Healthcare Private Placement and M&A Transactions Review Week Ending April 9, 2023

Mercy BioAnalytics: The company raised $41 million of Series A venture funding in a deal led by Novalis LifeSciences on April 3, 2023, putting the company’s pre-money valuation at $81 million. American Cancer Society, Labcorp Ventures, Bruker, Sozo Ventures, Jump Capital, Hatteras Venture Partners, iSelect Fund, AI Fund, New Enterprise Associates and Broadway Angels also participated in the round. The company is a developer of a novel liquid biopsy assay platform designed for the early detection of cancer.

Capacity Bio: The company raised $35 million of venture funding in a deal led by Insight Partners and RA Capital Management on April 4, 2023. Remiges Ventures also participated in the round. The company is a developer of comprehensive and advanced mitophagy therapeutics and a development platform for the purpose of restoring mitochondria quality control in disease.

Mosaic TX: The company raised $28 million of Series A venture funding led by Syncona and Cambridge Innovation Capital on April 4, 2023. The company is an operator of an oncology therapeutics business focused on cancers with substantial unmet needs.

InSphero: The company raised CHF 25 million of venture funding Led by ZEISS Ventures on April 3, 2023, putting the company’s pre-money valuation at CHF 88.7 million. The company is a provider of 3D-cell-based assay solutions and scaffold-free 3D organ-on-a-chip technology designed to deliver biologically relevant insights for in vitro testing.

Medherant: The company raised GBP 3 million of venture funding from Mercia Asset Management on April 4, 2023. The company is a developer of a novel drug-in-adhesive transdermal delivery system designed to deliver doses of drugs through the skin.

Diamond Therapeutics: The company raised an undisclosed amount of venture funding in a deal led by First Avenue Ventures on April 4, 2023. The company is a developer of psilocybin-based medicines intended to treat disorders of the central nervous system.

PureIMS: The company raised an undisclosed amount of venture funding from Boost-Up Groningen on April 3, 2023. The company is a developer of dry powder inhalation products designed to offer effective pulmonary administration.

Bayer / Wellspring Pharmaceuticals: A portfolio of OTC skin care brands of Bayer was aquired by Wellspring Pharmaceutical, via its financial sponsor Avista Capital Partners, through an LBO on April 4, 2023 for an undisclosed amount. The brands include A+D®, a leading diaper rash and skin protectant brand, Solarcaine®, a leading sunburn relief brand, and Cortate® and Complex 15®, two Canadian therapeutic skincare brands.

Cell Systems / AnaBios: The company was acquired by AnaBios for an undisclosed amount on April 5, 2023. The company is a provider of human primary cells, media, and reagent services intended to aid in the discovery of treatments for a range of human conditions.

StrideBio / Ginkgo Bioworks: The company was acquired by Ginkgo Bioworks for an undisclosed amount on April 5, 2023. The company is a developer of novel gene therapies designed to combat rare diseases.