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 24, 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 17, 2024.

• ABS Vaccines, a Physician Buying Group and wholly owned subsidiary of ACXSS, has announced its acquisition of Medical Practice Purchasing Group, a nationwide Physician Buying Group. Read more about the acquisition here.
• Agape Care Group, a Spartanburg, SC-based hospice services company backed by Ridgemont Equity Partners has acquired Crossroads Hospice & Palliative Care's select locations in Oklahoma, Missouri, Kansas and Georgia. View the announcement here.
• Beacon Oral Specialists, a portfolio company of Blue Sea Capital, announced that it has entered strategic partnerships with two oral surgery practices, Oral Surgery Partners and Vero Beach Surgical Arts. Learn more about the strategic partnerships here.
• Blue Matter, a consulting firm serving the life sciences industry, announced the acquisition of Sam Brown Inc., an integrated healthcare communications and public relations agency focused on corporate, clinical and commercial communications for the life sciences industry. Read more about the acquisition here.
• Boston Scientific Corporation [NYSE: BSX], a Marlborough, MA-based biomedical engineering and manufacturing firm, has closed the acquisition of Silk Road Medical, Inc. [NASDAQ: SILK], a California-based medical device company. The acquisition includes a purchase price of $27.50 per share, reflecting an enterprise value of approximately $1.18B. Click here to learn more.
• BrightSpring Health Services (NASDAQ: BTSG), a provider of home and community-based health services for complex populations, announced that investment funds managed by KKR & Co. Inc., an existing shareholder of BrightSpring, have entered into an agreement with Walgreen Co. to purchase 11,619,998 shares of BrightSpring’s common stock from WBA in a private transaction. View the press release here.
• Cardinal Health (NYSE: CAH) announced that it has entered into a definitive agreement to acquire Integrated Oncology Network, a physician-led independent community oncology network, for $1.115B in cash. Read more about the acquisition here.
• CentralReach, a provider of Autism and IDD Care software for ABA, multidisciplinary, and special education, announced the acquisition of Behavior Science Technology Inc. (BST), a research-backed treatment fidelity platform designed to collect, measure, and track treatment fidelity for Applied Behavior Analysis (ABA) therapy in a standardized way. Learn more about the acquisition here.
• Cinven has agreed to sell a 15% indirect minority stake in SYNLAB, a German medical diagnostics group, to Labcorp [NYSE:LH], a Burlington, NC-based lab testing company, for EUR 140M. Read the announcement here.
• Healthcare technology and RCM company CorroHealth has finalized its acquisition of the Xtend healthcare revenue cycle management business from Navient. Click here for more on the acquisition.
• Elevance Health, a U.S.-based company serving 15 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, and complex care solutions, has entered into an agreement to buy Indiana University Health’s insurance business for an undisclosed sum. Learn more here.
• Fabric, a healthcare technology company, that delivers accessible virtual healthcare services to payers, employers, and health systems announced the acquisition of TeamHealth VirtualCare, a virtual care provider licensed in all 50 states and part of TeamHealth, a physician practice group in the United States with more than 14,000 clinicians. Read more about the acquisition here.
• Flourish Research, an NMS Capital portfolio company and multi-site clinical trial organization focused on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas among others, announced a strategic majority investment from Genstar Capital. Learn more about the investment here.
• FOXO Technologies Inc. (NYSE American: FOXO), completed the acquisition of the second revenue-generating operation from Rennova Health, Inc. (OTC: RNVA).  Click here for more on the acquisition.
• Labcorp (NYSE: LH), a provider of laboratory services, and OPKO Health, Inc. (NASDAQ: OPK), a multinational biopharmaceutical and diagnostics company, announced the completion of Labcorp's acquisition of select assets of BioReference Health.  The purchase price for the transaction is $237.5M, for assets that generate approximately $100M in annual revenue. View the press release here.
• Leap Distributors has acquired Leap Surgical and DUB Enterprises, two privately owned medical device firms. Effective immediately, the three companies will operate as one under the Leap Distributors umbrella, with headquarters in Dallas, additional offices in Houston and a national customer base. Read more about the acquisitions here.
• MedeAnalytics, a Richardson, TX-based enterprise healthcare analytics software firm, backed by JLL Partners, has acquired SubPop Health, a Nashville, TN-based marketplace for self-insured employers. Click here to learn more.
• Merit Medical Systems, Inc. (NASDAQ: MMSI), a global leader in healthcare technology, announced it has signed a definitive asset purchase agreement to purchase Cook Medical’s lead management portfolio for total cash consideration of approximately $210M. Read the press release here.
