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 December 4, 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 19, 2024.

• Acentus, a Florida-based medical supplier specializing in Continuous Glucose Monitors, will be acquired by Henry Schein, a distributor of medical and dental supplies. Read more about the acquisition here.

• Aizen Therapeutics, a California-based developer of an AI-powered platform for mirror peptide drug discovery, has raised $13M in venture capital funding. Click here for more on the funding.

• Avenzo Therapeutics, a clinical-stage biotechnology company developing next-generation oncology therapies, announced an oversubscribed Series A / A-1 financing round totaling approximately $386M. The round included OrbiMed, Foresite Capital, SR One, Lilly Asia Ventures, Surveyor Capital, and others. Learn more about the financing round here.

• Boston Scientific Corporation (NYSE: BSX) entered into a definitive agreement to acquire Intera Oncology® Inc., a privately held medical device company that provides the Intera 3000 Hepatic Artery Infusion Pump and floxuridine – a chemotherapy drug. View the announcement here. 

• CalmWave, a developer of a solution to alarm fatigue in ICUs, has announced a $5.25M financing round round led by Third Prime with participation from Catalyst by Wellstar, Silver Circle, Rebellion, Impulsum, and existing investors Bonfire Ventures, Tau Ventures, and Hike Ventures. Read more about the financing here.

• CareMax, Inc. (NASDAQ: CMAX; CMAXW), a technology-enabled value-based care delivery system, has reached an agreement to sell its management services organization to Revere Medical. Read more here. Additionally, CareMax, entered into a “stalking horse” purchase agreement with ClareMedica Health Partners, a leader in value-based primary care serving patients in Florida, pursuant to which ClareMedica will acquire CareMax’s core centers’ assets including a vast majority of CareMax’s operating clinics. Read more here.

• Clearlake Capital Group has sold TEAM Technologies to an affiliate of Arlington Capital Partners. View the press release here. 

• Community Health Systems, Inc. (NYSE: CYH) announced that certain subsidiaries of the Company have entered into a definitive agreement to sell ShorePoint Health Port Charlotte in Port Charlotte, FL, certain assets of ShorePoint Health Punta Gorda, in Punta Gorda, FL, and certain ancillary businesses related to such facilities to subsidiaries of AdventHealth for $265M in cash, subject to certain net working capital and other adjustments. Click here to learn more.

• Enjoin, a developer of mid-revenue cycle CDI solutions for hospitals and health systems, received a majority growth investment from 3 Boomerang Capital. Read more about the growth investment here. 

• Enveda, a Colorado-based biotechnology company, announced an oversubscribed $130M Series C financing round led by Kinnevik and FPV with participation from new and existing investors Baillie Gifford, Premji Invest, Lingotto Innovation, Lux Capital, Dimension Capital, True Ventures, Cresset Partners, The Nature Conservancy, and Henry R. Kravis. Learn more about the financing here. 

• Fortimedix Surgical, a Netherlands-based developer of surgical instruments, has been acquired by Medtronic [NYSE:MDT]. Read more about the acquisition here.

• Health Advocates Network, Inc., a national provider of supplemental healthcare staffing solutions, announced the acquisition of DiagnosTemps. The business will continue to operate as a separate unit under the DiagnosTemps Joint Commission certified brand. View the announcement here. 

• Kate Therapeutics, a preclinical biotechnology company with a focus on adeno-associated virus-based gene therapies, has been acquired by Novartis for $1.1B. Learn more about the acquisition here.

• Lafayette Instrument, LLC, a global manufacturer of scientific instrumentation equipment for the life sciences, polygraph and human evaluation markets, has acquired Alzet Osmotic Pumps from DURECT Corporation. Lafayette is a portfolio company of North American-focused private equity firm Branford Castle Partners. Click here to learn more. 

• Major Medical Hospital Services, Inc., a New Jersey-based provider of medical gas services, equipment, and compliance testing, has been acquired by Medical Technology Associates. Read more about the acquisition here. 

