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Healthcare News, Deals, and Investments Update October 26th, 2026

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Healthcare News and Deals

  1. EQT Private Equity has agreed to acquire QIAGEN N.V. (NYSE: QGEN) in a recommended all-cash voluntary public takeover offer valuing the molecular testing company at approximately $12.1 billion enterprise value. EQT XI, through Crown NL Bidco, is offering €46.50 per share in cash — a 40.3% premium to the unaffected XETRA close on July 8. Including about $1.1 billion of net debt, the deal values QIAGEN at roughly $12.1 billion. The Dutch tools and diagnostics company has been the subject of takeover talk for years. Both boards are recommending the offer after a strategic review. Affiliates of the Abu Dhabi Investment Authority and Canada Pension Plan Investment Board are co-investing. QIAGEN will keep its name and brand. (Link)
  2. HealthSpan Partners to Acquire Surgery Partners, Establishing a Leading Outpatient Surgical Care Platform HealthSpan Partners has agreed to buy Surgery Partners (NASDAQ: SGRY), the Bain Capital-backed operator of ambulatory surgery centers and surgical hospitals. Reports put the value at about $6 billion, including roughly $3.5 billion of debt, with Bain keeping its nearly 40% stake. Surgery Partners runs more than 170 surgical facilities across 30 states. HealthSpan is an affiliate of Bon Secours Mercy Health and is picking up a large outpatient surgical footprint. (Link)
  3. AEA Investors-Backed American Oncology Network Agrees to a $2.4 Billion Sale to Cencora, Adding 350+ Community Oncology Providers to Cencora’s Physician MSO Platform. Cencora (NYSE: COR) signed a definitive agreement on October 20 to buy the roughly 96% of Fort Myers-based American Oncology Network (OTCQX: AONC) it does not already own. The deal values AON at $2.4 billion enterprise value — $2.3 billion at closing plus up to $100 million in contingent value rights. Some AON holders can roll up to 25% of their equity; if they do, Cencora expects to write a check of about $1.7 billion for 75% ownership. AON brings more than 350 providers across 21 states and adds 12 new states to Cencora’s MSO footprint. Clinical decisions stay with AON physicians. It is Cencora’s fourth physician-platform deal since January 2025, after Retina Consultants of America, OneOncology and the EyeSouth retina business. (Link)
  4. Kohlberg Is Buying Alcanza Clinical Research from Martis Capital for Approximately $800–850 Million Axios Pro reported that Kohlberg is buying Alcanza Clinical Research from Martis Capital for between $800 million and $850 million. Alcanza is a clinical research site network founded in 2021 that focuses on inclusive trial access and runs more than 25 sites across the U.S. and Puerto Rico. It does Phase I–IV studies for pharma sponsors and CROs. (Link)
  5. Blackstone- and TPG-Backed Hologic Signs a Definitive Agreement to Acquire Reveal Genomics, Maker of the HER2DX Breast Cancer Test Hologic, now owned by Blackstone and TPG after a take-private of up to about $18.3 billion, has agreed to buy Barcelona-based Reveal Genomics. Reveal makes the HER2DX genomic test, which helps guide therapy for HER2-positive breast cancer. The test sits alongside Hologic’s Breast Cancer Index assay and adds another treatment-selection tool. It is the first clear sign that the new owners plan to use Hologic as a buy-and-build platform in women’s-health diagnostics. (Link)
  6. Apogem Capital Leads a Minority Investment in Revelstoke-Backed Family Care Center, Returning Capital to LPs While Revelstoke Stays In Family Care Center, the outpatient mental health platform backed by Revelstoke Capital Partners, closed a minority equity sale led by Apogem Capital. Revelstoke is staying in. Since Revelstoke partnered with founder Dr. Chuck Weber in December 2020, the company has grown entirely by opening new clinics — from four locations in one state to more than 50 across five states. It now has more than 800 providers and expects nearly 1 million treatment sessions in 2026, across therapy, psychiatry, TMS and intensive outpatient programs. Revelstoke described the deal as a way to return capital to its LPs without selling the whole company. Jefferies advised Family Care Center. (Link)
  7. EQT-Backed Sagility Agrees to Acquire Tennessee’s Chirok Health for Up to $32.35 Million, Adding Clinical Documentation Integrity and Coding Capability Sagility (US) Holdings, a subsidiary of the EQT-backed healthcare BPO Sagility, signed a definitive agreement on October 21 to buy Chirok Health, a Tennessee firm that does revenue cycle management, clinical documentation integrity and medical coding. The price is $20 million at closing plus up to $12.35 million in earnout. Chirok did about $9 million of revenue in 2025. The deal adds provider-side capability for Sagility. (Link)
  8. Altaris-Backed Tegria Acquires CloudWave, Its First Add-On Since the Providence Carve-Out, to Build a Healthcare Cybersecurity and Hosting Platform Tegria, the healthcare consulting, managed services and technology company that Altaris carved out of Providence in January 2026, bought CloudWave. CloudWave does cloud hosting, managed IT and cybersecurity (LECO sold BlueOrange to Cloudwave in 2025) only for healthcare clients, and it runs a dedicated 24/7 security operations center. CloudWave CEO Erik Littlejohn becomes president of Tegria’s Enterprise Technical Solutions. It is Tegria’s first add-on since the carve-out. (Link)
  9. Renovus Capital Partners Strikes a Deal for Chicagoland Orthopedic Home Health Provider Aspire Home Health Care Renovus Capital Partners, the Philadelphia-area lower-middle-market firm that already owns Louisiana home health and hospice platform Superior Health Holdings, has agreed to buy Aspire Home Health Care. Aspire was founded in 2013 and is based in Morton Grove, Illinois. It provides skilled nursing and therapy at home for patients recovering from orthopedic procedures, surgeries and complex conditions. The deal gives Renovus a post-surgical home health business in the Chicago market. (Link)
  10. Kohlberg-Backed Trinity Life Sciences Acquires Verix to Add AI-Driven Commercial Execution Tools for Pharma Trinity, the life sciences commercialization advisory and analytics firm that Kohlberg & Company has owned since 2021, bought Verix. Verix’s Tovana platform uses AI to give pharmacommercial teams next-best-action recommendations, patient finding and HCP targeting, and it is used by large pharma companies. The deal moves Trinity from strategy and insights into software that field teams actually use day to day. (Link)
  11. New Harbor Capital’s LGM Pharma Acquires New Jersey Contract Lab Sannova Analytical LGM Pharma, the API sourcing and CDMO platform that New Harbor Capital has majority-owned since 2017, bought Sannova Analytical. Sannova is a Somerset, New Jersey contract lab that does bioanalytical and CMC testing for pharma and biotech companies. It had been backed by SFW Capital Partners since 2022. The deal adds an East Coast testing operation to LGM’s development and manufacturing services. (Link)
  12. Blue Sea Capital-Backed One Physics Adds Two West Coast Medical Physics Firms, Expanding into the Pacific Northwest and Northern California One Physics, the largest outsourced medical physics company in North America, is buying two firms that do diagnostic medical physics and radiation safety work in the Pacific Northwest and Northern California. Blue Sea Capital has backed One Physics since 2019 and moved it into a single-asset continuation vehicle earlier this year. The company has already done 22 acquisitions and serves more than 7,000 client sites in 45+ states with over 210 physicists. (Link)
  13. HCAP Partners- and Salt Creek-Backed Real Diagnostics Adds Saliva-Based Oral Health Testing Firm SimplyTest Real Diagnostics (RealDx), the Maryland-based high-complexity molecular lab that Salt Creek Capital and HCAP Partners bought in September 2025, acquired SimplyTest. SimplyTest makes saliva-based tests, including its PERIO test, that identify bacteria linked to gum disease, and it sells to dentists and functional medicine practices. The add-on gives RealDx, which serves physician offices and clinics in 17 states, a cash-pay dental product line next to its reimbursed UTI, STI and respiratory testing. (Link)
  14. Thompson Street Capital-Backed Savillex Completes Carve-Out of Entegris’ Life Sciences Fluid Management Business Savillex, the Eden Prairie, Minnesota high-purity fluoropolymer and single-use bioprocessing company backed by Thompson Street Capital Partners, completed its acquisition of Entegris’ (Nasdaq: ENTG) life sciences fluid management business. The business includes Aramus and PE bioprocess bags, single-use assemblies and components. The carve-out deepens Savillex’s position with biopharma and cell and gene therapy manufacturers, and lets Entegris focus on semiconductor materials. It follows Savillex’s 2024 acquisition of Optimum Processing. Sidley advised Savillex. (Link)
  15. Sopris Capital Merges the Blackford Analysis Imaging-AI Platform, Carved Out of Bayer, into Portfolio Company Azra AI Azra AI said on October 20 that it had completed the acquisition of Blackford Analysis from Sopris Capital. Sopris had carved Blackford out of Bayer earlier in the month. Blackford’s vendor-neutral orchestration platform gives radiology departments access to more than 130 imaging-AI applications from 45+ vendors. Azra identifies patients with cancer and other complex conditions and coordinates their follow-up care. Putting the two together connects the imaging finding to the care pathway that follows it. (Link)
