Healthcare Private Placement and M&A Transactions Review Week Ending December 29, 2024

Borealis Biosciences: The company raised $180 million of Series A venture funding in a deal led by Novartis and Westlake Village BioPartners on December 19, 2024. Versant Ventures and other undisclosed investors also participated in the round. The company is an operator of a discovery-stage biotechnology business intended for developing next-generation ribonucleic acid-based medicines for kidney diseases.

Ottimo Pharma: The company raised an estimated $140 million of Series A venture funding in a deal led by OrbiMed, Avoro Capital and Samsara BioCapital on December 19, 2024. JPMorgan Life Sciences Private Capital, The Invus Group, Medicxi, Decheng Capital, Janus Henderson Investors and RTW Investments also participated in the round. The company is a developer of cancer therapeutics designed to treat solid tumors.

Precision Neuroscience: The company raised $102 million in Series C venture funding in a deal led by General Equity Holdings on December 16, 2024, putting the company’s pre-money valuation at $418 million. B Capital Group, Duquesne Family Office, Steadview Capital Management, and other undisclosed investors also participated in the round. The company is a developer of a brain-computer interface device technology designed to provide effective treatments for patients suffering from neurological illnesses.

SiteOne Therapeutics: The company raised $100 million of Series C venture funding in a deal led by Novo Holdings on December 18, 2024. OrbiMed, Mission BioCapital, Wellington Management, BSQUARED Capital and other undisclosed investors also participated in the round. The company is a developer of novel pain therapeutics intended to offer treatment for acute and chronic pain.

Syncromune: The company raised $100 million in Series A venture funding from Wasatch Equity Partners and other undisclosed investors on December 16, 2024, putting the company’s pre-money valuation at $142 million. The company is a developer of intratumoral immunotherapy designed to treat metastatic solid tumor cancers.

Turn Therapeutics: The company closed on $75 million of an undisclosed targeted amount of venture funding from Gem Global Yield on December 12, 2024. The company is an operator of a pharmaceutical business intended to develop drugs to treat skin diseases and infections.

Akamis Bio: The company raised $60 million of Series A venture funding in a deal led by Sedgwick Yard on December 17, 2024. The company is an operator of a clinical-stage oncology business intended to develop cancer gene therapies.

Solve Therapeutics: The company raised $50.4 million of venture funding from undisclosed investors on December 26, 2024. The company is a developer of a biotechnology platform designed to research biopharmaceutical medicines.

Nuritas: The company raised $42 million of venture funding in a deal led by M&G on December 20, 2024. McWin Capital Partners, ECBF Management and Grosvenor Investment Management also participated in the round. The company is a developer of a biotechnology platform designed to extract peptides from food sources.

Plenful: The company raised an estimated $40 million of Series B venture funding from Artisanal Ventures, Susa Ventures and other undisclosed investors on December 17, 2024, putting the company’s pre-money valuation at $460.5 million. The company is a developer of AI-powered healthcare automation software designed to automate repetitive and manual workflows.

Ablative Solutions: The company raised $37.2 million of venture funding from undisclosed investors on December 26, 2024. The company is a developer of a clinical-stage medical device business intended to help reduce blood pressure for people with hypertension that is not well controlled.

bit.bio: The company raised $30 million of venture funding in a deal led by M&G on December 16, 2024. Tencent Holdings, Milky Way Research Foundation, ARCH Venture Partners, BlueYard Capital and Puhua Capital also participated in the round. The company is a developer of a synthetic biology platform designed for a new generation of cell therapies by providing access to consistent and functional human cells.

Mythic Therapeutics: The company raised $29.9 million of venture funding from undisclosed investors on December 24, 2024. The company is a developer of a biotechnology product platform designed to deliver chemotherapy directly to tumors through antibody-drug conjugates (ADCs).

Indapta Therapeutics: The company raised $22.5 million of venture funding from Leaps by Bayer, Vertex Ventures HC and Pontifax Venture Capital on December 17, 2024. Red Cedar Ventures, Myeloma Investment Fund and Leerink Partners also participated in the round. The company is an operator of a biotechnology business focused on developing a natural killer cell therapy to treat cancer.

