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 February 5, 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 30, 2025.

• Acadia Professional, an independent medical professional liability (MPL) insurance and provider stop-loss advisor, has been acquired by OneDigital, an insurance brokerage, financial services, and HR consulting firm. Read more about the acquisition here.
• Advanced Orthopaedics, a manufacturer and supplier of orthopedic products founded nearly 30 years ago, has been acquired by California-based Aspen Medical Products, a developer of spinal orthopedics and pain therapy solutions. Click here for more on the acquisition.
• Amplitude Vascular Systems, maker of the PULSE IVL™ system to treat severely calcified arterial disease, completed a Series B round of financing of $36M. Investors included BioStar Capital and Cue Growth Partners. Learn more about the financing here.
• Atalanta Therapeutics, a biotechnology company pioneering RNA interference (RNAi) for the treatment of neurological diseases, completed a $97M Series B round. The financing round was co-led by EQT Life Sciences and Sanofi Ventures with participation from other new investors RiverVest Venture Partners, funds managed by abrdn Inc, Novartis Venture Fund, Pictet Alternative Advisors, Mirae Asset Financial Group, and GHR Foundation alongside existing investor F-Prime Capital. Read more about the financing here.
• BetterHealthcare, a HCIT company specializing in physical therapy and rehabilitation, has been acquired by TRCM Fund's HealthBus, a digital health company serving payers, providers, and employers. View the announcement here.
• BeyondSpring, a global, clinical-stage biopharmaceutical company headquartered in New Jersey, entered into definitive agreements to sell a portion of its Series A-1 preferred shares of its majority-owned indirect subsidiary SEED Therapeutics for $35.4M. Read the press release here.
• Bicycle Health, an online, medication-assisted treatment provider for opioid use disorder, has raised $16.5M in a round led by Questa Capital with participation from previous investors SignalFire, Frist Cressey Ventures, City Light Ventures, InterAlpen Partners, Valeo Ventures and Hustle Fund, alongside new investor JSL Health. Learn more about the financing here.
• BroadPath Healthcare Solutions, an Arizona-based BPO founded in 2008, has been acquired by Sagility. Read more about the acquisition here.
• Clarametyx Biosciences, a clinical-stage life sciences company developing therapies to target harmful bacteria's biofilm, received an investment from Kineticos Life Sciences, an investor in companies that strive to combat cancer, antimicrobial resistance (AMR), and rare diseases. Click here for more on the investment.
• Commonwealth ABA, a Kentucky-based provider of autism therapy, has been acquired by Already Autism Health, a peer based in Charlotte, North Carolina. View the announcement here.
• ConeCraft, a producer of custom processing equipment for the biopharmaceutical industry, announced a partnership with T&C Stainless and Preferred Stainless Holdings. Read more about the partnership here.
• eMAX Health, a provider of analytics and real-world evidence support to the biopharmaceutical and biotechnology industries, received an investment from Fengate Asset Management. View the press release here.
• Elucent, a Minnesota-based medical technology company specializing in guided surgical technologies, has received $30M in growth capital from Trinity Capital, an alternative asset manager. Read more about the growth capital here.
• Epiphany Dermatology announced it has expanded its presence in Iowa through its partnership with Town Square Dermatology. Read more about the partnership here.
• Evergreen Theragnostics will be acquired by Lantheus Holdings in an all-cash transaction with an upfront payment of $250M and up to $752.5M in potential milestone payments. Both are radiopharmaceutical companies. Click here for more on the acquisition.
• Focus Laboratories, a provider of microbiological testing and consulting services, has been acquired by Cormica, a medical device and pharmaceuticals testing company. Learn more about the acquisition here.
• Harris Psychiatric Services, a New York-based provider specialized in treating patients recovering from workplace injuries and motor vehicle accidents, has been acquired by PAX Health, a behavioral healthcare company backed by HCAP Partners and Hamilton Lane. View the press release here.
• The Hearing Wellness Center and an ENT practice led by Dr. Alan Oshinsky have been acquired by ENT Partners, a PPMC specializing in ear, nose, and throat and sleep health, as well as facial plastic surgery. Read more about the acquisitions here.
