UpHealth, Cloudbreak Health Merge With SPAC in $1.35B Deal

UpHealth, Cloudbreak Health Merge With SPAC in $1.35B Deal

UpHealth Holdings, Inc. and Cloudbreak Health, LLC are merging to create a digital health powerhouse. GigCapital2 Inc. (NYSE: GIX), a special purpose acquisition corporation (SPAC), is the buyer behind the acquisition and will be combining the two companies. UpHealth is one of the largest national and international digital healthcare providers, and Cloudbreak Health is a leading telemedicine and video medical interpretation solutions provider. Cloudbreak offers telehealth solutions covering telepsychiatry, telestroke, tele-quarantine and remote patient monitoring. The combined company will have a combined pro forma enterprise value of $1.35 billion.  GigCapital2 will merge... Read More »
Physical Rehabilitation Network Expands in California

Physical Rehabilitation Network Expands in California

It’s been a quiet year for the rehabilitation sector in terms of healthcare M&A, most likely due to the social distancing safety measures implemented because of COVID-19 and the new reimbursement model put in place on October 1, 2019. But last week, Physical Rehabilitation Network, LLC announced a new transaction in California. PRN, a portfolio company of Silver Oak Services Partners, added Morgan Hill Physical Therapy, Inc., a Northern California-based outpatient rehabilitative care group that provides physical and occupational therapy, functional integrative therapy, work injury rehabilitation and sports medicine and complimentary injury consultations. With the addition of Morgan... Read More »
U.S. Urology Partners Acquires Syracuse-based Physician Group

U.S. Urology Partners Acquires Syracuse-based Physician Group

U.S. Urology Partners is expanding. With the backing of NMS Capital, the physician management company has added Syracuse, New York-based Associated Medical Professionals of New York for an undisclosed sum. Associated Medical Professionals of New York is a multi-specialty medical practice with two locations in Syracuse and Ellinwood. It has 25 urologists, three radiation oncologists and an extensive support staff. This add-on deal extends the reach of U.S. Urology Partners into central New York State and more than doubles its physician count. The combined groups will benefit from U.S. Urology Partners’ substantial investment in people, technology and services to better address patient and... Read More »
Merck Strikes Another Oncology Deal

Merck Strikes Another Oncology Deal

Merck & Co., Inc. (NYSE: MRK) is back with another oncology deal. The global pharmaceutical giant has announced it is acquiring OncoImmune for $425 million in cash upfront. OncoImmune is a privately-held, clinical-stage biopharmaceutical company that is actively engaged in the discovery and development of novel biopharmaceuticals for the treatment of cancer and autoimmune disease. OncoImmune recently announced positive top-line findings from a Phase 3 study evaluating its lead therapeutic candidate CD24Fc for the treatment of patients with COVID-19. Under the terms of the agreement, OncoImmune shareholders will also be eligible to receive sales-based payments and payments contingent on... Read More »
Health Care M&A Deals, November 27, 2020

Health Care M&A Deals, November 27, 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 HealthCareMandA.com Deal 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 purchase and merger of UpHealth and Cloudbreak Health by GigCapital2 Inc., a special purpose acquisition corporation, for $1.35 billion.  UpHealth Holdings, Inc. is one of the largest national and international digital healthcare providers, and Cloudbreak Health, LLC is a leading telemedicine and video medical interpretation solutions... Read More »
Aspen Dental and ClearChoice Strike a $1 Billion Merger

Aspen Dental and ClearChoice Strike a $1 Billion Merger

Aspen Dental Management, a New York-based leading dental support organization (DSO), has announced it is acquiring ClearChoice Management Services, significantly expanding its footprint. The deal is valued at approximately $1.1 billion, according to sources cited in PE Hub. The deal is essentially a trade between private equity firms: Aspen Dental is backed by Ares Private Equity Group and Leonard Green & Partners L.P., and ClearChoice is a portfolio company of Sun Capital Partners, Inc., which is exiting its investment.  ClearChoice is a leader in providing high-quality administrative practice management services to the network of ClearChoice Dental Implant Centers. With a current... Read More »
Butterfly Network Undergoes Reverse Merger

Butterfly Network Undergoes Reverse Merger

Another week, another reverse merger. Private companies going public through a special purpose acquisition company (SPAC) seem to be a dime a dozen in 2020. Primary Care operator Cano Health, LLC announced it was going public last week in a deal valued at $4.4 billion, and Clover Health struck a $3.7 billion reverse merger with Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC). This time, the SPAC is Longview Acquisition Corp. (NYSE: LGVW), which is sponsored by Glenview Capital Management, LLC. The company going public is Butterfly Network, Inc., which created the world’s first handheld, single-probe whole-body ultrasound system, Butterfly iQ, to make ultrasound technology more... Read More »
Aspen Dental and ClearChoice Strike a $1 Billion Merger

Miami Beach Medical Sold to New PE Firm

Since 2017, Miami Beach Medical Group has been backed by Texas-based private equity firm Gauge Capital, LLC, and the partnership seems to have been successful. Based on search results in our Healthcare Deal Database, the physician group hasn’t acquired any new practices to expand its footprint, but under Gauge Capital’s ownership, the practice’s EBITDA grew from $15 million in 2016 to an estimated $40 million in 2020. And now, Gauge Capital is exiting its investment, and selling Miami Beach Medical to Sun Capital Partners, Inc., a Florida-based private equity firm. The deal is valued at approximately $500 million, according to sources cited at PE Hub.  Miami Beach Medical is the... Read More »
AccentCare Merges With Seasons Hospice & Palliative Care

AccentCare Merges With Seasons Hospice & Palliative Care

One of the largest home health providers and one of the largest hospice providers are merging, creating a national powerhouse in the post-acute care market. AccentCare Inc., a portfolio company of Advent International, is merging with Seasons Hospice & Palliative Care, the fifth-largest hospice provider in the United States that offers care in 19 states through its 31 Medicare-certified programs. In 2019, Seasons caregivers served more than 30,000 patients and has over 30 strategic partnerships with health systems, hospitals and payors.  AccentCare, for its part, is a nationally recognized leader in post-acute care, with over 27,000 qualified professionals delivering... Read More »
Health Care M&A Deals, November 27, 2020

Health Care M&A Deals, November 20, 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 HealthCareMandA.com Deal 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 CBPO Holdings Limited’s acquisition of China Biologic Products Holdings, Inc. (NASDAQ: CBPO) for $4.76 billion. Based in Beijing, China Biologic Products Holdings is a leading, fully integrated plasma-based biopharmaceutical company. The company’s products are used as critical therapies during medical emergencies and for the prevention... Read More »