Healthcare Private Placement and M&A Transactions Review Week Ending May 4, 2025

Pathos: The company raised $283 million of venture funding from undisclosed investors on May 1, 2025. The company is a developer of a drug discovery platform intended to reduce the duration of the medication development process.

BigHat Biosciences: The company raised $124.1 million of Series B venture funding in a deal led by S32 on April 28, 2025, putting the company’s pre-money valuation at $180 million. Amgen, Bristol-Myers Squibb, Quadrille Capital, Gaingels, GRIDS Capital, Axial, Quain Investments, Andreessen Horowitz, 8VC, AME Cloud Ventures and Kevin Moore also participated in the round. The company is a developer of a platform designed to create safer, more effective antibody therapies for patients using machine learning and synthetic biology.

Persivia: The company received $107 million of development capital from Aldrich Capital Partners on April 29, 2025. The company is a developer of a SaaS-based chronic care management platform designed to help providers personalize patient care and improve outcomes.

Antev: The company is reportedly in the process of raising $75 million of venture funding from Medicus Pharma on April 28, 2025, putting the company’s pre-money valuation at $320 million. The company is a biopharmaceutical business focused on overcoming the historical problems of GnRH (gonadotropin-releasing hormone) in antagonist candidates.

Hilo Health: The company raised $42 million of Series B venture funding in a deal led by Earlybird Venture Capital and Wellington Partners on May 1, 2025. naturalX Health Ventures, TransLink Capital, Redalpine, Verve Ventures, Molten Ventures, Khosla Ventures and KFund also participated in the round. The company is a developer of a monitoring tool designed to prevent and assist in high blood pressure management.

SafeHeal: The company raised EUR 35 million of Series C venture funding in a deal led by M&L Group, Solar Eclipse, and Gideon Strategic Partners on April 30, 2025. Sofinnova Partners also participated in the round. The company is a manufacturer of a flexible bypass sheath intended to improve the postoperative lives of patients being treated for colorectal cancer.

Epicore Biosystems: The company raised $31.7 million of Series B venture funding in a deal led by Steele Foundation for Hope on May 1, 2025, putting the company’s pre-money valuation at $89 million. Joyance Partners, Alumni Ventures and other undisclosed investors also participated in the round. The company is a developer of a wearable microfluidic sensor technology designed to improve health and improve athletic performance.

Alessa Therapeutics: The company raised $25.4 million of venture funding in the form of SAFE notes from undisclosed investors on April 30, 2025. The company is a developer of a drug delivery implantable system designed to treat patients with prostate cancer.

Spark Biomedical: The company raised $15 million of Series A venture funding in a deal led by WAVE Ventures (Waco) on April 30, 2025. Pathway to Cures also participated in the round. The company is a developer of wearable neurostimulation devices designed to offer opioid withdrawal relief.

CND Life Sciences: The company raised $13.5 million of Series A venture funding from HonorHealth, Laboratory Corporation of America and Top Corner Capital on May 1, 2025. Tanis Venture Management, Gold Bench Capital, Blue Stone Venture, MBX Capital, VILAS Ventures and Cambrian Capital also participated in the round. The company is a developer of a medical diagnostic platform designed to detect key pathological markers in the peripheral nervous system.

QbDVision: The company raised $13 million of Series A venture funding in a deal led by S3 Ventures and Northpond Ventures on April 29, 2025, putting the company’s pre-money valuation at $40 million. Create Health Ventures and other undisclosed investors also participated in the round. The company is a developer of CMC software for pharma & biotech companies to accelerate drug development.

CodaMetrix: The company raised $11.7 million of Series B1 venture funding from undisclosed investors on May 2, 2025. The company is a developer of an AI-powered platform for multi-specialty medical coding and revenue cycle management, that uses machine learning, deep learning, and natural language processing to automatically translate clinical notes into billing codes.

Cage Bio: The company raised $11 million of venture funding through a combination of debt and equity from undisclosed investors on April 29, 2025. The company is a developer of a eutectic ionic liquid designed to minimize the use of systemic drugs for the treatment of dermal diseases and symptoms.

