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 January 15, 2025. 

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 7, 2025.

• A2 Biotherapeutics, a clinical-stage cell therapy company developing first-in-class logic-gated cell therapies to selectively target tumor cells and protect normal cells, closed its $80 million Series C financing round, supported by a syndicate of investors that includes The Column Group and Samsara BioCapital. Read more about the financing round here.
• Anatomage, a leader in medical education technology, acquired BioDigital, a cloud-based software company in biomedical visualization. Learn more about the acquisition here.
• Ascend Capital Partners, a healthcare focused private equity firm dedicated to improving the access, affordability and quality of healthcare for vulnerable and underserved populations, acquired a majority stake in Unison Therapy Services, one of the largest outsourced therapy providers for Pre-K – 12 students in school- and community-based settings. Click here to view the announcement.
• Aspect Biosystems, a biotechnology company pioneering the development of bioprinted tissue therapeutics as a new category in regenerative medicine, closed a $115M Series B financing round. The financing was led by Dimension, a multistage investment firm dedicated to the interface of technology and the life sciences, with participation from existing and new investors including Novo Nordisk, Radical Ventures, an undisclosed leading global investment firm, InBC, Pallasite Ventures, Pangaea Ventures, Rhino Ventures, and T1D Fund: A Breakthrough T1D Venture. Read more about the financing round. 
• Aviceda Therapeutics, a private, clinical-stage biotech company focused on developing next-generation immunomodulators with a proprietary High Affinity Ligands of Siglecs (HALOS™) nanotechnology platform to alleviate chronic, non-resolving inflammation, closed a $207.5M Series C financing. Learn more about the financing round here.
• Bluesight, a provider of inventory management, procurement, and compliance solutions for health systems and hospital pharmacies, acquired Protenus, provider of the leading healthcare compliance analytics platform. Read more about the acquisition here.
• Boston Scientific entered into a definitive agreement to acquire Bolt Medical, the developer of an intravascular lithotripsy (IVL) advanced laser-based platform for the treatment of coronary and peripheral artery disease. View the announcement here.
• Branford Castle Partners, a North American-focused private equity firm, acquired Eastern Dental Management, a dental services organization, from an affiliate managed by Staple Street Capital. Read more about the acquisition here.
• Canyon Labs, a global leader in analytical & packaging lab testing and consulting for medical devices and pharmaceuticals, and iuvo BioScience, a full service provider of ophthalmic medical device and pharmaceutical clinical research services, announced a strategic acquisition that strengthens both organizations' market positions. Learn more about the acquisition here.
• Deciphex, a leader in AI-powered digital pathology, closed its Series C financing, raising $32.3M to address the acute global pathology crisis. Led by Molten Ventures with significant participation from ACT Venture Capital, Seroba, Charles River Laboratories (NYSE: CRL), IRRUS Investments, HBAN Medtech Syndicate and Nextsteps Capital, the funding will advance Deciphex's mission to democratize access to high-quality pathology through a technology-enabled global network of pathologists. Click here for more on the financing. 
• Empower Community Care, a behavioral health organization responsible for distributing evidence-based programs and technologies, acquired Brief Strategic Family Therapy® (BSFT®) Institute from the University of Miami. Read more about the acquisition here.
• Evergreen Nephrology, a leader in value-based kidney care, raised $130M in capital to expand its care model to more patients living with kidney disease. Funding was led by Rubicon Founders, Oak HC/FT and a group of existing investors, with the addition of K2 HealthVentures. View the announcement here.
• Fagron, a global player in pharmaceutical compounding announced the signing of two strategic acquisitions: CareFirst Specialty Pharmacy in North America and Injeplast in Brazil. Click here to read more about the acquisitions. 
• FIRE1, a connected medical device solutions company, announced the successful completion of a $120M financing round to accelerate the company’s mission to transform the lives of millions of people living with heart failure. Learn more about the financing round.
• Francis Medical, a privately-held medical device company developing an innovative and proprietary water vapor ablation therapy for the treatment of prostate, kidney and bladder cancer, announced the completion of the company's oversubscribed $80M Series C equity financing. Arboretum Ventures and Solas BioVentures co-led the Series C round. New investors Orlando Health Ventures and two additional strategic partners joined this round, along with previous investors Coloplast A/S and Tonkawa. View the press release here.
• Frontier Direct Care, an innovator in employer-funded healthcare, announced the initial closing of its $20 million Series B funding round, led by Mehshah Capital. Click here to learn more.
• Geneoscopy, a life sciences company focused on developing diagnostic tests for the advancement of gastrointestinal health, closed a Series C funding round raising $105M. Bio-Rad Laboratories led the financing and was joined by Petrichor, Labcorp (NYSE: LH), Morningside Ventures, Lightchain Capital, NT Investments, Granger Management and Mercy Health, Tri Locum Partners, and others. Read more about the funding round here.
