Healthcare Private Placement and M&A Transactions Review Week Ending May 14, 2023

Cullgen: The company raised $40 million through a combination of debt and Series C venture funding in a deal led by Wuxi AstraZeneca CICC Venture Capital Partnership on May 8, 2023, putting the company’s pre-money valuation at $245 million. GNI Group, Sincere Capital, Shenzhen Investment, Sirius Holding Group, Voyagers Capital, and Wuxi Capital Group also participated in the round. The company is a developer of a drug discovery platform intended to provide a remedy for debilitating diseases that lack effective treatments.

Embr Labs: The company raised $35 million of venture funding in the form of convertible debt in a deal led by Ghost Tree Partners on May 8, 2023. The company, using patented technology, delivers precisely calibrated cooling or warming sensations at the touch of a button for instant, discrete control over hot flashes and related menopause symptoms.

Sealonix: The company raised $20 million of Series A venture funding in a deal led by Excelestar Ventures on May 12, 2023. AMED Ventures, and other investors also participated in the round. The company is a developer of hemostatic sealants designed for surgical use.

Bryn Pharma: The company raised $15 million of venture funding from undisclosed investors on May 10, 2023. The company is an operator of a biotechnology business intended to offer nasal-based epinephrine for anaphylaxis.

Solarea Bio: The company raised $15 million of Series B venture funding in a deal led by S2G Ventures on May 8, 2023. Bold Capital Partners, GG 1978 and Viking Global Investors also participated in the round. The company is a developer of microbiome-based therapeutics designed to improve human health.

Sensydia: The company raised $8 million through a combination of Series D1 and Series D2 venture funding in a deal led by Orlando Health on May 9, 2023, putting the company’s pre-money valuation at $32 million. Frontier Venture Capital, Colle Capital Partners, and other undisclosed investors also participated in the round. The company is a developer of a portable, point-of-care hemodynamic measurement device designed to offer the treatment and management of patients with heart disease.

Lucem Health: The company raised $7.7 million of Series A venture funding in a deal led by Mayo Clinic on May 9, 2023. Mercy, Rally Ventures and Granger Management also participated in the round. The company is a developer of a remote diagnostics platform designed to connect remote patient telemetry and biosensing devices with artificial intelligence algorithms.

Delta Diagnostics: The company raised EUR 5.3 million of Series A venture funding from i&i Biotech Fund, IQCapital, and Oost NL on May 10, 2023. PhotonDelta also participated in the round. The company is a developer of photonic biosensor technology designed to provide multiplexed biosensing.

Quinsite: The company raised $5.5 million of Series A venture funding from Front Porch Venture Partners, Fulcrum Financial Partners, and Triangle Tweener Fund on May 11, 2023. The company is a developer of a healthcare management platform designed to deliver advanced analytics systems.

Simango: The company raised EUR 3.5 million of venture funding from Vivalto Partners, Breizh Up and Epopée Gestion on May 9, 2023. The company is an operator of a virtual reality health training platform intended to train hospital staff.

Syneos Health / Elliott Management: The company entered into a definitive agreement to be acquired by Patient Square Capital, Veritas Capital and Elliott Management through a $4.46 billion public-to-private LBO on May 10, 2023. Syneos is a global contract research and outsourced commercialization organization that provides services to pharmaceutical and biotechnology firms.

Baxter BioPharma Solutions / Advent International: The company, a subsidiary of Baxter International, entered into a definitive agreement to be acquired by Advent International and Warburg Pincus through a $4.25 billion LBO on May 8, 2023. The company is a manufacturer of pharmaceutical products intended to support commercialization objectives.

CTI BioPharma / Swedish Orphan Biovitrum: The company reached a definitive agreement to be acquired by Swedish Orphan Biovitrum (STO: SOBI) for $1.7 billion on May 10, 2023. CTI BioPharma Corp is a biopharmaceutical company focused on the acquisition, development, and commercialization of less toxic and more effective cancer therapies.

XinThera / Gilead Sciences: The company was acquired by Gilead Sciences (NAS: GILD) for an estimated $170 million on May 9, 2023. The company is a developer of precision medicines intended to treat cancer and immunologic diseases.

Valence Discovery / Recursion Pharmaceuticals: The company reached a definitive agreement to be acquired by Recursion Pharmaceuticals for $47.5 million on May 8, 2023. The company is a developer of artificial intelligence-based drug discovery platform designed to analyze inconsistent datasets.

Cyclica / Recursion Pharmaceuticals: The company reached a definitive agreement to be acquired by Recursion Pharmaceuticals for $40 million on May 8, 2023. The company is a developer of a patented cloud-based predictive analytics software designed to discover safer and more effective medicines.

Cambridge Research Biochemicals / Biosynth: The company was acquired by Biosynth, via its financial sponsor BroadOak Capital Partners, Kohlberg Kravis Roberts and Ampersand Capital Partners, through an LBO on May 9, 2023 for an undisclosed amount. The company is a manufacturer of peptides and polyclonal antibodies created for drug discovery and disease research applications.

Minute Molecular / Nuclein: The company was acquired by Nuclein for an undisclosed amount on May 12, 2023. The company is a developer of a molecular diagnostics device designed to provide rapid immunoassays.