Gastro Health Sold to OMERS Private Equity
One of the largest gastrointestinal physician groups has been sold to a Canadian private equity firm. OMERS Private Equity, based in Toronto, has purchased Gastro Health, LLC from Audax Private Equity. No terms were disclosed. Gastro Health is a medical group specializing in the treatment of gastrointestinal disorders, nutrition and digestive health. The group has more than 250 physicians with locations in Alabama, Florida, Maryland, Ohio, Virginia and Washington. Audax Private Equity has sponsored Gastro Health since it acquired them in 2016, and the partnership has produced nearly 20 transactions, including two this year. In March, the physician group purchased Digestive Disease... Read More »
Charles River Laboratories Buys Vigene Biosciences
The global contract research organization Charles River Laboratories International, Inc. (NYSE: CRL) is back with a new deal for Vigene Biosciences, Inc. The deal is valued at $292.5 million in cash up front, plus contingent additional payments of up to $57.5 million based on future performance. Vigene Biosciences is a gene therapy contract development and manufacturing organization (CDMO) providing viral vector-based gene delivery solutions. The acquisition of Vigene Biosciences will enhance Charles River’s gene therapy capabilities in the high-growth, value-added cell and gene therapy CDMO sector. Vigene is expected to generate annual revenue of $30 to $35... Read More »
Traditions Health Acquires Two Home Health Agencies
It’s been a busy year for Traditions Health, the private equity-backed home health company. So far, the agency has announced five transactions this year, the fifth last week for two different companies, Area Community Hospice and AmeraCare Family Hospice and Home Health. No terms were disclosed. Area Community is a hospice provider with locations in Plainview and Lubbock, Texas, and AmeraCare is a longstanding home health and hospice provider in the greater New Orleans area, servicing patients for over 20 years through multiple sites. The acquisition of Area Community expands Traditions’ reach to West Texas and strengthens an expansive and growing presence in the state. The acquisition... Read More »
DarioHealth Corp. Buys wayForward
Telehealth demand is still strong. DarioHealth Corp. (NASDAQ: DRIO), a leading global digital therapeutics company that helps people with chronic conditions, announced last week it was buying PsyInnovations, Inc. (dba wayForward) for $25 million. wayForward shareholders will get an additional $5 million if revenues exceed a certain threshold in 2022. wayForward is a behavioral health digital platform that includes AI-enabled screening to triage and navigate members to specific interventions, digital Cognitive Behavioral Therapy, self-directed care, expert coaching and access to in-person and telehealth provider visits. The company is currently providing its full suite of digital... Read More »
Trulieve Cannabis Merges With Harvest Health
The medical marijuana market just got its biggest merger. Trulieve Cannabis Corp. (OTC: TCNNF), a vertically integrated “seed-to-sale” company, announced last week the acquisition of Harvest Health & Recreation Inc. for $2.1 billion. Harvest Health is a vertically integrated medical cannabis company and multi-state operator. The company also operates retail locations. Trulieve will acquire all Harvest Shares, with each Harvest Shareholder receiving 0.1170 of a Trulieve Share for each Harvest Share, implying a price per Harvest Share of $4.79, a 34% premium to the May 7, 2021 closing price. Harvest Health generated $231.6 million in revenue in 2020 and... Read More »
Amedisys Acquires VNA Home Health Business
The home health giant Amedisys, Inc. (NASDAQ: AMED) announced last week it was acquiring the home health business of Visiting Nurse Association in Omaha, Nebraska. The business has 400 providers serving Omaha, Council Bluffs and surrounding communities. The financial terms of the deal were not disclosed, although the companies said they expect the deal to close on or around July 1. Amedisys provides personalized home health, hospice and personal care. The company has approximately 21,000 employees in 514 care centers within 39 states and the District of Columbia who deliver care. Amedisys purchased the business from VNA because it was looking to expand its presence in the Omaha and... Read More »
Community Psychiatry Management Expands Its Network
The San Francisco-based behavioral healthcare company Community Psychiatry Management, LLC is expanding its footprint. The company last week announced the acquisition of MindPath Care Centers, which provides medication management and individual therapy both in-office and via telehealth, addiction recovery services, group therapy sessions and transcranial magnetic stimulation therapy at more than 25 locations in the Carolinas. The merger of the two companies expands the reach of each organization, more than doubling the number of mental health care provider locations to 70 offices and bringing the combined number of clinicians to more than 325. Community Psychiatry Management is backed... Read More »
Health Care M&A Deals, May 14, 2021
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 Trulieve Cannabis Corp.’s acquisition of Harvest Health & Recreation Inc. for $2.1 billion. Harvest Health is a vertically integrated medical cannabis company and multi-state operator. The company also operates retail locations. The deal gives Trulieve a wider, national... Read More »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 »