• GEON® Performance Solutions, a global leader in the formulation, development and manufacture of performance polymer solutions, acquired Foster Corporation, a differentiated compounder of biomedical polymers used in the high-growth healthcare and medical device industry. Learn more about the acquisition here.
• Global Excel Management acquired the business of Vitori Health, a modern health plan administrator licensed in all 50 states with remarkable member support, national and regional networks, open access plans, and an unmatched claims savings guarantee for employer-sponsored health plans. View the announcement here.
• Grand View Health and St. Luke’s University Health Network signed a definitive agreement to partner, strengthening the two organizations’ shared commitment to delivering the highest quality care to patients. Click here for more on the partnership.
• H1, on a mission to connect the world with the right doctors, appointed former FDA Commissioner Dr. Stephen M. Hahn to its board, announced the strategic acquisition of Ribbon Health, and unveiled a series of innovative products. View the press release here.
• Help at Home, a national provider of innovative, in-home, person-centered care, announced its recent acquisitions of Penn Highlands Personal Care Services (PHPCS) and Affordable Home Care in Pennsylvania and Total Care Home Health in Delaware. Read more about the acquisitions here.
• Highlander Health, a firm advancing evidence generation and personalized health care for the new era of medical innovation, acquired Target RWE from existing investors, including 22C Capital. Learn more about the acquisition here.
• Hippocratic AI, the company that pioneered the first healthcare LLM for patient-facing non-diagnostic clinical tasks, announced that the company completed its series B financing round nine months after its series A. The series B raised $141M, valuing the company at $1.64B. The round was led by Kleiner Perkins. Kleiner was joined by existing investors: A16z, General Catalyst, Premji, NVIDIA, SV Angel, Universal Health Services (UHS), and WellSpan Health, which all participated at or above pro-rata. View the announcement here.
• HOPE Therapeutics™, a medical and technology driven company, and a wholly-owned subsidiary of NRx Pharmaceuticals, signed a Binding Term Sheet with Smith & Sauer for $25M equity purchases to fund planned HOPE clinic acquisitions. Click here to learn more.
• Innovaccer, a healthcare AI company, announced a $275M Series F funding round. The round was a combination of primary and secondary, and includes participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12. Read more about the funding round here.
• KARL STORZ, a family-owned medtech company, acquired the medical business of T1V, a US-based visual collaboration software company. Learn more about the acquisition here.
• Klick Health, an independent commercialization partner for life sciences, acquired Peregrine Market Access, a market access strategy and value communications specialist in life sciences. Read more about the acquisition here.
• Leyden Laboratories B.V. announced it has raised $70M in funding to advance its Mucosal Protection Platform. The funding round was supported by co-leads ClavystBio (a life sciences venture investor established by Temasek) and Polaris Partners, with participation by Qiming Venture Partners and existing investors. Click here for more on the funding.
• Light Horse Therapeutics, a developer of first-in-class small molecule therapeutics, announced a $62M Series A financing. The financing was led by founding investor Versant Ventures and included Mubadala Capital as well as three strategic investors: Bristol-Myers Squibb Co, Taiho Ventures, and AbbVie. Read more about the financing.
• Mashura, an inventory intelligence platform in healthcare, announced a $300 million strategic partnership with a newly formed financing vehicle sponsored by Warburg Pincus. Learn more about the strategic partnership here.
• MDaudit, a provider of billing, coding compliance and revenue integrity software for health systems, hospitals, and provider groups, announced a strategic growth investment from Bregal Sagemount, a leading growth-focused private equity firm, and Primus Capital, the company’s existing investor. TripleTree served as exclusive financial advisor to MDaudit for this transaction. Click here for more on the strategic growth investment.
• MolecuLight, a global medical device company pioneering point-of-care fluorescence imaging for measuring bacterial load in wounds, secured a $27.5M investment from Hayfin Capital Management. Read more about this investment here.
• Myant Corp., a leader in chronic disease prevention through precision medicine, acquired mmHg Inc., a digital health company specializing in remote blood pressure monitoring, cardiovascular risk reduction, and chronic disease management. View the announcement here. 
• NanoImaging Services, a provider of cryo-electron microscopy ("cryo-EM") services for drug discovery and development, acquired Proteos, a contract research organization (CRO) specializing in high-quality protein production services for discovery research. Learn more about this acquisition here.
• Net Health, a provider of specialized software solutions that empower restorative care providers across the continuum of care, acquired Alinea Engage. Alinea provides web-based, enterprise level automation and patient engagement software for private and senior rehabilitation therapy providers. Read more about this acquisition here.
• New Mountain Capital, a growth-oriented investment firm with more than $55 billion in assets under management, announced a definitive agreement to acquire Machinify, a provider of artificial intelligence (AI)-powered software transforming healthcare payments. View the press release here.
• ONRAD, a radiology services company delivering remote teleradiology final-read impressions across all healthcare settings and full-service radiology solutions for hospitals, acquired teleradiology group Direct Radiology from Royal Philips, a global leader in health technology. Read more about this acquisition here.