  16. Pacific Lake Partners-Backed Vitana Pediatric & Orthodontic Partners Acquires Louisiana’s Hollis Orthodontics, Its Fifth Deal of 2026 Vitana Pediatric & Orthodontic Partners, a dentist-led partnership organization backed by Pacific Lake Partners that focuses only on pediatric dental and orthodontic practices, bought Hollis Orthodontics in Prairieville, Louisiana, outside Baton Rouge. The practice is led by Dr. Bryan Hollis. Vitana now supports practices in Florida, Alabama, Louisiana, Pennsylvania and New Jersey. This is its fifth deal of 2026. (Link)
  17. DuneGlass Capital-Launched Aviva Aesthetics Enters Florida Through a Partnership with Allenby Cosmetic Dermatology Aviva Aesthetics, the founder-led medical aesthetics network that DuneGlass Capital launched, partnered with Allenby Cosmetic Dermatology, the practice of cosmetic dermatologist Dr. Janet Allenby. It is Aviva’s first Florida location, about seven weeks after the Perfect Skin Center partnership took the platform to 20 sites. Aviva markets its “Entrepreneur Equity” model to founders who have turned down traditional private equity MSO structures: founders keep decision-making authority and financial upside. (Link)
  18. Redesign Health and Sheba Medical Center’s ARC Global Merge in an Approximately $2 Billion Combination to Build an End-to-End Health System Innovation Platform Redesign Health, the venture and applied technology firm that has launched more than 60 healthcare companies, is merging with ARC Global, the innovation arm of Israel’s Sheba Medical Center. The combined company is valued at about $2 billion, according to a source familiar with the deal. The parties have also agreed to buy AVIA, the health-system digital technology advisory firm. Brett Shaheen will be CEO; Stephen Klasko, M.D., will chair the board; and ARC founder Eyal Zimlichman, M.D., will become vice chair. The idea is to put engineering, AI and capital inside health systems so clinician-originated ideas can become products and companies that scale across a network of more than 100 systems. (Link)
  19. Horizon Mutual Holdings, parent of Horizon Blue Cross Blue Shield of New Jersey, has entered an agreement to acquire Summit Health New Jersey, including its New Jersey CityMD urgent care centers, in a transaction reported at more than $1 billion. Horizon confirmed the agreement, which is subject to regulatory review and could close by year-end. Summit Health is one of New Jersey’s largest multispecialty physician networks; the New Jersey portion includes primary, specialty and 39 CityMD urgent care sites. It is Horizon’s largest deal since its 2022 conversion to a nonprofit mutual holding company. Horizon said the acquisition is meant to preserve access, improve quality and affordability for members, and support continued independence of Summit’s physicians. (Link)
  20. Alcon Acquires Rhode Island’s Neurotech Pharmaceuticals for $550 Million Plus Milestones, Picking Up ENCELTO, the Only FDA-Approved MacTel Type 2 Therapy Alcon completed the acquisition of Neurotech Pharmaceuticals on October 20 for $550 million upfront, plus possible contingent payments tied to commercial milestones. The deal brings in ENCELTO (revakinagene taroretcel-lwey), an encapsulated cell therapy implant approved in March 2025 and the only FDA-approved treatment for macular telangiectasia type 2. Neurotech estimates there are about 25,000 MacTel patients in the U.S., with 2,000 to 3,000 new diagnoses each year. Alcon expects the deal to modestly add to sales growth and slightly reduce core EPS in 2027, then add to EPS after that. (Link)
  21. Labcorp Agrees to Buy Myriad Genetics’ Prenatal Health Testing Business for $210 Million in Cash as Myriad Narrows Its Focus to Oncology Labcorp (NYSE: LH) signed a definitive agreement to buy Myriad Genetics’ (NASDAQ: MYGN) Prenatal Health testing business, including the Prequel, Foresight, SneakPeek and FirstGene tests, for $210 million in cash plus inventory value at closing. Labcorp expects about $160 million of first-year revenue, slight accretion to adjusted EPS in year one, and average diagnostics-segment margins by the end of year two. The carve-out comes out of Myriad’s strategic review, after prenatal revenue fell about 16% in the first half of 2026. It follows closely on Labcorp’s $722 million BioReference deal. (Link)
  22. Risant Health has signed a definitive agreement to acquire INTEGRIS Health, Oklahoma’s largest nonprofit health system, pending regulatory approvals. INTEGRIS Health would become Risant’s third member system after Geisinger and Cone Health. Headquartered in Oklahoma City, INTEGRIS operates roughly 20 acute and specialty hospitals and the state’s largest physician network, employing about 13,000 people. It will keep its name, medical staff, brand and leadership. Risant, backed by Kaiser Permanente, is focused on value-based care; INTEGRIS leadership pointed to access to additional capital, technology including Epic, and clinical tools that the system could not scale on its own. (Link)
  23. Bolt Biotherapeutics, Inc. (NASD: BOLT) has completed the acquisition of Prana Therapies, Inc. in a stock-for-stock reverse merger concurrent with a $120 million private placement. The sign-and-close reverse merger exchanges Prana equity for Bolt common stock and Series D non-voting convertible preferred stock. A concurrent financing raises $120 million in upfront gross proceeds from the purchase of Series D preferred, with up to an additional $60 million available if accompanying warrants are exercised. Investors include Deep Track Capital, ADAR1 Capital, Andreessen Horowitz, LYFE Capital, Eventide Asset Management, Casdin Capital and Soleus Capital. The combination focuses on Prana’s INSPIRE platform and lead bispecific antibody PRA-216 (IL-4Rα/TSLP). Proceeds are expected to fund operations into 2028. Sheila Gujrathi, M.D., former Prana CEO, joins as chief strategy officer and board member. (Link)
  24. OpenAI Acquires a16z-, 8VC- and Insight-Backed Orchestra Bio to Bring Agentic Drug-Program Management into Its Rosalind Life Sciences Suite OpenAI acquired San Francisco-based Orchestra Bio on October 20. Orchestra’s AI agents help biopharma teams coordinate drug development programs — they monitor studies, track timelines and flag delays that can spread across a program. Orchestra came out of stealth in 2025 with about $20 million from investors including Andreessen Horowitz, 8VC and Insight Partners. Its team and technology will be folded into Rosalind, OpenAI’s life sciences offering, which already has pharma partners such as Moderna and Novo Nordisk. (Link)
  25. Hackensack Meridian Health Signs a Definitive Agreement to Acquire Hunterdon Health, Committing $230 Million to the Central New Jersey System Hackensack Meridian Health, New Jersey’s largest health system, signed a definitive agreement to acquire Hunterdon Health. Hunterdon is anchored by the 184-bed Hunterdon Medical Center teaching hospital and has more than 30 medical practices. HMH committed $230 million in investment, and the deal would bring it to 19 hospitals. No closing timeline was given. (Link)
  26. Beacon Biosignals Acquires Snap Diagnostics to Expand EEG-Enabled Home Sleep Testing Nationwide Beacon Biosignals, an AI-powered precision neurotechnology company, has acquired Snap Diagnostics, a national home sleep testing provider. Snap operates as a Medicare-registered Independent Diagnostic Testing Facility accredited by The Joint Commission and serves patients in all 50 states with end-to-end shipping, scoring and interpretation. The acquisition more than doubles Beacon’s patient reach and gives it a channel to bring its FDA-cleared EEG headband technology into primary care, telehealth and specialty settings starting in 2027. (Link)
  27. CentraCare and Stellis Health Announce Plans to Integrate, with Completion Targeted for January 1, 2027 CentraCare, the integrated nonprofit health system serving Central, Southwest and West Central Minnesota, and Stellis Health, a physician-owned medical group with more than 60 providers in Wright County, have announced plans for Stellis to become part of CentraCare. The combination builds on a longstanding partnership that already includes a shared Epic electronic medical record and collaboration at CentraCare – Monticello. Stellis shareholders have voted to proceed. (Link)
  28. Further Acquires Welbi to Combine Senior Living Sales AI with Resident Experience Management Further, the Charleston-based AI platform for senior living sales and marketing, has acquired Ottawa-based Welbi, a resident experience platform. Together they reach more than 8,000 senior living communities. Further’s suite (ProspectAI, SalesAI, ResidentAI, OpsAI) helps operators attract and convert prospects; Welbi helps communities personalize daily programming and track engagement. Welbi founder and CEO Elizabeth Audette-Bourdeau will continue to lead Welbi’s operations. (Link)
  29. Vimian Group Expands Its Veterinary Surgical Offering Through the Acquisition of Norfolk Medical Products Vimian Group AB (publ), the Stockholm-based animal health company, has signed an agreement to buy Norfolk Medical Products, a family-owned U.S. provider of implants and consumables for veterinary soft-tissue surgery. Norfolk, founded in 1981, does about $6.9 million in revenue and specializes in vascular access ports and related implantable solutions. The deal is Vimian’s first move into specialized soft-tissue surgery and is expected to have a marginal impact on 2026 earnings. (Link)

