A Look at Recent Transactions Shaping the Future of Healthcare
This week's article provides a summary of recent healthcare M&A news for April 16, 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 - April 9, 2025.
Bell Medical Services, a provider of a wide range of medical and pharmaceutical supplies, has been acquired by Florida-based Mercedes Scientific, a laboratory equipment supplier. Read more about the acquisition here.
Caris Life Sciences, a developer of precision medicine technologies founded in 2008, has announced the close of a $168M growth capital funding round. Learn more about the funding here.
Certified Genetool has been acquired by another provider of new and pre-owned laboratory equipment, Surplus Solutions. Click here for more about the acquisition.
Commonwealth Care Alliance (CCA), a Massachusetts-based, nonprofit provider of health plans and care delivery programs, has been acquired by CareSource, a nonprofit managed care company serving members in 13 states. Read the press release here.
Havencrest Capital Management has acquired Chicago-based personal care provider Home Care Angels and Michigan-based provider of personal care and private nursing Private Duty Home Healthcare, forming the sixth and seventh acquisitions under Havencrest's Avid Health at Home platform. View the announcement here.
HealthEdge, a leader in healthcare technology solutions, announced that it has entered into a definitive agreement to be acquired by Bain Capital. TripleTree served as lead advisor to Bain Capital for this transaction. Click here to learn more.
Imbria Pharmaceuticals, a clinical stage biotechnology company developing a treatment for cardiometabolic disorders, raised $57.5M in a Series B round led by new investor Deep Track Capital. Other new investors AN Ventures, Catalio Capital Management, and Cytokinetics, Inc., as well as existing investors RA Capital Management and SV Health Investors, also participated. Read the press release here.
Kandu Health, a provider of care management and a digital platform for stroke survivors, and Neurolutions, a developer of an upper limb motor recovery device, have merged to form Kandu, Inc. The combined company will offer brain computer interface (BCI) technology and personalized telehealth services for stroke recovery. Read more about the merger here.
Karo Healthcare, a European consumer healthcare company, has been acquired by KKR from EQT. Learn more about the acquisition here.
Mendham Physical Therapy has been acquired by SportsMed Physical Therapy, an outpatient rehabilitation services provider backed by Hildred Capital Management. Click here to learn more about the acquisition.
Merida Biosciences, a Cambridge-based biotechnology company specializing in precision therapeutics for autoimmune and allergic diseases, has announced $121M in Series A financing co-led by Bain Capital Life Sciences, BVF Partners and Third Rock Ventures with participation from GV and Perceptive Xontogeny Venture Funds (PXV Funds). Read the press release here.
Mind Springs Health, a provider of outpatient behavioral health services, has been acquired by Health Solutions, a provider of behavioral, SUD, and integrated care. Read more about the acquisition here.
Mission Critical Psychological Services, a provider of telehealth behavioral health solutions for federal government agencies, government contractors, and first responder populations, has been acquired by Valor Healthcare, a provider of healthcare services to federal agencies such as the Department of Veterans Affairs and Defense Health Agency. Click here for more on the acquisition.
Office Ally, a healthcare technology company providing a comprehensive suite of cloud-based clearinghouse and software solutions to a national network of healthcare providers, partners, and health plans, announced a strategic growth investment from New Mountain Capital, a leading growth-oriented investment firm with more than $55 billion in assets under management. As part of the transaction, Francisco Partners, which originally invested in Office Ally in 2021, will also reinvest alongside management. Learn more about the investment here.
Onconetix, a biopharmaceutical company developing ophthalmic therapies, has signed a non-binding letter of intent contemplating a potential business combination transaction with Ocuvex Therapeutics, whose treatment for ocular hypertension and open-angle glaucoma received FDA approval in September 2022. Click here to learn more.
PanTHERA Cryosolutions, a developer of cryopreservation solutions for cells, tissues, and organs, has been acquired by BioLife Solutions, a supplier of cell processing tools and services. Read more about the acquisition here.
Scienture, a New York-based pharmaceutical company, has announced the divestiture of its legacy HCIT and wholesale operations subsidiaries for over $5M. View the announcement here.
Solu Therapeutics, a biotechnology company developing platforms with use cases for oncology, immunology, and other therapeutic areas, has announced the completion of a Series A round totalling $41M in financing from Eli Lilly and Company, Biovision Ventures, Pappas Capital, Hengdian Group Capital (HgC), and The Leukemia & Lymphoma Society Therapy Acceleration Program®. Existing investors Longwood Fund, DCVC Bio, Santé Ventures, Astellas Venture Management, and Alexandria Venture Investments also participated. Click here to learn more.
U.S. Urology Partners, a urology practice management company supporting five groups and 180 providers, has received a strategic growth investment from General Atlantic as NMS Capital exits the partnership. Read more about the investment here.
Vaxess, a biotechnology company developing a microarray patch as an alternative to self-injection drug delivery, has raised $9M from investors including RA Capital Management and Engine Ventures. Click here to learn more.
Majority shareholders of Xtant Medical Holdings (NYSE:XTNT), a developer of orthobiologics and spinal fixation systems, have agreed to sell 73.1 million shares to existing investor Nantahala Capital Management and other investors for $0.42 per share ($30.7M). This transaction will result in Nantahala increasing its ownership to 49.1%. Learn more about the agreement 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.
