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Science 37 Goes Public in SPAC Deal
Another week, another SPAC deal. This time, Science 37, Inc. is merging with LifeSci Acquisition II Corp. (NASDAQ: LSAQ), a special purpose acquisition company (SPAC) targeting the biopharma, medical technology, digital health and healthcare services sectors. The transaction values Science 37 at a total enterprise value of $1.05 billion and a fully distributed equity value of approximately $1.3 billion at signing. Science 37 shareholders could also get $125 million in achievement milestones. Science 37 developed the Decentralized Clinical Trial Operating System, which provides workflow coordination, evidence generation and data synchronization, allowing companies to conduct fully... Read More »
Walmart Acquires Telehealth Platform
The retail behemoth Walmart (NYSE: WMT) is pushing deeper into healthcare. Last week, Walmart announced the acquisition of MeMD a national telehealth provider. The company was founded in 2010 and provides virtual care nationwide, leveraging the latest online technologies to deliver high-quality care 24/7. MeMD delivers medical and mental health visits to millions of members nationwide. This is not Walmart’s first foray into healthcare. MeMD will be merged with Walmart Health, a network of primary care clinics providing services ranging from optometry and mental health counseling services to dental care. The first location opened in 2019 in Dallas, but by the end of 2021, the company... Read More »
Accolade Acquires Telehealth Platform PlushCare
Telehealth demand is still going strong. Accolade, Inc. (NASDAQ: ACCD), a Seattle-based digital health company, has announced the acquisition of PlushCare, a leading virtual primary care and mental health platform that offers virtual doctor visits to patients in all 50 U.S. states. The deal was valued at $390 million, consisting of $40 million in cash and $340 million in Accolade common stock. Additionally, Accolade will pay up to an additional $70 million payable upon the achievement of defined revenue milestones. In 2020, PlushCare generated $35 million in unaudited revenues. In the news release, Accolade stated that it expects the acquisition will be accretive to its growth rate and... Read More »
Microsoft Pushes Deeper Into Health With Nuance Buy
The technology and software giant Microsoft Corp. (NASDAQ: MSFT) is making another big push into the healthcare market. The company is buying Nuance Communications, Inc. for $19.7 billion ($56.00 per share) in cash, the largest transaction in the healthcare market of the year so far. The price is a 23% premium to the closing price of Nuance on Friday, April 9, and is valued at approximately 14.25x and 89.47x Nuance’s Q4:20 annualized revenue and EBITDA, respectively. Nuance provides conversational AI and cloud-based ambient clinical intelligence for healthcare providers. Nuance’s products include the Dragon Ambient eXperience, Dragon Medical One and PowerScribe One for radiology... Read More »
What’s Next for eHealth?
The eHealth market is as active as ever. Digital health companies were in hot demand throughout 2020, with 246 deals on the books for last year, an annual record for the sector. In the first quarter of 2021, we already have 102 deals, according to search results in our Healthcare Deals Database. In 2020, it was all about virtual care and telehealth, exemplified by eHealth deals such as Teladoc Health, Inc.’s (NYSE: TDOC) $18.5 billion acquisition of Livongo Health, Inc. or the $1.35 billion reverse merger of UpHealth and Cloudbreak Health with Oaktree Acquisition Corp., a special purpose acquisition company. Much of the demand in eHealth was due to the Covid-19 pandemic, but other... Read More »Schedule a demo
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