Venture Deals and Other

  1. Star Therapeutics has raised $200 million in private financing to advance its preclinical pipeline of novel biologics after prior exits of subsidiary assets. The round was co-led by OrbiMed and Janus Henderson Investors, with participation from RA Capital Management, Sofinnova Investments and others. Star, founded by Adam Rosenthal, has a history of discovering biologics and advancing them through subsidiaries that were later sold or taken public, including the sale of Vega Therapeutics to Incyte and the IPO of Electra Therapeutics. Rosenthal called the financing a reset, with the company focusing on early-stage programs rather than a hub-and-spoke model going forward. Proceeds will be used to move current preclinical assets into the clinic. (Link)
  2. OpenAI Startup Fund and Founders Fund Co-Lead a $45 Million Round for Coherence Neuro’s AI-Enabled Brain Tumor Implant The round was co-led by OrbiMed and Janus Henderson Investors, with participation from RA Capital Management, Sofinnova Investments and others. Star, founded by Adam Rosenthal, has a history of discovering biologics and advancing them through subsidiaries that were later sold or taken public, including the sale of Vega Therapeutics to Incyte and the IPO of Electra Therapeutics. Rosenthal called the financing a reset, with the company focusing on early-stage programs rather than a hub-and-spoke model going forward. Proceeds will be used to move current preclinical assets into the clinic. (Link)
  3. FirstMark Capital Leads a $40 Million Series A for Baba, with CVS Health Ventures Joining, to Build AI Care Teams for Medicare and Medicaid Members New York-based Baba, an applied AI company working on the Medicare and Medicaid experience, raised a $40 million Series A led by FirstMark Capital. CVS Health Ventures and Valtruis joined, and General Catalyst, Genius Ventures and Ground Up Ventures returned. The funding will expand Baba’s clinical care teams, advance its AI research and grow its health plan partnerships. (Link)
  4. Healthleap has raised $38 million in seed and Series A funding to expand its AI platform that flags at-risk hospital patients from electronic medical records. The total comprises an $8 million seed round co-led by Sequoia Capital and First Round Capital and a $30 million Series A led by Hummingbird Ventures. Founded in 2022 by siblings Jemima and Josiah Meyer, the South African-origin company analyzes clinical notes, labs, vitals and medication records to surface risk scores for conditions such as malnutrition and delirium. It is used in more than 50 hospitals including Penn Medicine, Cedars-Sinai, Houston Methodist and Emory Healthcare. (Link)
  5. Allumia Ventures Leads a $10 Million Series A for Home-Based Lung Disease Telehealth Provider Kivo Health Kivo Health, a telehealth provider of virtual pulmonary rehabilitation and care for COPD and other chronic lung diseases, raised a $10 million Series A led by Allumia Ventures, according to Axios Pro. Home-based respiratory care is an area health plans and risk-bearing providers have been looking at for value-based contracts. (Link)
  6. Zai Lab Limited (NASD: ZLAB; HKEX: 9688) has entered a securities purchase agreement for a $250 million PIPE financing of American Depositary Shares. Zai Lab agreed to sell 11,340,000 ADSs at $22.04 each, for expected gross proceeds of about $250 million before fees. The financing is led by TCGX and includes participation from abrdn World Healthcare Fund, ADAR1 Capital Management, Balyasny Asset Management, Cormorant Asset Management, Frazier Life Sciences, RA Capital Management, RTW Investments, Wellington Management and others. Net proceeds are intended primarily to support continued global development of zocilurtatug pelitecan (zoci), the company’s DLL3-targeting antibody-drug conjugate. Leerink Partners is the exclusive placement agent. (Link)

IPOs:

