Insights

A Look at Recent Transactions Shaping the Future of Healthcare

This week's article provides a summary of recent healthcare M&A news for August 27, 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 - August 20, 2024.

• Arsenal Capital Partners, a private equity firm specializing in building market-leading, technology-rich healthcare and industrial growth companies, announced it has signed a definitive agreement to acquire Knowtion Health, a provider of revenue cycle insurance claim resolution services supported by AI-enabled technologies. Read more about the acquisition here.
• Audax Private Equity, a capital partner for middle market companies, announced an agreement to sell United Urology Group (UUG) to OneOncology, a national network of independent oncology practices. UUG offers a comprehensive range of urologic care and ancillary services, including uropathology, radiation therapy, and pharmacy across its footprint comprised of physician-owned practices and ambulatory surgery centers (ASCs). View the press release here.
• BeMe Health, a pioneering digital behavioral health startup focusing on teen mental health, announced the successful closure of additional capital — securing over $12M in funding to fuel growth prior to the planned upcoming Series A financing round and becoming Hesperia’s latest portfolio company. Learn more about the capital raise here.
• BioIVT, a global research partner and biospecimen solutions provider for drug and diagnostic development, has acquired ZenBio, a distinguished industry leader in advanced cell products and services. Click here to learn more about the acquisition here.
• Borealis Biosciences, a next-generation RNA medicines company, secured $150M in combined Series A financing from founding investor Versant Ventures and Novartis AG, as well as committed strategic research collaboration funding from Novartis. Read more about the financing here.
• Calibre Scientific announced the acquisition of Industrial Glassware, a U.S.-based manufacturer of laboratory consumables used in the chemical, environmental laboratory, and industrial end markets. Learn more about the acquisition here.
• Clarium, the healthcare technology company revolutionizing hospital supply chain operations, announced a $10.5M strategic financing round. The investment was led by General Catalyst, with backing from Kaiser Permanente Ventures, Texas Medical Center Venture Fund, Yale New Haven Health, and existing investors. Click here for more on the financing.
• Cloudbreak Health, a provider of video remote interpretation services for the healthcare industry, announced its acquisition of Voyce, a tech-enabled language services provider. Read more about the acquisition here.
• Forge Health, a leading outpatient mental health and substance use care provider, announced a strategic growth investment from MFO Ventures. Learn more about the investment here.
• Genedata AG, a provider of software solutions for biopharmaceutical R&D, has been acquired by Danaher Corporation (NYSE: DHR), a leading global life sciences and diagnostics innovator. View the announcement here.
• Human Longevity, a longevity-focused technology company, announced the completion of an oversubscribed $39.8M Series B round led by TVM Capital Healthcare with participation from new and existing investors, including Panacea Venture and Emerging Technology Partners. Read more about the financing here.
• Johnson & Johnson (NYSE: JNJ) announced that it has entered into a definitive agreement to acquire V-Wave, a privately-held company focused on developing innovative treatment options for patients with heart failure. Under the terms of the agreement, Johnson & Johnson will acquire V-Wave for an upfront payment of $600M, subject to customary adjustments, with the potential for additional regulatory and commercial milestone payments up to approximately $1.1B. Read more about the acquisition here.
• Malar Group, a diversified conglomerate with a robust presence in Telecommunications, IT, Entertainment, Software Applications and Testing, AI Technology, Surveillance, Healthcare, Pneumatics and Real Estate, announced the acquisition of Numera, a global provider of personal emergency response system (PERS) products, from Nice. Click here to learn more about the acquisition.
• Mindset Care, the platform designed to simplify the application process for Social Security Disability benefits for individuals with mental illnesses and their caregivers, announced a total of $13M in funding. The latest funding round was led by Science Inc., with additional funding from Wellington Management, Tubbs Ventures, Enable Ventures, XYZ, and LivEdge Capital. Read more about the funding here.
• NGM Biopharmaceuticals, a privately held biotechnology company focused on discovering and developing transformative therapeutics for patients, announced a $122M Series A financing led by TCG with participation from a select group of investors. Learn more about the financing here.
• Openwater, developer of a hospital-grade technology platform that integrates semiconductor physics, light, and sound to diagnose and treat diseases at the cellular level, announced it has secured $100M in total funding to advance its mission of making advanced medical care accessible worldwide. New and existing investors include Plum Alley Ventures, Khosla Ventures, BOLD Capital Partners, Esther Dyson, and Peter Gabriel, among others. Click here to read more.
• Paragonix Technologies, an organ transplant company, announced that it has entered into a definitive agreement to be acquired by Getinge. Getinge provides hospitals and life science institutions with products and solutions aiming to improve clinical results and optimize workflows. View the announcement here.
• Pathalys Pharma, a private biopharmaceutical company in the late stages of developing treatments for kidney disease, has successfully closed a $105M Series B financing round. The oversubscribed financing was led by TCGX and joined by other notable investors including, JP Morgan Life Sciences Private Capital, Samsara BioCapital, Marshall Wace, KB Investment, JPS Growth Investment Limited Partnership, and included support from Pathalys' founding investors, Catalys Pacific and DaVita Venture Group. Read more abou the financing here.
