Healthcare Private Placement and M&A Transactions Review Week Ending August 3, 2025

MapLight: The company raised $372.5 million of Series D venture funding in a deal led by Forbion and The Goldman Sachs Group on July 28, 2025, putting the company’s pre-money valuation at $443.5 million. Novo Holdings, Sanofi, Avego Management, 5AM Ventures, Blue Owl Capital, T. Rowe Price Group, and other undisclosed investors also participated in the round. The company is an operator of a biopharmaceutical business intended to focus on the discovery and development of novel treatments for debilitating brain disorders.

ARTBIO: The company raised $132 million of Series B venture funding in a deal led by Sofinnova Investments and B Capital Group on July 29, 2025. F-Prime Capital, Omega Funds, Third Rock Ventures, Alexandria Venture Investments and Qatar Investment Authority also participated in the round. The company is an operator of a radiopharmaceutical business intended to offer a new approach to the treatment of cancer.

Ultromics: The company raised GBP 43.2 million of Series C venture funding in a deal co-led by UPMC Enterprises, University of Chicago, AllegisCyber, Lightrock, and L&G – Asset Management on July 31, 2025, putting the company’s pre-money valuation at GBP 35.8 million. Blue Venture Fund, GV, Oxford Science Enterprises, Oxford University Innovation, and other undisclosed investors also participated in the round. The company is a developer of an artificial intelligence-based cardiovascular technology designed to diagnose coronary heart disease.

Equip: The company raised $46.7 million of venture funding from Pledge Ventures, Kerry Washington and other undisclosed investors on July 30, 2025. The company is an operator of a virtual eating disorder treatment program intended to assist patients recovering from eating disorders at home.

Arbital Health: The company raised $31 million of Series B venture funding in a deal led by Valtruis on July 29, 2025, putting the company’s pre-money valuation at $76 million. Transformation Capital, Healthy Ventures, Shaper Capital, and other undisclosed investors also participated in the round. The company is a developer of a healthcare software platform designed for value-based care contract design, measurement, and adjudication.

Versa Vascular: The company raised $27.3 million of Series C venture funding from Santa Cruz Ventures and other undisclosed investors on July 28, 2025, putting the company’s pre-money valuation at $68.7 million. The company is a developer of an implant system designed to treat tricuspid regurgitation by supporting native valve function without disrupting cardiac structures.

Sava: The company raised GBP 14.2 million of Series A venture funding in a deal led by Balderton Capital and Pentland Ventures on July 30, 2025. True Capital Partners, Athletico Ventures, Solo Investments, JamJar Investments, Exceptional Ventures, Italian Founders Fund and Norrsken VC also participated in the round. The company is a developer of biosensing technology designed to provide real-time feedback about the body’s molecular signature.

Maui Imaging: The company raised $14.7 million of Series D venture funding in a deal led by Acertara Acoustic Laboratories on July 29, 2025, putting the company’s pre-money valuation at $118.3 million. The company is a manufacturer of ultrasonic imaging devices intended to offer 3D imaging for diagnosis and treatment.

Artax Biopharma: The company raised $11 million of venture funding in the form of convertible debt from Eli Lilly, Advent Life Sciences and Columbus Venture Partners on July 29, 2025. Sound Bioventures and Belinda Termeer also participated in the round. The company is a developer of small-molecule drugs intended to treat autoimmune and inflammatory diseases.

Spinal Simplicity: The company raised $6.1 million of venture funding from Morgan Stanley Expansion Capital, 412 Angels Network and other undisclosed investors on July 31, 2025. The company is a developer of spinal implants designed to provide a minimally invasive therapy to treat complex spinal and orthopedic disorders.

Catalyst OrthoScience: The company raised $4.1 million of venture funding from undisclosed investors on July 31, 2025. The company is a developer of a shoulder replacement system designed to make orthopedic surgery less invasive and more efficient.

Quantumzyme: The company raised an undisclosed amount of venture funding from IKP EDEN in July 2025. The company is a developer of an automated engineering platform designed to enhance the functionality of proteins through optimized amino acid sequence prediction.

Re-Vana: The company is in the process of raising Series B venture funding from undisclosed investors as of July 28, 2025. The company is a developer of a biodegradable drug delivery platform designed to address ophthalmic conditions.

Endo International / Mallinckrodt Pharmaceuticals: The company, a subsidiary of Saratoga Partners, was acquired by Mallinckrodt Pharmaceuticals for $6.7 billion on August 1, 2025. The company is a manufacturer of branded and generic specialy pharmaceuticals, as well as over-the-counter medications, to meet unique medical needs.

SAGE Therapeutics / Supernus Pharmaceuticals: The company was acquired by Supernus Pharmaceuticals for $795 million on July 31, 2025. Sage Therapeutics Inc is a clinical-stage biopharmaceutical company focused on novel therapies for brain health disorders.

Durect / Bausch Health Companies: The company reached a definitive agreement to be acquired by Bausch Health Companies for approximately $413 million on July 29, 2025. Durect Corp is a biopharmaceutical company focused on developing epigenetic therapies for serious and life-threatening conditions like acute organ injury and cancer.

Amplitude Surgical / Zydus Lifesciences: The company was acquired by Zydus Lifesciences and Mr. Olivier Jallabert for EUR 256.8 million on July 29, 2025. Amplitude Surgical specializes in the development and marketing of orthopedic surgery products for lower limbs, particularly the hip and knee.

Coris BioConcept / 3B BlackBio Dx: The company reached a definitive agreement to be acquired by 3B BlackBio Dx and HS Biolabs for EUR 2.8 million on July 28, 2025. The company is a manufacturer of healthcare devices intended to offer rapid diagnostic kits for the detection of human respiratory, gastrointestinal, and blood-borne pathogens.

Arkstone Medical Solutions / ARCHIMED: The company was acquired by ARCHIMED, via its financial sponsor Retail Employees Superannuation Trust, through an LBO on July 30, 2025 for an undisclosed amount. The company is a developer of a clinical tool designed to help physicians choose effective antibiotic treatments for patients.

Genexpath / CliniSciences: The company was acquired by CliniSciences for an undisclosed amount on July 29, 2025. The company is an operator of a diagnostic platform designed to detect and treat cancer.

IRIS / Topcon Healthcare Solutions: The company was acquired by Topcon Healthcare for an undisclosed amount on July 31, 2025. The company is a developer of retinal imaging systems designed to offer early detection for diabetes-induced eye diseases.

Medicratic / Thalamus: The company was acquired by Thalamus for an undisclosed amount on July 30, 2025. The company is a developer of an artificial intelligence platform designed to improve the evaluation of medical residency and fellowship applications.

Orthofundamentals / Demetra lifecare: The company was acquired by Demetra lifecare, via its financial sponsor Route Capital Partners through an LBO on August 1, 2025 for an undisclosed amount. The company is a provider of orthopedics, neurosurgery, and pain management instruments.

Point Designs / Hanger: The company was acquired by Hanger for an undisclosed amount on July 29, 2025. The company is a producer of full finger and partial finger prostheses intended for people with partial hand loss.

RockStep Solutions / Instem: The company was acquired by Instem, via its financial sponsor ARCHIMED, through an LBO on July 28, 2025 for an undisclosed amount. The company is a developer of laboratory-management software designed to offer in vivo study management for the biotechnology, pharmaceutical, and academic sectors.

Xybion / Instem: The company was acquired by Instem, via its financial sponsor ARCHIMED, through a public-to-private LBO on July 31, 2025 for an undisclosed amount. The company is a developer of a SaaS platform providing digital solutions to life sciences and health systems, with a focus on accelerating digital transformation and optimizing operations.