Healthcare Private Placement and M&A Transactions Review Week Ending April 21, 2024

TORL BioTherapeutics: The company raised $158.3 million of Series B venture funding in a deal led by Deep Track Capital on April 10, 2024. Bristol-Myers Squibb, Perceptive Xontogeny Venture Fund, Vertex Ventures HC, Moore Strategic Ventures, RA Capital Management, Perceptive Advisors, Avidity Partners, UC Investments, Goldman Sachs Asset Management, Blue Owl Capital and other undisclosed investors also participated in the round. The company is an operator of a drug development company focused on antibody-drug conjugates (ADCs) and other biologics.

JenaValve Technology: The company received $100.4 million of development capital from undisclosed investors on April 8, 2024. The company is a developer and manufacturer of transcatheter aortic valve replacement (TAVR) systems intended for patients suffering from structural heart conditions.

Seaport Therapeutics: The company raised $100 million of Series A venture funding in a deal led by ARCH Venture Partners and Sofinnova Investments on April 8, 2024, putting the company’s pre-money valuation at $250 million. Third Rock Ventures, PureTech Health and other undisclosed investors also participated in the round. The company is an operator of a biopharmaceutical company intended to develop novel neuropsychiatric medicines in areas of high unmet patient needs.

Nectero Medical: The company raised $96 million in Series D venture funding in a deal led by Norwest Venture Partners on April 11, 2024, putting the company’s pre-money valuation at $74 million. Boston Scientific, BioStar Capital, Cadence Healthcare Ventures, Aphelion Capital, and other undisclosed investors also participated in the round. The company is an operator of a clinical-stage biotechnology business intended to stabilize growth and prevent rupture of mid-sized abdominal aortic aneurysms.

Nucleus RadioPharma: The company raised $66 million of Series A venture funding in a deal led by GE Healthcare and Eclipse Ventures on April 11, 2024, putting the company’s pre-money valuation at $150 million. Mayo Clinic, Fox Chase Cancer Center, Granger Management, and the University of Missouri also participated in the round. The company is a developer of clinical and commercial supply chains for targeted radiotherapies.

AsherBio: The company raised $55 million of Series C venture funding in a deal led by RA Capital Management on April 16, 2024, putting the company’s pre-money valuation at $165 million. Boxer Capital, AstraZeneca, Bristol-Myers Squibb, Third Rock Ventures, Wellington Management and Janus Henderson Investors also participated in the round. The company is a developer of immunotherapy drugs designed to treat cancer.

Corner Therapeutics: The company raised $54 million of Series A venture funding in a deal led by Ziff Capital Partners on April 18, 2024. Sandia Holdings, Tanis Venture Management and Cockrell Interests also participated in the round. The company is a provider of biotechnology research services intended to stimulate memory T cells.

Evergreen Theragnostics: The company raised $26 million of venture funding from Petrichor Healthcare Capital Management, GG 1978, and LIFTT on April 16, 2024. The company is an operator of a contract development and manufacturing platform intended to improve the available options for cancer patients through radiopharmaceuticals.

Revalesio: The company received $25.5 million of development capital from undisclosed investors on April 12, 2024. The transaction was supported by debt financing. The company is a developer of an anti-inflammatory therapeutic drug designed to treat a variety of neurological diseases.

Pathios Therapeutics: The company raised $25 million of Series B venture funding from Bristol-Myers Squibb, Brandon Capital and Canaan Partners on April 18, 2024, putting the company’s pre-money valuation at an estsimated $56.2 million. The company is an operator of a drug discovery business intended to identify and develop small-molecule G protein-coupled receptor (GPR65) inhibitors for applications in immuno-oncology.

DeepCure: The company raised $24.6 million of Series A venture funding in a deal led by IAG Capital Partners on April 11, 2024, putting the company’s pre-money valuation at $175.4 million. The company is a developer an end-to-end automated platform to accelerate and personalize small molecule drug discovery through the integration of AI.

Theolytics: The company raised GBP 19 million of venture funding from Taiho Ventures, M Ventures and Oxford Science Enterprises on April 17, 2024. Epidarex Capital, Sound Bioventures and University of Oxford also participated in the round. The company is an operator of the phenotypic screening platform intended to harness viruses to combat cancer.

Ubie: The company raised JPY 3.5 billion of venture funding through a combination of equity and debt from JA Mitsui Leasing and Sumitomo Mitsui Trust Bank on April 12, 2024. Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Bank, and Mizuho Bank provided an undisclosed amount of loan. The company is a developer of a global health-tech platform intended to provide artificial intelligence(AI) disease prediction for consumers and SaaS products for healthcare providers.

Cognivia: The company raised EUR 15.5 million of venture funding from Société Fédérale de Participations et d’Investissement, Wallonie Entreprendre and Vesalius Biocapital Partners on April 18, 2024. The company combines patient psychology with artificial intelligence to improve measurement of therapeutic efficacy in clinical trials.

