The Physician Medical Groups Market Thrives, Despite Economic Instability

The Physician Medical Groups Market Thrives, Despite Economic Instability

During the first five months of 2023, the Physician Medical Groups (PMG) sector has seen a large amount of M&A activity. There have been 244 PMG transactions reported, so far, which represents a 6% increase from the first five months of 2022. Considering the economic uncertainty currently plaguing investors, this increase is almost surprising.  Yet, it was not surprising that the most active specialty was dental, with 80 transactions. Compared to the first five months of 2023, when 63 dental transactions were reported, this year’s 80 transactions is even more impressive. The most active acquirer, in the dental and PMG spaces overall, is MB2 Dental Solutions, a portfolio company of... Read More »
Medtronic Acquires Wearable Insulin Patch Maker EOFlow

Medtronic Acquires Wearable Insulin Patch Maker EOFlow

Medtronic plc announced on May 25 that it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd. According to data captured in the LevinPro HC database, this represents the 46th Medical Devices transaction of the year. To the extent that all the public shares participate in the tender offer, the total consideration for the acquisition of the shares in EOFlow would be KRW 971 billion, or $738 million USD. EOFlow is a South Korean medical device company founded in 2011 and is headquartered in Seongnam, South Korea, with additional offices in San Jose, California. EOFlow’s flagship product is the EOPatch® device, a wearable insulin patch pump that provides continuous... Read More »
TA Associates Announces Strategic Growth Investment in Alpha II

TA Associates Announces Strategic Growth Investment in Alpha II

TA Associates, a Boston-based private equity firm, announced that it has signed a definitive agreement to make a significant growth investment in Alpha II. As part of the transaction, Alpha II’s existing shareholder WestView Capital Partners will reinvest alongside TA Associates to maintain a minority position in the company. Alpha II is a provider of revenue cycle management (RCM) technology solutions to healthcare providers across the care continuum. TA Associates has invested in more than 560 companies around the world and raised more than $48.6 billion in capital since its founding in 1968. It leads buyouts and minority recapitalizations in the technology, financial services,... Read More »
Pyxis Oncology Acquires Apexigen

Pyxis Oncology Acquires Apexigen

Pyxis Oncology announced on May 24 that it acquired Apexigen, Inc. for $16 million.  Founded in 2010, Apexigen, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology. Pyxis Oncology is building a differentiated portfolio of biologics, including antibody-drug conjugates and immunotherapies. It is funded by the Longwood Fund, a Boston-based venture capital firm.  This acquisition was announced nearly a year after Apexigen went public by a merger with Brookline Capital Acquisition Corp.  According to data captured in the LevinPro HC database, this acquisition represents the 61st... Read More »
GraceMed Acquires Canadian Dermatology Centre

GraceMed Acquires Canadian Dermatology Centre

GraceMed announced on May 23 that it purchased the Canadian Dermatology Centre for an undisclosed price. Canadian Dermatology Centre is a Toronto-based dermatology clinic that also provides plastic surgery services. It was founded by Dr. Renita Ahluwalia and Dr. Quinton Chivers and has a total of eight providers on staff, according to its website. GraceMed is a leading North American-based dermatology and plastic surgery platform. Per its website, GraceMed operates out of 11 locations in Ontario, Canada. The acquisition of the Canadian Dermatology Centre is part of GraceMed’s strategy to expand its presence across North America, providing greater access to care for patients. ... Read More »
NewSpring-Backed Patheous Health Acquires Carolina Speech Pathology

NewSpring-Backed Patheous Health Acquires Carolina Speech Pathology

Patheous Health, backed by private equity firm NewSpring Capital, announced on May 24 its acquisition of Carolina Speech Pathology for an undisclosed price. This deal expands the company’s mobile dysphagia imaging and education service to 18 states, according to the press release. This is Patheous Health’s second acquisition since April 2020, when the company acquired MBS Envision, a leading innovator in feeding and swallow health for diagnostics and therapeutics. The deal also marks the 31st Behavioral Health Care deal of 2023, according to data captured in the LevinPro HC database. Since 1996, Carolina Speech Pathology has been providing mobile fiberoptic endoscopic... Read More »
Florence Acquires Virtual Care Provider Zipnosis

Florence Acquires Virtual Care Provider Zipnosis

New York-based Florence Labs announced on May 24 its acquisition of Minneapolis-based Zipnosis. Zipnosis is a 60-person health tech company that offers a white-labeled virtual care solution that uses asynchronous telemedicine to connect patients with local board-certified physicians. Florence Labs is a health tech company that works with health systems and provider groups to maximize clinical capacity and reduce administrative burden. Florence Labs was founded in 2021 by Aniq Rahman. Through this acquisition, Florence will broaden its product offerings with synchronous and asynchronous virtual care and further their mission to create a consumer-centric interface that engages patients at... Read More »
Mercy Iowa City Acquires OB-GYN Associates of Iowa City & Coralville

Mercy Iowa City Acquires OB-GYN Associates of Iowa City & Coralville

Mercy Iowa City announced on May 17 that it acquired OB-GYN Associates of Iowa City & Coralville.  According to its website, OB-GYN Associates of Iowa City & Coralville has four physicians and two nurses on staff. It is in Coralville, Iowa. Mercy Iowa City’s medical staff is composed of more than 250 doctors representing all major medical specialties and most subspecialties. Its hospitals have more than 190 acute care beds, 25 outpatient surgery rooms and 23 bed nurseries. Mercy Iowa City’s birthing center has five labor and delivery suites, a dedicated C-section suite and a pediatric hospitalist team. More than 800 babies are born at Mercy Iowa City each year. The staff... Read More »
Intelligent Medical Objects Announces the Acquisition of Melax Technologies

Intelligent Medical Objects Announces the Acquisition of Melax Technologies

Intelligent Medical Objects (IMO) announced that it has acquired Melax Technologies for an undisclosed price. According to data captured in the LevinPro HC database, this acquisition represents the 110th eHealth transaction of the year, and the 18th in the analytics specialty. Melax Technologies is a healthcare data analytics and business intelligence company focused on Natural Language Processing that provides healthcare organizations with actionable insights into clinical and financial performance. The company is trusted by more than 650 healthcare organizations. Founded in 1994, IMO is a healthcare data enablement company that provides clinical terminology management and data quality... Read More »
Hospital Market Status & Review: Spring 2023 Update

Hospital Market Status & Review: Spring 2023 Update

As we approach the halfway point of 2023, we thought it’d be worthwhile to examine the state of the hospital M&A market so far. Through mid-May, strategic buyers and investors announced 27 hospital deals, 16 of which were in the first quarter, according to data captured in the LevinPro HC database. Considering the number of mergers already in the letter-of-intent stage, deal activity is on pace to beat the volume from 2022. Health systems and hospitals were battered with headwinds in 2022, such as staffing issues and operating expenses, forcing hospitals to partner with a more extensive system or network. But another challenge has been competing in the outpatient care market, which has... Read More »