There were 79 deals recorded involving top medical companies in the three months to April with a number of high profile contract service agreement, licensing agreement, partnership, sponsorship, venture financing, equity offering, asset transaction, debt offering, acquisition and private equity deals.
That’s according to GlobalData’s Financial Deals database, which tracks market activity across a variety of sectors and deal types.
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The deals below only include those that have been completed – so excludes rumours or those that have been agreed but not yet executed.
The figures, which cover the top medical companies, show the market in the US to be the most active, with 48 deals taking place over the last three months. That was followed by the UK, which saw six deals.
Below are some of the largest completed deals to have taken place in the last quarter.
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By GlobalDataAcquisitions
Maravai LifeSciences Denies to Sell Itself - 28 February ($11,000m)
Maravai LifeSciences Holdings Inc, a provider of capping reagents for COVID-19 vaccines, has rejected to sell itself to Sartorius AG, a laboratory supplies vendor, for approximately USD11 billion, people familiar with the matter said.
Reportedly, Maravai rejected the USD42 per share all-cash offer from Sartorius earlier this month as inadequate. It is not clear whether Sartorius will return with a new offer or whether Maravai will attract acquisition interest from other laboratory equipment and supplies providers.
Masimo to Acquire Sound United - 15 February ($1,025m)
Masimo Corp, a medical technology company that develops, manufactures and markets non-invasive patient monitoring technologies, medical devices and sensors to improve patient care, has entered into a definitive agreement to acquire Sound United LLC, a provider of audio products such as loudspeakers and electronic components for home, auto and marine applications. Both the companies involved in the transaction are based in the US.
The purchase price for the Merger will be USD1.025 billion, subject to adjustment based on Viper, net working capital, transaction expenses, cash and debt as of the closing of the Merger, payable by Masimo in cash. Of the purchase price, USD30 million will be deposited by Masimo into escrow to cover purchase price adjustments, if any, under the Merger Agreement.
Post-closing, Kevin Duffy will continue to lead Sound United, reporting directly to Masimo Chairman and Chief Executive Officer, Joe Kiani.
Citigroup Inc is acting as financial advisor and Paul Hastings LLP is acting as legal advisor to Masimo. Evercore Inc is acting as lead financial advisor, Stifel Financial Corp and Solomon Partners L.P. Are also acting as financial advisors and Goodwin Procter LLP is acting as legal advisor to Sound United.
The transaction is expected to close near the middle of 2022, subject to the receipt of regulatory approvals and other customary closing conditions.
Integer Holdings Acquires Aran Biomedical - 07 April ($142m)
Integer Holdings Corporation, a medical device outsourcing (MDO), has acquired Aran Biomedical, a company engaged in development and manufacturing solutions for medical devices.
Integer acquired Aran Biomedical for EUR120 million, with up to an additional EUR10 million of contingent consideration payable based on Aran's achievement of 2022 revenue growth milestones.
The transaction is immediately accretive to Integer's sales growth and profit margins.
The transaction was financed with borrowings under Integer's existing revolving credit facility.
Cochlear to Acquire Oticon Medical from Demant - 27 April ($122m)
Cochlear Limited, an implantable hearing solution company, has agreed to acquire Oticon Medical, a company engaged in implantable hearing solutions, from Demant A/S, a hearing health care company engaged in the business of hearing aids, audiometric equipment, and personal communication, for purchase consideration of DKK850 million.
To comply with French labour law requirements, the proposed transaction will be subject to a mandatory consultation process with Oticon Medical's Nice-based employee works council.
Completion of the transaction will be conditional on satisfaction of customary closing conditions and receipt of competition approvals in jurisdictions where the transaction meets relevant notification thresholds.
The acquisition will be funded from existing cash balances and is expected to close in the second half of 2022.
Hapvida Participacoes E Investimentos to Acquire Smile Saude - 11 February ($57m)
Hapvida Participacoes E Investimentos SA, a healthcare company, has agreed to acquire Smile Saude, a healthcare plan operator, for a purchase consideration of USD57.15 Million. Both the companies involved in the transaction are based in the Brazil.