• McLaren Health Care, a Michigan-based health care delivery system with 13 hospitals and a network of care campuses and provider clinics, has acquired Park Medical Centers, a group of primary care practices heavily concentrated in communities throughout Wayne, Oakland, and Macomb counties. Click here to read the press release. 

• OncoVerity, a company applying computational tools to cancer treatment development, announced the closure of a Series A round. Read more about the funding here. 

• Point C, a third-party administrator and portfolio company of Shore Capital Partners since 2019, received a strategic investment from Shore Capital Partners in a recapitalization through its Healthcare Advantage Fund. Read more about the recapitalization here. 

• Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage allogeneic cell therapy and genetic medicines company advancing differentiated non-viral treatments for patients with cancer, autoimmune and rare diseases, entered into a merger agreement to be acquired by Roche Holdings, Inc. at a price of $9.00 per share in cash at closing, plus a non-tradeable CVR to receive certain contingent payments of up to an aggregate of $4.00 per share in cash upon achievement of specific milestones. This corresponds to a total equity value of approximately $1.5 billion on a fully diluted basis. Read more about the acquisition here. 

• Republic Health Resources, a Texas-based staffing agency, sold certain assets to healthcare staffing agency LiquidAgents Healthcare. Republic Health Resources will continue to operate independently while exiting the travel nursing and allied businesses. Learn more here. 

• Seen Health, a healthcare organization focused on senior care at home, has publicly launched and announced $22M in Series A funding to support the expansion of the Program of All-Inclusive Care for the Elderly (PACE). View the announcement here. 

• Surgical Notes, a Dallas-based provider of revenue cycle management (RCM), transcription, and coding services for ambulatory surgery centers (ASCs), has been acquired by Surgical Information Systems, which offers ASC management software, EHRs, and patient communications capabilities. Read more about the acquisition here. 

• Synapticure, a Chicago-based virtual care company specializing in neurodegenerative diseases, has raised $25M in a Series A round led by B Capital with participation from new investors CommonSpirit Health, CVS Health Ventures, RA Capital Management, and Nexus NeuroTech Ventures, as well as existing investors Google Ventures, Optum Ventures, and Rock Health Capital. Learn more about the funding here. 

• Valora Therapeutics, a biotechnology company specializing in immunotherapy, has closed a $30M seed financing round co-led by Avalon BioVentures, Bregua Corporation, and TigerGene with participation from Alexandria Venture Investments and Correlation Ventures. Click here for more on the financing. 

• Vee Healthtek, a provider of tech-enabled solutions and services for healthcare organizations, has received a strategic growth investment from TA Associates. Read more about the strategic growth investment here. 

• Viatris' U.S. unit-dose packaging business has been acquired by Safecor Health, a company specializing in pharmaceutical unit-dose repackaging and supply chain solutions. Read more about the acquisition here. 

• Vitara Biomedical, a developer of breakthrough technology for neonatal care initially developed at Children's Hospital of Philadelphia, announced a $50M Series B round led by Sands Capital alongside Google Ventures, First Spark Ventures, Flerie and Khosla Ventures. Learn more about the funding here. 

• Wellspark, a coaching provider, has been acquired by Vitality, a behavioral health platform. Click here to learn more about the acquisition.

• World Class Health, a global concierge health benefit provider, has received $8M in seed funding from led by AlleyCorp with participation from LifeX, Joyance, Cooley & Co, City Light, Vivek Garipalli (Founder and Executive Chairperson of Clover Health), and Munjal Shah (Co-Founder & CEO of HippocraticAI.com). Learn more about the funding here. 

• Zarminali Health, a pediatric multispecialty group, has launched with $40M in seed funding led by General Catalyst. Read more about the funding here. 

• Zenflow, a medical device company developing a minimally invasive treatment for urinary obstruction caused by prostatic hyperplasia (BPH), has closed a $24M Series C financing round with participation from Cook Medical, Invus Opportunities, F-Prime Capital, Medical Technology Venture Partners, and others. Read more about the financing round 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.