Healthcare Private Placement and M&A Transactions Review Week Ending November 23, 2025

Solve Therapeutics: The company raised $321 million of Series A venture funding in a deal led by Yosemite on November 17, 2025, putting the company’s pre-money valuation at $118 million. Merck & Co., Ally Bridge Group, General Atlantic, Decheng Capital, Abingworth, Alexandria Venture Investments, DC Ventures, SymBiosis, Balyasny Asset Management, B Capital, Matrix Capital Management, Surveyor Capital, and other undisclosed investors also participated in the round. The company is an operator of a biotechnology platform intended to develop novel antibody-drug conjugates.

Artios: The company raised $115 million of Series D venture funding in a deal led by SV Health Investors and RA Capital Management on November 17, 2025. M Ventures, Novartis Venture Fund, Pfizer Ventures, Andera Partners, The Invus Group, Sofinnova Partners, EQT Life Sciences, IP Group, Omega Funds, Piper Heartland, Schroders Capital, Janus Henderson Investors and Avidity Partners also participated in the round. The company is a developer of novel cancer treatments designed to target deoxyribonucleic acid (DNA) damage response.

Aspen Neuroscience: The company raised $115 million of Series C venture funding in a deal led by OrbiMed, ARCH Venture Partners and Revelation Partners on November 20, 2025, putting the company’s pre-money valuation at $231 million. Kite Pharma, Cormorant Asset Management, LYFE Capital, Lifeforce Capital, Axon Ventures, S32, Medical Excellence Capital, Prebys Ventures, Balyasny Asset Management, and other undisclosed investors also participated in the round. The company is a developer of autologous cell therapies and personalized medicines designed for a broad spectrum of diseases, including Parkinson’s disease.

Profluent: The company raised $106 million of Series B venture funding in a deal led by Altimeter Capital Management and Bezos Expeditions on November 19, 2025, putting the company’s pre-money valuation at $419 million. Insight Partners, Air Street Capital, Spark Capital and other undisclosed investors also participated in the round. The company is a developer of artificial intelligence-driven models designed to create and validate novel proteins for biomedicine.

Eight Sleep: The company raised $99.1 million in Series D venture funding in a deal led by Valor Equity Partners, Hongshan Capital Group and Founders Fund on November 18, 2025, putting the company’s pre-money valuation at $1.4 billion. Zak Brown, Charles Leclerc and other undisclosed investors also participated in the round. The company is an operator of a sleep product brand intended to improve and support optimal rest, health, and daily function.

Freenome: The company raised $75 million of venture funding from Roche and other undisclosed investors on November 17, 2025. The company is a developer of a multi-omics platform designed to detect cancer at an early stage through a routine blood sample.

Lifordi Immunotherapeutics: The company raised $42 million of venture funding from Sanofi, 5AM Ventures and Atlas Venture on November 18, 2025. ARCH Venture Partners also participated in the round. The company is a developer of targeted antibody-drug conjugates (ADCs) designed to treat autoimmune and inflammatory disorders.

Bambusa Therapeutics: The company raised an estimated $40 million of Series A2 venture funding from Dawn Biopharma, Redmile Group and The Invus Group on November 17, 2025, putting the company’s pre-money valuation at $515 million. INCE Capital, RA Capital Management, Janus Henderson Investors, Salvia (Holzkirchen), ADAR1 Capital Management, Athos (Family Office), BVF Partners, and other undisclosed investors also participated in the round. The company is an operator of a biotechnology business intended to create bispecific antibodies for treating immunological and inflammatory disorders.

Angiex: The company raised $31 million of venture funding in a deal led by Paulson Investment Company on November 17, 2025. The company is a developer of vascular-targeted biotherapeutics designed for the treatment of solid cancers and other diseases of pathological angiogenesis.

VasoRx: The company raised $28.9 million of venture funding from undisclosed investors on November 17, 2025. The company is a developer of RNA (Ribonucleic acid) therapies intended to treat diseases of the cardiovascular system, as well as oncology.

Arpeggio: The company raised $24 million of venture funding in a deal led by Builders Fund on November 19, 2025, putting the company’s pre-money valuation at $49 million. Ms2 Capital and other undisclosed investors also participated in the round. The company is a developer of a drug assessment technology designed to study mechanistic understanding of how drugs work.

VahatiCor: The company raised $23 million in Series B venture funding in a deal led by S3 Ventures on November 18, 2025, putting the company’s pre-money valuation at $25 million. Intuitive Surgical, and other undisclosed investors also participated in the round. The company is a developer of a medical technology platform designed to alleviate angina for patients who have exhausted current medical therapies.

Solarea Bio: The company raised $9.9 million in Series B venture funding from undisclosed investors on November 19, 2025, putting the company’s pre-money valuation at $27 million. The company is a developer of microbiome-based therapeutics designed to improve human health.

Spineology: The company received $8.7 million of development capital from undisclosed investors on November 19, 2025. The company is a developer of spinal implants designed to provide relief for patients suffering from spinal cord pain.

Skeletalis: The company raised $8 million of venture funding in a deal led by Pillar VC on November 17, 2025. Slocum Management, KdT Ventures and Age 1 also participated in the round. The company is a developer of a targeted small-molecule delivery system designed for improving skeletal health.

Lumia Health: The company raised $7 million of venture funding in a deal led by J2 Ventures on November 20, 2025. BonAngels Venture Partners and other undisclosed investors also participated in the round. The company is a developer of a wearable medical device designed for continuous blood flow tracking in patients with chronic neurological and cardiovascular conditions.

