Healthcare Private Placement and M&A Transactions Review Week Ending April 6, 2025

Isomorphic Labs: The company raised GBP 449 million of venture funding in a deal led by Thrive Capital on March 31, 2025, putting the company’s pre-money valuation at GBP 942 million. GV, Alphabet, and other undisclosed investors also participated in the round. The company is an operator of a digital biology business intended to redefine drug discovery with artificial intelligence technology.

CMR Surgical: The company raised an estimated $200 million of venture funding through a combination of debt and equity on April 2, 2025. The company is a developer of surgical robotic systems designed for minimally invasive procedures.

Cognito Therapeutics: The company raised $196 million of venture funding from undisclosed investors on April 1, 2025. The company is a developer of disease-modifying digital therapeutics designed to cure neurodegenerative disorders.

Tasman Therapeutics: The company closed on $175 million of an undisclosed targeted amount of Series A venture funding on April 3, 2025. The company is a pharmaceutical business focused on developing treatments for neuropsychiatric disorders.

AIRNA: The company raised $155 million of Series B venture funding in a deal led by Forbion and Venrock on April 1, 2025, putting the company’s pre-money valuation at $184 million. ARCH Venture Partners, Nextech Invest, RTW Investments, and other undisclosed investors also participated in the round. The company is a developer of a ribonucleic acid (RNA) editing platform designed for healthcare professionals.

Atsena Therapeutics: The company raised $150 million in Series C venture funding in a deal led by Bain Capital and Sofinnova Investments on April 2, 2025, putting the company’s pre-money valuation at $190 million. Abingworth, Lightstone Ventures, Foundation Fighting Blindness-National Neurovision Research Institute, Hatteras Venture Partners, Osage University Partners, Manning Family Foundation and Wellington Management also participated in the round. The company is a developer of ocular gene therapies designed to reverse or prevent blindness.

RayThera: The company raised $110 million of Series A venture funding in a deal led by OrbiMed and Foresite Capital on April 4, 2025. TTM Capital (Shanghai) also participated in the round. The company is an operator of a small molecule drug discovery business focused on building an immunology pipeline.

Neurona Therapeutics: The company raised $102 million of venture funding in a deal led by Cormorant Asset Management and Viking Global Investors on April 3, 2025. UCB Ventures, Spur Capital Partners, Soleus Capital, YK Bioventures, Ysios Capital, Berkeley Frontier Fund, LYFE Capital, Alexandria Venture Investments, The Column Group, Euclidean Capital, Schroders Capital, Willett Advisors, UC Investments and Fidelity Management & Research Company also participated in the round. The company is a developer of regenerative cell therapies designed for the treatment of chronic neurological disorders.

Imbria Pharmaceuticals: The company raised $59 million in Series B venture funding from AN Ventures & undisclosed investors on April 1, 2025, putting the company’s pre-money valuation at $110 million. The company is an operator of a clinical-stage business developing novel therapies for patients with life-altering cardiometabolic disorders.

Delphinus Medical Technologies: The company raised $28 million of venture funding in the form of convertible debt from undisclosed investors on April 3, 2025. The company is a developer of an ultrasound system for the early detection of breast cancer.

Apeximmune: The company raised $21 million of Series A venture funding in a deal led by PharmaEssentia on April 1, 2025, putting the company’s pre-money valuation at $41 million. Huahai US, KDI, TTM Technologies, Taya Venture Capital, Hercules Bioventures, DCI Partners and Franklin Templeton Investments United Kingdom also participated in the round. The company is a developer of novel biologics designed to modulate the immune system.

CRISPR QC: The company raised $10 million of Series A1 venture funding in a deal led by Xcellerant Ventures on April 2, 2025, putting the company’s pre-money valuation at $15 million. Suncoast Ventures, Keiretsu Forum, and other undisclosed investors also participated in the round. The company is a developer of an analytics platform designed to simulate the gene editing process before introduction to cells.

