Healthcare Private Placement and M&A Transactions Review Week Ending June 25, 2023

Corwave: The company raised EUR 61 million of Series C venture funding from Financière Arbevel, European Innovation Council Fund and Seventure Partners on June 20, 2023. Sofinnova Partners, Ysios Capital, Novo Holdings, Bpifrance, Agnelli family, Vlerick Group and M&L Healthcare Investments also participated in the round. The company is a developer of implanted cardiac support devices designed to help patients suffering from heart failure.

Tagworks Pharmaceuticals: The company raised $65 million of Series A venture funding in a deal led by Ysios Capital and Gilde Healthcare on June 22, 2023. Novartis Venture Fund, New Enterprise Associates, Oost NL, Meneldor and Lightstone Ventures also participated in the round. The company is a developer of antibody-based imaging and therapy technology designed to improve the efficacy of cancer therapies.

Attovia Therapeutics: The company raised $60 million in Series A venture funding in a deal led by Frazier Healthcare Partners on June 20, 2023, putting the company’s pre-money valuation at $61 million. VenBio and Illumina Ventures also participated in the round. The company is a developer of biotherapeutics designed for immune-mediated disease and oncology.

Empress: The company is in the process of raising $50 million amount of venture funding from Flagship Pioneering as of June 21, 2023. The company is an operator of an early-stage biotechnology company intended for drug development and new molecular insights into health and disease.

NVision Imaging Technologies: The company raised $30 million of Series A venture funding in a deal led by Playground Global on June 22, 2023. Sparkasse Ulm, Entrée Capital, Pathena, Lauder Partners and ES Capital Partners also participated in the round. The company is a developer of a quantum technology designed to enhance medical imaging.

Turbine: The company raised EUR 25.5 million of Series A venture funding in a deal led by MassMutual Ventures on June 20, 2023. Mercia Asset Management, Accel, Merck Global Health Innovation Fund, Delin Ventures and Day One Capital also participated in the round. The company is a developer of cancer combination therapies designed to clarify the underlying biology of diseases and develop personalized therapies.

Veralox Therapeutics: The company raised $24 million of Series A venture funding from Sanofi Ventures, Hatteras Venture Partners and Genesys Capital on June 20, 2023, putting the company’s pre-money valuation at $42 million. Pappas Capital, T1D Fund and NYBC also participated in the round. The company is a developer of small molecule therapeutics designed to target heparin-induced thrombocytopenia and thrombosis.

IconOVir Bio: The company raised $20.2 million of venture funding in the form of convertible notes from undisclosed investors on June 21, 2023. The company is an operator of a preclinical-stage biotechnology business that provides oncolytic virus therapies for the treatment of cancer.

Solenic Medical: The company raised $5.1 million of Series A venture funding in a deal led by Johnson & Johnson Innovation on June 20, 2023. ShangBay Capital and Highpoint Ventures also participated in the round. The company is a developer of a medical device designed to provide non-invasive treatment for infected metallic implants in the body.

Braintale: The company raised EUR 4.5 million of venture funding led by Capital Grand Est and Groupe MACSF on June 20, 2023. The company is a developer of a biomarkers digital medical device platform which enables a quantitative and standardized assessment of the integrity of deep white matter to improve brain care.

Vortex Biosciences: The company raised EUR 3.2 million of venture funding in a deal led by EMV Capital on June 22, 2023. NetScientific and other investors also participated in the round. The company is a manufacturer of a cancer diagnostic instrument designed to improve therapeutic decisions.

Earable: The company raised an undisclosed amount of venture funding from Samsung Venture Investment on June 20, 2023. The company is the developer of the FRENZ wearable sleep improvement system designed to improve the quality and depth of sleep using audio stimulation.

DICE Therapeutics / Eli Lilly: DICE Therapeutics reached a definitive agreement to be acquired by Eli Lilly for approximately $2.4 billion on June 20, 2023. DICE Therapeutics Inc is a biopharmaceutical company leveraging a proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases.

Haystack Oncology / Quest Diagnostics: Haystack Oncology was acquired by Quest Diagnostics for $300 million on June 22, 2023. The company is a developer of a liquid biopsy diagnostic technology designed to optimize treatment strategies and  improve outcomes for patients with cancer.

Tourmaline Bio / Talaris Therapeutics: Tourmaline Bio reached a definitive agreement to acquire Talaris Therapeutics through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol TRML on June 22, 2023. The company is a developer of medicines designed to improve the lives of patients with life-altering immune diseases.

Immunetrics / Simulations Plus: Immunetrics was acquired by Simulations Plus for $24.8 million on June 20, 2023. The company is a provider of pharmacology modeling services intended to integrate biological pathways and run simulations.

Cereius / Solve Therapeutics: Cereius was acquired by Solve Therapeutics for an undisclosed amount on June 22, 2023. The company is a developer of radiotherapy techniques intended to treat solid tumor brain metastasis.

Lightpoint Medical / Telix Pharmaceuticals: Lightpoint Medical reached a definitive agreement to be acquired by Telix Pharmaceuticals for an undisclosed amount on June 21, 2023. The company is a developer of miniaturized imaging and sensing tools designed to be used for intraoperative molecular imaging and cancer detection.

Lunaphore / Bio-Techne: Lunaphore reached a definitive agreement to be acquired by Bio-Techne for an undisclosed amount on June 22, 2023. The company is a developer of a tumor analysis platform designed to perform assays faster than current techniques.