Healthcare Private Placement and M&A Transactions Review Week Ending September 28, 2025

Judi Health: The company closed on $252 million of a targeted $400 million of Series F venture funding in a deal led by General Catalyst and Wellington Management on September 23, 2025, putting the pre-money valuation at $2.85 billion. Prime Health, Edison Partners, Transformation Capital, Generation Investment Management, B Capital Group, 9Yards Capital, Goldman Sachs Asset Management, and other undisclosed investors also participated in the round. The company is a developer of a pharmacy benefit management platform designed for cost-effective prescription drug coverage.

Inspiren: The company raised $100 million of Series B venture funding in a deal led by Insight Partners, and SaaS Ventures on September 25, 2025. Avenir Growth Capital, Scale Venture Partners, Story Ventures, Third Prime, Primary Venture Partners and Studio VC also participated in the round. The company is an operator of an AI-powered ecosystem intended to improve resident safety, optimize staff efficiency, and enhance care planning for senior living communities.

Thyme Care: The company raised $97 million of Series D venture funding from CVS Health Ventures, Humana, and Texas Oncology on September 25, 2025, putting the company’s pre-money valuation at $903 million. Memorial Hermann Health System, Concord Health Partners, Foresite Capital, Frist Cressey Ventures, Andreessen Horowitz, AlleyCorp, Town Hall Ventures and Morgan Health also participated in the round. The company is a developer of an oncology care platform designed to guide cancer patients along their cancer treatment path.

Sparrow Pharmaceuticals: The company raised $95 million of Series B venture funding in a deal led by RA Capital Management and Forbion on September 24, 2025, putting the company’s pre-money valuation at $44 million. OrbiMed, U.S. Venture Partners, RiverVest Venture Partners, and other undisclosed investors also participated in the round. The company is an operator of a pharmaceutical business intended to develop treatments for disorders of corticosteroid excess.

UntilLabs: The company raised $58 million of Series A venture funding in a deal led by Founders Fund on September 22, 2025. Field Ventures, Lux Capital and other undisclosed investors also participated in the round. The company is an operator of a research and development business intended to reversibly cryopreserve living tissue.

Ensoma: The company raised $53 million of venture funding from Gilead Sciences, Delos Capital and Cormorant Asset Management on September 22, 2025. Gates Foundation, F-Prime Capital, 5AM Ventures, Catalio Capital Management, Solasta Ventures, SymBiosis Capital Management, Mirae Asset Global Investments, Viking Global Investors, Qatar Investment Authority, RTW Investments and Hanwha Impact also participated in the round. The company is an operator of a biotech business focused on developing one-time, in vivo genomic medicines to engineer hematopoietic stem cells (HSCs) for treating genetic diseases, immune disorders, and cancers.

Leo Cancer Care: The company raised $40 million of venture funding in a deal led by Catalio Capital Management on September 24, 2025. The company is a developer of a cancer treatment system designed to simplify cancer radiation therapy.

Axon Therapies: The company raised $32 million of Series A venture funding in a deal led by Earlybird Venture Capital and Santé Ventures on September 25, 2025. Deerfield Management, KOFA Healthcare and CD Capital also participated in the round. The company is a developer of a healthcare device designed to reduce sympathetic nerve activity and address the root cause of heart failure.

Spineart: The company received CHF 25 million of development capital from Gimv and EGS Beteiligungen on September 26, 2025. The company is a manufacturer of surgical products intended to serve spine surgeons, operating room teams, and patients.

Volastra: The company raised $30 million of Series A venture funding from B Capital Group and other undisclosed investors on September 23, 2025, putting the company’s pre-money valuation at $120.5 million. The company is an operator of a drug discovery and therapeutics business intended to treat and prevent the formation of metastatic disease.

Sunrise: The company raised $29 million of Series A venture funding in a deal led by Eurazeo and Khosla Ventures on September 25, 2025. iMBC Company, Amazon Alexa Fund, Verily Life Sciences, We International, Seventure Partners, Investsud, Noshaq, General Catalyst, Majycc Esante Invest, Kurma Partners, Namur Invest, Vives Fund, SambrInvest and Invest.BW also participated in the round. The company is a developer of a wireless sleep monitoring device designed for the detection and assessment of sleep apnea and related disorders.

Angiex: The company raised $22 million of venture funding from William Paseman on September 26, 2025. The company is a developer of vascular-targeted biotherapeutics designed for the treatment of solid cancers and other diseases of pathological angiogenesis.

Peel Therapeutics: The company is in the process of raising $18 million of Series A venture funding on September 25, 2025. The company is a developer of anti-cancer protein nanoparticles.

StemInov: The company raised EUR 10.6 million of venture funding from ILP Group, Codexial Laboratoire Dermatologique and Key Ventures on September 24, 2025. Finovam Gestion, Angels Santé, Les Business Angels des Grandes Écoles and Alsace Business Angels also participated in the round. The company is a developer of biomedicine and drugs intended to treat people with septic shock.

Trio Labs: The company raised $9.3 million of venture funding in the form of convertible debt from undisclosed investors on September 23, 2025. The company is a manufacturing technology business that produces precision metal parts for medical devices using its proprietary Resin Infused Powder Lithography technology.

FYR Diagnostics: The company raised $8 million of venture funding from Two Bear Capital, Yuvaan Tiwari Foundation and The Sontag Foundation on September 24, 2025. The company is a developer of blood-based diagnostic tools for human diseases and agricultural applications using extracellular vesicles (EVs) and multi-omic data.