Venture financing
PrognomiQ Raises USD46 Million in Venture Financing - 15 March ($46m)
PrognomIQ, Inc, a healthcare company focused on harnessing the power of multi-omics data to transform the detection and early treatment selection and monitoring of cancer and other complex diseases, has raised USD46 million in venture financing. The financing was led by Bruker Corporation, with participation from Catalio Capital Management, and from existing investors including aMoon, Fidelity Management and Research Company LLC, funds and accounts advised by T. Rowe Price Associates, Inc., Invus, Maverick Ventures, Emerson Collective and Wing VC.
The company intends to use the funds to accelerate development of it's platform and pipeline of multi-omics products for the early detection, treatment selection and monitoring of multiple cancers.
Molecular Assemblies Raises Additional USD25.8 Million in Series B Financing - 15 March ($26m)
Molecular Assemblies, Inc., a private life sciences company, has raised additional USD25.8 million in series B financing. The financing was provided by Casdin Capital, Agilent Technologies, iSelect Fund, Codexis, LYFE Capital and Argonautic Ventures.
The company intends to use the proceeds to advance the company's proprietary enzymatic DNA synthesis technology toward early commercialization and start a key customer program later in 2022.
Earlier on November 4, 2021, Molecular Assemblies raised USD10 million in series B financing.
Day Zero Diagnostics Raises USD21 Million in Venture Financing - 09 February ($21m)
Day Zero Diagnostics Inc, an infectious disease diagnostics company harnessing the power of whole-genome sequencing and machine learning to combat the rise of antibiotic-resistant infections, has raised USD21 million in venture equity financing, this brings the total proceeds to over USD33 million in venture capital financing and over USD10 million in non-dilutive funding. The financing was led by Sands Capital and BD (Becton, Dickinson and Company), Panacea Venture, Hongkou Capital, Triventures, Golden Seeds also participated in the financing
With this financing, DZD will complete the product engineering phase of its diagnostic development effort. In addition, funds will expand DZD Lab Services offerings and strengthen its position as a leading provider of sequencing based diagnostic services to help clinicians address critical infection situations and transmission events.
In conjunction with the financing, Brooke Story will join the company's Board of Directors as an observer.
Epitel Raises USD12.5 Million in Series A Financing - 16 February ($12m)
Epitel, Inc, a digital health company developing a wearable, wireless EEG monitoring platform for seizure detection, has raised USD12.5 million in series A financing. The financing was co-led by Catalyst Health Ventures (CHV) and Genoa Ventures with participation from DexCom and OSF Ventures. Wavemaker 360, MedMountain Ventures and Salt Lake City Angels also participated in the round.
The company intends to use the funds for initial pilot commercialization and further development of its proprietary platform.
Vikram Chaudhery, Ph.D, of Genoa Ventures, and Joshua Phillips of CHV have been appointed to the Board of Directors. Andy Rasdal, founding CEO of Dexcom, and Kim Kamdar, Ph.D, of Domain Associates join the board as Executive Chairman and Independent Director respectively.
EpiMinder Raises USD11.6 Million in Venture Financing - 14 March ($12m)
Epi-Minder Pty Ltd, a medical device company developing the next generation brain monitoring technology, has raised AUD16 million in venture financing. The financing was provided by Cochlear, the Bionics Institute, the University of Melbourne and Seer Medical.
The company intends to use the funds to expand clinical trials for epilepsy monitoring device, Minder, as well as expanding product development, manufacturing and other activities.
Private equity
Aurion Biotech Raises USD120 Million in Private Financing - 12 April ($120m)
Aurion Biotechnologies, a a clinical-stage biotech company, has raised USD120 million in private financing. The financing was led by Deerfield Management and Petrichor Healthcare Capital Management, Flying L Partners, Falcon Vision, KKR, Visionary Ventures and Alcon also participated in the financing.
The company intends to use the proceeds to advance its cell therapy program for corneal edema secondary to endothelial dysfunction, which affects approximately 16 million people in the US, Europe and Japan.
Funds will be disbursed to Aurion Biotech based on the achievement of key clinical and operational milestones.
In conjunction with the financing, Andrew ElBardissi and Patrick Lally will join Aurion Biotech's board of directors.
