MetLife Acquires Versant Health
MetLife, Inc. (NYSE: MET) has entered the healthcare M&A market. Last week, the company announced the acquisition of Versant Health, the parent company of Davis Vision and Superior Vision, two major vision care and insurance brands with a combined 35 million members. Centerbridge Partners and an investor group including FFL Partners are selling Versant Health in this acquisition. Centerbridge started exploring the sale of Versant Health in late 2019 when it brought on Barclays to auction off its portfolio company. Metlife is purchasing Versant Health in an all-cash transaction valued at $1.68 billion. With this acquisition, MetLife becomes the third-largest U.S. vision insurer by... Read More »
CloudMD Expands Patient Engagement Portfolio
CloudMD Software & Services Inc. (OTCMKTS: DOCRF) just keeps rolling out new deals and acquisitions. The company has been very active this year, with six acquisitions on the books so far across various sectors, according to search results in our Deal Search Online database. Last week, CloudMD acquired Toronto-based iMD Health Global Corp. for $4.58 million, or $3.38 million in CloudMD shares and $1.2 million in cash. CloudMD offers SAAS based health technology solutions to medical clinics across Canada. It was formed in 2013 and was formerly known as Premier Health Group. iMD’s digital patient engagement platform is used by healthcare professionals (including doctors, nurses,... Read More »
Trulieve Cannabis Boosts Its Market Reach
Trulieve Cannabis Corp. (OTC: TCNNF), a vertically integrated “seed-to-sale” company and the first licensed medical cannabis company in the state of Florida, announced two new transactions last week. M&A activity in the medical marijuana market has been quiet throughout 2020 and 2019, after experiencing somewhat of a boom in 2018, but Trulieve Cannabis’ new deals might signal another resurgence. The company purchased Pennsylvania-based PurePenn LLC, which produces pharmaceutical-grade medical marijuana products, including concentrates, flower, oil, capsules and tinctures, and Keystone Relief Centers LLC (dba Solevo Wellness), which owns and operates three medical... Read More »
A Busy Week for Home Health & Hospice Deals
It was a busy week for home health & hospice (HH&H) transactions. Results from our Deal Search Online database show there were four announced last week alone, half of September’s total so far. Half of the deals were completed by private equity-backed companies, which highlights the continued interest in HH&H from PE firms. Jet Health, Inc., a portfolio company of Health Enterprise Partners, kicked off the week by announcing the acquisition of Texas-based Carrington Hospice Care, Inc. Jet Health acquires and operates home health care companies, which offer skilled nursing care, physical, speech and occupational therapy, rehabilitative care, medical social services,... Read More » Health Care M&A Deals, September 11, 2020
The Health Care M&A deals chart is a selection of transactions announced during the prior week(s). The M&A transactions presented here are from our Deal Search Online database, which is updated daily to provide our subscribers with the most up-to-date information and trends in the healthcare industry. The largest deal of the week is the divestment of MEDNAX Radiology Solutions by MEDNAX, Inc. (NYSE: MD) for $885 million. MEDNAX Radiology Solutions, which consists of more than 300 onsite radiologists who primarily serve patients in Connecticut, Florida, Nevada, Tennessee and Texas, and more than 500 teleradiologists, who serve patients in all 50 states. Its physicians interpret 11.8... Read More »
MEDNAX Divests Radiology Division to PE-Backed Firm
MEDNAX, Inc. (NYSE: MD) announced its second major sale of 2020 last week. After divesting its anesthesiology group, American Anesthesiology, Inc., to North American Partners in Anesthesia for $50 million in May, the physician-led health care organization has decided to sell MEDNAX Radiology Solutions as well. Radiology Partners Inc. (RP), a portfolio company of New Enterprise Associates, is buying the subsidiary for $885 million. MEDNAX Radiology Solutions consists of more than 300 onsite radiologists who primarily serve patients in Connecticut, Florida, Nevada, Tennessee and Texas, and more than 500 teleradiologists, who serve patients in all 50 states. Its physicians interpret... Read More »
Bristol Hospice Adds California-based Hospice
Bristol Hospice, a portfolio company of Webster Equity Partners, is now the leading hospice provider in California, adding Health Essentials, LLC (d/b/a Remita Health) for an undisclosed sum. SV Health Investors, Petra Capital Partners and Bessemer Ventures are all selling Remita Health in this acquisition. Remita Health provides compassionate hospice and palliative care at six hospice care locations across Arizona, California and Nevada. With the addition of Remita Health, Bristol Hospice will become the leading hospice provider in the state of California (the largest hospice market in the U.S.) by adding four service locations in Orange County, Northern Los Angeles, Central Los Angeles,... Read More » WELL Health Moves into the U.S. Market
WELL Health Technologies Corp. (TSX.V: WELL), a Vancouver-based digital health company, has moved into the U.S. healthcare market. The company has made several acquisitions in Canada and has a sizeable market presence there; WELL Health owns and operates 20 primary healthcare medical clinics and is Canada’s third-largest EMR supplier serving over 2,000 medical clinics. However, with its purchase of Circle Medical, a national U.S. telehealth provider, for $14 million, WELL Health now has a foothold in the U.S. market, which is more than 17 times greater than the Canadian healthcare market. The deal and WELL Health’s U.S. expansion is being supported by a $23 million investment led by Hong... Read More »
Gilead Bets $21 Billion on Oncology Market
Gilead Sciences, Inc. (NASDAQ: GILD) kicked off this week with a multi-billion acquisition of Immunomedics (NASDAQ: IMMU). The pharmaceutical giant reached an agreement to buy Immunomedics for $21 billion, or $88 per share, a 108% premium to Immunomedics’ closing price on September 11, 2020. Immunomedics generated trailing 12-month revenues of $20.37 million. The deal will be funded through approximately $15 billion in cash on hand, as well as approximately $6 billion in newly issued debt. Immunomedics is a leader in next-generation antibody-drug conjugate (ADC) technology focused on researching therapeutics for hard-to-treat cancers, and is most known for its product Trodelvy, an ADC... Read More »