OncoHealth, the leading digital health company dedicated to oncology, announced on Monday it has received strategic investments from Arsenal Capital Partners, a private equity firm specializing in building transformational healthcare businesses, and from McKesson Corporation. The investments will support OncoHealth’s innovation and delivery of its oncology-specific digital health solutions for people with cancer, and Arsenal will take a majority ownership stake in the business. Financial terms were not disclosed.
OncoHealth helps health plans, employers, providers, patients and life science researchers navigate the physical, mental and financial complexities of cancer through technology-enabled services and real-world data. Through its digital health solutions for treatment review, real-world evidence and oncology supportive telehealth, OncoHealth enables its clients to better understand trends, ensure evidence-based care, support patients, and manage costs across all cancer types. The company works with 16 health plans, 9,200 providers and five life science partners.
OncoHealth has seen tremendous growth over the last three years, including expanding its customer base by over 600%, increasing revenue 45% year over year, recruiting key leaders across the company and expanding its product portfolio with three new oncology-specific solutions. In March 2022, the company unveiled its digital platform for people and their families facing cancer, Iris™, which combines human-centered design, data, empathy and specially trained U.S.-based oncology experts to deliver personalized, evidence-based oncology care 24×7 via a smartphone.
Arsenal is a leading private equity firm that specializes in investments in healthcare and industrial growth companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of more than $10 billion, has completed more than 250 platform and add-on investments and achieved more than 30 realizations.
McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. The company delivers a third of all pharmaceuticals used in North America and employs over 78,000 people.
Sidley Austin, LLP served as legal advisor and Evercore acted as financial advisor on behalf of Arsenal. Nelson Mullins Riley & Scarborough, LLP served as legal advisor to OncoHealth.
This acquisition marks the 142nd eHealth transaction of 2022, and the 27th transaction in the analytics subsector. The largest analytics deal of the year so far has been the merger between EUDA Health Limited, a Singapore-based digital health platform that aims to make healthcare more affordable, accessible and improve the patient experience by delivering improved outcomes through personalized healthcare, and 8i Acquisition 2 Corp., a publicly traded special purpose acquisition company, for approximately $583 million.