Prothea Technologies: The company raised EUR 12 million of Series A venture funding in a deal led by Mérieux Equity Partners and Earlybird Venture Capital on April 9, 2024. Old College Capital and NRW.Bank also participated in the round. The company is an operator of a private medical technology business intended to offer lung cancer biopsy and treatment in a single hospital visit.

LevitasBio: The company raised $11.8 million of Series D venture funding from undisclosed investors on April 10, 2024, putting the company’s pre-money valuation at $63.2 million. The company is a developer of a single-cell imaging and profiling platform designed to purify cells and nuclei without any markers or modifications.

Sonavex: The company raised an estimated $11 million of Series A venture funding from Riptide Ventures and other undisclosed investors on April 16, 2024, putting the company’s pre-money valuation at $34 million. The company is a developer of a bioresorbable and echogenic equipment technology designed to mark at-risk blood vessels such that the site can be easily assessed for future complications.

Turn Medical: The company raised $9.5 million of venture funding from undisclosed investors on April 8, 2024. The company is a developer of an automated prone therapy technology designed to prevent pressure injuries and treat patients experiencing pulmonary complications.

AION Biosystems: The company received $9.2 million of development capital from undisclosed investors on April 9, 2024. The company is an operator of a medical technology business that develops remote patient monitoring devices.

Praesidia Biotherapeutics: The company raised $5 million of venture funding from undisclosed investors on April 11, 2024. The company is an operator of a biotechnology business intended to develop drugs with a maximum therapeutic window.

Immunomic Therapeutics: The company raised $3 million of venture funding from undisclosed investors on April 10, 2024. The company is a developer of lysosomal-associated membrane protein (LAMP)-based vaccines designed to use immunotherapy to treat cancer, allergies, and animal health.

Bio-AI Health: The company raised $2.75 million of venture funding from Bio-Med Investments on April 15, 2024. The company is a developer of AI technology to map the causal biology of disease, develop digital biomarkers and identify novel drug targets for the development of better medicine.

Pierrepont Therapeutics: The company raised $2.1 million of venture funding from United Mitochondrial Disease Foundation and other undisclosed investors on April 8, 2024 in the form of convertible debt. The company is an opeartor of a health tech business intended to develop treatments for primary mitochondrial and other rare genetic diseases.

Lime Therapeutics: The company raised venture funding from ZAKA VC, Jolt Capital, and other undisclosed investors on April 8, 2024. The company is a developer of therapeutic drugs designed to modulate aberrant lipid metabolism in many forms of cancer, metabolic diseases, and neurodegenerative disorders.

Alpine Immune Sciences / Vertex Pharmaceuticals: The company reached a definitive agreement to be acquired by Vertex Pharmaceuticals for $4.9 billion on April 10, 2024. Alpine Immune Sciences Inc is a clinical-stage biopharmaceutical company dedicated to discovering and developing protein-based immunotherapies to treat autoimmune and inflammatory diseases.

NanoString Technologies / Bruker: The company reached a definitive agreement to be acquired by Bruker for $392.6 million on an undisclosed date. NanoString Technologies Inc is engaged in the development, manufacturing and commercialization of instruments, consumables, and services for efficiently profiling the activity of hundreds of genes and proteins simultaneously from a single tissue sample.

BCF Life Sciences / Sonae Indústria: The company was acquired by Sonae Indústria, Mr. Jacques Pidoux and Mr. Renaud Sergheraert for EUR 160.5 million on April 16, 2024. The company is a producer of natural amino acids intended for the pharmaceutical, health and human, animal and plant nutrition industries.

AnHeart Therapeutics / Nuvation Bio: The company was acquired by Nuvation Bio for an undisclosed amount on April 10, 2024. The company is an operator of a biopharmaceutical company intended to develop precision therapies for cancer patients.

Clade Therapeutics / Century Therapeutics: The company was acquired by Century Therapeutics for up to $45 million on April 11, 2024. The company is a developer of next-generation cell therapies designed to treat cancer, auto-immune, and other devastating diseases.

Edgility / ABOUT Healthcare: The company was acquired by ABOUT Healthcare, via its financial sponsor Rubicon Technology Partners, through an LBO on April 19, 2024 for an undisclosed amount. The company is a developer of software solutions designed to automate and streamline the coordination of complex and interrelated tasks and processes in healthcare.

Labguru / Battery Ventures: The company was acquired by Battery Ventures through an LBO for an undisclosed amount on April 17, 2024. The company is a developer of cloud-based software for laboratory management and research.

Purely Optimal Nutrition / Smart for Life: The company reached a definitive agreement to be acquired by Smart for Life for an undisclosed amount on April 8, 2024. The company is a producer of health and energy supplements.

Tenet Medicines / Eliem Therapeutics: The company reached a definitive agreement to be acquired by Eliem Therapeutics for an undisclosed amount on April 11, 2024. The company is an operator of a biopharmaceutical business focused on developing therapeutics for autoimmune driven inflammatory diseases.

Zihipp / Metsera: The company was acquired by Metsera for an undisclosed amount on April 18, 2024. The company is an operator of a biotechnology business intended to develop weight loss therapies.