Disrupted Healthcare – 28 Deals and Investments This Week

VC Deals (14 deals, $227M)

Invictus Oncology, an India-based developer of cancer therapeutics, has raised an undisclosed amount of Series A funding from Navam Capital, Aarin Capital and Ratan Tata

SwervePay, a Lake Villa, Ill.-based healthcare mobile payment platform, has raised $10 million in Series B funding led by Garland Capital Group

Amplyx Pharmaceuticals, a San Diego-based developer of treatments for life-threatening fungal infections, has raised $8.7 million in new Series B funding from 3×5 Partners. This brings the round total to $49.2 million, including a prior close from RiverVest Venture Partners, NEA and BioMed Ventures

Vestagen Technical Textiles Inc., an Orlando, Fla.-based developer of performance apparel for healthcare applications, has raised $7 million in new financing co-led by Advent Life Sciences and HealthQuest Capital

ARMO BioSciences Inc., a Redwood City, Calif.-based, has raised $50 million in Series C funding. HBM Healthcare Investments, Google Ventures, Celgene Corp., Clough Capital Partners and Industrial Investors Group were joined by return backers Kleiner Perkins Caufield & Byers, OrbiMed Advisors, DAG Ventures and NanoDimension

Yumanity Therapeutics, a Cambridge, Mass.-based drug discovery startup focused on diseases caused by protein misfolding, has raised $45 million in Series A funding.Fidelity led the round, and was joined by Redmile Group, Alexandria Venture Investments, Biogen, Sanofi-Genzyme BioVentures and Dolby Family Ventures

Halo Neuroscience, a San Francisco-based developer of neuroscience-based technology for enhancing brain performance, has raised $9 million in Series A funding.Lux Capital led the round, and was joined by Andreessen Horowitz, Jazz Venture Partners, SoftTech Ventures and Xfund

First Stop Health, a Chicago-based provider of telemedicine and advocacy services, has raised $2.1 million in new seed funding from unidentified individual and institutional investors. The company previously raised $3.5 million

Lantern, a San Francisco-based provider of online mental health wellness services, has raised $17 million in new funding. UPMC led the round, and was joined by return backers Mayfield Fund, SoftTechVC and Stanford University

Affinivax,  a two-year-old, Cambridge, Ma.-based biotechnology company that’s developing a pneumococcal vaccine, has raised $2.5 million in new funding from the Bill & Melinda Gates Foundation a little less than two years after raising $4 million from foundation

Yumanity Therapeutics, a 14-month-old, Cambridge, Ma.-based company working to advance treatments for diseases such as Alzheimer’s and Parkinson’s, has raised $45 million in Series A funding led by Fidelity Management, with participation from Alexandria Venture Investments,Biogen, Dolby Family Ventures, Redmile Group, and Sanofi-Genzyme BioVentures

Guahao (2010, Hangzhou, China) online healthcare services provider offering appointment booking and other affiliate services, receives $20M from real estate developer Shandong Tyan in a Pre-IPO round

Shanghai-based Qingpingguo, a healthcare mobile app which allows patients to make doctor appointments, conduct mobile consultation, as well as to keep in touch with doctors after hospital visits, has received US$10 million series B round of funding led by DT Capital

JustDoc (India), enables patients to do video consultations with doctors via its website, has raised seed funding from TracxnLabs, T.V. Mohandas Pai, Mohit Saxena (Co-Founder, InMobi), Raghunandan G (Co-Founder, TaxiForSure), Singapore Angel Network and others

PE Deals (4 deals)

PSA Healthcare, a Norcross, Ga.-based portfolio company of J.H. Whitney Capital Partners, has acquired Care Unlimited Inc., a provider of home care services to medically fragile children in Pennsylvania. No financial terms were disclosed

One Equity Partners has acquired All Metro Health Care Services Inc., a Valley Stream, N.Y.-based provider of provider of home and community-based healthcare services, from Nautic Partners. No financial terms were disclosed

The Hilb Group, a Richmond, Va.-based portfolio company of ABRY Partners, has acquired Dowling & O’Neill, a Hyannis, Mass.-based provider of general property and casualty insurance with a particular focus on high-net-worth personal lines and healthcare. No financial terms were disclosed

OMERS Private Equity has acquired a majority stake inForefront Dermatology, a Manitowoc, Wis.-based provider of practice management services to dermatology clinics, from Varsity Healthcare Partners. No financial terms were disclosed

