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 6, 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 31, 2024.

• AbbVie and Aliada Therapeutics announced a definitive agreement under which AbbVie will acquire Aliada, a biotechnology company advancing therapies using a novel blood-brain barrier (BBB)-crossing technology to address challenging central nervous system (CNS) diseases. Under the terms of the agreement, AbbVie will acquire all outstanding Aliada equity for $1.4 billion in cash, subject to certain customary adjustments. Read more about the acquisition here.
• Aerovate Therapeutics, and Jade Biosciences, a privately held biotechnology company focused on developing best-in-class therapies for autoimmune diseases, announced that they have entered into a definitive merger agreement for an all-stock transaction. Click here for more on the merger.
• Aignostics, a global artificial intelligence (AI) company that turns complex multi-modal pathology data into transformative insights, raised $34 million in Series B financing. The oversubscribed funding round was led by ATHOS, with investments from Mayo Clinic and growth financing from HTGF, alongside support from existing investors Wellington Partners, Boehringer Ingelheim Venture Fund, CARMA Fund, and VC Fonds Technologie managed by IBB Ventures. Learn more about the financing here. 
• Anika Therapeutics, a global joint preservation company focused on early intervention orthopedics, announced the divestiture of its Arthrosurface business and the intention to divest of the Parcus Medical business. Read more about the divestiture here.
• Archon Biosciences, a biotechnology company pioneering computationally designed Antibody Cages (AbCs) to unlock powerful therapeutic targets beyond the reach of existing modalities, announced its emergence from stealth with $20 million in seed financing. The financing was led by Madrona Ventures with participation from DUMAC Inc., Sahsen Ventures, WRF Capital, Pack Ventures, Alexandria Venture Investments and Cornucopian Capital. Click here for more on the financing.
• Arthur J. Gallagher & Co. acquired Snoqualmie, Washington-based Adept Benefits. Adept Benefits is a health and benefits consulting firm serving clients in the greater Seattle area. Read more about the acquisition here. 
• Axonis Therapeutics, a biotechnology company focused on the development of novel neuromedicines, announced the successful completion of an oversubscribed $115 million Series A financing. Cormorant Asset Management and venBio Partners co-led the financing with significant investments from Sofinnova Investments, MRL Ventures Fund, Perceptive Advisors, Lumira Ventures and Solasta Ventures. Learn more about the financing here.
• Beebe Healthcare has acquired Cape Pharmacy and will officially takeover operations on Nov. 1. Read more about the acquistion here.
• Bright Uro, a medical device company with a mission to transform care for lower urinary tract symptoms (LUTS) through innovations in urodynamics, announced the second closing of its Series A funding round, which was oversubscribed by nearly 40% above and secured a total of $32M for the company. Laborie Medical Technologies, a leading global provider of urology diagnostic and therapeutic solutions, remains the lead investor, and it is now joined by University of California (UC Investments), Freepoint Capital Group and Laurelin Investors. Click here for more on the funding round.
• CareQuest Innovation Partners, a company focused on validating and scaling transformative solutions to improve oral and overall health, invested in Grin®, a leading virtual care platform for digital oral health care solutions. This funding was led by CareQuest Innovation Partners with participation from existing investors Triventures and SpringRock Ventures. Read more about the investment here.
• CredibleMind, the Mental Wellbeing Company, secured $7.5 million in Series A funding led by Horizon Mutual Holdings, a key partner in advancing access to integrated and personalized mental health support for diverse populations. Learn more about the funding here.
• CoachCare, a remote patient monitoring (RPM) and virtual health company, acquired California-based RPM company Dedica Health. Read more about the acquisition here.
• Coker, a national healthcare advisory firm, acquired TTG Healthcare Advisors, a  healthcare consulting firm that provides strategy, operations and financial services to medical practices and surgery centers. Click here for more on the acquisition.
• Elektrofi, Inc., a biopharmaceutical delivery technology company focused on improving the patient experience and expanding access to life-changing medicines through the freedom of self-administration, announced the closing of an upsized and oversubscribed $112.25M Series C financing. The financing was co-led by Novo Holdings, RA Capital Management, Royalty Pharma, SR One, and TPG Life Sciences Innovations, with participation from Eli Lilly and Company. View the announcement here. 
• Evommune, a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases, completed a $115 million Series C financing. The financing was co-led by new investors RA Capital Management and Sectoral Asset Management, along with participation from new investors B Capital, Marshall Wace, Avego Bioscience Capital, Longwood Fund, RTW Investments, ADAR1 Capital Management, NEXTBio Capital, Beiersdorf Venture Capital, FemHealth Ventures and Allostery Investments LP and existing investors, including Pivotal bioVenture Partners, EQT Life Sciences, Andera Partners, Amplitude Ventures, SymBiosis and Verition Fund Management. Read the press release here.
