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 September 17, 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 - September 10, 2024.

• Adfire Health, a healthcare professionals data and digital engagement company, has been acquired by Court Square Partners' Health Union. Read more about the acquisition here.
• Bain Capital Life Sciences (BCLS) has raised its fourth fund, totaling approximately $3B with about $2.5B consisting of outside commitments from existing and new investors. View the announcement here.
• Bicara Therapeutics, a cancer treatment-focused biopharmaceutical company backed by TPG and Indian biopharmaceutical firm Biocon, is targeting a share price of $16 - $18 for 11.8M shares in its IPO. It plans to list on the NASDAQ under the ticker "BCAX." Learn more about the IPO here.
• Candid Therapeutics, a biotechnology company specializing in a type of immune cell, announced its official launch and $370M capital raise co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners, with participation from over 15 other investors. Read more about the capital raise here.
• Clinigence Health, a provider-based population health platform, has been acquired for an undisclosed price by AssureCare, a portfolio company of Vora Ventures. Click here for more on the acquisition.
• CSA Medical, manufacturer of a medical device using cryotherapy to treat chronic bronchitis, announced an oversubscribed $53M Series D round co-led by TVM Capital Life Science and Yonjin Ventures. Existing shareholders SV Health Investors, Ascension Ventures, First Analysis, Blue Heron, and Intersouth Partners also participated. View the press release here.
• eClinical Solutions LLC, a clinical data software provider, has received a majority investment from GI Partners. Read more about the investment here.
• GTCR-backed Equiti Health, a provider of language interpretation services for healthcare, has announced a significant investment from Heritage Group. Click here for more on the investment.
• GeBBS Healthcare Solutions, a healthcare outsourcing firm headquartered in Los Angeles, has agreed to be acquired by EQT for over $850M. View the announcement here.
• Habitat Health has announced the completion of a $50M capital raise to support its expansion of a community-based elder care program. Investors included Town Hall Ventures, New Enterprise Associates, and Kaiser Permanente. Read more about the capital raise here.
• Hatch, a compliance and risk management software provider for behavioral health organizations, has agreed to be acquired by Kipu Health. Learn more about the acquisition here.
• Health Data Decisions, a healthcare data analytics and technology company, will be acquired by NationsBenefits, a benefits platform that partners with managed care organizations. Read more about the acquisition here.
• Inflammatix, a diagnostics company focused on improving sepsis testing, has announced Series E financing of $57M, led by Khosla Ventures and Think.Health. Click here for more on the financing.
• Inverness Graham's BenefitHub has acquired Abenity, an employee perks platform, for an undisclosed amount. Read the press release here.
• Keystone Urology Specialists has been acquired by Lee Equity Partners-backed Solaris Health Holdings for an undisclosed price. Read more about the acquisition here.
• MBX Biosciences, a clinical-stage biopharmaceutical company, is targeting a share price of $14 - $16 for 8.5M shares in its IPO. It plans to list on the NASDAQ Global Select Market under the ticker "MBX." Learn more about the IPO.
• Nirvana, a health insurance verification and transparency tool that can run on a variety of platforms, has announced Series A financing of $24.2M, led by Northzone with the participation of Inspired Capital, Eniac Ventures, and Surface Ventures. View the announcement here.
• PharmaForceIQ, an AI-driven omnichannel marketing solution for pharmaceutical and life science companies, has received a majority recapitalization from Eir Partners, a middle market private equity firm focused on healthcare technology and tech-enabled services. Read more about the recapitalization here.
• Radiant Bio, a biotechnology company creating a platform to help develop antibody treatments, closed its Series A financing round at $35M. The round was co-led by the Bill & Melinda Gates Foundation and Amplitude Ventures with participation from BDC Capital, Abrdn, FACIT, Alexandria Venture Investments, and Toronto Innovation Acceleration Partners. Learn more about the financing round here.
• RTG, a healthcare staffing firm, has been acquired by Triage, a larger player in the same space. Read more about the acquisition here.
• SpectraWAVE, a medical imaging company, has received $50M from a Series B round led by Johnson & Johnson Innovation with participation from S3 Ventures, Lumira Ventures, SV Health Investors, Deerfield Management, NovaVenture, Heartwork Capital, and undisclosed parties. Read the press release here.
• Superliminal Medicines, developer of membrane receptor drugs, has announced the closing of a Series A raise totalling $120M. The round was led by RA Capital Management with participation from existing investors Insight Partners, NVentures, and Gaingels, alongside new investors Catalio Capital Management, Eli Lilly and Company, and Cooley LLP. View the announcement here.
• Viome, a developer of microbiome home tests, announced a $25M internal Series D with participation from Khosla Ventures, Bold Capital, WRG Ventures, Marc Benioff, and others. Learn more here.
• Zipari, a cloud-based healthcare consumer experience company backed by Thoma Bravo, has been acquired by PSG-backed mPulse. 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.