  1. Lycia Therapeutics Prices Upsized $317.5 Million Initial Public Offering at $18 per Share Lycia Therapeutics, Inc. (NASD: LYCA), a clinical-stage biotechnology company developing LYTAC degraders of disease-causing extracellular proteins, priced its upsized IPO of 17,640,000 shares at $18.00 per share, for expected gross proceeds of about $317.5 million. The company had originally marketed 14.7 million shares at $16–$18. Lead programs include LCA-0061 (an IgE degrader for food allergy) and LCA-0321 (an autoantibody degrader for Graves’ disease). Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities are joint book-running managers. The platform is based on work by Nobel laureate Carolyn Bertozzi. (Link)
  2. Anthropic Files Public S-1 for Nasdaq IPO Under Ticker (NASD:ANT) Anthropic, the AI lab behind the Claude model family, has filed a public S-1 registration statement with the SEC for an initial public offering on Nasdaq under the ticker ANT. The Claude maker is targeting a valuation of $1.5–2 trillion, which would make it one of the largest IPOs on record and roughly double the $965 billion mark from its May funding round. First-half 2026 revenue was $16.3 billion, against about $4.6 billion for all of 2025. Third-quarter revenue reached $16.8 billion, up about 45% sequentially, and the company said it was profitable on an adjusted basis. The $80.7 billion first-half net loss is largely a non-cash charge tied to the rising valuation. (Link)
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Q3 2026 Behavioral Health Industry M&A and Investment Update

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Recently released Q3 2026 Behavioral Health Industry M&A and Investment Update:

SUD M&A volume has fallen from a record 𝟱𝟬 𝗱𝗲𝗮𝗹𝘀 𝗶𝗻 𝟮𝟬𝟮𝟭 to 𝟭𝟴 𝗶𝗻 𝟮𝟬𝟮𝟱. PitchBook data also showed MSO deal volume down about 𝟯𝟲% as 𝘀𝘁𝗮𝘁𝗲 𝗹𝗮𝘄𝘀 𝗿𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗶𝗻𝗴 𝗽𝗿𝗶𝘃𝗮𝘁𝗲-𝗲𝗾𝘂𝗶𝘁𝘆 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝗻 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 take effect.

Behavioral health stocks fell an average of 𝟰.𝟯𝟵% in the quarter while the 𝗦&𝗣 𝗛𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗜𝗻𝗱𝗲𝘅 rose about 𝟲%. LifeStance Health gained 𝟭𝟮.𝟯𝟮%  after beating and raising guidance; Acadia Healthcare slipped 𝟲.𝟴𝟳% and BrightSpring Health Services fell 𝟭𝟴.𝟲𝟯%.

Q3 2026 saw 𝗠𝗲𝗱𝗶𝗰𝗮𝗶𝗱 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗿𝘂𝗹𝗲𝘀 𝗿𝗲𝘄𝗿𝗶𝘁𝘁𝗲𝗻 and 𝗯𝗲𝗵𝗮𝘃𝗶𝗼𝗿𝗮𝗹 𝗵𝗲𝗮𝗹𝘁𝗵 𝗮𝘀𝘀𝗲𝘁𝘀 𝗿𝗲𝗽𝗿𝗶𝗰𝗲𝗱 as a result. Centers for Medicare & Medicaid Services (CMS) proposed limits on the provider taxes states use to fund their share Medicaid (estimated to reduce federal Medicaid spending by $𝟮𝟰𝟲 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 over 2026–2035), while eligibility continued to contract ahead of the 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟳 work-requirement deadline. State-directed payment caps and 340B payment cuts added further pressure.

Distress defined several of the quarter’s larger provider transactions. Spero Health acquired CleanSlate Centers, keeping a provider with more than 65 centers from shutting down. BayMark Health Services announced completion of a restructuring that hands control to its lenders. A $610 million unrated municipal bond issue intended to finance Clearview Capital, L.P.’s sale of Advantage Behavioral Health failed to sell even at yields up to 𝟴.𝟮𝟱%.

See our August 2026 Special Report: The SUD Capital Reckoning.

Notable transactions and financings:
• UHS acquired Talkspace for $835M.
• Eli Lilly and Company completed its acquisition of AtaiBeckley (up to ~$3.8B including CVR).
• Sword acquired Headspace (closed October 1; price undisclosed).
• Spero Health acquired CleanSlate Centers (closed July 1; averted shutdown).
• HCA Healthcare sold Dominion Hospital to Hill Valley Healthcare for $25M.
• Cityblock Health raised $116M Series E led by General Catalyst.
• Allswell raised $6.76M seed led by Rethink Impact, LP.

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Healthcare News, Deals, and Investments Update October 19th, 2026

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Healthcare Weekly News and Deals – Oct 19th, 2026

