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 October 31, 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 - October 22, 2024.

• Access Genetics (d.b.a. OralDNA), a provider of DNA testing, acquired Sensible Diagnostic’s point-of-case rapid PCR technology. The acquisition will allow Access Genetics to commercialize a new standard in point-of-care molecular diagnostics, offering speed and affordability, with the goal of providing central lab test results from saliva or swabs in 10 minutes or less. Read more about the acquisition here.
• Admera Health, a provider of Next Generation Sequencing and genetic research, acquired BioEcho, a German-based company specialized in DNA and RNA extraction technologies. Click here for more on the acquisition.
• Advanced Care Group (AC Group), a healthcare staffing provider serving Canada, the US, UK, and the Middle East, acquired 3D Medical Staffing, a staffing provider specializing in supplemental staffing and permanent placing to healthcare facilities. Learn more about the acquisition here.
• Alpha-9 Oncology, a radiopharmaceuticals developer focused on cancer, raised $175M in Series C funding. The raise was led by Lightspeed Venture Partners and Ascenta Capital, with participation from General Catalyst, a16z Bio + Health, and RA Capital Management. View the announcement here.
• Ascend Learning, a provider of educational content and software tools for healthcare students, acquired StaffGarden, a cloud-based clinical talent development and compliance platform with over 800 hospital customers. In addition to the acquisition of StaffGarden, Ascend Learning has acquired the content and capabilities of Versant Healthcare Competency Solutions, a provider of competency management tools, in a separate transaction. Read more about the acquisitions here.
• AvenCell Therapeutics, a developer of "switchable" cell therapies, raised $112M in Series B funding. The raise was led by Novo Holdings, with participation from F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital, NYBC Ventures, and Blackstone Life Sciences. Read more about the capital raise here.
• Be Biopharma, a company focused on the discovery and development of B Cell Medicines, raised $82M in funding. The raise included participation from ARCH Venture Partners, Atlas Venture, RA Capital Management, and Alta Partners. Click here to read the press release.
• Cognosos, a provider of AI-native location technology, acquired Cox Prosight, a provider of real-time location services for hospitals to address operational challenges. Read more about the acquisition here.
• Cold Chain Technologies, a provider of thermal packaging and digital monitoring solutions for temperature-sensitive life sciences products, acquired Tower Cold Chain, a provider of passive reusable temperature-controlled containers to transport high-value life sciences products. Click here to view the announcement.
• CopilotIQ, a provider of at-home medical care and remote patient monitoring, merged with Bioformus, a provider of a cloud-based platform and healthcare technology services to deliver comprehensive care solutions and streamline clinical trials. Read more about the merger here.
• CorroHealth, a provider of revenue cycle management (RCM) solutions to health systems and health plans, announced it has signed definitive agreements for a strategic investment from Patient Square Capital, a dedicated health care investment firm. TripleTree acted as a co-lead financial advisor to CorroHealth for this transaction. Learn more about the strategic investment here.
• Elevance Health's health services arm, Carelon, intends to purchase Nashville-based CareBridge, a value-based home and community-based care provider for patients with chronic and complex needs. Click here to read more. 
• Gradient Health, a provider of medical imaging data for AI development, acquired DataAppraisal, a healthcare AI company focused on enhancing the value of anonymized healthcare data. The acquisition will enhance Gradient’s ability to provide medical AI developers access to de-identified medical imaging studies and datasets. Read more about the acquisition here.
• hc1, a provider of healthcare IT solutions aimed at improving patient care and reducing costs through real-time lab data insights, acquired Accumen, a healthcare consulting company based in Scottsdale, AZ. View the announcement here.
• HealthEx, a patient data consent automation startup, raised $14M in seed and Series A funding led by General Catalyst. Click here for more on the funding.
• Help at Home, one of the largest home care providers in the US, acquired Caregiver Services, a Miami-based provider of home care services. Read more about the acquisition here.
• Horizon Surgical Services, a microsurgery robotics startup with AI-enabled robotics, raised $30M in Series A funding. ExSight Ventures and an undisclosed corporate backer co-led the fundraise, with Main Street Advisors, and University of California (UC Investments) also participating. View the press release here.
• Infinitus Systems, an AI-enabled healthcare call automation company, raised ~$52M in Series C funding. The raise was led by Andreessen Horowitz, who will join existing investors Google Ventures, Coatue, and Kleiner Perkins. Click here for more on the funding.
• Ledger Run, a provider of clinical trial technology solutions to optimize workflows, acquired Assentia, a tech-enabled pharmaceutical services provider of clinical trial contract negotiation. Read more about the acquisition here.
• LiveWell Partners, a St. Louis-based home care provider, acquired Hope Home Care, an Ohio-based home care provider. Click here to learn more.
• Lumos Pharma, a clinical stage biopharmaceutical company focused on therapeutics for rare diseases, will be acquired by Double Point Ventures, a venture capital firm. Read more about the acquisition here.
• Lyell Immunopharma, a clinical-stage company with a pipeline of next generation T-cell therapies for patients with solid tumors or hematologic malignancies acquired ImmPACT Bio, a clinical-stage biotechnology company. Read more about the acquisition here.
• Medbridge, a provider of education and care software, acquired Rehab Boost, a motion capture and movement-based AI company. View the announcement here.
• Merck, a provider of pharmaceutical products, announced its acquisition of Modifi Biosciences, a developer of direct DNA modification enabled cancer therapeutics, for $30M upfront and up to $1.3B in possible earnouts. Read more about the acquisition here.
• Nutra-Med, a portfolio company of GenNx360 Capital Partners and a provider of contract packaging for pharmaceutical, health & wellness, and medical device companies, acquired Legacy Pharma Solutions. Legacy Pharma Solutions specializes in oral solid dose packaging services and serves both Rx and OTC markets. Learn more about the acquisition here.
• Ocuphire Pharma, a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing therapies for the treatment of patients with retinal and refractive eye disorders, acquired Opus Genetics, a developer of gene therapy for inherited retinal diseases. Click here for more on the acquisition.
• OrthoCarolina, a physician-owned and led orthopedic practice, acquired Matthews Surgery Center, an ambulatory surgery center dedicated to orthopedic surgery and pain management. Read more about the acquistion here.
• Parkview Dental Partners, a dental support organization providing comprehensive management services to dental practices, and portfolio company of Cathay Capital, acquired Breezy Dental, a dental practice in Tampa, FL. Click here to view the announcement.
• Passkey Therapeutics, a developer of synergistic multifunctional therapeutics, raised $20M in seed funding. The raise was led by Breakout Ventures, with participation from Innovation Endeavors and Bison Ventures. Learn more about the funding here.
• Seaport Therapeutics, a Boston-based clinical-stage biopharmaceutical company and developer of neuropsychiatric medicines, raised $225M in Series B funding. The funding round was led by General Atlantic, with additional backing from T. Rowe Price, Foresite Capital, Invus, Goldman Sachs, CPP Investments, Arch Venture Partners, Sofinnova Investments, Third Rock Ventures, and co-founder PureTech Health. Read more about the funding.
• Tennr, a provider of machine learning models to help healthcare constituents read, parse, and respond to healthcare documents, has raised $37M in Series B funding. The raise was led by Lightspeed Ventures, with participation from a16z and Foundation Capital, bringing Tennr’s total funds raised to over $61M. Click here to learn more.
• U.S. Pharmacopeia (USP), an independent scientific non-profit organization, acquired Stratix Labs, a St. Paul-based microbiology technology company. Read more about the acquistion 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.