Disrupted Healthcare – Global Deals and Investments – 24 Transactions This Week

VC Deals (7 deals, $47.45M)

Augmedix, a San Francisco-based physician platform for patient data that leverages Google Glass, has raised $17 million in strategic funding from health systems like Sutter Health, Dignity Health, Catholic Health Initiatives (CHI), TriHealth Inc. Existing backers include Emergence Capital and DCM

AbSci, a Portland, Ore.-based provider of soluble microbial protein expression solutions, has raised $5.1 million in Series A funding led by Phoenix Venture Partners

BioBeats, a stress assessment app that integrates with wearable devices, has raised $2.28 million in VC funding.White Cloud Capital led the round, and was joined by AXA Strategic Ventures and IQ Capital

Jet Health, a San Francisco-based platform for home health services, has raised $16.65 million in VC funding, according to a regulatory filing. Backers include SV Life Sciences and Health Enterprise Partners

Naya Health, a Redwood City, Calif.-based breast pump maker, has raised $3.9 million in seed funding. Tandem Capital and Bojiang Capital co-led the round, and were joined by S-Cubed Capital, Astia Angels and StartX

CareOnGo, a nine-month-old, New Delhi, India-based chain of co-branded online pharmacies, has raised an undisclosed amount in pre-Series funding from Farooq Oomerbhoy of FAO Ventures and a group of other investors #asia

Cardiac Insight, an eight-year-old, Kirkland, Wa.-based company that makes advanced cardiac and respiratory sensing and computing technologies, has raised $2.5 million in Series C funding from undisclosed backers

PE Deals (3 deals)

Allied 100 LLC, a Woodruff, Wis.-based portfolio company of Ridgemont Equity Partners, has acquiredLifeguard Medical Solutions, a distributor of automated external defibrillators and accessories. No financial terms were disclosed

Veritas Capital has agreed to acquire the healthcare services business ofVerisk Analytics Inc. (Nasdaq: VRSK), a Waltham, Mass.-based provider of data analytics, for $820 million

TPG Growth has agreed to acquire a majority stake in Cancer Treatment Services International, a Wexford, Penn.-based network of cancer treatment facilities. No financial terms were disclosed

IPO Deals (5 deals)

Performance Health Holdings, an Akron, Ohio-based maker of branded wellness and rehabilitation products, has filed for a $100 million IPO. It plans to trade on the Nasdaq under ticker symbol PHC, with Credit Suisse and Jefferies serving as lead underwriters. The company reports $5.7 million in net income on $118 million in revenue for the first nine months of 2016. Shareholders includeGridiron Capital

Oncobiologics, a Cranbury, N.J.-based developer of biosimilar therapeutics, has set its IPO terms to 5 million shares being offered at between $11 and $13 per share. It would have an initial market cap of around $242 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol ONS, with Jefferies and Barclays serving as lead underwriters. Oncobiologics has raised over $43 million in VC funding, from firms like Perceptive Advisors, Cormorant Global Healthcare Master Fund, Longwood Capital Partners, venBio Select Fund, Proximare Lifesciences Fund, OSSB Pharma Fund and MIH Fund

Spring Bank Pharmaceuticals Inc., a Hopkinton, Mass.-based developer of drugs based on a proprietary small molecule nucleic acid hybrid, has reduced its proposed IPO terms from 2.86 million shares being offered at between $13 and $15 per share, down to 1.15 million shares being offered at between $12 and $14 per share. The pre-revenue company plans to trade on the Nasdaq under ticker symbol SBPH, and has replaced original underwriter William Blair with Dawson James Securities

Intellia Therapeutics, a Cambridge, Mass.-based gene-editing company focused on the development of medicines using CRISPR/Cas9 technology, has set its IPO terms to 5 million shares being offered at between $16 and $18 per share. The pre-revenue company would have an initial market cap of around $583 million, were it to price in the middle of its range. Intellia plans to trade on the Nasdaq under ticker symbol NTLA, with Credit Suisse, Jefferies and Leerink Partners serving as lead underwriters. It has raised in VC funding, from firms like Novartis (20.3% pre-IPO stake), Atlas Venture (17%), OrbiMed Advisors (9.3%), Fidelity (7.1%), Janus Capital Management, Foresite Capital, Sectoral Asset Management and EcoR1 Capital

Samsung Biologics, a South Korean contract manufacturer for the biotech market, said it is planning to go public later this year in a Seoul IPO that could value the company at upwards of $2.6 billion

Other Deals (9 deals)

Novartis (Swiss: NOVN) is considering the sale of its $13.8 billion stake inRoche (Swiss: ROG)

Nokia has acquired Withings, a Paris-based maker of fitness trackers, smart scales and other digital health devices, for €170 million. Withings had raised around $33 million in VC funding, from firms like Ventech, Idinvest Partners, 360 Capital Partners and Bpifrance

Auris Surgical Robotics, a San Carlos, Calif.-based developer of robotics technology for medical applications, has agreed to acquire Hansen Medical(Nasdaq: HNSN), a Mountain View, Calif.-based intravascular robotics company. The deal is valued at around $80 million in cash, or $4 per share. Auris has raised over $180 million in VC funding, from firms like Lux Capital, Mithril Capital Management and Highland Capital Partners

Ironwood Pharmaceuticals Inc. (Nasdaq: IRWD) has entered into a licensing agreement with AstraZeneca PLC (LSE: AZN) for the exclusive U.S. rights to gout drug Lesinurad. The deal includes a $100 million upfront payment, and upwards of another $165 million in earn-outs

Leonard Green & Partners has agreed to acquireExamWorks Group Inc.(NYSE: EXAM), an Atlanta-based provider of medical examination services, for around $2.2 billion. The $35.05 per share deal represents a 4.4% premium to yesterday’s closing price

AbbVie (NYSE: ABBV) has agreed to acquire Stemcentrx, a San Francisco-based cancer drug developer, at what could become a $10.2 billion enterprise value (including earn-outs). Stemcentrx had raised around $550 million in VC funding, most recently at a post-money valuation of $5 billion, from firms like Founders Fund, Artis Ventures, WTI, Sequoia Capital and Fidelity

Abbott Laboratories (NYSE: ABT) has agreed to acquire medical device makerSt. Jude Medical (NYSE: WTJ) for approximately $25 billion in cash and stock. The $85 per share value represents around a 37% premium to yesterday’s closing price for St. Jude stock

Sanofi (Paris: SAN) has publicly offered to acquireMedivation (Nasdaq: MDVN), a San Francisco-based prostate cancer drug-maker, for $9.3 billion in cash. It originally made the offer privately, but says it did not receive a reply. The Times of London previously reported that Medication had rejected to overture, and that AstraZeneca (LSE: AZN) was preparing a bid of its own

Alere Inc. (NYSE: ALR) said that it has rejected a request from Abbott Laboratories (NYSE: ABT) to terminate Abbott’s $5.8 billion agreement to purchase Alere. Abbott says it is concerned about various representation made by Alere, and offered between $30 million and $50 million to kill the existing agreement, which values Alere shares more than 50% above their current trading price

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

The Propell Group

#healthtech #asia