  1. Agilent Technologies (NYSE: A) has agreed to acquire digital-pathology software provider Proscia in an all-cash deal worth $240 million at closing plus up to $30 million in milestones Proscia’s enterprise software integrates slide scanners, laboratory information systems, and AI tools. The platform integrates slide scanners, laboratory information systems, image analysis, and AI tools into a single operating layer used by more than 4,000 labs, hospitals, and clinics, including 16 of the top 20 pharmaceutical companies. Trailing-twelve-month revenue exceeds $18 million. The companies have partnered since 2022. The acquisition advances Agilent’s strategy in the roughly $5 billion pathology market as laboratories continue to adopt digital workflows for clinical and research use. Digital adoption continues to expand across both diagnostic and research laboratories. (Link)
  2. Welsh, Carson, Anderson & Stowe is selling a $2.8 billion stake in the CenterWell senior primary-care joint venture to BlackRock’s (NYSE: BLK) HPS Investment Partners. $2.8 billion stake in the CenterWell senior primary-care joint venture to HPS Investment Partners, the private-credit arm of BlackRock (NYSE: BLK). The joint ventures operate nearly 150 clinics that provide value-based primary care for Medicare Advantage patients as part of Humana’s (NYSE: HUM) CenterWell business. The sale transfers a scaled senior-care platform to an institutional buyer and reflects continued capital interest in Medicare Advantage-aligned primary care models. Value-based senior primary care remains a focus for institutional capital. (Link)
  3. Blackstone (NYSE: BX) has agreed to sell ZO Skin Health to Galderma (SIX: GALD) for $1.5 billion. ZO Skin Health, founded by dermatologist Zein Obagi, generated approximately $330 million in net sales over the prior twelve months. 5 billion. The physician-dispensed brand, founded by dermatologist Zein Obagi, generated approximately $330 million in net sales over the prior twelve months and markets more than 40 products in more than 40 countries. The implied multiple is roughly 4.5x revenue. The transaction gives Galderma a scaled professional skincare brand within the medical-aesthetics category and provides Blackstone an exit. Physician-dispensed skincare continues to attract strategic buyers in medical aesthetics. (Link)
  4. Zocdoc has acquired fellow New York company Sohar Health, which automates insurance-eligibility verification, in its first-ever acquisition. Zocdoc’s appointment-booking platform connects patients to in-network providers across more than 10,000 insurance plans. Sohar automates insurance eligibility verification and in-network status checks. The combination adds automated verification directly into the booking workflow and builds on an existing partnership. Zocdoc has also integrated with Google’s Gemini and Yelp, expanding its role in healthcare-access infrastructure. Reducing verification friction supports higher conversion to completed appointments. The platform now covers verification as part of the end-to-end booking experience. (Link)
  5. Parkview Health, a 16-hospital Indiana nonprofit system, is acquiring nationwide shared-services vendor Ovation Healthcare to become its sole owner. Ovation Healthcare partners with more than 500 healthcare organizations across 48 states. Ovation offers leadership advisory, spend management, revenue cycle management, and technology services, primarily to independent and rural hospitals. Parkview will become the sole owner while Ovation continues to operate as a separate organization with its own governance. The deal extends Parkview’s operational capabilities to a national provider base. Shared-services platforms help independent hospitals achieve scale without full affiliation. Ovation’s client base spans critical-access hospitals to larger systems. (Link)
  6. Value-based-care accelerator Diverge Health is merging with Medical Home Network (MHN), a supporter of federally qualified health centers. Diverge accelerates value-based care for independent primary-care practices, while Medical Home Network supports federally qualified health centers. Medical Home Network will operate on the Diverge platform while both brands remain distinct. In 2027 the combination is expected to partner with nearly 100 FQHCs, more than 300 independent practices, and more than 20 Medicaid and Medicare partners across nine states, covering approximately 500,000 members and $3 billion in medical spending. The merger pairs independent-practice reach with specialized Medicaid and FQHC expertise. (Link)
  7. HealthpointCapital has made a significant investment in Ospitek, a provider of surgical operations and patient-flow intelligence software. Ospitek’s AI- and IoT-powered platform delivers real-time visibility across the surgical episode of care, helping hospitals and ambulatory surgery centers improve operating-room throughput and team coordination. The capital supports technology development and commercial expansion. The investment aligns with HealthpointCapital’s exclusive focus on musculoskeletal healthcare and tools that address operational inefficiencies in orthopedic and surgical settings. Operating-room efficiency tools are increasingly relevant for both hospitals and ambulatory centers. Throughput and room utilization remain key economic drivers in surgical facilities. (Link)
  8. VeloSource, backed by Interlock Equity, has landed a strategic investment from UPMC Enterprises. VeloSource, backed by Interlock Equity, has received a strategic investment from UPMC Enterprises. VeloSource is a locum tenens physician-staffing agency that operates on the Syncx workforce-technology platform. The investment from UPMC’s venture arm adds a health-system strategic partner to the ownership group. Persistent physician shortages continue to support demand for technology-enabled locum staffing. The combination of private equity and health-system insight supports further scaling of the platform. Health-system venture participation adds distribution insight alongside private equity ownership. Locum platforms that combine technology with clinical relationships continue to attract capital. (Link)
  9. Carenet Health has acquired conversational-AI patient-engagement company Orbita in its 11th acquisition. Orbita provides a conversational and agentic AI platform for patient engagement, digital front door, and care navigation, with integrations to major EHR and CRM systems. Founded in 2015, the platform has delivered more than 50 million automated interactions for over 1.5 million patients. Health systems have reported reductions in same-day cancellations and gains in patient throughput. The acquisition embeds clinical-grade agentic AI into Carenet’s technology stack. Embedding agentic AI is intended to reduce manual steps while maintaining clinical oversight. (Link)
  10. Carenet Health has acquired healthcare AI and data-engineering consultancy Invene, its 12th acquisition. Invene is a healthcare-focused AI and data-engineering consultancy founded in 2018 by James Griffin. The firm has worked with 20 Fortune 100 companies, helped launch more than 400 products reaching over one billion users, and appeared on the Inc. 5000 list. Invene will operate as a Carenet company. The addition expands Carenet’s AI strategy, data engineering, and interoperability capabilities alongside its existing engagement services. Consecutive AI acquisitions reinforce Carenet’s integrated technology and services approach. (Link)
  11. Fengate Private Equity has taken a majority stake in Florida clinical-research network Clinical Research of West Florida (CRWF). Clinical Research of West Florida operates three research facilities across Tampa and Clearwater, including a Phase I unit. CRWF operates three research facilities across Tampa and Clearwater, including a dedicated Phase I unit. The investment gives Fengate exposure to the clinical-trial site-management segment, where sponsors are consolidating trials with scaled, multi-therapeutic operators. Institutional backing is expected to support capacity expansion, additional sites, and patient-recruitment capabilities valued by pharmaceutical sponsors. Sponsors value multi-site networks for recruitment speed and operational consistency. (Link)
  12. LUX Infusion, backed by Frazier Healthcare Partners, has acquired Suite Health, entering the Colorado specialty-infusion market. Suite Health provides specialty infusion therapy for patients receiving complex and recurring treatments. The bolt-on extends LUX’s geographic footprint and fits the playbook of building regional density in site-of-care infusion. The segment continues to benefit from the shift of complex drug administration out of hospitals into lower-cost ambulatory and home settings. Ambulatory infusion continues to attract investment as a lower-cost alternative to hospital administration. (Link)