Evecxia Therapeutics: The company raised $5 million of venture funding in a deal led by Collage Venture Partners on September 22, 2025. The company is an operator of a biotechnology business focused on the therapeutic potential of amplifying serotonin synthesis for neuropsychiatric disorders.

Prolifagen: The company raised $3 million of venture funding from undisclosed investors on September 23, 2025. The company is a developer of ribonucleic acid-based therapeutics designed for cardiac tissue regeneration following myocardial injury.

Pictor: The company raised an undisclosed amount of venture funding in the form of convertible notes in a deal led by Marko Bogoievski on September 23, 2025. The company is a developer of immunodiagnostic products designed for diagnosing multiple diseases from a single blood sample.

Metsera / Pfizer: The company reached a definitive agreement to be acquired by Pfizer for approximately $4.9 billion on September 22, 2025. Metsera Inc is a clinical-stage biotechnology company developing next-generation injectable and oral nutrient-stimulated hormone analog peptides to treat obesity, overweight, and related conditions.

Premier / Patient Square Capital: The company entered into a definitive agreement to be acquired by Patient Square Capital through a $2.6 billion public-to-private LBO on September 22, 2025. The company is an operator of a healthcare improvement business providing data, analytics, supply chain solutions, and consulting to hospitals, health systems, and other providers.

Semler Scientific / Strive: The company reached a definitive agreement to be acquired by Strive for $675 million on September 22, 2025. Semler Scientific Inc is a United States based company that is engaged in providing technology solutions to improve the clinical effectiveness and efficiency of healthcare providers.

ImClone Systems / Celltrion: The company, a subsidiary of Eli Lilly was acquired by Celltrion for $330 million on September 23, 2025. The company is a developer and manufacturer of novel targeted cancer therapies for colorectal, and head and neck cancers, based in New York, NY.

Theratechnologies / Future Pak: The company was acquired by Future Pak, a subsidiary of Woodward Pharma Services, for approximately $254 million on September 25, 2025. Theratechnologies Inc is a specialty pharmaceutical company that addresses the unmet medical needs of HIV patients.

DigitalOwl / Datavant: The company entered into a definitive agreement to be acquired by Datavant, via its financial sponsors Town Hall Ventures, Oxeon Partners, New Mountain Capital and Ardan Equity, through an estimated $200 million LBO on September 25, 2025. The company is a developer of a natural language processing platform designed to provide an efficient process for reviewing medical records.

University Compounding Pharmacy / Fagron: The company reached a definitive agreement to be acquired by Fagron for approximately $41.5 million on September 25, 2025. The company is a provider of personalized pharmaceutical compounding services intended to serve patients and healthcare providers across the United States.

Alteris / Flight Health: The company was acquired by Flight Health for an undisclosed amount on September 22, 2025. The company is a developer of an AI-powered healthcare automation platform intended to streamline operations for private healthcare practices across the United States.

Alvogen Group US / Lotus Pharmaceutical: The company reached a definitive agreement to be acquired by Lotus Pharmaceutical, for up to $2 billion on September 23, 2025. The company is a manufacturer of generic, specialty, and branded biosimilars, injectables, and complex inhalation products.

Kyruus / RevSpring: The company has entered into a definitive agreement to be acquired by RevSpring, via its financial sponsors 22C Capital, Frazier Healthcare Partners and New Enterprise Associates, through an LBO on September 23, 2025 for an undisclosed amount. The company is a developer of a SaaS-based health data management platform intended to provide search and scheduling operations for healthcare organizations.

Living With / LDC: The company was acquired by Ashtons Medicines Management Solutions, via its financial sponsor LDC, through an LBO on September 22, 2025 for an undisclosed amount. The company is a developer of a condition management platform for patients.

Melt Pharmaceuticals / Harrow: The company reached a definitive agreement to be acquired by Harrow for an undisclosed amount on September 26, 2025. The company is a developer of non-intravenous and non-opioid sedation and analgesia medicines designed for short-duration medical procedures in outpatient and in-office settings.

Monarch Medical Technologies / Glooko: The company was acquired by Glooko for an undisclosed amount on September 23, 2025. The company is a developer of a glucose management system designed to improve hospital-based glycemic care.

Rescape / Healthy Mind: The company was acquired by Healthy Mind for an undisclosed amount on September 23, 2025. The company is a developer of VR distraction therapy to reduce pain, anxiety, and stress for patients in healthcare settings.

Respira Therapeutics / Gossamer Bio: The company reached a definitive agreement to be acquired by Gossamer Bio on an undisclosed date. The company is an operator of a specialty pharmaceutical platform intended to develop cardio-pulmonary disease-targeted inhalation products.

Semnur Pharmaceuticals / Denali Capital Acquisition: The company acquired Denali Capital Acquisition through reverse merger for a pre-transaction equity value of $2.5 billion, resulting in the combined entity trading on the NASDAQ stock exchange under the ticker symbol SMNR on September 23, 2025. The company is a developer of non-opioid drugs designed for the treatment of lumbar radicular pain.

Symbiance / ACL Digital: The company was acquired by ACL Digital, a subsidiary of Alten, for an undisclosed amount on September 26, 2025. The company is a provider of contract research services catering to the pharmaceutical, biotechnology, and medical device companies.