Healthcare Private Placement and M&A Transactions Review Week Ending September 21, 2025

Colossal Biosciences: The company raised $320 million of Series C venture funding in a deal led by Thomas Tull and Mark Walter on September 17, 2025, putting the company’s pre-money valuation at $10 billion. North Equity, Tyrian Ventures, Evolution VC Partners, Indicator Ventures, Juniper, Innovent Capital Group, Animal Capital, US Innovative Technology Fund, 535West, Peter Jackson, Robert Nelsen and TWG Global also participated in the round. The company is an operator of a bioscience business that uses genetic engineering and CRISPR technology, with a dual focus on de-extinction (bringing back extinct species like the woolly mammoth, dodo, and dire wolf) and species preservation.

VarmX: The company is in the process of raising $117 million of venture funding from CSL as of September 16, 2025. The company is a manufacturer and developer of therapeutic drugs designed to restore blood clotting in bleeding patients.

Character Biosciences: The company raised $110 million in Series B venture funding in a deal led by aMoon Fund and Luma Group on September 17, 2025, putting the company’s pre-money valuation at $87 million. Bausch + Lomb, Jefferson Life Sciences, Sanofi Ventures, Catalio Capital Management, Innovation Endeavors, S32 and KdT Ventures also participated in the round. The company is a developer of precision medicine designed to transform drug development for progressive, polygenic diseases.

Ollin: The company raised $100 million of venture funding in a deal led by ARCH Venture Partners, Monograph Capital and Mubadala Capital on September 17, 2025. The company is a developer of biopharmaceutical therapies intended for vision-threatening ophthalmic diseases.

Tasca Therapeutics: The company raised $67 million of Series A venture funding in a deal led by Regeneron Ventures and Cure Ventures on September 17, 2025, putting the company’s pre-money valuation at $16.3 million. The Invus Group, 8VC, Rivas Capital, AB Magnitude Ventures Group and TIFF Investment Management also participated in the round. The company is an operator of a biotechnology business intended to develop small molecule drugs for hard-to-treat oncology indications.

Dualitas Therapeutics: The company raised $65 million of Series A venture funding in a deal led by Versant Ventures and Qiming Venture Partners on September 16, 2025, putting the company’s pre-money valuation at $22 million. Chugai Venture Fund, Eli Lilly, SV Health Investors, Alexandria Venture Investments, and other undisclosed investors also participated in the round. The company is a developer of a bispecific antibody therapeutics platform designed for addressing immunology and inflammation.

Nexo Therapeutics: The company raised $52.5 million of Series A venture funding in a deal led by Versant Ventures on September 17, 2025. Cormorant Asset Management, New Enterprise Associates and other undisclosed investors also participated in the round. The company is a developer of a molecule oncology platform designed to advance the development of small-molecule therapies for patients with limited treatment options.

AllRock Bio: The company raised $50 million of Series A venture funding in a deal led by Versant Ventures and Westlake Village BioPartners on September 16, 2025, putting the company’s pre-money valuation at $17 million. The company is a developer of therapies for cardiopulmonary diseases.

Nalu Medical: The company raised an estimated $50 million of venture funding from Trinity Capital (Phoenix) on September 16, 2025. The company is a developer of neuro-stimulation devices designed for mitigating chronic pain.

GATC Health: The company raised $26 million of venture funding from West Virginia Jobs Investment Trust Board on September 15, 2025, putting the company’s pre-money valuation at an estimated $499 million. The company is a developer of a multi-omic advanced technology platform designed to provide insight into individualized, specific health risks.

Enhanced Genomics: The company raised GBP 19 million of Series A venture funding in a deal led by BGF and Parkwalk Advisors on September 16, 2025, putting the company’s pre-money valuation at GBP 9.1 million. Bioqube Ventures and Meltwind Advisory also participated in the round. The company is a developer of a biotechnology platform designed to develop tools for large-scale analysis of genetic variations and gene function.

Tioga Cardiovascular: The company raised $22.9 million of venture funding from undisclosed investors on September 16, 2025. The company is a manufacturer of valve replacement medical devices for mitral applications.

