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 March 20, 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 - March 11, 2025.

• Arcus Health Services, a provider of skilled nursing and other therapeutic services, acquired Priority Home Care, a provider of home and community-based healthcare services in South Carolina. Read more about the acquisition here.
• Behavior Genius, a provider of ABA services, has announced its acquisition of Bay ABA, a California-based provider of ABA therapy. Learn more about the acquisition here.
• Better Choice Company, a pet health and wellness company, has announced it has signed a binding LOI to acquire Specialty Pharmacy Group, a provider of specialized pharmacy services including infusion clinic services, and a sterile compounding facility. View the announcement here.
• Bistol Myers Squibb (NYSE: BMY), a global biopharmaceutical company, acquired 2seventy bio (Nasqad: TSVT), a provider of cell therapies for cancer patients. Click here for more on the acquisition.
• Cantata Health Solutions, a provider of technology solutions for behavioral health and human services providers, acquired IMA systems, a NY-based software provider for behavioral healthcare, with 35+ customers. Read the press release here.
• Clario, a provider of endpoint data solutions to the clinical trial industry, entered into a definitive agreement to acquire the eCOA (electronic clinical outcomes assistance) business of WCG, a provider of solutions used to evaluate the safety and efficacy of new drugs by measuring how a clinical trial participant feels or functions. Click here to learn more.
• CoachCare, a remote patient monitoring and virtual health company, acquired VitalTech, a Texas-based provider of remote patient monitoring solutions. Read more about the acquisition here.
• Eir Partners, a middle-market healthcare tech and tech-enabled services private equity firm, has announced its growth investment in Porter, a developer of a platform connecting plan members to resources to streamline care coordination and care access. Learn more about the acquisition here.
• EvidenceCare, a provider of clinical decision support tools, has announced its acquisition of Agathos, a provider of physician engagement and practice enablement services. View the announcement here. 
• InTandem Capital Partners, a healthcare services-focused private equity firm has announced its partnership with Clinilabs, a full-services contract research organization. Click here to learn more.
• Knack RCM, a tech-enabled provider of revenue cycle management solutions, acquired PPM Partners, an RCM provider with expertise in the anesthesia sector, providing anesthesia billing and practice management services. Learn more about the acquisition here.
• Labcorp (NYSE: LH), a global provider of comprehensive laboratory services, has announced its acquisition of BioReference Health’s laboratory testing business. Read the press release here. 
• Mallinckrodt Pharmaceuticals, a global developer and manufacturer of specialty pharmacy products and therapies, has announced its merger with Endo, a diversified pharmaceutical company. Read more about the merger here.
• Motivity, a provider of clinical SaaS solutions for ABA provider who treat children with autism, has announced a $27M investment from Five Elms Capital. Learn more about the investment here.
• moveUP.com, a Belgian and US-based digital health company specializing in personalized rehabilitation and remote patient monitoring, acquired Deep Structure.ai, a US-based company focused on integrated A.I. into orthopedic practices through technology that enables surgeons to make tailored data-driven decisions. Click here for more on the acquisition.
• NeoGenomics, a provider of oncology testing services, acquired Pathline, a certified laboratory based in New Jersey. Read the press release here.
• New Day Healthcare, a Texas-based provider of hospice, home heath, pediatrics, clinical decision support, and personal care to more than 150,000 patients annually from 33 locations, has announced its acquisition of Patient Recovery Home Healthcare Services, a Houston-based provider of home health services. Read more about the acquisition here.
• PAR Excellence Systems, a provider of supply chain integrity and cost management solutions, announced its combination with TrackCore, a provider of automated biological tissue and implantable device tracking and compliance software-based solutions to 130K+ healthcare facilities worldwide. Click here to learn more.
• Perkin Elmer, a provider of analytical solutions and specialized services for biopharma and food companies, acquired Project Farma, a subsidiary of Precision for Medicine. Project Farma provides life sciences consultancy services such as project management, project controls, commissioning, qualification and validation, quality compliance, and engineering consulting. Learn more about the acquisition here.
• PharmaCord, a provider of patient services for the biopharmaceutical industry, and Mercalis, an integrated life sciences commercialization partner, have announced a merger. Learn more about the merger here.
• PlastiFlex Group, a Belgum-based manufacturer of high-end tubing systems, has announced its acquisition of Smooth-Bor Plastics, a healthcare company focused on producing heated tubing for CPAP machines. Click here for more on the acquisition.
• Proactive MD, a provider of value-based care, acquired 11 primary care practices in Georgia, Florida, and Tennessee. Read the press release here.
• Quest Products, a Promus Equity-backed provider of self-care and over-the-counter healthcare products, acquired Doctor Butler, a provider of hemorrhoid and other self-care products. Click here to learn more.
• Regency ABA, a Georgia-based provider of one-on-one ABA services, has announced its acquisition of Magnolia Behavior Therapy, a west coast provider of ABA services for children with autism. Read more about the acquisition here.
• RLDatix, a provider of safety, workforce, and data solutions for healthcare systems, acquired IPeople Healthcare, a provider of business continuity and data accessibility solutions that ensure seamless and uninterrupted access to EHR data for providers. Learn more about the acquisition here.
• Seoul Medical Group (SMG) and Korean American Medical Group (KAMG), the two Asian-American-focused medical groups and physician networks, announced that they have merged. The partnership between SMG, KAMG, and Ascend forms one of the leading physician-led networks in the United States, serving ~100K patients and 5K+ primary care and specialist physicians across California, Georgia, Hawaii, New Jersey, New York, Virginia, and Washington. Click here for more on the merger.
• Smartlinx, a provider of workforce management solutions tailored towards the senior care industry, has announced its acquisition of Bektek, a provider of timekeeping and payroll services for healthcare companies. View the announcement here.
• Straine Dental Management, a dentist-owned and led dental services organization, has announced its acquisition of 5 dental practices across Texas, Missouri, and South Carolina. Read the press release here.
• Sun Pharma, an India-based pharmaceutical company, announced its agreement to acquire Checkpoint Therapeutics (Nasdaq: CKPT), a provider of an FDA-approved treatment for advanced skin cancer, for $355M. Read more about the agreement here.
• Syngene International, a global contract research, development, and manufacturing organization, acquired Emergent BioSolutions’s (NYSE: EBS) Baltimore-Bayview Manufacturing Site, which includes manufacturing, laboratory, warehousing, and office space. Learn more about the acquisition here. 
• The Stepping Stones Group, a provider of autism therapy, behavioral health, special education, and school nursing services, acquired Gallagher Pediatric Therapy, a provider of occupational and physical therapy services. Click here to learn more.
• TMA Systems, a provider of enterprise asset and maintenance management software, has acquired EQ2, a provider of computerized maintenance management systems tailored specifically for healthcare organizations to manage clinical assets and equipment. Read more about the acquisition here.
• Wysa, an A.I.-powered mental health chatbot company, has announced its acquisition of April Health, a behavioral health company that partners with primary care providers. Read the press release 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.