Strategy | Financing | Macro & Markets
Private Placement / Financing Transactions

TORL BioTherapeutics: The company raised $96 million of Series C venture funding from undisclosed investors on October 7, 2025. The company is a drug development business designed to focus on antibody-drug conjugates and other biologics.

Trogenix: The company raised GBP 70 million of Series A venture funding in a deal led by IQ Capital Partners on October 6, 2025. Eli Lilly, Calculus Capital, Meltwind Advisory, LongeVC, 4BIO Capital, Cancer Research Horizons and The Brain Tumor Investment Fund also participated in the round. The company is an operator of a proprietary gene therapy platform intended for technologies in genomics, synthetic biology, sophisticated oncology disease models, advanced gene therapy systems, and immunotherapy.

ObjectiveHealth: The company raised $47.2 million of venture funding from undisclosed investors on October 8, 2025. The company is a developer of clinical research software that integrates real-world evidence and point-of-care data to improve patient outcomes.

Sensi.AI: The company raised $45 million of Series C venture funding in a deal led by Qumra Capital on October 9, 2025. Flint Capital, Entrée Capital, Jibe Ventures, Zeev Ventures, and Insight Partners also participated in the round. The company is a developer of ambient audio monitoring technology that detects behavioral and physiological abnormalities in elderly and cognitively impaired patients to prevent adverse events.

Affinia Therapeutics: The company raised $40 million of Series C venture funding in a deal led by New Enterprise Associates on October 7, 2025, putting the company’s pre-money valuation at $105 million. GV, Eli Lilly, Atlas Venture, Alexandria Venture Investments, Mass General Brigham Ventures, F-Prime Capital, Perceptive Advisors, Avidity Partners, and other undisclosed investors also participated in the round. The company is a developer of an adeno-associated virus gene therapy platform intended to focus on diseases affecting the central nervous system and muscles.

Lumen Bioscience: The company raised $30 million of Series C venture funding in a deal led by WestRiver Group on October 8, 2025. The Gates Foundation and other undisclosed investors also participated in the round. The company is a developer of a spirulina-based biomanufacturing technology for producing therapeutic proteins and biologic drugs at reduced cost.

Phagos: The company raised EUR 25 million of Series A venture funding in a deal led by Demeter Partners, Capagro, Hoxton Ventures and CapHorn Invest on October 8, 2025. Entrepreneurs First, Acurio Ventures Partners, Founders Capital, Station F and Citizen Capital also participated in the round. The company is an operator of a biotechnology research business intended to provide customizable drugs to replace antibiotics in animal farming.

Goodpath: The company raised $18 million of Series A venture funding in a deal led by MassMutual Ventures on October 6, 2025, putting the company’s pre-money valuation at $23 million. Healthy Ventures and other undisclosed investors also participated in the round. The company is a developer of a personalized self-care program designed to improve the lives of people managing chronic conditions.

Curadel Pharma: The company raised $14.5 million of venture funding from undisclosed investors on October 9, 2025. The company is a developer of optical imaging systems for intraoperative visualization and surgical guidance applications.

Peer: The company raised $12.1 million of venture funding in a deal led by Flare Capital Partners and SignalFire on October 7, 2025. Atria Ventures, Greycroft, Alumni Ventures, Gaingels, Mana Ventures and other undisclosed investors also participated in the round. The company is a developer of an artificial intelligence-powered medical writing software that accelerates clinical trial documentation and regulatory submissions.

Mati Therapeutics: The company raised $12 million of Series A venture funding from undisclosed investors on October 8, 2025. The company is a developer of a novel, non-invasive sustained drug delivery platform designed to deliver medication to the surface of the eye for improved treatment of ocular conditions.

ThirdLaw Molecular: The company raised $5.5 million of venture funding from undisclosed investors on October 8, 2025. The company is a developer of a synthetic technology and computational chemistry platform designed for spiroligomers and other unnatural molecules.

Somatix: The company raised $3.94 million of venture funding in the form of convertible debt from undisclosed investors on October 9, 2025. The company is a developer of an artificial intelligence-powered wearable sensor for continuous remote patient monitoring and early health intervention.

Beren Therapeutics: The company raised an undisclosed amount of venture funding from JIC Venture Growth Investments and UTokyo Innovation Platform Company on October 7, 2025. The company is an operator of a biotechnology business intended to develop novel biologic therapeutics for treating rare and underserved diseases.

