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Headwinds Take Toll on Q4 and FY 2023 Healthcare M&A
Fourth Quarter Results If we had to judge healthcare M&A activity in the fourth quarter of 2023, we’d say it was “fine.” Volume reached 489 deals, the slowest quarter of the past two years, but considering the macroeconomic headwinds the industry faced in 2023, activity could have been much slower. Deal activity in the fourth quarter of 2023 was 4% lower than volume in the third quarter and 14% down from Q4:22. In 2022, the quarterly M&A activity averaged 610 deals, but that fell to 538 in 2023, and with headwinds remaining essentially unchanged, we expect 2024 to keep that trend. Dealmaking remained relatively stable in the fourth quarter due to another wave of private equity... Read More »
Together Women’s Health Acquires Two Michigan Practices
Together Women’s Health (TWH) is off to a strong start for 2024. The company announced, on January 3, that it was expanding its presence in Michigan with the purchase of two obstetrics and gynecology (OB/GYN) practices: Somerset Gynecology & Obstetrics and Mission Obstetrics and Gynecology. Somerset Gynecology & Obstetrics is based in Troy, Michigan and has five physicians on staff and one physician’s assistant. Mission Obstetrics and Gynecology is based in Warren, Michigan. According to its website, the practice is run by six physicians. TWH is a management services organization backed by Chicago-based private equity firm Shore Capital Partners. TWH... Read More »
Safi Biotherapeutics Acquires EryPharm
Safi Biotherapeutics announced that it entered into an agreement to acquire all the assets of EryPharm, a Paris, France-based biotechnology company. According to data captured in the LevinPro HC database, this acquisition marks the sixth Biotechnology transaction of 2024. EryPharm, a spin-off of Prof. Luc Douay’s Sorbonne University team, is an innovative company for the industrial culture of red blood cells from stem cells. It achieved a breakthrough in the production of a new biological drug, the Cultured Red Blood Cells from Hematopoietic Stem Cells, which aims to supplement blood donation for blood transfusion. Safi Biotherapeutics is a pre-clinical stage blood cell... Read More »
Three Large Biotech Transactions Announced
On Monday, January 8, there was a flurry of activity in the Biotechnology sector. Three large, publicly-traded companies announced acquisitions in the space, representing the third, fourth and fifth Biotechnology transaction of 2024, respectively. Last year, there were 155 Biotechnology deals announced, according to data captured in the LevinPro HC database. Merck acquires Harpoon Therapeutics: Merck announced the acquisition of Harpoon Therapeutics through a subsidiary for an approximate total equity value of $680 million. Harpoon Therapeutics is a clinical-stage immunotherapy company developing a novel class of T-cell engagers designed to harness the power of the body’s immune... Read More »
Orbvest Acquires West Palm Beach MOB
Colliers International announced that it brokered the sale of a medical office building (MOB) in West Palm Beach, Florida for $8.3 million. Colliers International represented Triple Double Real Estate, the seller. The building is situated within walking distance of the HCA Florida JFK North Hospital. According to county records, the building is 43,797 square feet. The price is approximately $190 per-square-foot. OrbVest is a global real estate company that invests in medical commercial real estate in the United States. OrbVest has a portfolio of more than 1.4 million square feet representing approximately $400 million of specialized medical real estate under management. ... Read More »
iCoreConnect Acquires Teamworx Dental
On January 3, Ocoee, Florida-based iCoreConnect Inc. announced that it entered into an agreement to acquire Teamworx Dental. Teamworx provides patient education and lead generation software for dental practices with more than 100 high-definition, 3D virtual-treatment planning and case acceptance videos that span oral surgery, implants, pediatrics and more. The company is based in Omaha, Nebraska. iCoreConnect Inc. is a cloud-based software and technology company providing secure, HIPPA-compliant communication and healthcare practice management services. According to its most recent financial report, for FY 2022, iCoreConnect had revenue of $7.99 million. This acquisition... Read More »
Healthcare Outcomes Performance Company Acquires MoonlightOrtho
Healthcare Outcomes Performance Company (HOPCo) has announced that it acquired MoonlightOrtho. MoonlightOrtho is a musculoskeletal telehealth platform founded in 2019 by orthopedic surgeon Dr. David Eisenhauer. The company provides musculoskeletal care to patients through on-demand or asynchronous video telecommunication. HOPCo provides musculoskeletal value-based health outcomes management, health system service line management and practice management software solutions. This includes management and optimization of specialties such as orthopedics, spine, neurosurgery, hand, pain management, rehabilitation and neurology. It is partnered with practices in more than 30... Read More »
Sterling Check Acquires Vault Workforce Screening
Sterling Check Corp. announced that it was entering an agreement to acquire Vault Workforce Screening for an undisclosed price. Vault Workforce Screening is a leading U.S. clinic management platform with a network of 17,000 clinics. Vault Workforce Screening provides background screening, drug testing and occupational healthcare solutions. Vault’s proprietary service model includes Medical Review Officer services and emergency/after-hours scheduling. Sterling Check is a leading provider of background and identity services, offering background and identity verification to help more than 50,000 clients. The company has a robust offering of occupational health screening services.... Read More »
Big Sky Medical Acquires First MOB in Phoenix Market
Big Sky Medical has entered the Phoenix, Arizona market with the purchase of the 252,000-square-foot Blackhawk Medical Center. ViaWest Group sold the three-building medical and office campus for $46 million, according to Maricopa County records. Blackhawk Medical Center previously changed hands in 2018, when ViaWest purchased it from Cohen Asset Management for $33.8 million. Completed between 1997 and 1998, the campus comprises Blackhawk Center I, a 138,450-square-foot, Class B office building, alongside Blackhawk Center II and III, which total 113,810 square feet and include medical office space. Big Sky Medical is a national real estate investment management firm that invests... Read More »Schedule a demo
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