALYSIS

Healthcare M&A Weekly 4.1.24

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for April 1, 2024. 

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 - March 25, 2024.

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• Axcel Learning, backed by Alpine Investors, acquired KMK Optometry, an Omaha, NE-based provider of optometry board exam test preparation and coaching services. Read more about the acquisition here.

 

• Blackstone (NYSE:BX) announced a new collaboration with Moderna, Inc. (NASDAQ: MRNA) through a development and commercialization funding agreement where funds managed by Blackstone Life Sciences will provide up to $750M to fund Moderna’s influenza program. Learn more about the collaboration here.

 

• Brightside Health, a telemental health company, announced a strategic Series C raise led by S32, as well as the appointment of Trip Hofer to the Board of Directors to advise on go-to-market strategy and execution. Click here to view the announcement.

 

• Emerald Bay Risk Solutions, a collaborative underwriting carrier, announced its formal launch with a significant strategic investment from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. Read more about the investment here.

 

• Float, an on-demand platform for infusion nurses in patients' homes, today announced $10 million in Series A funding led by Canvas Ventures, with participation from Wave Capital, Y Combinator, Burst Capital, and Also Capital. Learn more about the funding here.

 

• H.I.G. Capital, a global alternative investment firm, announced that one of its affiliates has signed a definitive agreement to acquire the Payroll and Professional Services Business of Alight, Inc. (NYSE: ALIT) for up to $1.2B. View the press release here.

 

• Ingersoll Rand, a US-based provider of flow control and compression equipment and associated aftermarket parts, consumables and services, is to acquire ILC Dover (ILC) from New Mountain Capital. ILC is a world-leader in the design and production of highly innovative solutions for biopharmaceutical, pharmaceutical, and medical device markets, including powder and liquid single-use solutions and niche solutions for the design and production of silicone, thermoplastic, and specialty rubber components. Read more about the acquisition here.

 

• InStride Health, an outpatient provider of specialty pediatric anxiety and OCD treatment, announced the closing of an oversubscribed $30M Series B funding round, led by General Catalyst. Click here for more on the funding.

 

• Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, and OPKO Health, Inc. (NASDAQ: OPK), a multinational biopharmaceutical and diagnostics company, announced that they have entered into an agreement for Labcorp to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO Health. Read more about the acquisition here.

 

• Pelago, a digital clinic partner to U.S. businesses and health plans for substance use management, announced $58M in new funding, led by Atomico, with additional participation from Kinnevik AB, Octopus Ventures, Y Combinator, Eight Roads, and GreyMatter Capital. Click here for more on the funding.

 

• Sagility, a technology-enabled service provider in the healthcare services space, announced its acquisition of Seattle-based BirchAI, a healthcare technology company that enables clients to reduce operational costs by providing various AI-powered real-time customer support solutions to manage complex healthcare transactions. Read more about the acquisition here.

 

• Tennr, a NYC-based startup that automates manual work for healthcare organizations, raised $18M in Series A funding, led by A16z, with participation from Foundation Capital and The New Normal Fund. Click here to learn more.

 

• UCI Health, the clinical enterprise of the University of California, completed its $975M acquisition of four hospitals and two ambulatory surgery centers in Southern California from Tenet Healthcare. Read more about the acquisitions 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.