• Francisco Partners, a global investment firm that specializes in partnering with technology businesses, signed a definitive agreement to acquire AdvancedMD, a cloud-based provider of medical office software, from Global Payments, a worldwide provider of payment technology and software solutions. Read more about the acquisition here.
• GlycoMimetics, entered into an acquisition agreement with Crescent Biopharma, a privately held biotechnology company advancing a pipeline of oncology therapeutics designed to treat solid tumors. In support of the acquisition, a syndicate of investors led by Fairmount, Venrock Healthcare Capital Partners, BVF Partners, and a large investment management firm committed $200 million to purchase GlycoMimetics common stock and GlycoMimetics pre-funded warrants to purchase its common stock. View the announcement here.
• HealthFitness, a Trustmark company and comprehensive provider of fitness, wellness, and injury prevention programs, acquired Corporate Fitness Works, an industry leader in delivering custom onsite and virtual fitness management solutions. Learn more about the acquisition here.
• HOPE Therapeutics, a medical and technology driven company, and a wholly-owned subsidiary of NRx Pharmaceuticals, signed a non-binding Letter of Intent (LOI) for acquisition of its first Interventional Psychiatry Clinics in Florida. Click here to learn more about the acquisition.
• InnoCaption, a mobile call captioning technology provider for the deaf and hard of hearing community, completed the acquisition of CaptionMate. CaptionMate uses advanced automated speech recognition technology to provide real-time captions of phone calls for users in more than 100 languages and offers unique features like the ability to change the mobile app interface language to Spanish, Chinese or Vietnamese. Read more about the acquisition here.
• Kivu Bioscience, a biotech company developing next-generation antibody-drug conjugates to deliver best-in-class therapeutics, announced the close of a $92 million Series A financing round led by Novo Holdings, with participation from Gimv, Red Tree Venture Capital, HealthCap as well as existing investors BioGeneration Ventures, M Ventures, and Brabantse Ontwikkelings Maatschappij (BOM). Read the press release.
• Leal Therapeutics, a biotechnology company developing novel therapeutics for patients with disorders of the central nervous system (CNS), announced a $45 million financing. The round was led by Newpath Partners, with additional new investors Chugai Venture Fund and Alexandria Venture Investments, in addition to existing investors OrbiMed, Euclidean Capital and PhiFund. Learn more about the financing round here.
• Merit Medical Systems, a global leader in healthcare technology, completed the acquisition of Cook Medical’s lead management portfolio. The purchase consideration consisted of a cash payment of approximately $210 million and the assumption of certain liabilities. Learn more about the acquisition here.
• NeueHealth, the value-driven healthcare company, announced that Centrum Health, one of the Company’s value-driven clinic brands, became a wholly owned subsidiary through the Company’s acquisition of the remaining 25% equity interest of the business that it did not already own. View the announcement here.
• o15 Capital Partners, through its o15 Emerging America Credit Opportunities (EACO) fund, provided incremental debt financing and an equity co-investment totaling $25 million to a dental services organization (DSO) primarily serving pediatric Medicaid patients to provide runway for future growth. Click here to learn more.
• ŌURA, maker of Oura Ring, the smart ring that delivers personalized health data, insights, and daily guidance, entered into an agreement to acquire Sparta Science, an enterprise software company that transforms health and performance data into actionable intelligence. Read more about the acquisition here.
• Pathos AI, a clinical-stage biotechnology company focused on re-engineering drug development through artificial intelligence, announced the closing of an oversubscribed $62M Series C funding round. The Series C financing round was led by New Enterprise Associates (NEA) with participation from Revolution Growth and other existing insiders. Click here for more on the funding round.
• The Pennant Group, the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, acquired the operations of premier senior living facilities in Green Bay and Appleton, Wisconsin. The acquisition is effective November 1, 2024 and will be subject to a long-term, triple net lease: Marla Vista Assisted Living and Manor, now to be known as Blue Jay Springs Senior Living and Memory Care; Carrington Assisted Living, now to be known as Autumn Embers Senior Living; and Carolina Assisted Living, now to be known as Lotus Gardens Senior Living. Learn more about the acquisitions here.
• Quris-AI (Quris), a Bio-AI company focused on revolutionizing the pharmaceutical drug development process, announced the asset acquisition of Nortis, recently known as Numa Biosciences, Inc., and will be opening access to publicly funded data within its expansive microphysiology systems (MPS) database. Read the press release here.
• Thryv Holdings, a provider of SaaS solutions for small and medium-sized businesses (SMBs), signed a definitive agreement to acquire Infusion Software, Inc. (Keap), a prominent player in customer relationship management and marketing automation for SMBs. Click here for more on the acquisition.
• VitalHub acquired Strata Health Solutions, a provider of patient flow solutions internationally. Read more about the acquisition here.
• ZT Corporate, a private equity firm that specializes in healthcare and automotive investments, acquired STAT Specialty Hospital to enhance its growing healthcare portfolio. 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.