IPO Deals (4 deals)

Apellis Pharmaceuticals, a Louisville, Ky.-based developer of immunotherapies, has withdrawn registration for an $86.25 million IPO. No explanation was provided. As of its October 2015 filing, the pre-revenue company has raised around $55 million in VC funding from Morningside Ventures  (32.6% pre-IPO stake), AJU IB Investment (7.2%) and Epidarex Ventures. Since then, however, regulatory filings suggest it has raised at least another $47 million

Ellipse Technologies, an Aliso Viejo, Calif.-based developer of devices for orthopedic implant systems, has withdrawn IPO registration after recently agreeing to be acquired for $380 million in cash by NuVasive (Nasdaq: NUVA).  Shareholders include HBM Healthcare Investors (29.9% stake), Wexford Capital (18%) and HBM-MedFocus (12.9%)

AveXis Inc., a Bannockburn, Ill.-based developer of gene therapies for patients with severe genetic and orphan diseases like spinal muscular atrophy, raised $95 million in its IPO. The company priced 4.75 million shares at $20 per share, compared to original plans to offer 4.25 million shares at between $19 and $21 per share. Its initial market cap is around $438 million. The pre-revenue company will trade on the Nasdaq under ticker symbol AVXS, while Goldman Sachs and Jefferies served as lead underwriters. Shareholders in AveXis include PBM Capital (15% pre-IPO stake), Deerfield Management (9.9%), JDH Investment Management (9.5%), Roche Finance (8.4%), White Rock Capital Partners (6.6%), Third Security (6.6%), T. Rowe Price (5.4%), Venrock (5.3%), Janus Capital Management, Adage Capital Management, RA Capital Management, QVT Financial, Rock Springs Capital Management, Foresite Capital Management, RTW Investments and Boxer Capital

Proteostasis Therapeutics Inc., a Cambridge, Mass.-based developer of therapeutics to treat diseases caused by defects in protein processing, raised $50 million in its IPO. The company priced 6.3 million shares at $8 per share, compared to original plans to offer 3.85 million shares at between $12 and $14 per share ($153m initial market cap). The pre-revenue company will trade on the Nasdaq under ticker symbol PTI, while Leerink Partners and RBC Capital Markets served as lead underwriters. Proteostasis Therapeutics had raised over $50 million in VC funding, from firms like Elan Science One (21.6% pre-IPO stake), New Enterprise Associates (17.1%), Healthcare Ventures (13.9%), Fidelity Biosciences (11.7%), Novartis Bioventures (11.6%), Sanofi-Genzyme BioVentures (5.8%) and Cormorant Asset Management

Other Deals (5 deals)

One Medical Group, a San Francisco-based provider of tech-enabled primary care, has acquired Rise, a nutrition and health coaching platform. No financial terms were disclosed. Rise had raised over $2 million in seed funding from firms like Foodgate. One Medical has raised more than $180 million from firms like Benchmark, J.P. Morgan Asset Management, Redmile Group, Google Ventures, Maverick Capital and Oak Investment Partners

Hikma Pharmaceuticals PLC (LSE: HIK) has cut the cash piece of its takeover offer for the Roxane Labs, the U.S. generic drugs unit of Germany’s Boehringer Ingelheim, due to lower-than-expected sales. The cash would now be $647 million compared to $1.18 billion, plus 40 million new shares of Hikma stock

Wipro Ltd. (NYSE: WIT) has agreed to acquire HealthPlan Services, a Tampa, Fla.-based services provider to the insurance and managed care markets, from Water Street Healthcare Partners. The deal is valued at $460 million

ASICS Corp. (Tokyo: 7936) has acquired Runkeeper, a Boston-based fitness app maker. No financial terms were dislcosed. Runkeeper had raised over $11 million in VC funding from firms like Spark Capital, O’Reilly AlphaTech Ventures, Boston Seed Capital and Revolution Ventures

Hyderabad’s (India) start-up incubator T-Hub is looking to set up a health tech accelerator, to mentor and fund 10-15 innovations, in May this year. In fact, over the next one year, it would also open three other accelerators, for Internet of Things, agritech and B2B companies

Sources: Term Sheet, Financial Times, StrictlyVC, TechinAsia, CrunchBase, TechCrunch, Bloomberg

The Propell Group

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