Bioweg: The company raised EUR 16 million of Series A venture funding in a deal led by Axeleo Capital on September 16, 2025. European Innovation Council, NBank Capital, BonVenture, and Frank Jenner also participated in the round. The company is a developer of bio-based ingredients, particularly microbial cellulose, to replace microplastics and petroleum-based polymers in various industries, including cosmetics, personal care, agriculture, and food and beverages.

Micro Interventional Devices: The company raised $14 million of venture funding in the form of convertible notes from undisclosed investors on September 18, 2025. The company is a developer of medical devices designed to transform open surgical procedures into transcatheter procedures.

Tafalgie Therapeutics: The company raised EUR 12 million of Series A venture funding from European Innovation Council, Bpifrance and other undisclosed investors on September 15, 2025. The company is an operator of a biopharmaceutical research business that develops neuropathic and inflammatory pain drugs.

Synthesize Bio: The company raised $10 million of venture funding in a deal led by Madrona Venture Group on September 16, 2025. Sahsen Ventures, Inner Loop Capital, AI2 Incubator, and Point Field Partners also participated in the round. The company is a developer of biomedical discovery software designed to accelerate the pace of data generation, analysis, and hypothesis testing.

SelectION: The company raised $5.4 million of venture funding from undisclosed investors on September 15, 2025. The company is a developer of peptide therapeutics designed to assist in the treatment of autoimmune diseases and disorders.

RevOpsis Therapeutics: The company raised an undisclosed amount of venture funding from ExSight Ventures on September 17, 2025. The company is an operator of a biopharmaceutical business that develops innovative treatments for chronic diseases, particularly in ophthalmology.

89bio / Roche: The company reached a definitive agreement to be acquired by Roche for $2.4 billion on September 17, 2025. 89bio Inc is a United States-based clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases.

Isto Biologics / Keensight Capital: The company was acquired by Keensight Capital and its management through a $1 billion LBO on September 17, 2025. The company is a manufacturer of orthobiologic medical devices designed to support bone healing and orthopedic procedures.

Exosome Diagnostics / MDxHealth: The company was acquired by MDxHealth for $15 million on September 15, 2025. The company is a developer of biofluid-based diagnostics designed to deliver personalized precision healthcare.

Alcyone Therapeutics / Biogen: The company reached a definitive agreement to be acquired by Biogen for an undisclosed amount on September 18, 2025. The company develops liquid biopsy technologies that detect and analyze biomarkers in blood, urine, and other biofluids, enabling personalized and companion diagnostics for conditions such as prostate cancer.

Cygnus Medical / Aspen Surgical Products: The company was acquired by Aspen Surgical Products, via its financial sponsor Audax Private Equity and Linden, through an LBO on September 18, 2025 for an undisclosed amount. The company is a manufacturer of healthcare infection-control and surgical-safety products intended for maintaining instrument sterility and minimizing operating-room hazards.

eXIthera Pharmaceuticals / Cadrenal Therapeutics: The company was acquired by Cadrenal Therapeutics for an undisclosed amount on September 15, 2025. The company is a developer of small molecule inhibitors designed to prevent thrombosis with limited risk for bleeding side effects and without the need for a reversal agent.

HilleVax / Xoma: The company was acquired by Xoma for an undisclosed amount on September 17, 2025. HilleVax Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines.

Next Oncology / IQVIA: The company reached a definitive agreement to be acquired by IQVIA for an undisclosed amount on September 15, 2025. The company is a developer of new anticancer agents for patients whose current therapies are no longer effective.

Nexus Medical / Avanos Medical: The company was acquired by Avanos Medical for an undisclosed amount on September 15, 2025. The company is a manufacturer of needleless connectors and IV extension sets used in intravenous therapy.

S2 Genomics / Precision Cell Systems: The company was acquired by Precision Cell Systems for an undisclosed amount on September 17, 2025. The company is a developer of a spatial sequencing technology designed to provide products that process raw tissues into samples ready for genomic analyses.

TAG3 Engineering / TEAM Technologies: The company was acquired by TEAM Technologies, via its financial sponsors Golub Capital and Arlington Capital Partners, through an LBO on September 17, 2025 for an undisclosed amount. The company is a provider of turnkey services for medical device design, development and manufacturing based in Sunrise, Florida.