Healthcare Private Placement and M&A Transactions Review Week Ending September 24, 2023

ReCode Therapeutics: The company raised $260 million of Series B venture funding in a deal led by Pfizer Ventures, Leaps by Bayer and Matrix Capital Management on September 19, 2023, putting the company’s pre-money valuation at $440 million. Sanofi Ventures, Timefolio Capital, Amgen Ventures, OrbiMed, MPM Capital, Vida Ventures (Boston), Hunt Technology Ventures, Osage University Partners, EcoR1 Capital, Paratus Investment, Ayur Maya, Bioluminescence Ventures, Solasta Ventures, Colt Ventures, Tekla Capital Management, Superstring Capital Management and Cystic Fibrosis Foundation also participated in the round. The company is an operator of an integrated genetic medicines company intended to develop targeted, disease-modifying therapies for patients.

CMR Surgical: The company raised $165 million of venture funding in a deal led by Watrium, Tencent Holdings, Railpen, Lightrock, LGT Group, Escala Capital Ventures, Cambridge Innovation Capital, Ally Bridge Group and SoftBank Investment Advisers on September 20, 2023. Other undisclosed investors also participated in the round. The company is a developer of surgical robotic systems designed to bring the benefits of minimal access surgery to all patients.

Virtual Incision: The company raised $76 million of Series C venture funding in a deal led by Endeavour Vision, Bluestem Capital Company, Baird Capital, Genesis Innovation Group and PrairieGold Venture Partners on September 19, 2023. Arboretum Ventures, InVivium Capital, and other undisclosed investors also participated in the round. The company is a developer of robotic-assisted surgery devices for surgeons.

LB Pharmaceuticals: The company raised $70.7 million of venture funding from undisclosed investors on September 21, 2023. The company is an operator of a drug development company intended to treat schizophrenia in patients.

TOLREMO therapeutics: The company raised $39 million of Series A venture funding in a deal led by BioMedPartners on September 20, 2023. Zürcher Kantonalbank, Altos Venture, Redalpine Venture Partners, Wille Finance and Pierre Fabre also participated in the round. The company is a developer of small molecules designed to target novel drug resistance pathways in cancer therapy.

Corsair Pharma: The company raised $23 million of Series B venture funding in a deal led by New Rhein Healthcare on September 20, 2023. Primavera Capital Group, Midas Capital Partners, Junson Capital, and Plaisance Capital also participated in the round. The company is a developer of treprostinil novel drugs intended to improve the therapeutic profile of medications and provide improved treatment options for patients.

Day Zero Diagnostics: The company raised $16 million of venture funding from undisclosed investors on September 20, 2023. The company is a developer of a sequencing-based infectious disease diagnostic system designed for microbiology and molecular labs.

Broken String Biosciences: The company raised $15 million of Series A venture funding in a deal led by Mérieux Equity Partners and Illumina Accelerator on September 18, 2023. Korys Investments, Tencent Holdings, HERAN Partners, and Dieter von Holtzbrinck Ventures also participated in the round. The company is a developer of a sequencing platform for cell and gene therapies.

Abcely: The company raised EUR 2.4 million of venture funding from undisclosed investors on September 22, 2023. The company is a developer of medical technologies intended for the treatment of mucosal cancers.

Deverra Therapeutics: The company raised $2.4 million of venture funding in the form of convertible debt from undisclosed investors on September 18, 2023. The company is a developer of biotechnology therapies designed for the generation of off-the-shelf allogeneic cellular immunotherapies.

BrainScope: The company raised an undisclosed amount of Series B venture funding from Alzheimers Drug Discovery Foundation on September 19, 2023. The company is a developer of a non-invasive medical device intended to objectively assess head-injured patients at the point of care.

Paratek Pharmaceuticals / Gurnet Point Capital: The company was acquired by Gurnet Point Capital and Novo Holdings through a $462 million public-to-private LBO on September 21, 2023. Paratek Pharmaceuticals Inc is a clinical-stage biopharmaceutical company.  The company’s medical research is based on tetracycline chemistry and biology to create two antibacterials: omadacycline (antibacterial for skin infections) and sarecycline (antibacterial for acne).

Abpro / Atlantic Coastal Acquisition Corp. II: The company reached a definitive agreement to be acquired by Atlantic Coastal Acquisition Corp. II through a reverse merger as of September 18, 2023. The combined business will trade on the Nasdaq national market.  The company provides next-generation antibody therapies, synthetic biology and immunology to generate medication against novel and challenging diseases in patients.

Applied Molecular Transport / Cyclo Therapeutics: The company reached a definitive agreement to be acquired by Cyclo Therapeutics for an undisclosed amount on September 21, 2023. Applied Molecular Transport Inc is a clinical-stage biopharmaceutical company developing a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases.

Atriva Therapeutics / Biocure Technology: The company reached a definitive agreement to acquire Biocure Technology on September 18, 2023. Atriva Therapeutics Inc is a biopharmaceutical company developing host-cell-targeting antiviral and immunomodulatory therapies.

Axovia Therapeutics / ALSA Ventures: The company was acquired by ALSA Ventures through an LBO on September 19, 2023 for an undisclosed amount. The company is a developer of gene therapies designed to target the key aspects of ciliopathies.

Conduit Pharmaceuticals / Murphy Canyon Acquisition: The company was acquired by Murphy Canyon Acquisition through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol CDT on September 22, 2022. Conduit Pharmaceuticals Inc is a clinical-stage specialty biopharmaceutical company that was formed to facilitate the development and commercialization of clinical assets that have not been or are not being, prioritized by leading biopharmaceutical companies.

M8 Pharmaceuticals / Acino: The company entered into a definitive agreement to be acquired by Acino, via its financial sponsor ADQ, through an LBO on September 20, 2023. The company is a provider of specialty pharmaceutical services intended to focus on the commercialization of innovative and established therapeutics.

Pelican Expression / Primordial Genetics: The company, a subsidiary of Ligand Pharmaceuticals reached a definitive agreement to be acquired by Primordial Genetics for an undisclosed amount on September 18, 2023. The company is a developer of strain engineering and protein production for biopharmaceutical therapeutics, and is based in San Diego.