• Hone Health, a telehealth clinic specializing in hormone optimization and longevity care, announced the completion of a $33M Series A funding round with participation by Tribe Capital, PIF, Republic Capital, Vibe VC, Humbition, Hanwha, Gaingels, Looking Glass Capital, FJ Labs, and Agent Capital. Learn more about the funding round here.
• iotaMotion, a St. Paul, MN-based medical technology company specializing in cochlear implantation, raised $24.9M in a Series B round. Click here for more on the funding round.
• Imvax, a clinical-stage biotechnology company developing personalized, whole tumor-derived immunotherapies, has received $29M in financing raised by existing investors. Read more about the financing here.
• KODE, an on-demand medical coding platform has raised $27M in a Series B round led by Noro-Moseley Partners with participation from Mercury, FCA Venture Partners, Epsilon Innovation Fund and 111 West Capital. Learn more about the funding round here.
• Two Lifetime Smiles Dental Care practices in Florida have been acquired by Parkview Dental Partners, a dental service organization (DSO) backed by Cathay Capital. Read more about the acquisition here.
• Oncologist Siddhartha Mukherjee and LinkedIn co-founder Reid Hoffman have launched Manas AI, a cancer treatment discovery startup powered by AI, with $24.6M in seed funding from General Catalyst, Greylock, and Hoffman himself. View the announcement here.
• Four One to One Physical Therapy clinics in South Florida have been acquired by CORA Physical Therapy, an operator of physical, occupational, and speech therapy services backed by H.I.G. Capital. Learn more about the acquisitions here.
• Paragon 28, an orthopedic medical device company, entered a definitive agreement for Zimmer Biomet to acquire all outstanding shares of Paragon 28 for $13 per share, or an equity value of $1.1B. Paragon 28 shareholders will also receive a non-tradeable contingent value right (CVR) as part of the transaction. Click here to learn more.
• ProxsysRx, a Birmingham, AL-based outpatient pharmacy operator and provider of tech-enabled pharmacy services, has merged with Amarillo, TX-based pharmacy services firm, Maxor National Pharmacy Services. Read more about the merger here.
• Quartet Health, a behavioral health care enablement company, has been acquired by NeuroFlow, whose digital platform integrates behavioral health into physical health workflows. View the announcement here.
• Royal Philips N.V. (NYSE:PHG) has sold its Philips Emergency Care Business, a provider of emergency care and resuscitation devices systems such as AEDs, to Bridgefield Capital. Read the press release here.
• SafelyYou, a provider of solutions for senior living facilities, has raised $43M in Series C funding. The round was led by Touring Capital with participation from Foundation Capital, Omega Healthcare Investors, Founders Fund, Cross Creek, Samsung Next, and Qualcomm Ventures. Click here for more on the funding.
• Stryker, a medical technologies company with offerings in the medical surgery, neurotechnology, and orthopedics spaces, will sell its U.S. spinal implants business to family-owned investment firm Viscogliosi Brothers, which specializes in the neuro-musculoskeletal investments. Click here to learn more.
• Suki, a developer of AI that seeks to streamline administrative tasks in healthcare, has received an investment from Zoom Ventures, the investment arm of Zoom Communications. Learn more about the investment here.
• Dental AI company VideaHealth announced the completion of an oversubscribed Series B round totaling $40M. The financing round was led by Emily Melton, co-founder and managing partner of Threshold Ventures, with participation from Avenir Ventures, BAM Ventures, and existing investors Spark Capital, Zetta Venture Partners, and Pillar VC. Click here for more on the funding round.
• Women's HealthFirst has partnered with WomanCare to form Nova Women's Health Partners, a platform of women's health clinics across the midwestern United States. Read more about the partnership here.
• Yoomi Health, a New York-based provider of AI technologies for physical therapy organizations, has been acquired by Raintree Systems, a platform serving enterprise and large-sized therapy provider organizations with capabilities like RCM and the first ONC-certified EHR designed for rehab therapy. Read more about the acquisition 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.