The new year kicked off with med-tech deal value in January totaling $107.75 million. By the numbers, January’s 183 deals surpassed the 2023 monthly average of approximately 142 deals per month.
In the first month of 2024, med-tech financings passed the $1 billion mark once more, raising a total of $1.06 billion through 46 transactions recorded by BioWorld. It was the fourth consecutive month where med-tech financings exceeded the $1 billion threshold, just slightly down from the $1.07 billion raised in December.
Synchron Inc. has acquired an equity stake in German manufacturer Acquandas GmbH in a move that will strengthen the company’s innovation and supply chain for its brain-computer interface system, Synchron founder and CEO Tom Oxley said.
The U.S. Federal Trade Commission (FTC) has drawn blistering criticism over the past couple of years over its handling of merger and acquisition (M&A) activity, criticism that was anything but blunted in a Jan. 31 webinar on the subject.
Trinity Biotech plc. paid $12.5 million to acquire Waveform Technologies Inc.’s biosensor and continuous glucose monitoring (CGM) assets. It also formed a partnership with Bayer AG to launch a CGM biosensor in China and India. These moves are part of Trinity’s transformation strategy to become a leading player in wearable biosensor technology.
Pearsanta Inc., a subsidiary of Aditxt Inc. formed in Feb. 2023, acquired MDNA Life Sciences Inc. for $25 million in stock, marking Aditxt’s second deal announced in a month. The company moved into the women’s health market with the $100 million planned acquisition of Evofem Biosciences Inc., maker of the contraceptive gel Phexxi, which it reported on Dec. 12.
Pearsanta Inc., a subsidiary of Aditxt Inc. formed in Feb. 2023, acquired MDNA Life Sciences Inc. for $25 million in stock, marking Aditxt’s second deal announced in a month. The company moved into the women’s health market with the $100 million planned acquisition of Evofem Biosciences Inc., maker of the contraceptive gel Phexxi, which it reported on Dec. 12. The deals show boldness on the part of Aditxt’s management team as the company just announced it regained compliance with Nasdaq’s continued listing rule for minimum stockholder’s equity on Jan. 2.
Invitae Corp. continued its aggressive cost-cutting initiative with the sale of its reproductive health assets to Natera Inc. for $10 million in upfront cash and an additional $42.5 million in potential milestone payments and litigation credits. The assets include screening tests for carrier status and non-invasive prenatal screening.
Veracyte Inc. revealed plans to buy C2i Genomics Inc. at the J.P. Morgan Health Care Conference in San Francisco on Jan. 8, a move that will significantly expand its portfolio of cancer diagnostic and monitoring assays. The terms include $70 million in Veracyte shares to be paid at closing plus an addition $25 million payable in cash or Veracyte shares over the next two years if C2i achieves certain performance milestones.
Boston Scientific Corp. agreed to acquire neurostimulation company Axonics Inc. for $71 per share or $3.7 billion in total. Axonics focuses on stimulation of the sacral neve to treat overactive bladder and bowel dysfunction. It also offers a bulking agent to address stress urinary incontinence in women.
The deal is expected to close in the first half of 2024, pending approval of stockholders and regulators.