  13. Alaunos Therapeutics (NASD: TCRT) has acquired Velaris Therapeutics in an all-stock deal alongside an oversubscribed $350 million private placement led by Fairmount, with Venrock Healthcare Capital Partners, T. Rowe Price, Wellington Management, Janus Henderson Investors, Access Biotechnology, BB Biotech, Perceptive Advisors, Sirenia Capital Management and ADAR1 Capital Management. Velaris develops therapies for pulmonary arterial hypertension. Concurrently, Alaunos completed an oversubscribed private placement of Series C non-voting convertible preferred stock led by Fairmount, with participation from Venrock Healthcare Capital Partners, T. Rowe Price, Wellington, Janus Henderson, and others. The placement raised roughly $350 million in gross proceeds to fund operations into 2029 for proof-of-concept data on VLR199 and VLR360. The combination of the acquisition and financing positions Alaunos for extended clinical runway. (Link)
  14. Gilead Sciences (NASD: GILD) has licensed three solid-tumor T-cell engagers from Vir Biotechnology (NASD: VIR) in a deal worth up to $1.9 billion. Gilead is paying $90 million upfront, consisting of $65 million in cash and $25 million in equity at a 30% premium, plus tiered royalties on future sales. The assets are dual-masked T-cell engagers designed for solid tumors. The transaction expands Gilead’s oncology pipeline with early-stage assets and provides Vir with non-dilutive capital and a strategic development partner. Dual-masked engagers are designed to improve therapeutic index in solid-tumor settings. (Link)
  15. AstraZeneca (NASD: AZN) and insitro have signed an AI drug-target-discovery collaboration worth up to roughly $1.5 billion. AstraZeneca (Nasdaq: AZN) and insitro have signed an AI drug-target-discovery collaboration. AstraZeneca is paying $40 million upfront, with up to roughly $1.46 billion in potential milestones across metabolic dysfunction-associated steatohepatitis and cardiomyopathies. Insitro will use its machine-learning platform to identify novel drug targets. The deal gives AstraZeneca access to AI-enabled discovery in two high-interest disease areas and provides insitro with upfront capital plus a path to development milestones. AI-enabled target discovery is increasingly used by large pharma to expand early pipelines. (Link)
  16. First Tracks Biotherapeutics (NASD: TRAX) has raised about $200 million in a private placement from Vestal Point Capital, TCGX, Sirenia Capital Management, First Light Asset Management, Affinity Asset Advisors and Trails Edge Capital Partners. The clinical-stage biotech agreed to sell 6,106,870 shares at $32.75 per share to institutional investors, including mutual funds. Proceeds are expected to support clinical development of the company’s pipeline. The financing provides capital for ongoing programs and reflects institutional demand for clinical-stage biotech assets with near-term data catalysts. Institutional participation signals confidence in the company’s clinical-stage assets. Near-term catalysts support the valuation. The placement adds runway. (Link)
  17. Recursion Pharmaceuticals (NASD: RXRX) has priced a $200 million stock offering, with participation from Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest and Driehaus Capital Management. Recursion Pharmaceuticals (Nasdaq: RXRX) has priced a $200 million underwritten offering of 61,540,000 Class A shares at $3.25 each. Participation includes Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest, and Driehaus Capital Management. The offering was oversubscribed. Proceeds will support the company’s AI-driven drug-discovery platform and clinical programs, adding balance-sheet capacity amid ongoing clinical data updates and a Sanofi partnership milestone. The follow-on strengthens the balance sheet for continued platform and clinical investment. Clinical data updates continue in parallel. Balance-sheet capacity increases. (Link)
  18. Janus Living (NYSE: JAN) has acquired the Harmony at Greensboro senior-living community for $123.5 million. The property includes independent living, assisted living, and memory care and marks Janus’s entry into North Carolina. The seller is an affiliate of Smith/Packett, which will continue to operate the community. Janus, which completed its IPO in March 2026, owns and operates its portfolio under RIDEA structures and focuses exclusively on senior housing. The acquisition expands the company’s footprint beyond its core Florida and Texas markets. (Link)
  19. TriGemX Bio and TCGX Acquisition Corp. (NASD: TCGX) have signed a definitive business combination for elismetrep. TriGemX Bio, developing elismetrep (an oral TRPM8 channel blocker for acute migraine now in Phase 3), and TCGX Acquisition Corp. (Nasdaq: TCGX) have signed a definitive business combination agreement. The combined company will trade as TriGemX Bio, Inc. under the ticker TGEM. The deal includes a $160 million PIPE at $10 per share from investors including Viking Global Investors and BVF Partners, plus approximately $86 million from the SPAC trust, for expected gross proceeds of $246 million and a post-transaction equity value of roughly $600 million. Proceeds will fund ongoing Phase 3 trials and commercial readiness. (Link)
  20. Healthspan Partners has agreed to acquire Centric Health for approximately €350 million. Healthspan Partners, a U.S. affiliate of Bon Secours Mercy Health, has agreed to acquire Centric Health, Ireland’s largest primary-care network. Centric operates 90 clinics with 420 GPs serving more than 700,000 patients and also has practices in the Netherlands and Germany. Founder and CEO Dr. Maurice Cox will retain a minority stake and continue to lead the business, with practices remaining independent under the Centric brand. The transaction, valued at approximately €350 million, is subject to Competition and Consumer Protection Commission approval. Bon Secours already operates hospitals in Ireland. (Link)
  21. Rush University System for Health and Endeavor Health have announced plans to merge. Rush University System for Health and Endeavor Health have announced their intention to combine into a single integrated academic health system. The merged organization would operate 12 hospitals and more than 400 care sites, employ more than 46,000 people, and serve more than 2 million patients annually across Northern Illinois and Northwest Indiana, with combined revenue approaching $11 billion. Endeavor has committed $1 billion over several years for community impact, academics and research, and care quality. J.P. Gallagher of Endeavor would lead the combined system. Close is targeted for early 2027, subject to regulatory review. (Link)
  22. Diazyme Laboratories has acquired the assets of Alfa Wassermann Diagnostic Technologies. Alfa Wassermann, founded in 1960 and based in West Caldwell, New Jersey, is an FDA-registered manufacturer of chemistry systems and reagents used in physician offices, hospitals, veterinary practices, and biopharma. The assets will be integrated into Diazyme’s operations. Diazyme, founded in 2000 and based in Poway, California, develops clinical diagnostic reagents for automated chemistry and immunoassay analyzers and is cGMP and ISO 13485 certified. Peter Napoli will continue to manage the Alfa Wassermann business within Diazyme. (Link)
  23. Vivos Therapeutics (NASD: VVOS) has agreed to acquire an 11% stake in SOD Sciences and a 50% interest in its proprietary test. Vivos Therapeutics (Nasdaq: VVOS) has entered into a definitive agreement to acquire an 11% fully diluted equity interest in SOD Sciences and a 50% undivided co-ownership interest in SOD’s proprietary pseudohypoxia early-warning test. Consideration is 12,000 shares of newly created Series C Convertible Preferred Stock with a stated value of $12 million; no cash is involved. The structure is intended to increase reported stockholders’ equity and support Nasdaq compliance while creating potential collaboration opportunities. The minority stake and stock-for-stock consideration keep the transaction small relative to other disclosed deals. (Link)
  24. Horizon Space Acquisition I Corp. has signed a definitive business combination with ArcheNova Biotech. Horizon Space Acquisition I Corp. has signed a definitive business combination agreement with ArcheNova Biotech, a clinical-stage company focused on MSC-derived extracellular vesicles and exosomes. The SPAC, which trades on the OTCQB, and ArcheNova will combine through a series of mergers. No transaction value or PIPE size was disclosed. ArcheNova’s lead program is a topical psoriasis candidate that has completed Phase I. The combination is expected to close in the first quarter of 2027, subject to approvals. The absence of a disclosed valuation places the deal lower in priority relative to sized SPAC transactions. (Link)

