Healthcare Private Placement and M&A Transactions Review Week Ending Feb 18, 2024

Freenome: The company raised $254 million of venture funding in a deal led by Roche Venture Fund on February 15, 2024, putting the company’s pre-money valuation at $1.95 billion. Bain Capital Life Sciences, Intermountain Ventures, Quest Diagnostics, Sands Capital, ARTIS Ventures, DCVC, Andreessen Horowitz, Polaris Partners, S32, RA Capital Management, Eventide Asset Management, ARK Venture Fund, Pura Vida Investments, Squarepoint Capital, Perceptive Advisors, BrightEdge, Cormorant Capital, ArrowMark Partners and other undisclosed investors also participated in the round. The company is a developer of a multi-omics platform designed to detect cancer at an early stage through a routine blood draw.

Impulse Dynamics: The company raised $136 million of venture funding in a deal led by Perceptive Advisors, Redmile Group, Alger, and Hobart Healthcare on February 14, 2024. The company is a developer of a cardiac contractility modulation technology designed to treat chronic heart failure.

Latigo Bio: The company raised $135 million of Series A venture funding in a deal led by Foresite Capital, 5AM Ventures, and Westlake Village BioPartners on February 14, 2024. Corner Ventures and other undisclosed investors also participated in the round. The company is a developer of a biotechnology platform intended to develop novel and non-opioid therapies for chronic pain.

NextPoint: The company raised $122.5 million of Series B venture funding in a deal led by Sanofi Ventures and Catalio Capital Management on December 13, 2022, putting the company’s pre-money valuation at $130 million. Bluebird Bio, Pagoda Tree Partners, Leaps by Bayer, Binney Street Capital, The Invus Group, MPM Capital, Sixty Degree Capital, Arkin Bio Ventures, and WTT Investment also participated in the round. The company is a developer of immunotherapy medications for cancer patients.

ProfoundBio: The company raised $112 million of Series B venture funding in a deal led by Ally Bridge Group on February 13, 2024. Lilly Asia Ventures, LifeSci Venture Partners, OrbiMed, Medicxi, LYFE Capital, Nextech Invest, Piper Heartland Healthcare Capital, RA Capital Management, Octagon Capital Advisors, Janus Henderson Investors, Logos Capital, T. Rowe Price, and Surveyor Capital also participated in the round. The company is a developer of novel targeted therapeutics for  cancer patients.

FireFly Bio: The company raised $71.7 million of Series A venture funding in a deal led by Versant Ventures, MPM BioImpact and Decheng Capital on February 15, 2024, putting the company’s pre-money valuation at $58.3 million. Eli Lilly and other undisclosed investors also participated in the round. The company provides cancer theraputics by merging antibody-drug conjugates with protein degraders.

SeLux Dx: The company raised $40 million of venture funding in the form of convertible debt from undisclosed investors on February 13, 2024. The company is a developer of a biotechnology platform designed for antibiotic susceptibility testing and diagnosis of infectious diseases.

Athos Therapeutics: The company raised $35 million of Series B venture funding from undisclosed investors on February 16, 2024. The company is a developer of an artificial intelligence-based precision therapeutics platform designed for patients with inflammatory bowel and autoimmune diseases.

Glyphic Bio: The company raised $33.2 million of venture funding from undisclosed investors on February 16, 2024. The company is an operator of a biotechnology platform that offers protein sequencing instrumentation and services to help researchers and scientists better understand the proteome.

Cagent Vascular: The company raised $28.7 million of venture funding from undisclosed investors on February 14, 2024. The company is a developer of a next-generation intravascular technology designed to treat diseased peripheral arteries.

Graviton BioScience: The company raised $25 million of Series B-1 venture funding from undisclosed investors on February 14, 2024, putting the company’s pre-money valuation at $230 million. The company is a developer of novel therapeutics designed for the treatment of autoimmune, cancer and other serious diseases.

Newcells Biotech: The company raised GBP 5.8 million of venture funding from Mercia Asset Management, Northstar Ventures and Northern Venture Trust on February 14, 2024, putting the company’s pre-money valuation at GBP 12.7 million. European Regional Development Fund, and other undisclosed investors also participated in the round. The company is a developer of a biotechnology platform designed to develop in vitro cell-based assays for early drug discovery and development.

Kytopen: The company raised $5.7 million of venture funding in the form of convertible debt from undisclosed investors on February 14, 2024. The company is a developer of gene-modified cell therapies.

Gasgon Medical: The company closed on EUR 4 million of venture funding on February 18, 2024. The company is a developer of fluid management products to improve IV infusions.

ResBiotic: The company raised $2.6 million of venture funding from undisclosed investors on February 13, 2024. The company is a developer of probiotic therapies intended to restore healthy lung microbiomes.

Palm Therapeutics: The company is in the process of raising venture funding in the form of SAFE note on February 14, 2024. The company is a developer of palmitoylation-targeted drugs for cancers with high unmet patient need.

Replicate Bioscience: The company is in the process of raising Series B venture funding on February 14, 2024. The company is a developer of srRNA immunotherapies.

Immunogen / AbbVie: The company was acquired by AbbVie for $10.1 billion on February 12, 2024. Immunogen Inc is a clinical-stage biotechnology company which focuses on antibody-drug conjugate, or ADC.

CymaBay Therapeutics / Gilead Sciences: The company reached a definitive agreement to be acquired by Gilead Sciences for $4.3 billion on February 12, 2024. CymaBay Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for patients with liver and other chronic diseases.

Aiolos Bio / GSK: The company was acquired by GSK for $1.4 billion on February 15, 2024. The company is an operator of a clinical-stage biopharmaceutical company intended to focus on addressing the unmet treatment needs of patients with respiratory and inflammatory conditions.

Tevogen Bio / Semper Paratus Acquisition: The company was acquired for $1.2 billion through a reverse merger, resulting in the combined entity trading on the New York Stock Exchange under the name Tevogen Bio Holdings (TVGN) on February 13, 2024. Tevogen Bio Holdings Inc is a clinical stage biotechnology company specializing in cell and gene therapies in oncology and viral infections.

Adagio Medical / ARYA Sciences Acquisition IV: The company reached a definitive agreement to be acquired by ARYA Sciences Acquisition Corp IV through a reverse merger, resulting in the combined entity trading on the Nasdaq under the ticker symbol ADGM on February 14, 2024. The company is a developer of a cryoablation technology designed to treat cardiovascular diseases.

Fimecs / RaQualia Pharma: The company reached a definitive agreement to be acquired by RaQualia Pharma for JPY 4.5 billion on February 14, 2024. The company is a developer of a targeted protein degradation drug discovery platform.

Kinnate Biopharma / Xoma: The company reached a definitive agreement to be acquired by Xoma for approximately $120 million on February 16, 2024. Kinnate Biopharma Inc is a clinical-stage precision oncology company focused on the discovery, design, and development of small molecule kinase inhibitors for genomically defined cancers.

Osimis / deepc: The company was acquired by deepc for an undisclosed amount on February 14, 2024. The company is a developer of a medical imaging artificial intelligence platform designed to distribute and integrate technology in radiology workflows.