Lungpacer: The company raised $10 million of convertible debt funding from undisclosed investors on April 1, 2025. The company is a manufacturer of therapy devices intended for the treatment of the diaphragm muscle in critically ill patients who require mechanical ventilation.

RapidClaims: The company raised $8 million of Series A venture funding in a deal led by Accel on April 2, 2025. Together Fund, Ankitt Jain, Sachin Jain, Oscar Benavidez and Matthew Zubiller also participated in the round. The company is a developer of a revenue cycle and billing platform designed for the healthcare sector.

PanTher Therapeutics: The company raised $7 million of venture funding through a combination of debt and equity on April 4, 2025. The company is a developer of a cancer treatment technology designed to deliver therapeutics directly to the tumor site.

Voyager Biomedical: The company raised $5.8 million of venture funding from undisclosed investors on April 4, 2025. The company is a developer of a cannulation device designed to improve the lives of dialysis patients through improved vascular access.

ImmuneBridge: The company raised $5.6 million of venture funding from undisclosed investors on April 1, 2025. The company is a developer of allogeneic cellular immunotherapies designed for advancing cancer treatment.

Artis BioSolutions: The company raised an undisclosed amount of venture funding in a deal led by Oak HC/FT on April 2, 2025. The company is an operator of a biopharmaceutical business to advance the discovery, development, and production of genetic medicines and biologics.

RhythmScience: The company raised an undisclosed amount of venture funding from Press On Ventures in April 2025. The company is a developer of a healthcare management platform designed to organize and simplify cardiac data management for clinicians.

Intracellular Therapies / Johnson & Johnson: The company was acquired by Johnson & Johnson for approximately $14.6 billion on April 2, 2025. Intra-Cellular Therapies Inc is a biopharmaceutical company that develops novel drugs for treating diseases of the central nervous system.

Anthos Therapeutics / Novartis: The company was acquired by Novartis for $3.1 billion on April 3, 2025. The company is an operator of a clinical-stage biopharmaceutical company focused on the development and commercialization of genetically and pharmacologically validated innovative therapies to advance care for people living with cardiovascular and metabolic (CVM) diseases.

Edifecs / Cotiviti: The company was acquired by Cotiviti, via its financial sponsors Veritas Capital, Stemar Capital, Kohlberg Kravis Roberts and Ardian, through a $3.05 billion LBO on March 31, 2025. The company is a developer of healthcare information management software designed to improve healthcare outcomes, reduce costs, and accelerate innovation.

MatTek and Visikol / Sartorius: BICO Group AB entered into an agreement to divest MatTek Corp. and Visikol Inc. to Sartorius Lab Holding GmbH for $80 million on April 4, 2025. MatTek is a provider of 3D microtissue models and primary cells for in-vitro testing.  Visikol is a developer of tissue clearing and 3D imaging technology catering to researchers, developers and pathologists in the drug discovery sector.
Allakos / Concentra Biosciences: The company reached a definitive agreement to be acquired by Concentra Biosciences for $33.7 million on April 1, 2025. Allakos Inc is a clinical-stage company developing therapeutic antibodies that selectively target immunomodulatory receptors present on the surface of immune effector cells involved in allergic, inflammatory, and proliferative diseases.

AllazoHealth / AssistRx: The company was acquired by AssistRx, via its financial sponsor Welsh, Carson, Anderson & Stowe, through an LBO on April 2, 2024 for an undisclosed amount. The company is a developer of an AI-based medical adherence platform designed to advance the way enterprise healthcare organizations engage and improve the health of their patient populations.

Base / Superpower: The company was acquired by Superpower for an undisclosed amount in April 2025. The company is a developer of a personalized health management platform designed to address various health concerns through targeted lab testing and nutrition plans.

Kyo Diagnostics / Screen Holdings: The company was acquired by Screen Holdings for an undisclosed amount on March 31, 2025. The company is a developer of novel biomarkers, diagnostic agents, and methods designed to accurately predict the prognosis of colorectal cancer and gastric cancer patients.