MARKET ANALYSIS

Healthcare M&A Weekly 2.5.24

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for February 5, 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 - January 29, 2024.

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• Accompany Health, a Bethesda, MD-based medical and social care provider for low-income patients, has secured $56M in Series A funding from Venrock, ARCH Venture Partners, IVP, Granite Capital Management, and Evidenced. Click here to learn more.

 

• Arlington Capital Partners announced a majority investment in Afton Scientific, a contract, development and manufacturing organization dedicated to sterile manufacturing of injectable pharmaceuticals. Read more about the investment here.

 

• AVROBIO, Inc. (NASDAQ: AVRO) and Tectonic Therapeutic, Inc., announced that the companies have entered into a definitive merger agreement to combine in an all-stock transaction. Under the terms of the agreement, AVROBIO will acquire 100% of the outstanding equity interests of Tectonic. Upon completion of the merger, the combined company is expected to operate under the name Tectonic Therapeutic, Inc. and trade on Nasdaq under the ticker symbol “TECX.” Learn more about the merger here.

 

• Basking Biosciences, a clinical-stage biopharmaceutical company developing a novel acute thrombolytic therapy to treat stroke, announced the close of a $55M financing. New investor ARCH Venture Partners led the round, with participation from additional new investors Insight Partners, Platanus, Solas BioVentures and RTW Investments, as well as existing investors Longview Ventures, Rev1 Ventures and The Ohio State University. Read more about the financing here.

 

• BlackRock Impact Opportunities Fund has made an investment in Lone Peak Dental Group, a pediatric dental support organization (DSO). Click here for more on the investment.

 

• Cardinal Health (NYSE: CAH) announced that it has entered into a definitive agreement to acquire Specialty Networks, a technology-enabled multi-specialty group purchasing and practice enhancement organization for $1.2B in cash. Read the announcement here.

 

• The Cigna Group (NYSE: CI) announced that it has entered into a definitive agreement whereby Health Care Service Corporation (HCSC) will acquire The Cigna Group's Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D and CareAllies businesses, for a total transaction value of approximately $3.7B. Learn more about the acquisition.

 

• Cognito Therapeutics, the Cambridge, MA-based biotech developing treatments for Alzheimer's Disease, has raised $35M in an extension of its Series B round, taking to the total raised to $108M. Click here to learn more.

 

• Cohere Health, a Boston, MA-based healthcare technology company, announced that it has closed $50M in additional equity funding led by Deerfield Management. Read more about the funding here.

 

• COUR Pharmaceuticals, a Skokie, IL-based clinical-stage biotech firm focused on developing therapies for immune-mediated diseases, has raised $105m in a Series A funding round. Click here to learn more.

 

• Eye Health America, an integrated eyecare platform in the Southeastern United States, has acquired Loris Eye Associates, a medical optometric and optical services provider in Loris, SC. Read more about the acquisition here.

 

• Greenphire, a developer of software solutions for streamlining clinical trials, has acquired Philadelphia, PA-based Clincierge, a provider of concierge travel and logistics support for patients participating in clinical trials. Learn more about the acquisition.

 

• Halia Therapeutics, a clinical-stage biopharmaceutical company announced the completion of a $30M Series C financing. The financing was led by Todd Pedersen, with continued participation from existing investors. Click here for more on the financing.

 

• Medical Mutual, an Ohio-based health insurance provider, intends to acquire Paramount Health Care, a Northwest Ohio-based health insurance company owned by ProMedica, primarily operating in Ohio and Michigan. View the press release.

 

• MedSpa Partners, backed by Persistence Capital Partners, has acquired Springhouse Dermatology & Aesthetics, a Montgomery County, PA-based medical aesthetics clinic. Read more about the acquisition here.

 

• Science 37 [NASDAQ: SNCE], a Los Angeles, CA-based clinical research company, has been acquired by eMed, a Miami, FL-based provider of on-demand virtual care and treatment for consumers. Click here to view the announcement.

 

• Spark Health Inc, a New York City-based Medicare brokerage, has raised $25M in a Series B round led by Viewpoint. Learn more here.

 

• SPR Therapeutics, a private medical device company focused on treating pain and improving the quality of life for patients managing acute or chronic pain, has secured $85M in financing including $25M in Series D-1 insider equity and a $60M debt facility. Read more about the financing here.

 

• The University of California, Irvine has agreed to acquire four Southern California Hospitals from Tenet Healthcare [NYSE:THC], a Dallas, TX-based healthcare company. View the announcement 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.