Venture Deals and Other

  1. Sunbound has raised a $24 million Series A led by TTV Capital — with Bling Capital, Fika Ventures, Live Oak Bank (NYSE: LOB) and the Ziegler Linkage Fund — and acquired Ohio-based Richter Healthcare Consultants to scale its senior-living revenue operating system. The round lifts total funding to $36 million and supports growth of its AI-powered revenue-cycle platform for senior-living and post-acute operators. Concurrently, Sunbound acquired Richter Healthcare Consultants, adding more than 25 years of skilled-nursing billing and Medicaid-eligibility expertise. Combined annualized payment volume is on track for $3 billion. The combination of software and domain expertise supports claims processing for senior-living operators. (Link)
  2. Suki has raised $90 million in Series E financing from new investors Healthier Capital, Crosslink Capital and Hercules Capital (NYSE: HTGC), with existing backers Venrock, Flare Capital Partners, Hedosophia, Philips Ventures and Zoom Ventures. The ambient clinical intelligence company will use the capital to expand beyond documentation into clinical reasoning, revenue cycle, and operational workflows. Suki serves more than 450 healthcare organizations and 30-plus technology partners. Patient encounters grew more than 190% year over year in 2026. Ambient AI adoption is expanding from documentation into broader clinical and operational workflows. (Link)
  3. Transformation Capital has led an $82 million Series C in Abby Care, joined by new investors CVS Health Ventures (CVS Health, NYSE: CVS), Frist Cressey Ventures and Pivotal Ventures and existing backers Khosla Ventures, Thrive Capital and Sequoia Capital. Transformation Capital has led an $82 million Series C in Abby Care, joined by new investors CVS Health Ventures, Frist Cressey Ventures, and Pivotal Ventures, and existing backers Khosla Ventures, Thrive Capital, and Sequoia Capital. Abby Care is an AI-powered care-at-home platform that trains and certifies family members as paid caregivers. Funds support market expansion, AI development, clinical research, and health-plan partnerships. Since its Series B in 2024, patient census has grown more than fivefold; the company now serves families across eight states. (Link)
  4. Sirona Medical has raised $40 million in Series D financing led by Avidity Partners, with participation from 8VC, GreatPoint Ventures and KLT Holdings. The cloud-native radiology software company will use the capital to reach cash-flow positivity and expand its platform. Sirona’s software is designed to modernize radiology workflows. The round supports continued product development and commercial growth in the radiology software market. Radiology software modernization remains a focus as imaging volumes and workflow complexity increase. Workflow tools remain relevant as imaging demand grows. (Link)
  5. Allara has raised $30 million led by Index Ventures and GV (Google Ventures), with new investors Camino Partners, Foreground and Family Fund. The virtual women’s-health provider, founded in 2020, lifts total funding to $75 million. Capital will accelerate enterprise partnerships and expand access to specialized care for conditions including PCOS and endometriosis. The financing supports growth of the virtual care model for women’s hormonal and reproductive health. Virtual women’s-health platforms continue to attract capital for specialized hormonal and reproductive care. (Link)
  6. Brellium has raised $23 million co-led by Left Lane Capital and First Round Capital, with Digital Health Venture Partners and prior backer Menlo Ventures, to expand its AI clinical-compliance platform. The company provides an AI clinical-compliance platform serving mental-health, autism, and post-acute providers, including Gentiva and Maxim Healthcare. Funds will expand the platform’s auditing and compliance capabilities. The raise supports scaling of AI-driven compliance tools for behavioral and post-acute providers. AI-driven compliance tools address documentation and audit requirements for behavioral and post-acute providers. Compliance automation is a focus for behavioral health operators. (Link)
  7. Hidden Variable has led an $18 million Series A in Sharp Performance, joined by Andreessen Horowitz, Commonweal Ventures, Wolfson Group, FJ Labs and the Ford Foundation. Hidden Variable has led an $18 million Series A in Sharp Performance, joined by Andreessen Horowitz, Commonweal Ventures, Wolfson Group, FJ Labs, and the Ford Foundation. Sharp Performance provides confidential performance coaching to first responders, including police officers, firefighters, and paramedics. Capital supports expansion of the coaching platform. The investment addresses mental-health and performance support for frontline emergency personnel. Performance and mental-health support for first responders is an emerging focus for specialized platforms. Specialized coaching platforms are gaining attention in emergency services. (Link)
  8. Ashvin AI has raised $16.5 million led by co-founder Mathew Mammen to automate durable medical equipment operations end to end. $16.5 million led by co-founder Mathew Mammen. The company automates durable medical equipment operations end to end, from referral to qualified order and prior authorization. Capital will expand prior-authorization capabilities and commercial reach in the DME market. The platform targets administrative inefficiencies in durable medical equipment workflows for providers and suppliers. Automating referral-to-authorization workflows reduces administrative burden in the DME supply chain.platform clears most orders without manual touch, addressing rising DME demand amid falling reimbursement and staffing shortages. (Link)
  9. Confido Health has raised a $12.5 million Series A extension led by Z47, taking its total Series A to $22.5 million, to automate healthcare administration with AI. $12.5 million Series A extension led by Z47, taking total Series A funding to $22.5 million. The company is expanding beyond AI-powered patient calls to automate connected administrative tasks across providers’ existing software systems. Capital supports product development and scaling of its CareOS platform. The extension funds broader automation of healthcare administrative workflows. CareOS expands automation beyond calls into connected administrative tasks across existing provider systems. Administrative automation continues to expand across provider workflows. The extension supports broader automation of administrative tasks. (Link)
  10. Threshold (Threshold Ventures) has led a $12 million Series A in Probably Genetic, with participation from Y Combinator and existing investors. Threshold Ventures has led a $12 million Series A in Probably Genetic, with participation from Y Combinator and existing investors. The AI platform for rare-disease research, diagnosis, and treatment brings total funding to $14 million. Capital will grow the core business and expand the dataset supporting drug discovery. The raise advances AI tools for rare-disease identification and research partnerships. Rare-disease datasets support both diagnostic identification and research partnerships with drug developers. AI tools for rare disease are attracting both clinical and research interest. (Link)
  11. Define Ventures has led an $11 million Series A in Readily, with participation from Y Combinator and the California Health Care Foundation Innovation Fund.Define Ventures has led an $11 million Series A in Readily, with participation from Y Combinator and the California Health Care Foundation Innovation Fund. Readily’s AI regulatory-compliance platform serves health plans and healthcare organizations, connecting regulatory requirements with policies, assigned actions, and audit trails. Capital supports product expansion and commercial growth. The platform addresses compliance complexity for payers and providers. Connecting regulations to actionable policies and audit trails addresses a persistent compliance gap for payers. Regulatory complexity continues to drive demand for compliance software. (Link)
  12. Fika Ventures and Evidenced have co-led an $8 million seed round in Otter Health, the new venture from healthcare operator Keith Florance. Fika Ventures and Evidenced have co-led an $8 million seed round in Otter Health. Otter Health helps health plans and providers manage care and costs through continuous, real-time clinical review and payer-provider collaboration. The company launched to address prior-authorization and utilization-management friction. Capital supports product development and initial commercial deployment of the prior-authorization platform. Real-time clinical review aims to reduce prior-authorization friction between plans and providers. Prior-authorization platforms address a persistent operational friction point. The platform targets utilization-management friction between plans and providers. (Link)
  13. Rethink Impact has led a $7 million seed round in Allswell, with Magnify Ventures, Ulu Ventures, Hopelab Ventures and existing investors Techstars and Amboy Street Ventures. Rethink Impact has led a $7 million seed round in Allswell, with Magnify Ventures, Ulu Ventures, Hopelab Ventures, and existing investors Techstars and Amboy Street Ventures. Allswell is a behavioral-health company built for the LGBTQ+ community, offering one-on-one virtual therapy, group programs, and trauma-informed care. Capital supports expansion of virtual behavioral-health services. The raise funds growth of specialized mental-health access. Specialized virtual therapy for LGBTQ+ populations addresses access gaps in behavioral health. Virtual behavioral health for underserved populations continues to attract seed capital. (Link)
  14. Redesign Health has led a $3.75 million round in Treso, with participation from Locke Health and KCRise Fund. Redesign Health has led a $3.75 million round in Treso, with participation from Locke Health and KCRise Fund. Treso is building a financial-management operating system for healthcare providers, combining accounting, receivables, expenses, and operational finance in one platform. Capital supports product development. The financing advances integrated financial tools for multi-site healthcare organizations. Integrated financial operating systems target multi-site providers seeking unified accounting and receivables tools. Provider finance tools are consolidating accounting and receivables functions. Multi-site providers are seeking unified financial management tools. (Link)
  15. AIN Ventures has led a $3.4 million pre-seed in TechNovaTime, with Speedinvest, Multiball Capital, Negative Burn Ventures and the Techstars Follow-On Fund.AIN Ventures has led a $3.4 million pre-seed in TechNovaTime, with Speedinvest, Multiball Capital, Negative Burn Ventures, and the Techstars Follow-On Fund. TechNovaTime builds AI-powered process intelligence and digital-workforce automation to streamline administrative workflows in healthcare. Capital supports early product development and initial customer deployments. The round funds automation tools for healthcare operations. Process intelligence and digital-workforce tools aim to reduce administrative load in healthcare operations. Digital workforce automation targets repetitive administrative tasks in healthcare. Administrative automation remains a focus for healthcare operations teams. (Link)
  16. Council Capital and the Anthemis Female Innovators Lab Fund have co-led a $3.2 million pre-seed in Collective X Health, with SoGal Ventures, Emerson Collective, Muse Capital and Segal Ventures. Council Capital and the Anthemis Female Innovators Lab Fund have co-led a $3.2 million pre-seed in Collective X Health, with SoGal Ventures, Emerson Collective, Muse Capital, and Segal Ventures. Collective X Health is a B2B women’s-health intelligence platform, co-founded by Dr. Stacy Sims, offering wearables, digital-health tools, and performance data for women’s health. Capital supports platform launch and early commercial efforts. Women’s-health intelligence platforms combining wearables and data are attracting early-stage capital. Early-stage capital is supporting data-driven women’s health platforms. (Link)
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Q3 2026 Health IT, Digital Health, and RCM Quarterly Newsletter

