Healthcare Private Placement and M&A Transactions Review Week Ending March 31, 2024

Avenzo: The company raised $223.4 million in Series A venture funding in a deal led by Deep Track Capital, Sands Capital, and Sofinnova Investments on March 27, 2024, putting the company’s pre-money valuation at $96.7 million. Lilly Asia Ventures, OrbiMed, Foresite Capital, SR One Capital Management, INCE Capital Partners, TF Capital, Delos Capital Partners, Quan Capital, and Surveyor Capital also participated in the round. The company is an operator of a clinical-stage oncology platform intended to develop novel treatments for underserved cancers.

FireFly Bio: The company raised $94 million of Series A venture funding in a deal led by Versant Ventures, MPM BioImpact and Decheng Capital on March 26, 2024. Eli Lilly and other undisclosed investors also participated in the round. The company has developed a proprietery healthcare platform to treat cancer using degrader antibody conjugates (DACs), which represents the convergence of antibody drug conjugates (ADCs) and protein degraders.

Aeovian Pharmaceuticals: The company raised $50 million of Series A venture funding in a deal led by Hevolution Foundation on March 28, 2024. Evotec, b2venture, Apollo Health Ventures, venBio and Sofinnova Investments also participated in the round. The company is a developer of innovative therapeutics designed to treat rare and age-related diseases.

Volumina Medical: The company raised $21 million of Series A venture funding from undisclosed investors on March 25, 2024, putting the company’s pre-money valuation at an estimated $54.1 million. The company is a developer of implantable polymeric biomaterial for innovative tissue reconstruction surgery.

Edgewood Oncology: The company raised $20 million of Series A venture funding in a deal led by Alta Partners on March 25, 2024, putting the company’s pre-money valuation at $40 million. The company is a clinical-stage biotechnology business focused on delivering BTX-A51 to patients with hematologic malignancies and genetically-defined solid tumors.

EVOQ Nano: The company is reportedly in the process of raising $18 million of venture funding as of March 25, 2024. The company is a developer of an antimicrobial technology designed to create precise novel nanoparticles for the life science, materials science, and textile science industries.

Hemotune: The company raised CHF 14 million of Series B2 venture funding in a deal led by Belmondo Family Office on March 25, 2024. Hemex (Healthcare Services), VP Venture Partners, EFI Lake Geneva Ventures, Occident Group and Zürcher Kantonalbank also participated in the round. The company is a developer of a therapeutic blood purification platform.

SurgeCare: The company raised EUR 7.5 million of venture funding in a deal led by Eurazeo on March 27, 2024. MH innov’, Boutique Venture Partners, HCVC, Kima Ventures, TeamPact Ventures, 50 Partners and Bpifrance also participated in the round. The company is a developer of an immune profiling platform intended to enable precision medicine before surgery.

Repair Biotechnologies: The company raised $6.2 million of venture funding in the form of SAFE notes from undisclosed investors on March 26, 2024. The company is an operator of a biotechnology business intended to focus on the reversal of age-associated thymic atrophy and consequent loss of immune function.

RebrAIn: The company raised EUR 3.7 million of venture funding from Nouvelle Aquitaine Co-Investissement and Karista on March 26, 2024. The company is a developer of a precise targeting technology intended for helping with surgical treatments of neurodegenerative diseases.

Andson Biotech: The company raised $3.6 million of venture funding from undisclosed investors on March 26, 2024. The company is a developer of a novel Process Analytical Technology (PAT) designed for cell-based bioprocesses.

Circle Pharma: The company is in the process of raising Series D venture funding on March 27, 2024. The company is a developer of a new generation of permeable macrocyclic peptides that can be delivered by multiple routes, including oral administration.

Juvise Pharmaceuticals: The company received an undisclosed amount of development capital from Bpifrance and Pemberton Asset Management on March 26, 2024. The company is a manufacturer of pharmaceutical products across various therapeutic areas.

Spirecut: The company raised Series A venture funding on March 26, 2024. The company is a developer of surgical instruments designed to enhance hand surgery standard of care and accelerate patient recovery.

Landos Biopharma / AbbVie: The company reached a definitive agreement to be acquired by AbbVie for approximately $212.5 million on March 25, 2024. Landos Biopharma Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral therapeutics for patients with autoimmune diseases.

AlmataBio / Avalo Therapeutics: The company was acquired by Avalo Therapeutics for $15 million on March 27, 2024. The company is a developer of a humanized monoclonal antibody intended to bind to interleukin-1β with high affinity and to neutralize its activity.

AnHeart Therapeutics / Nuvation Bio: The company reached a definitive agreement to be acquired by Nuvation Bio for an undisclosed amount as of March 25, 2024. The company is an operator of a biopharmaceutical company developing novel precision therapies for people with cancer.

Cardior / Novo Nordisk: The company was acquired by Novo Nordisk for an undisclosed amount on March 25, 2024. The company is an operator of a biopharmaceutical platform intended to focus on the discovery, development, and clinical validation of noncoding RNA therapeutics.

Cirrus Bio / Maverix Medical: The company was acquired by Maverix Medical for an undisclosed amount on March 29, 2024. The company is a developer of medical diagnostics designed to improve quality of life by detecting common diseases that currently lack effective diagnostic tools using multi-omic analysis.

Homology Medicines / Q32 Bio: The company was acquired by Q32 Bio through a merger, on March 25, 2024. Q32 Bio completed a concurrent $42 million private placement.  Homology Medicines Inc is a United States-based genetic medicines company translating proprietary gene editing and gene therapy technologies into novel treatments for patients with rare diseases. Q32 Bio Inc is a clinical-stage biotechnology company focused on developing novel biologics to restore healthy immune balance in patients with autoimmune & inflammatory diseases.

KELIX Bio / Mubadala Investment Company: The company entered into a definitive agreement to be acquired by Mubadala Investment Company through an LBO on March 25, 2024 for an undisclosed amount. The company is an operator of a biopharmaceutical platform focused on introducing generic medicines in Egypt and North Africa.

Serina Therapeutics / AgeX Therapeutics: The company was acquired by AgeX Therapeutics through a reverse merger on March 26, 2024, resulting in the combined entity trading on the New York Stock Exchange under the ticker symbol SER. Serina Therapeutics Inc is a clinical-stage biotechnology company developing a pipeline of wholly-owned drug product candidates to treat neurological diseases and pain.