Healthcare Private Placement and M&A Transactions Review Week Ending October 1, 2023

Avalyn Pharma: The company raised $175 million of Series C venture funding in a deal led by SR One Capital Management, Eventide Asset Management and Perceptive Advisors on September 27, 2023. Vida Ventures, RiverVest Venture Partners, Norwest Venture Partners, F-Prime Capital, Pivotal bioVenture Partners, Catalio Capital Management, Piper Heartland, Novo Holdings, Wellington Management, Rock Springs Capital and Surveyor Capital also participated in the round. The company is a developer of inhaled therapies for the treatment of idiopathic pulmonary fibrosis and severe respiratory diseases.

Harbinger Health: The company raised $140 million of Series B venture funding from Flagship Pioneering, Partners Investment and Catalyst Housing Group on September 28, 2023. M&G and Pictet also participated in the round. The company is a developer of blood test technology designed for the early detection of cancer.

Evozyne: The company raised $81 million of Series B venture funding in a deal led by OrbiMed and Fidelity Investments on September 27, 2023. Nvidia, Valor Equity Partners, nVentures, and Paragon Biosciences also participated in the round. The company is an operator of a data-driven molecular engineering platform intended to create novel proteins with advanced functionality.

Sitryx: The company raised $39 million of venture funding from SV Health Investors, Longwood Fund, and Sofinnova Partners on September 27, 2023. Oxford Science Enterprises also participated in the round. The company is a biopharmaceutical business focused on the development of disease modifying therapeutics for treating inflammatory disorders and cancer.

CellFE: The company raised $22 million of Series A venture funding in a deal led by M Ventures on September 27, 2023, putting the company’s pre-money valuation at $30 million. Cota Capital, Dynamk Capital, Embark Ventures, Elm Street Ventures, GreatPoint Ventures, Riverine Ventures, EGB Ventures and Khosla Ventures also participated in the round. The company is a developer of an intracellular gene delivery platform designed to deliver gene-editing molecules into human cells.

Pencil Biosciences: The company raised GBP 5.7 million of venture funding from O2h Ventures, Octopus Ventures, and Northern Gritstone on September 28, 2023, putting the company’s pre-money valuation at GBP 3.7 million. Martlet, Catapult Ventures, Jonathan Milner, and other undisclosed investors also participated in the round. The company is a developer of gene-editing technology with a  range of applications, including therapeutic options for patients with rare diseases.

Aperiam Bio: The company raised $4 million of venture funding from undisclosed investors on September 27, 2023. The company is a developer of industrial and therapeutic proteins intended to help create and share stabilized, solubilized and catalytically optimized proteins.

seqWell: The company raised $3.4 million of Series C venture funding from undisclosed investors on September 26, 2023, putting the company’s pre-money valuation at $63 million. The company is a developer of an NGS library prep technology designed to improve the potential of DNA sequencing instruments.

AccurKardia: The company is in the process of raising Series A venture funding on September 27, 2023. The company is a developer of an automated clinical-grade electrocardiogram (ECG) interpretation software designed for cardiac monitoring companies.

Somafina: The company received an undisclosed amount of development capital from Heartwood Partners on September 26, 2023. The company is a manufacturer of dietary supplements intended for small businesses, large companies, retailers, and e-commerce sellers.

Reata Pharmaceuticals / Biogen: The company was acquired by Biogen for $7.3 billion on September 26, 2023. Reata Pharmaceuticals is a clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing therapeutics to address life-threatening diseases by targeting molecular pathways involved in the regulation of cellular metabolism and inflammation.

Novan / Ligand Pharmaceuticals: The company was acquired by Ligand Pharmaceuticals for $15 million on September 27, 2023. Novan Inc is a dermatology company focused on developing and commercializing therapeutic products for skin diseases.

Estrella Immunopharma / TradeUP Acquisition: The company acquired TradeUP Acquisition through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol “ESLA” on September 29, 2023. Estrella Biopharma Inc is a preclinical-stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS T-cell therapies with the capacity to address treatment challenges for patients with blood cancers and solid tumors.

Intercept Pharmaceuticals / Alfasigma Group: The company reached a definitive agreement to be acquired by Alfasigma Group for $794 million on September 26, 2023. Intercept Pharmaceuticals Inc is a biotech company focused on developing and commercializing novel therapeutics to treat progressive non-viral liver diseases.

Slayback Pharma / Azurity Pharmaceuticals: The company was acquired by Azurity Pharmaceuticals, via its financial sponsor QHP Capital, through an LBO on September 27, 2023 for an undisclosed amount. The company is a manufacturer of pharmaceutical products focused on complex injectables and other non-solid oral products.