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 22, 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 15, 2025.

• Access Healthcare, a technology-enabled platform for revenue cycle management (RCM), announced a strategic investment from affiliates of New Mountain Capital. Read more about the strategic investment here.
• Be Biopharma, a provider of B Cell Medicines (BCMs), closed its $92M Series C financing. The round includes participation from new investor Nextech, alongside existing investors. Click here for more on the financing.
• Bridges Consumer Healthcare, a consumer healthcare platform made up of nine over-the-counter and personal care brands, acquired KT Tape, the kinesiology tape brand designed to provide drug-free pain relief and support for muscles, tendons and ligaments. Learn more about the acquisition here.
• Caidya, a global mid-sized clinical research organization (CRO), announced the closing of a strategic growth investment of $165M from funds managed by Rubicon Founders, a U.S.-based healthcare investment firm focused on building and growing transformational companies. View the announcement here.
• Choice Health at Home, a provider of home health, hospice, personal care, and rehabilitation services, acquired Devotion Hospice, a respected hospice care provider in Texas. Read more here. Choice Health at Home also acquired Family Tree Private Care, one of the largest private care operators in the United States. Read more here.
• Conceivable Life Sciences, a biotech company revolutionizing the future of fertility care with the end-to-end automation of the IVF lab, announced the close of an $18M Series A financing. ARTIS Ventures led the round with participation from new investors including Atlantic Health Venture Studio, Muse Capital, and Scrub Capital. Click here for more on the financing.
• Core Sound Imaging, the provider of medical imaging platform Studycast, announced an $80M growth investment from PSG, a leading growth equity firm. Learn more about the growth investment here.
• Eli Lilly and Company agreed to acquire the PI3Kα inhibitor program STX-478 of Scorpion Therapeutics, a private biotechnology company. Under the agreement, Lilly will acquire Scorpion and Scorpion shareholders could receive up to $2.5B in cash.  View the press release here.
• FIZE Medical, a leader in fluid management optimization, closed its $30M Series A funding round, including a $14M Series A-4 round led by Rapha Capital Management. Read more about the funding round here.
• GSK plc and IDRx, entered into an agreement under which GSK will acquire IDRx, a Boston-based, clinical-stage biopharmaceutical company dedicated to developing precision therapeutics for the treatment of GIST (Gastrointestinal Stromal Tumor). Under the agreement, GSK will pay $1B upfront, with potential for an additional $150M success-based regulatory approval milestone payment. View the press release here.
• Health Catalyst, a provider of data and analytics technology and services to healthcare organizations, signed a definitive agreement to acquire Upfront Healthcare Services, a next-generation patient engagement platform provider. Learn more about the acquisition here.
• Hinge Bio, a privately-held biotechnology company, announced the close of a $30M Series A financing led by Point72. Click here for more on the financing.
• Johnson & Johnson and Intra-Cellular Therapies entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132.00 per share in cash for a total equity value of approximately $14.6B  View the press release here.
• Knack RCM, a leader in tech-enabled, end-to-end, and customizable revenue cycle management (RCM) services, acquired HealthyBOS, a distinguished RCM provider with deep expertise in the durable medical equipment (DME) sector and other RCM specialties. View the announcement here.
• Lantheus Holdings, a radiopharmaceutical-focused company, announced a definitive agreement to acquire Life Molecular Imaging in an all-cash transaction consisting of an upfront payment of $350M and up to an additional $400M in potential earn-out and milestone payments. Read more about the acquisition here.
• MedTrainer, a provider of healthcare workforce compliance solutions, and Propelus, an innovator in dynamic workforce compliance management solutions, announced a strategic partnership to enhance provider credentialing for healthcare organizations. Learn more about the strategic partnership here.
• Montagu announced its intention to create a world-leading medical devices supplier by supporting the merger of Tyber Medical, InTech, and Resolve Surgical Technologies. As part of the transaction, Montagu entered into a definitive agreement to acquire Tyber Medical, an innovative medical device company providing private label development and manufacturing services to med-tech Original Equipment Manufacturers (OEMs). View the announcement here.
• Myant, a global leader in advanced materials and connected health solutions, acquired Bitnobi. Bitnobi specializes in privacy-protected data-sharing software. Learn more about the acquisition here.
• NAMSA, a MedTech testing, clinical and regulatory consulting firm, entered into a definitive agreement to acquire the U.S. medical device testing operations of WuXi AppTec, a global company that provides a broad portfolio of R&D and manufacturing services to enable the pharmaceutical and life science industries to advance discoveries and deliver groundbreaking treatments to patients. Click here for more on the acquisition.
• Salarius Pharmaceuticals, a clinical-stage biopharmaceutical company developing therapies for patients with cancer in need of new treatment options, and Decoy Therapeutics, a privately held preclinical biopharmaceutical company engineering the next generation of peptide conjugate therapeutics, announce the signing of a definitive agreement under which Decoy Therapeutics will merge with a wholly-owned subsidiary of Salarius Pharmaceuticals. Read more about the merger here.
• SightMD Connecticut acquired Doctor & Associates, a trusted provider of advanced eye care services in Fairfield County since 1965. Learn more about the acquisition here.
• St. Croix Hospice and Mayo Clinic Health System entered into a definitive agreement for St. Croix Hospice to acquire Mayo Clinic Health System's hospice operations in Southwest Minnesota. Click here for more on the acquisition.
• Takara Bio acquired Curio Bioscience, a privately held California-based developer and manufacturer of research reagents for spatial analysis. View the announcement here.
• Umoja Biopharma, the clinical-stage leader of in vivo cell therapies that aim to realize the full reach and promise of CAR T cells, closed a $100M Series C financing. The financing was co-led by Double Point Ventures and DCVC Bio. Read more about the financing here.
• Union Healthcare Insight, a healthcare research and insights platform, announced a strategic investment from affiliates of New Mountain Capital. View the press release here.
• Vesey Street Capital Partners, a healthcare services private equity firm, completed the acquisition of ComplexCare Solutions, an independent provider of health assessments and member engagement services to health plans. Learn more about the acquisition here.
• Yale New Haven Health entered into an agreement to acquire Nelson Ambulance and its affiliates, including Access Ambulance. 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.