Relief Cardiovascular: The company raised an estimated $11 million of Series A venture funding from Minogue Consulting on December 26, 2024, putting the company’s pre-money valuation at $12.7 million. The company is a developer of new implantable device designed to treat congestive heart failure.

Bluenote AI: The company raised $10 million of venture funding in a deal led by Lux Capital on December 20, 2024. McKesson Ventures, Electric Capital, Moxxie Ventures, Carbon Silicon Ventures, Menlo Ventures, Elad Gil, Othman Laraki, Fidji Simo, Kristen Fortney, Qasar Younis, Linus Upson, Jeffrey Low, Mike Nohaile and Eric Morgen also participated in the round. The company is a developer of a life sciences AI Platform designed to accelerate innovation with AI.

Linnaeus Therapeutics: The company raised $6.8 million of Series B venture funding from Kairos Ventures and Penn Medicine Co-Investment Program on December 23, 2024. The company is a developer of molecular therapeutics designed to treat cancer and skin pigmentation disorders.

Phy: The company raised $3.5 million of venture funding from Raga Partners (New York) and other undisclosed investors on December 17, 2024. The company is a developer of a body movement tracking platform intended to provide musculoskeletal (MSK) care.

Generate:Biomedicines: The company raised an undisclosed amount of venture funding from Samsung Biologics Company and Novartis Institutes for BioMedical Research on December 18, 2024. The company is a developer of a generative biology platform designed to invent new drugs across protein modalities and therapeutics.

Peca Labs: The company raised an undisclosed amount of venture funding on December 27, 2024. The company is a developer of polymeric heart valves and vascular grafts designed to improve the treatment of cardiac defects.

Tessera Therapeutics: The company raised an undisclosed amount out of a planned $50 million of venture funding from Bill & Melinda Gates Foundation on December 18, 2024. The company is a developer of gene writing technology designed to make permanent small and large alterations to the human genome.

Synthon International Holding / Goldman Sachs Asset Management: The company was acquired by Goldman Sachs Asset Management through a EUR 2.1 billion LBO on December 18, 2024. The company is an operator of a pharmaceutical business intended to specialize in developing and manufacturing quality generic medicines for patients around the world.

Hiya / USANA Health Sciences: The company was acquired by USANA Health Sciences for $205 million on December 23, 2024. The company is a developer of vitamin products intended for children’s wellness.

Aadi Bioscience / Kaken Pharmaceutical Co.: Kaken Pharmaceutical Co. reached a definitive agreement to acquire the Fyarro business unit of Aadi Bioscience for USD 100 million on December 19, 2024. The company is a developer and supplier of prescription medicine used to treat adults living with cancer.

Inmagene / Ikena Oncology: The company reached a definitive agreement to be purchased by Ikena Oncology through a reverse merger, resulting in the combined entity trading on the NASDAQ under the ticker symbol IMA on December 23, 2024. The company is an operator of a clinical-stage biotech business focused on developing novel therapeutics for immunological and inflammatory diseases.

Fuse-AI / Pineapple Power: The company reached a definitive agreement to be acquired by Pineapple Power for an undisclosed amount on December 23, 2024. The company is a developer of medical imaging technologies designed to analyze medical image data.

HUB Organoids / Merck: The company reached a definitive agreement to be acquired by Merck for an undisclosed amount on December 17, 2024. The company is an operator of a biotechnology research business intended to develop patient-derived mini-organs from both healthy and diseased tissues.

iOx Therapeutics / Immunova: The company reached a definitive agreement to be acquired by Immunova for an undisclosed amount on December 17, 2024. The company is a developer of therapeutics designed to stimulate the immune system to fight cancer.

Medicopharm / Darwin: The company was acquired by Darwin for an undisclosed amount on December 19, 2024. The company is a distributor of pharmaceutical products and services focused on oncology, HIV and rheumatology.

Oxgene / Altaris: The company, a subsidiary of WuXi AppTec, entered into a definitive agreement to be acquired by Altaris through an LBO on December 24, 2024 for an undisclosed amount. The company is a developer of biology-based technologies designed to aid in the discovery and development of biologics, cell and gene therapies.