LifeNome: The company is in the process of raising $8 million of venture funding as of April 30, 2025. The company is a provider of personalized health and wellness, leveraging Genomics AI to deliver tailored solutions to consumers.

CueZen: The company raised $5.2 million of venture funding from undisclosed investors on April 30, 2025. The company is a developer of an AI-based personalization engine for health that leverages advanced algorithms and data analytics to deliver personalized health recommendations, treatment plans, and interventions .

Basil Systems: The company raised an estimated $5.0 million of Series A venture funding in a deal led by Golden Ventures on April 29, 2025, putting the company’s pre-money valuation at $20 million. Hearst Ventures, Argosy Capital, and other undisclosed investors also participated in the round. The company is a developer of an AI-powered product, market, and clinical intelligence platform designed to access the insights that drive medical product development success.

AuX Labs: The company raised an undisclosed amount of venture funding from Dao Foods in May 2025. The company is an operator of a biotechnology business intended to develop alternative protein sources for food and human health.

NabGen: The company is in the process of raising venture funding on April 29, 2025. The company is an operator of a biotechnology business developing a novel strategy to block AAV-neutralizing universal antibody suppressant as a therapeutic to inhibit anti-drug antibodies,anti-transplant antibodies, and treat autoimmune disease.

Nova Anchora: The company raised an undisclosed amount of venture funding from DEBRA Research, Epidermolysis Bullosa Medical Research Foundation and EB Research Partnership on April 29, 2025. Viking Global Investors and CureEB also participated in the round. The company is an operator of a biotechnology business intended to develop advanced protein therapy.

SpringWorks Therapeutics / Merck: The company reached a definitive agreement to be acquired by Merck for $3.9 billion on April 28, 2025. SpringWorks Therapeutics Inc is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing, and commercializing life-changing medicines for underserved patient populations suffering from rare diseases and cancer.

Regulus Therapeutics / Novartis: The company reached a definitive agreement to be acquired by Novartis for approximately $1.7 billion on April 30, 2025. The company will receive a contingent payout of $0.9 billion upon the achievement of a milestone with respect to regulatory approval of Regulus’s lead product candidate, farabursen. Regulus Therapeutics is a biotechnology company focused on the development of microRNA therapies.

Kronos Bio / Concentra: The company reached a definitive agreement to be acquired by Concentra, a subsidiary of MJ Acquisition, for $59.7 million on May 1, 2025. Kronos Bio Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics.

Aerovate Therapeutics / Jade Biosciences: The company was acquired by Jade Biosciences through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol JBIO on April 28, 2025. Aerovate Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing drugs that improve the lives of patients with rare cardiopulmonary diseases.

BioChain Institute / CellBio Scientific: The company, a subsidiary of Kevron Holdings, was acquired by CellBio Scientific, via its financial sponsor Housatonic Partners, through an LBO on May 1, 2025 for an undisclosed amount. The company is a developer of integrated tools for biomedical research intended to obtain disease diagnosis and drug discovery.

Hive Networks / Vora Ventures: The company was acquired by Vora Ventures for an undisclosed amount on April 30, 2025. The company is an operator of a healthcare technology business intended to create technology platforms that facilitate collaboration among patients, clinicians, and researchers.

NeuroMetrix / electroCore: The company was acquired by electroCore for $9 million on May 2, 2025. NeuroMetrix Inc is a healthcare company that focuses on developing and commercializing non-invasive medical devices for diagnosing and treating pain and neurological disorders.

NextGen Healthcare / Madison Dearborn Partners: The company entered into a definitive agreement to be acquired by Madison Dearborn Partners through an LBO on May 2, 2025 for an undisclosed amount. The company is a provider of technology and data solutions for ambulatory healthcare and specialty practices to improve clinical, financial and operational outcomes.

Oncospace / Sun Nuclear: The company was acquired by Sun Nuclear, a subsidiary of Mirion Technologies for an undisclosed amount on April 30, 2025. The company is a medical device manufacturing business that specializes in radiation oncology.

Oviva Therapeutics / Granata Bio: The company was acquired by Granata Bio for an undisclosed amount on April 29, 2025. The company aims to extend healthspan in women through developing novel therapeutics that target ovarian function and longevity.