Raymond James acted as exclusive financial advisor to Aurion Biotech, in connection with this offering.
Liverpool Partners to Acquire Fertility Business from Healius - 25 March ($23m)
Liverpool Partners, a private equity firm, has agreed to acquire Fertility Business from Healius, a provider of health care services, for a purchase consideration of USD23 Million. Both the companies involved in the transaction are based in the Australia.
GTCR and Clayton, Dubilier & Rice May Acquire Merit Medical Systems - 08 April
GTCR LLC and Clayton, Dubilier & Rice, LLC, private equity firms have expressed interest in acquiring Merit Medical Systems Inc, a medical device manufacturer, according to people familiar with the matter.
GTCR has informed Merit Medical it would be willing to pay USD72 to USD75 per share, one of the sources said. Merit Medical shares were trading at around USD61 before Reuters reported on March 9 that the company was exploring a sale.
Other private equity firms could also express interest in Merit Medical and there is no certainty that any deal will be reached, the sources said. Should there be a deal, it could come as early as May, the sources added, asking not to be identified because the matter is confidential.
Spokespeople for GTCR and CD&R declined to comment. A Merit Medical spokesperson did not immediately respond to requests for comment.
Asset transactions
CooperCompanies Plans to Acquire Reproductive Health Business Unit from Cook Medical - 07 February ($875m)
Cook Medical, a medical device company that works with physicians to develop devices that are less invasive for patients, has signed a letter of intent with CooperCompanies, a healthcare company, for the sale of the entirety of its Reproductive Health business unit which is part of the MedSurg division.
Under the proposed transaction, CooperCompanies will pay USD875 million divided into USD675 million payable on completion and USD200 million paid in four annual installments of USD50 million each.
The proposed transaction is subject to compliance with applicable local consultation obligations and regulatory approvals.
Harris Computer to Acquire Net Assets from Allscripts Healthcare Solutions - 02 March ($700m)
N. Harris Computer Corporation (Harris Computer Systems), has agreed to acquire the net assets and large physician practices business segment from Allscripts Healthcare Solutions, to acquire the net assets of Allscripts Hospitals and Large Physician Practices business segment.
The purchase price consideration is up to USD700 million cash, consisting of a fixed price of USD670 million to be paid at closing, plus contingent consideration of up to USD30 million based on performance of the business during the two years following transaction closing.
The Hospitals and Large Physician Practices business segment includes the Sunrise, Paragon, Allscripts TouchWorks, Allscripts Opal and dbMotion solutions. The assets of Allscripts Veradigm business segment are not included in this transaction and will continue to be owned by Allscripts going forward.
Allscripts' Hospitals and Large Physician Practices gross revenue for the period ended December 31, 2021 was USD928 million. Constellation expects to finance the Allscripts acquisition on a stand-alone basis.
The transaction is expected to close during the second quarter of 2022 and completion of the transaction is subject to regulatory approval and customary closing conditions.
Medtronic to Acquire Portfolio of Cardiac-Device Products from Acutus Medical - 27 April ($50m)
Medtronic, a medical device company, has entered into definitive agreement to acquire a portfolio of cardiac-device products, from Acutus Medical, Inc., a developer of medical technologies to treat complex cardiac arrhythmias, for an initial USD50 million in cash and that it restructured its debt.
The deal includes contingent payments over time based on the achievement of certain milestones and future sales.
Tabula Rasa HealthCare to Sell DoseMeRx Solution - 09 February
Tabula Rasa HealthCare Inc., a healthcare technology company advancing the field of medication safety, has signed a non-binding Letter of Intent (LoI) to sell its DoseMeRx solution.
DoseMeRx is an advanced precision dosing tool to help physicians and pharmacists accurately dose patients' high-risk medications based on individual needs, reducing risk, and improving patient outcomes.
The Ensign Group Acquires Real Estate and Operations of The Waterton Healthcare and Rehabilitation - 02 March
The Ensign Group, Inc., a provider of healthcare services, has acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility. Both the companies involved in the transaction are based in the US.
The acquisition was effective March 1, 2022.