Byonyks Medical Devices: The company is in the process of raising Series A venture funding on October 10, 2025, putting the company’s post-valuation at $250 million. The company is a developer of a low-cost device designed to perform home-based peritoneal dialysis for treating kidney failure.

Informed Mindset Medical: The company raised an undisclosed amount of venture funding in a deal led by Grayhawk Capital and AZ Venture Capital on October 8, 2025. Xcellerant Ventures also participated in the round. The company is a developer of a digital health platform that collects and analyzes real-time patient-reported outcomes and biometric data.

SQ Innovation: The company raised an undisclosed amount of Series B venture funding in a deal led by Marco van der Poel on October 7, 2025. The company is a developer of FDA-cleared medical devices for clinical therapeutic applications.


M&A Transactions

Verona Pharma / Merck & Co.: The company was acquired by Merck & Co. for $10 billion on October 7, 2025. The company is an operator of a clinical-stage biopharmaceutical business intended to develop therapies for chronic respiratory diseases including COPD and asthma.

Press Ganey Associates / Qualtrics: The company entered into a definitive agreement to be acquired by Qualtrics, via its financial sponsors Accel, CPP Investments, DFO Management, Harbert Management, Silver Lake, SoftBank Investment Advisers and Susquehanna Growth Equity, through a $6.7 billion LBO on October 6, 2025. The company is a provider of patient experience measurement, performance analytics, and healthcare quality improvement consulting services.

Akero Therapeutics / Novo Nordisk: The company reached a definitive agreement to be acquired by Novo Nordisk for up to $5.2 billion on October 9, 2025. Akero Therapeutics Inc is a clinical-stage biotechnology company focused on developing and commercializing transformative treatments for serious metabolic diseases with high unmet medical needs.

Orbital Therapeutics / Bristol-Myers Squibb: The company reached a definitive agreement to be acquired by Bristol-Myers Squibb for $1.5 billion on October 10, 2025. The company is a developer of an RNA therapeutic platform integrating multiple delivery mechanisms for genetic medicine applications.

ScPharmaceuticals / MannKind: The company was acquired by MannKind for up to $360 million on October 7, 2025. ScPharmaceuticals Inc is a pharmaceutical company focused on developing subcutaneous infusion systems and self-administered therapies for cardiovascular and other chronic conditions.

DigitalOwl / Datavant: The company was acquired by Datavant, via its financial sponsors Town Hall Ventures, Oxeon Partners, New Mountain Capital and Ardan Equity, through an estimated $200 million LBO on October 8, 2025. The company is a developer of a natural language processing platform designed to provide an efficient process of reviewing medical records.

Monogram Technologies / Zimmer Biomet Holdings: The company was acquired by Zimmer Biomet Holdings for an equity value of $177 million on October 7, 2025. Monogram Technologies Inc develops patient-specific orthopedic implants using 3D printing, robotics, and pre-operative imaging integration.

Diatech Diabetes / DEKA Research & Development: The company was acquired by DEKA Research & Development for an undisclosed amount on October 7, 2025. The company is a developer of a monitoring platform designed to personalize insulin delivery for patients with diabetes.

ESSA / XenoTherapeutics: The company was acquired by XenoTherapeutics for an undisclosed amount on October 9, 2025. ESSA Pharma Inc is a pharmaceutical company focused on the development of small-molecule drugs for the treatment of castration-resistant prostate cancer.

MindMaze / Relief Therapeutics Holding: The company reached a definitive agreement to be acquired by Relief Therapeutics Holding, a subsidiary of Sonnet BioTherapeutics, through a CHF 1 billion reverse merger on October 8, 2025. The company is a developer of digital therapeutics and neurotechnology devices that facilitate neurological recovery, motor learning, and cognitive rehabilitation.

Overlook Industries / Enpro: The company was acquired by Enpro for an undisclosed amount on October 8, 2025. The company is a manufacturer of precision dispensing needles and fluid delivery components for medical device and pharmaceutical applications.

Polynoma / TransCode Therapeutics: TransCode Therapeutics reached a definitive agreement to acquire the company, a subsidiary of CK Life Sciences International, for an undisclosed amount on October 8, 2025. The company is a developer of an immuno-oncology vaccine focused on the treatment of melanoma.

Virsys12 / HealthStream: The company was acquired by HealthStream for up to $17 million on October 8, 2025. The company provides Salesforce implementation and integration consulting services for healthcare technology systems.


Source: Pitchbook Data, Inc.

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