MARKET ANALYSIS

Healthcare M&A Weekly 4.8.24

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 8, 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 - April 1, 2024.

---

• Acorda Therapeutics, a developer of therapies for neurological disorders, entered a restructuring agreement in which substantially all of its assets will be sold to Merz Therapeutics, a researcher of neurotoxins, for $185M. Click here to learn more.

 

• Alterome Therapeutics, a biopharmaceutical company developing small molecule therapies for cancer, announced the closing of $132M Series B financing led by Goldman Sachs Alternatives to support its drug pipeline. Read more about the financing here.

 

• ArtiQ, an artificial intelligence (AI) developer for respiratory disease diagnostics and treatment, was acquired by Clario, a healthcare research and technology company, for an undisclosed amount. Learn more about the acquisition here.

 

• Ascend Clinical, a clinical laboratory focused on kidney disease, was acquired by Eurofins, a pharmaceutical and consumer products testing and research firm. View the press release here.

 

• Binx Health, a diagnostics provider, raised $65M in Series F funding led by Hildred Capital Partners and EQT Life Sciences. Read more about the funding here.

 

• Biolinq, a medical device company creating biosensors for Type 2 diabetes treatment, announced it raised $58M in financing led by Alpha Wave Ventures to fund its clinical trials. Click here for more on the financing.

 

• Contract Pharmaceuticals Limited Canada, a pharmaceutical contract development and manufacturing organization, entered into a recapitalization agreement with Aterian Investment Partners. Read more about the recapitalization here.

 

• Cirrus Bio, a medical diagnostics developer, was acquired by Maverix Medical, a dedicated lung cancer platform established by Ajax Health, KKR, and Hologic, Inc. As part of the acquisition, Maverix also announced the formation of a dedicated diagnostic division called Maverix Dx that will develop, invest in, acquire, and bring to market a suite of diagnostic tools for lung cancer. Read more about the acquisition here.

 

• Diagonal Therapeutics, a biotechnology company developing agonist antibodies to treat debilitating diseases, announced it raised $128M Series A financing co-led by BVF Partners and Atlas Venture to invest in its drug pipeline. View the announcement here.

 

• EarliTec, a medical device company making early identification and treatment products for autism, announced the closing of $21.5M Series B financing led by Nexus NeuroTouch Ventures and Venture Investors Health Fund to advance its R&D efforts. Click here to read more.

 

• Hume AI, a startup building an emotionally intelligent AI voice for applications across health and wellness, announced it raised a $50M Series B led by EQT Ventures to support the continued development and debut of its flagship AI product. Read the press release here.

 

• Obsidian Therapeutics, a biotechnology company engineering cell and gene therapies, announced it raised $160.5M Series C financing led by Wellington Management to continue research on both skin and lung cancer therapies. Learn more about the financing here.

 

• Oruka Therapeutics, a developer of biologics used to treat chronic skin diseases, is merging with ARCA Biopharma supported by a $275M private investment that will be used to fund further research into chronic skin conditions. View the announcement here.

 

• Rawlings, a provider of medical claims recovery services, announced an investment from New Mountain Capital to continue product development and market expansion. Click here to learn more.

 

• Rhythm Pharmaceuticals, a biopharmaceutical company focused on rare neuroendocrine diseases, announced it has entered into a securities agreement led by Perceptive Advisors LLC for the sale of its Series A convertible preferred stock that would provide $150M in gross proceeds to fund its clinical development programs and commercialization activities. Read the press release here.

 

• Risant Health has announced the completion of its acquisition of Geisinger as its first health system dedicated to increasing access to value-based care and coverage. Click here to learn more about the acquisition.

 

• Shockwave Medical, a cardiovascular medical device company, will be acquired by Johnson & Johnson (J&J) for $335 per share, valuing the deal at $13.1B. J&J said the addition will expand its medical device portfolio, and follows in the wake of J&J's $16.6B acquisition of heart-device maker Abiomed in 2022. Learn more about the acquisition here.

 

• SunFireMatrix, a SaaS technology company providing IT solutions and services in the Medicare market, was acquired by KKR from Stone Point Capital to help grow its scale. Read more about the acquisition here.

 

• Surrozen, a company engineering therapeutics that activate neural pathways for tissue repair and regeneration, announced it has entered into securities purchase agreement that would provide up to $193M in gross proceeds which will be used to expand its clinical trial for the treatment of hepatitis. Click here to learn more.

 

• ViaLase, a clinical-stage medical technology company building laser technology to treat glaucoma, announced it has closed a $40M Series C financing with participation from Venture Investors Health Fund, Arboretum Ventures and Falcon Vision, a platform supported by KKR, to advance its clinical and regulatory work. Read more about the financing here.

 

• Xtremity, a thermoformable prosthetic socket manufacturer, announced it was acquired by WillowWood, a manufacturer of prosthetic products, to add to its custom prosthetic offerings. Learn more about the acquisition here.

---

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.