• Molex, a parent to Phillips Medisize, a leader in the design, engineering and manufacturing of pharmaceutical drug delivery, in vitro diagnostic and medtech devices, announced that, through its affiliate Molex Asia Holdings, it has signed an agreement to purchase Vectura Group Limited from Vectura Fertin Pharma Inc., a subsidiary of Philip Morris International (PMI) (NYSE: PM). View the announcement here.
• Northwest Urgent Care, LLC, a Tucson, AZ-based subsidiary of Community Health Systems, Inc. [NYSE:CYH], a Franklin, TN-headquartered healthcare company, has signed an agreement to acquire 10 Arizona urgent care centers from Carbon Health. Read more about the acquisitions here.
• Nura Bio, a San Francisco, CA-based clinical-stage biopharmaceutical company, has raised an additional $68M in Series A financing, bringing the round total to $141M. Learn more about the financing here.
• Firmament-backed Panacea Healthcare Solutions, a provider of healthcare financial and clinical software and tech-enabled services, announced the acquisition of CBIZ KA Consulting Services, LLC, a provider of eligibility, clinical coding and auditing, and revenue integrity solutions to U.S.-based hospitals and healthcare systems. Read more about the acquisition here.
• Organon (NYSE: OGN), a global healthcare company with a mission to improve the health of women throughout their lives, and Dermavant Sciences Ltd. announced that they have entered into a definitive agreement, under which Organon will acquire Dermavant, a Roivant (NASDAQ: ROIV) company dedicated to developing and commercializing innovative therapeutics in immuno-dermatology. View the press release here.
• PharmaLegacy Laboratories, a provider of in vitro and in vivo preclinical drug development services, has acquired BTS Research, a San Diego-based preclinical contract research organization (CRO). Read more about the acquisition here.
• Quest Diagnostics (NYSE: DGX), a leader in diagnostic information services, announced that it has completed its previously announced acquisition of select laboratory assets from Allina Health, a non-profit healthcare system. Learn more about the acquisition here.
• RF Investment Partners, a provider of flexible growth capital, announced its platform investment in Altro and Amici Pharmaceuticals, a complementary pair of founder-owned companies that provide strategic sourcing, market insights, and production of generic pharmaceuticals for the growing companion pet and animal end markets. Read more about the investment here.
• Riverside Partners, LLC, a Boston, MA-based private equity firm, announced the strategic combination of Sequoia Biotech Consulting, a life sciences service provider helping organizations to scale rapidly and to deliver high-quality therapeutics, and Syner-G BioPharma Group, a provider of integrated regulatory and biopharmaceutical development services. Read more about the strategic combination here.
• RLDatix, a global provider of connected healthcare operations software and services, announced its acquisition of SocialClimb, a healthcare technology company supplying patient satisfaction, reputation management and revenue growth solutions to provider groups, hospitals and health systems. Click here for more on the acquisition.
• Tech-enabled medication management company Scriptology has acquired competitor RxLive. Read more about the acquisition here.
• Serán Bioscience, a Bend, OR-based contract development and manufacturing organization (CDMO) providing a comprehensive suite of development, has announced a strategic growth transaction of over $200M led by Bain Capital Life Sciences. Existing Serán investor Vivo Capital will remain invested in the firm. View the announcement here.
• Stryker (NYSE: SYK), a global leader in medical technologies, announced that it has completed the acquisition of NICO Corporation, a privately held company providing a systematic approach to minimally invasive surgery for tumor and intracerebral hemorrhage (ICH) procedures. Read more about the acquisition here.
• SubjectWell, an Austin, TX-based engagement platform for matching patients with chronic health conditions to new care options, has acquired Trials24, a renowned provider of global digital patient recruitment solutions. SubjectWell is backed by Windrose Health Investors. Learn more here.
• TVM Capital Healthcare, an international healthcare expansion and growth capital firm, announced a recent equity investment in San Francisco, CA-based Human Longevity, Inc., a leader in advancing longevity medicine. Read more about the investment here.
• VaLogic Bio, a platform company of 424 Capital and a provider of compliance and SaaS services to the life sciences industry, announced the acquisition of Facility Logix, a firm specializing in planning, developing, and project management for life sciences facilities. View the press release here.
• VIO Med Spa, a franchisor of full-service med spas, announced that it has partnered with Freeman Spogli, a strategic growth investor. Click here for rmore on the partnership.
• Volaris Group, an operating group of Constellation Software Inc. (TSX:CSU), announced the acquisition of HUSK, a corporate wellness provider. HUSK provides tele-nutrition, tele-mental health, tele-physical therapy, wellness rewards and fitness services. Read more about the acquisition here.
• Vyne Medical, an end-to-end health information exchange and electronic healthcare communication management provider has announced the acquisition of Extract Systems, a provider of advanced data extraction solutions. Vyne Medical is backed by The Jordan Company, and Health Catalyst Capital Management. Learn 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.