Meridian Behavioral Health Takes Minnesota
Minneapolis-based Meridian Behavioral Health, a portfolio company of Audax Private Equity, is now the largest provider of behavioral health care services in Minnesota. Meridian provides care to individuals suffering from substance use disorders with co-occuring mental illness. On October 25, it announced the acquisition of New Beginnings Minnesota, which provides inpatient and outpatient substance abuse care. Financial terms were not disclosed. New Beginnings’ residential campuses are supported by six outpatient clinics located in Minnetonka, Elk River, Litchfield, Olivia, St. Peter, and Worthington, Minnesota. The transaction makes Meridian the largest provider of behavioral health... Read More »
Deal of the Week: Concentra/Dignity Health
Even as it continues merger talks with the troubled hospital chain, Catholic Health Initiatives, Dignity Health sold its rehabilitation and occupational health division, U.S. HealthWorks for $753 million. The acquirer, Concentra Group Holdings, is jointly held by Select Medical Corporation (NYSE: SEM), Welsh, Carson, Anderson & Stowe and minority equity shareholders including Cressey & Company. The combination will bolster both companies’ urgent care platforms as new payment models push for care delivery outside of hospital setting. Dignity Health will receive a 20% equity interest in the combined entity, valued at $238 million, and the remainder of the purchase price in... Read More »
Deal of the Week: Express Scripts Diversifies
Express Scripts (NASDAQ: ESRX) didn’t hedge its bets that online retail giant Amazon will enter the prescription drug delivery market. On October 10, the leading pharmacy benefit manager (PBM) acquired South Carolina-based eviCore healthcare from its current investors, including General Atlantic, TA Associates, and Ridgemont Equity Partners, for $3.6 billion. The deal follows rumors that Amazon is contemplating entering the prescription drug delivery market in an attempt to improve price transparency for consumers and reduce out-of-pocket costs. Last April, Express Scripts lost Anthem, Inc. (NYSE: ANTM) as a client, and with it, 18% of annual revenue. The threat of... Read More »Follow the Funding, September 2017
This monthly feature focuses on various tranches and rounds of funding for healthcare ventures, startups and funds. Links indicate target companies and lead investors. TargetInvestorsAmountDate Entasis TherapeuticsClarus Funds, Frazier Healthcare Partners, Novo A/S, Eventide Funds, Pivotal bioVenture, Sofinnova Ventures and TPG Biotech$31.9 million Series B-1September 5, 2017 Synergy PharmaceuticalsCRG LP$300 million debt fundingSeptember 5, 2017 Mid-Atlantic Dental PartnersS.C. Goldman and Company, LLC$12.5 million September 6, 2017 WuXi NextCODESequoia Capital and Temasek, Yunfeng Capital and 3W Partners$240 million Series BSeptember 7, 2017 TalkspaceQumra Capital and Norwest Venture... Read More »
Deal(s) of the Week: Teva, Take Two
Debt has been a key deal driver this year, particularly in the hospital sector, where Community Health Systems (NYSE: CYH), Quorum Health Corporation (NYSE: QHC) and Tenet Healthcare (NYSE: THC) are shedding less desirable assets. Joining them now is generic drug maker Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), which is shouldering $35 billion of debt brought on by its $40.5 billion acquisition of Allergan’s (NYSE: AGN) line of generics, announced in July 2015. The company hasn’t announced an acquisition since September 2016. What a difference a year makes, as generic drug prices have been squeezed and the company has been selling off non-core assets to pay down its... Read More »Schedule a demo
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