Adze Biotechnology: The company raised $6.2 million of Series A venture funding from undisclosed investors on November 17, 2025. The company is a developer of oncologic immunotherapies designed to help in the treatment of cancers with significant unmet needs.

General Control: The company raised $5.5 million of venture funding from Age 1 and Fifty Years on November 17, 2025. The company is a developer of multiplexed epigenetic medicines designed to address the complexity of age-related diseases.

American Gene Technologies: The company is in the process of raising venture funding on November 18, 2025. The company is a developer of gene and cell therapy designed to cure infectious diseases, cancers, and inherited disorders.

OrPro Therapeutics: The company is in the process of raising venture funding in the form of SAFE notes on November 20, 2025. The company is an operator of a biologic drug platform intended to protect cells from inflammatory and oxidative stress-related damage.

SeraGene Therapeutics: The company raised an undisclosed amount of venture funding from Boxer Capital, Foresite Capital and Commodore Capital on November 20, 2025. Deep Track Capital, Pathway to Cures, Adage Capital Management, Blue Owl Capital, and Logos Capital also participated in the round. The company is a developer of ribonucleic acid-based therapeutics designed to provide long-lasting control over coagulation disorders.

Exact Sciences / Abbott: The company reached a definitive agreement to be acquired by Abbott for $23.5 billion on November 20, 2025. Exact Sciences, headquartered in Madison, Wisconsin, provides cancer screening and diagnostic test products in the United States and internationally.

Halda Therapeutics / Johnson & Johnson: The company reached a definitive agreement to be acquired by Johnson & Johnson for $3 billion on November 17, 2025. The company is a developer of a drug discovery platform designed to create therapeutic and precision medicines.

Intelerad Medical Systems / GE HealthCare Technologies: The company reached a definitive agreement to be acquired by GE HealthCare Technologies for an estimated $2.3 billion as of November 19, 2025. The company is a developer of a medical imaging platform intended for clinicians and global healthcare organizations.

Elektrofi / Halozyme Therapeutics: The company was acquired by Halozyme Therapeutics for $900 million on November 18, 2025. The company is a developer of a drug delivery platform designed to enhance subcutaneous administration.

Acera Surgical / Solventum: The company reached a definitive agreement to be acquired by Solventum for $725 million on November 20, 2025. The company is a manufacturer of synthetic biomaterials intended to support soft tissue repair and regenerative medicine across surgical specialties.

Surmodics / GTCR: The company was acquired by GTCR through a $627 million public-to-private LBO on November 19, 2025. Surmodics Inc is a provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic (IVD) immunoassay tests and microarrays.

Aptose Biosciences / HS North America: The company reached a definitive agreement to be acquired by HS North America, a subsidiary of Hanmi Pharm for an undisclosed amount amount on November 19, 2025. Aptose Biosciences Inc is a clinical-stage biotechnology company committed to discovering and developing personalized therapies addressing unmet medical needs in oncology.

Capsugel / Multiple Investors: The company, a subsidiary of Lonza Group, has received bids to be acquired by Lone Star Funds, Altaris and One Rock Capital Partners through an LBO as of November 19, 2025 for an undisclosed amount. The company is a developer and manufacturer of capsules based in Morristown, New Jersey.

Clinetic / MRO: The company was acquired by MRO, via its financial sponsors Healthworx and Parthenon Capital Partners, through an LBO on November 18, 2025 for an undisclosed amount. The company is a provider of enterprise software designed for clinical trial recruitment optimization.

Injectech / Vance Street Capital: The company, a subsidiary of The West Group, was acquired by Vance Street Capital through an LBO on November 19, 2025 for an undisclosed amount. The company is a manufacturer of precision injection molding and cleanroom assembly intended for medical device, life science, and bioprocessing markets.

MedNet / CRScube: The company was acquired by CRScube for an undisclosed amount on November 18, 2025. The company is a developer of a cloud-based clinical data management system designed to help sponsors achieve their clinical research goals.

Melt Pharmaceuticals / Harrow: The company was acquired by Harrow for an undisclosed amount on November 18, 2025. The company is a developer of non-intravenous and non-opioid sedation and analgesia medicines designed for short-duration medical procedures in outpatient and in-office settings.

Molzym / Bruker: The company was acquired by Bruker for an undisclosed amount on November 19, 2025. The company is a manufacturer of amplification reagents and diagnosis kits designed for microbial nucleic acid extraction from a variety of specimens.

P95 / Ampersand Capital Partners: The company was acquired by Julius Clinical Research and Ampersand Capital Partners through an LBO on November 19, 2025 for an undisclosed amount. The company is a provider of epidemiology and clinical research services intended for the pharmaceutical industry.

Peak Analysis and Automation / Grenova: The company was acquired by Grenova, via its financial sponsors Peloton Equity, Stonehaven Capital, Morgan Stanley and Hamilton Lane, through an LBO on November 18, 2025 for an undisclosed amount. The company is a manufacturer of a comprehensive range of laboratory workcells and advanced robotic systems designed to streamline and automate complex laboratory workflows across various applications.

SUN bioscience / InSphero: The company was acquired by InSphero for an undisclosed amount on November 17, 2025. The company is a developer of a drug culture platform designed to deliver personalized medicine through patient-specific organoids.

TotallBody.com / Med Holdings Group: The company was acquired by Med Holdings Group for an undisclosed amount on November 19, 2025. The company is a developer of a telehealth and longevity medicine platform designed to deliver comprehensive wellness, weight loss, hormone therapy, and medicine programs to patients worldwide.