• Pharmazz, a biopharmaceutical company focused on developing and commercializing novel therapeutics to treat patients in critical care, announced that it has entered into an agreement with Sun Pharmaceutical Industries (NSE: SUNPHARMA). Pursuant to the agreement, Sun Pharma will make a strategic equity investment of $15M in two tranches, subject to certain conditions, to support the development of Pharmazz's lead compound, Sovateltide, through a pivotal Phase 3 trial in the U.S. to treat patients with acute cerebral ischemic stroke. Read the press release here.
• Photon Health, a New York City-based electronic prescription startup, raised $9M in funding. The round was co-led by Notation Capital and Flare Capital Partners with participation from Floating Point, GG1, Ritual, Headwater, Scrub Capital, Susa Ventures, BoxGroup, Long Journey, and Cendana, as well as angel investors. Click here for more on the funding.
• PreciseDx®, an innovator in oncology diagnostics leveraging Artificial Intelligence (AI) for new, morphology-driven disease analysis, announced that it has raised $20.7M in Series B funding, bringing its total funding to date to $31.5M. The round was led by Eventide Asset Management, which invests in biotech and life science healthcare companies seeking solutions for unmet clinical needs. View the announcement here.
• Quest Diagnostics (NYSE: DGX), a provider of diagnostic information services, announced a definitive agreement to acquire select assets of University Hospitals' outreach laboratory services business. Read more about the acquisition here.
• Rafael Holdings (NYSE: RFL), and Cyclo Therapeutics (NASDAQ: CYTH) announced that they have entered into a definitive merger agreement to combine the two companies to focus on the development of Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1. Learn more about the merger here.
• Retension Pharmaceuticals, a clinical-stage therapeutic development company focused on developing innovative treatments for hypertension and cardiovascular disease, announced the successful closing of its Series A $10.4M financing round to initiate a well-powered and controlled Phase 2 clinical study in patients with hypertension uncontrolled on two or more antihypertensives. Read more about the financing round here.
• Solace, a digital health platform that connects patients with expert healthcare advocates, announced that it has raised $14M in Series A funding. The round was led by Inspired Capital with participation from existing backers Craft Ventures and Torch Capital, as well as new investors. Click here to learn more.
• Stryker (NYSE: SYK), a global leader in medical technologies, announced a definitive agreement to acquire Vertos Medical, a privately held company providing a minimally invasive solution for treating chronic lower back pain caused by lumbar spinal stenosis. Read more about the acquisition here.
• Talus Bioscience, a drug discovery company founded by a team of scientific leaders in proteomics, biochemistry, and machine learning, announced $11.2M in new venture funding. The Seed+ round was led by Two Bear Capital, with participation from WRF Capital, NFX, YC Continuity Fund, Funders Club VC, and BoxOne Ventures. Read more about the funding here.
• Titan Pharmaceuticals (NASDAQ: TTNP), a development stage company previously focused on developing proprietary therapeutics utilizing ProNeura® long-term, continuous drug delivery technology, announced that it has entered into a Merger and Contribution and Share Exchange Agreement regarding a business combination with KE Sdn. Bhd, a distributor of human capital management solutions and consulting services. Read the announcement here.
• Trudell Medical Limited has reached an agreement to purchase the RDx business unit of Vyaire Medical. Trudell Medical International designs, develops, manufactures, and supplies branded and custom aerosol drug delivery devices and systems for pharmaceutical and healthcare industries to manage respiratory conditions. Learn more about the transaction here.
• U.S. Bank has acquired Salucro Healthcare Solutions, an Arizona-based company that provides healthcare financial technology, focused on patient payments and billing. Founded in 2004, Salucro is a provider of online billing and payments offerings for healthcare providers across the United States. Read more about the acquisition here.
• Vantedge Medical, a portfolio company of Aterian Investment Partners, has announced the acquisition of Hobson & Motzer, a manufacturer of precision medical devices for the global surgical stapler market. Click here to learn more about the acquisition.
• VION Biosciences, a life science platform company focused on specialty reagents in the life science research, diagnostic, and drug discovery space, announced the recent acquisition of Salt Lake City-based Echelon Biosciences, a trusted supplier of critical materials, notably lipid-based excipients, to its growing portfolio. View the press release here.
• XII Medical, a clinical-stage medical technology company developing innovative therapies for obstructive sleep apnea, announced the closing of a $45M Series B equity financing. The financing was led by Omega Funds, joined by new investor, Intuitive Ventures, and existing investors. Read more about the financing here.
• YA GROUP, an international professional services organization providing forensic consulting, engineering, risk mitigation, and related services, announced that it will receive a majority investment from THL Partners, a premier private equity firm investing in middle market growth companies. Learn more about the investment here.
• ZOLL, an Asahi Kasei company that manufactures medical devices and related software solutions, announced that it is the winning bidder in an auction to acquire Vyaire Medical’s ventilator business as part of Vyaire’s Chapter 11 bankruptcy proceedings. View the announcement 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.