Healthcare Private Placement and M&A Transactions Review Week Ending March 10, 2024

Alumis: The company raised $259 million of Series C venture funding in a deal led by Foresite Capital, Samsara BioCapital and venBio on March 6, 2024, putting the company’s pre-money valuation at $741 million. Lilly Asia Ventures, NexTech, Ally Bridge Group, HBM Healthcare Investments, Omega Funds, SR One Capital Management, Matrix Capital Management, Cormorant Asset Management and Piper Sandler also participated in the round. The company is a developer of precision medicines intended to treat autoimmune diseases.

Sionna: The company raised $182 million of Series C venture funding in a deal led by Enavate Sciences on March 6, 2024, putting the company’s pre-money valuation at $300 million. OrbiMed, TPG, RA Capital Management, Atlas Venture, Cystic Fibrosis Foundation, Viking Global Investors and Perceptive Advisors also participated in the round. The company is a developer of life sciences technology intended to develop differentiated treatments for cystic fibrosis.

Nocion Therapeutics: The company raised $62 million in Series B venture funding in a deal led by Arkin Bio Ventures and Monograph Capital on March 4, 2024, putting the company’s pre-money valuation at $32 million. Mission BioCapital, F-Prime Capital, Canaan Partners, Mass General Brigham Ventures and Osage University Partners also participated in the round. The company is a developer of small molecule charged sodium channel actively firing nociceptors that provide targeted relief for the treatment of serious conditions including cough, itch, pain and inflammation.

Rakuten Medical: The company raised $119 million of Series E venture funding from Rakuten Group, Hikma Pharmaceuticals and Mizuho Bank on March 6, 2024. SBI Holdings and Dai-Ichi Life Insurance also participated in the round. The company is a developer of precision-targeted cancer therapies designed to treat solid tumors.

Phagenesis: The company raised $42 million of Series D venture funding in a deal led by EQT Life Sciences and Sectoral Asset Management on March 4, 2024. Aphelion, British Patient Capital and Northern Gritstone also participated in the round. The company is a developer of a medical device designed to provide treatment of acute dysphagia.

X-Therma: The company raised $22.4 million of venture funding from undisclosed investors on March 8, 2024. The company is a developer of a novel convergent biopreservation technology designed to advance regenerative medicine.

C2N Diagnostics: The company raised $15 million of venture funding from Eisai on March 6, 2024. The company is a developer of novel diagnostics and therapies for Alzheimer’s disease.

Limbic: The company raised $14 million of venture funding in a deal led by Khosla Ventures on March 5, 2024. Gaingels, Ilkka Paananen and Illusian also participated in the round. The company is a developer of a therapy assistant platform to offer end-to-end support for clinicians and patients during cognitive behavioral therapy

Axoft: The company raised $9.3 million of venture funding from undisclosed investors on March 5, 2024. The company is a developer of implantable electronics designed to amplify brain-machine communication.

Bugworks Research: The company raised $6.8 million of venture funding from undisclosed investors on March 8, 2024. The company is a developer of a novel antibiotic drugs designed to target antimicrobial resistance.

Pleural Dynamics: The company raised $4.5 million of Series A venture funding from Engage Venture Partners and Good Growth Capital on March 4, 2024. The company is a developer of medical devices used for both recurrent pleural effusions and refractory ascites.

Actuate Therapeutics: The company raised $3 million of venture funding in the form of convertible debt from undisclosed investors on March 5, 2024. The company is an operator of a biopharmaceutical business focused on the development of compounds used in the treatment of cancer and inflammatory diseases leading to fibrosis.

Ostentus Therapeutics: The company raised $2.5 million of venture funding from undisclosed investors on March 7, 2024. The company is a provider of plant-derived cancer treatments.

Lumicell: The company raised $2.3 million of venture funding through a combination of debt and equity from undisclosed investors on March 8, 2024. The company is a developer of oncology surgical devices designed to offer image-guided cancer surgery.

Ambrx / Johnson & Johnson: The company was acquired by Johnson & Johnson for approximately $2 billion on March 7, 2024. Ambrx Biopharma Inc is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics using its proprietary expanded genetic code technology platform that allows incorporating synthetic amino acids into proteins within living cells.

NanoString Technologies / Patient Square Capital: The company has received bids to be acquired by Patient Square Capital through a $220 million public-to-private LBO as of March 10, 2024. NanoString Technologies Inc is engaged in the development, manufacturing and commercialization of instruments, consumables, and services for efficiently profiling the activity of hundreds of genes and proteins simultaneously from a single tissue sample.

Coherus BioSciences / Sandoz International: The company, a unit of Coherus Biosciences was acquired by Sandoz International for $170 million on March 4, 2024. The company is a developer of biosimilar products catering to treating neovascular age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.

Attune Medical / Haemonetics: The company reached a definitive agreement to be acquired by Haemonetics for $160 million on March 6, 2024. The company is a developer of a medical device designed to efficiently control patient temperature via cooling or warming through the esophagus.

Invicro / Calyx: The company has entered into a definitive agreement to be acquired by Calyx, via its financial sponsor CapVest Partners, through a $115 million LBO on March 6, 2024. The company is a developer of imaging and analytics software designed to identify effective biomarkers of disease.

ARTMS / Telix Pharmaceuticals: The company was acquired by Telix Pharmaceuticals for $57.5 million on March 4, 2024. The company is a developer of novel radioisotope technology and products designed to enable the high-yield production of diagnostic imaging isotopes.

Adaptive Phage Therapeutics / BiomX: The company reached a definitive agreement to to be acquired by BiomX through a reverse merger and concurrent $50 Million financing on March 6, 2024. The company is an operator of a clinical-stage business intended to treat multi-drug resistant pathogenic bacteria.

Kinsa / Healthy Together: The company was acquired by Healthy Together for an undisclosed amount on March 5, 2024. The company is a developer of thermometer systems.

Ness Therapeutics / Eilean Therapeutics: The company was acquired by Eilean Therapeutics for an undisclosed amount on March 4, 2024. The company is an operator of a biotechnology business intended to prevent respiratory virus infections.