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 November 14, 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 - November 6, 2024.

• AlloVir, an allogeneic T cell immunotherapy company, entered into a definitive merger agreement to combine with Kalaris Therapeutics, a clinical-stage biopharmaceutical company founded by Samsara BioCapital, in an all-stock transaction. Read more about the merger here. 

• Ampersand Capital Partners and GHO Capital Partners announced that they have entered into a definitive merger agreement for Avid Bioservices, a dedicated biologics contract development and manufacturing organization providing development and manufacturing services to biotechnology and pharmaceutical companies, to be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at approximately $1.1B. Click here to view the announcement.

• ARCHIMED, a global private equity healthcare specialist, acquired Pittsburgh, PA-based genetic sequencing provider SeqCenter, a service provider of a recently developed technology, Next-Generation Sequencing (NGS) that’s used for mapping the DNA and RNA information that cells use to develop and operate. Learn more about the acquisition here.

• Astrana Health, a provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all, announced that it and its affiliated professional entities have entered into a definitive agreement to acquire Prospect Health, an integrated care delivery system which facilitates and coordinates the delivery of high-quality clinical care, for $745M. View the press release here.

• Boston Scientific Corporation (NYSE: BSX) entered into a definitive agreement to acquire Cortex. Cortex is a privately held medical technology company focused on the development of a diagnostic mapping solution which may identify triggers and drivers outside of the pulmonary veins that are foundational to atrial fibrillation (AF). Read more about the acquisition here.

• Cencora entered into a definitive agreement to acquire Retina Consultants of America, a management services organization (MSO) of retina specialists, from Webster Equity Partners for $4.6B. View the announcement here. 

• Choice Health at Home, a multi-state operator of home health, hospice, private duty, and rehabilitation services providing care throughout the Southwestern US, acquired Accentra Home Health and Hospice, a multi-agency home health and hospice organization in the state of Oklahoma. Click here for more on the acquisition.

• Comvest Private Equity, a middle-market private equity investment group, announced a majority investment in Riccobene Associates Family Dentistry, a dental services organization (DSO) based in Cary, N.C. Read more about the investment here.

• Elevate Patient Financial Solutions (ElevatePFS), a provider of technology-enabled specialty revenue cycle management (RCM) solutions backed by Frazier Healthcare Partners and The Edgewater Funds, acquired NYX Health Eligibility Services, a provider of RCM solutions focused on front-end complex claims including eligibility verification and enrollment services. View the press release here.

• General Catalyst’s Health Assurance Transformation (HATCo) acquired Summa Health, an integrated healthcare delivery system, for $485M. Read more about the acquisition here.

• Headlands Research, a multinational network of clinical trial sites backed by KKR, acquired Trial Management Associates, a distinguished multi-site clinical research company with locations in North and South Carolina. Learn more about the acquisition here.

• Health Catalyst, a provider of data and analytics technology and services to healthcare organizations, signed a definitive agreement to acquire Intraprise Health, a tech-enabled cybersecurity provider offering an end-to-end cybersecurity risk management platform and services. Click here to learn more.

• Inquis Medical, a Menlo Park, CA-based pioneering medical technology company specializing in advanced thrombectomy systems, closed its $40M Series B financing round. Read more about the financing round here. 

• Maravai LifeSciences, a global provider of life science reagents and services to researchers and biotech innovators, signed an agreement to acquire the DNA and RNA business of Officinae Bio. Learn more about the acquisition here.

• Microbiologics, a global biotechnology leader specializing in infectious disease reference materials and contract research services, acquired SensID, a leading manufacturer of reference materials and quality controls for molecular diagnostics with a focus on oncology and precision medicine. Read more about the acquisition here.

• Nektar Therapeutics (NASDAQ: NKTR), a global biotechnology company focused on the discovery and development of novel therapies to treat autoimmune disorders, entered into a definitive agreement to sell its Huntsville, AL manufacturing facility and reagent supply business to Ampersand Capital Partners, a Boston-based private equity firm with a decades-long track record of investing in life sciences and healthcare companies, for $90M. View the press release here.

• Praia Health, a consumer experience orchestration platform for health systems, secured a strategic investment from the Labcorp Venture Fund and will collaborate with Labcorp, a global leader of innovative and comprehensive laboratory services, to streamline and personalize the patient experience for lab orders and testing within select health systems. Read the announcement here. 

• PrognomiQ, a healthcare company focused on harnessing the power of multi-omics data to transform the detection and early treatment selection and monitoring of cancer and other complex diseases, announced the company’s Series D financing of $34M led by Seer, with participation from a new, large, strategic investor in the diagnostics segment as well as from existing investors, including Catalio Capital Management, aMoon, Invus, and Bruker. Click here for more on the financing.

• Ryan Specialty (NYSE: RYAN), an international specialty insurance services firm, completed the acquisition of Innovisk Capital Partners from Abry Partners and BHMS Investments. Read more about the acquisition here.

• Tempus AI (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, entered into an agreement to acquire Ambry Genetics, a leader in genetic testing that aims to improve health by understanding the relationship between genetics and disease. Under the terms of the agreement, Tempus will pay $375M in cash and $225M in shares at closing. Read more about the acquisition here.

• Viant, a global provider of medical technology solutions backed by Water Street Healthcare Partners and JLL Partners, acquired Fremont, CA-based Knightsbridge Plastics to add micro-molding capabilities to its offering of design and manufacturing services for medical devices. View the announcement here.

• ZAP Surgical Systems, a global leader in non-invasive robotic brain surgery, closed a $78M Series E funding round led by Qingdao Baheal Medical, with participation from other strategic investors. Click here to learn more.

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.