• The Prime Healthcare Foundation and the Central Maine Healthcare (CMH) Board of Directors announced they have reached an agreement for Prime Healthcare Foundation to become the sole corporate member and parent company of Central Maine Healthcare. Learn more about the agreement here.
• Qualified Health announced its launch with $30 million in seed funding to develop the infrastructure for generative AI in healthcare. The major investors are SignalFire, Healthier Capital, Town Hall Ventures, and Frist Cressey Ventures, along with participation from Intermountain Ventures, Flare Capital Partners, and prominent healthcare and technology sector angels. Read more about the launch here.
• Regional Health Properties, a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, and SunLink Health Systems, the parent company of subsidiaries that own and operate Carmichael’s Cashway Pharmacy, entered into a definitive agreement and plan of merger, pursuant to which SunLink will merge with and into Regional in exchange for the issuance of an aggregate of 1,410,000 shares of Regional common stock and 1,410,000 shares of Regional’s newly-authorized Series D 8% Cumulative Convertible Redeemable Preferred Stock with a liquidation preference of $10 per share. Read more about the agreement and plan of merger here.
• RAAPID, the industry-leading healthcare AI company, announced a significant Series A investment from M12, Microsoft's venture fund. Click here for more on this investment.
• Relias, the trusted education and workforce enablement partner to 12,000 healthcare organizations, acquired Feedtrail HealthcareXM, a company specializing in patient and employee experience, and reputation management. Read more about the acquisition here.
• Renovus Capital Partners announced a strategic partnership with Superior Health Holdings, Inc., a leading provider of home health and hospice services throughout Louisiana. Learn more about the strategic partnership here.
• RhyGaze, a biotechnology company based in Basel, Switzerland and Philadelphia, Pa., USA, secured a Series A financing of $86M. The round was led by GV (Google Ventures), alongside Arch Venture Partners, F-Prime Capital and founding investors BioGeneration Ventures and Novartis Venture Fund, who contributed USD 11 million to an earlier seed round. View the announcement here.
• Saluda Medical, a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using a novel closed-loop, dose-control neuromodulation platform, closed a $100M financing. The financing was led by existing investor Redmile Group, with additional support from existing investors Wellington Management, TPG Life Sciences Innovation, Fidelity Management & Research Company, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. New investor Piper Heartland Healthcare Capital also participated. Click here for more on the financing here.
• Stryker, a global leader in medical technologies, announced a definitive agreement to acquire all of the issued and outstanding shares of common stock of Inari Medical for $80 per share in cash, representing a total fully diluted equity value of approximately $4.9B. Read more about the agreement here.
• Swoop, an industry leader in AI-driven, data-powered omnichannel healthcare marketing, announced its acquisition of MyHealthTeam, the creator of one of the largest and highly engaged opted-in patient social networks in the U.S. Read more about the acquisition here.
• Timberlyne Therapeutics, a clinical-stage biopharmaceutical company focused on the development of novel therapies for autoimmune disorders, announced the close of a $180M Series A financing to advance CM313, a potentially best-in-class monoclonal antibody targeting CD38, for diseases of high unmet medical needs. The financing was led by investors Abingworth, Bain Capital Life Sciences, and Venrock Healthcare Capital Partners, with participation from Boyu Capital, Lilly Asia Ventures, Braidwell LP, and 3H Health Investment. View the announcement here.
• Transcarent, the One Place for Health and Care, and Accolade, a leader in health advocacy, expert medical opinions, and primary care, entered into a definitive agreement under which Transcarent will acquire Accolade for $7.03 per share in cash, which represents a total equity value of approximately $621M. Read more about the agreement here.
• Vividion Therapeutics, a clinical-stage biopharmaceutical company utilizing novel discovery technologies to unlock high-value, traditionally undruggable targets and develop small molecule precision therapeutics for devastating cancers and immune disorders, acquired Tavros Therapeutics, a precision oncology platform company. Learn more about this acquisition here.
• Vivo Infusion, a nationally recognized provider of accessible and affordable ambulatory infusion services, acquired the Neurology Institute of San Antonio and Vista Infusions, an industry leader in ambulatory infusion services and a leading neurological center of excellence. Read more about this acquistion here.
• VMG Health acquired Veralon, a national leader in healthcare strategy, finance, valuation, provider compensation, and virtual board education. View the press release here.
• Waud Capital Partners, a growth-oriented middle-market private equity firm specializing in the healthcare and software & technology sectors, acquired Mopec Group, a vertically integrated, branded supplier of equipment, consumables and services addressing the needs of the anatomic pathology and other laboratory end-markets. Click here for more on the acquisition.
• Wellful, a premier omni-channel health and wellness platform and a Kainos Capital portfolio company, acquired Ancient Nutrition from VMG Partners, Hillhouse Investment and other unit holders. Read more about this acquisition here.
• XyloCor Therapeutics, a clinical stage biopharmaceutical company developing novel gene therapies for cardiovascular disease, announced the completion of a $67.5M Series B financing. Learn more about the financing 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.