LECO-Health-IT-Digital-Health-and-RCM-Quarterly-Update-Q3-2026Download

Recently released 𝗤𝟯 𝟮𝟬𝟮𝟲 𝗛𝗲𝗮𝗹𝘁𝗵 𝗜𝗧, 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗛𝗲𝗮𝗹𝘁𝗵 𝗮𝗻𝗱 𝗥𝗖𝗠 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗠&𝗔 𝗮𝗻𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲:

Q3 2026 brought the first real signs of recovery from the “SaaSpocalypse” that hit software and tech-enabled services valuations over the past year. 

LECO Index rose +2.5% in Q3 (still –19.7% TTM), trading at 12.5x EV/EBITDA (around 24% below its 5-year average) and 2.9x EV/Revenue.

Veeva Systems (NYSE: VEEV) gained 60.8% in the quarter, Waystar (NASD: WAY) climbed 23.4%, and other scaled names showed renewed investor willingness to pay for durable growth and proven AI monetization, while sub-scale and loss-making companies continued to be marked down.

Scaled, recurring-revenue platforms, especially Life Science focused, led the rebound. 

• Oura postponed its Nasdaq IPO one day before its planned listing, citing uncertainty in the IPO market despite management stating the company was profitable and demand was strong.

• Several larger PE-backed sale processes were pulled during the quarter as initial price indications came in below expectations; in other cases, owners chose to pause and deepen platform integration and AI implementation before returning to market with a stronger margin and technology story rather than accept a discounted multiple today.

HCIT activity accelerated through the quarter (34 deals in July, 41 in August, 43 in September) with ~$9.0B in disclosed value across 43 priced deals.

In RCM: 26 transactions totaling ~$1.16B, with 48% of disclosed value coming from a single deal (IKS Health ~$557M acquisition of TruBridge).

𝗡𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴𝘀:

•Datavant secured a $2.7B development-capital raise from KKR, New Mountain Capital, and Neuberger.

•Dassault Systèmes agreed to acquire ArisGlobal for ~$2.0B plus a $200M earn-out.

•UHS acquired Talkspace for $835M.

•Francisco Partners agreed to take Weave private ($650M).

•GI Partners and Ardan Equity acquired Clinical ink ($500M).

•Frazier Healthcare Partners acquired MatrixCare from Resmed ($490M).

•Candid Health raised $120M Series D for autonomous revenue cycle management.

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Full index available with public company comps, valuation multiples, and sector performance data.

#HealthIT #DigitalHealth #HCIT #RCM #RevenueCycleManagement #HealthcareMergers #HealthcareAcquisitions #HealthTech #InvestmentBanking #PrivateEquity #MedTech #HealthcareServices #QuarterlyUpdate #LECO

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Healthcare News, Deals, and Investments Update October 12th, 2026

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Healthcare Weekly News and Deals – Oct 12th, 2026

  1. Clayton, Dubilier & Rice and McKesson (NYSE: MCK) have agreed to take infusion provider Option Care Health (NASD: OPCH) private in a $5.8 billion deal at $32.05 per share, with CD&R holding 51% and McKesson about 49%. Clayton, Dubilier & Rice and McKesson (MCK) will acquire Option Care Health (OPCH), the largest independent U.S. provider of home and alternate-site infusion services, for $32.05 per share, a 37% premium to its prior close, valuing the deal at $5.8 billion. McKesson plans to invest about $1.4 billion for its roughly 49% interest, and the agreement sets out a framework for McKesson to later buy CD&R’s stake. Option Care treats more than 308,000 patients a year across all 50 states and generated over $5.6 billion of 2025 net revenue. McKesson framed the investment around its specialty and complex-therapy strategy. Closing is expected in the first half of 2027. (Link)
  2. STERIS (NYSE: STE) has agreed to acquire Xodus Medical for $2.1 billion at closing, or about $1.8 billion net of expected tax benefits, plus an earnout of up to $150 million. Xodus was founded in the early 1990s and is based in New Kensington, Pennsylvania, outside Pittsburgh. It builds devices meant to keep patients and operating-room staff safer during surgery. The core product is the Pink Pad, a positioning system used to hold patients in place and reduce pressure injury. A later version combines that pad with underbody warming to address perioperative hypothermia. Hospitals buy the line as a consumable rather than as capital equipment. STERIS already sells infection-prevention products and surgical supplies, so the tuck-in adds a branded safety line. Xodus is expected to do about $245 million of revenue in 2026, with adjusted EBIT of about $135 million. STERIS plans to fund the purchase mainly with debt. Completion is aimed at December 31, 2026 and still needs regulatory sign-off. (Link)
  3. Viatris (NASDAQ: VTRS) has agreed to acquire Pacira BioSciences (NASDAQ: PCRX) for $36.50 a share in cash, or $1.65 billion. Pacira’s commercial book is built on two non-opioid pain drugs. EXPAREL is a liposomal bupivacaine injection used for local pain control after surgery. ZILRETTA is an extended-release steroid injected into the knee for osteoarthritis. The two products booked about $692 million in 2025, and Pacira reported full-year revenue of about $726 million. Both are already on the market, so this is a product acquisition rather than a pipeline bet. The cash price is a 45 percent premium to the prior close. Viatris, based in Pittsburgh, has been shifting from generics and established brands toward a smaller innovative-medicines franchise, and has an oral meloxicam under FDA review with a December 27 decision date. Generic erosion of EXPAREL is expected to begin in early 2030 under earlier patent settlements. Close is expected by the end of 2026. (Link)
  4. BDT & MSD Partners has agreed to acquire a majority stake in Sunrise Senior Living from the Public Sector Pension Investment Board (PSP Investments) in a deal reportedly valuing the operator above $1 billion, with Sunrise management owning the balance. Funds affiliated with BDT & MSD Partners signed a definitive agreement to buy Sunrise Senior Living from Canada’s PSP Investments, which first invested in 2014 and became sole owner in 2023. CEO Jack Callison Jr. and senior executives will invest significant personal capital alongside BDT & MSD’s majority position. Press reports cite a valuation above $1 billion. Sunrise operates more than 230 communities in North America, serving over 22,000 residents and has a pipeline of 50-plus communities with expected development costs of about $7.5 billion. (Link)
  5. Healthcare Services Group (NASD: HCSG) has acquired Mansfield, Massachusetts-based dining and hospitality manager NEXDINE Hospitality for $93.5 million upfront plus a performance-based earnout. Healthcare Services Group (HCSG), the Bensalem, Pennsylvania-based provider of housekeeping, laundry and dining services to healthcare facilities, acquired privately held NEXDINE Hospitality, announced on October 7, 2026, paying $93.5 million upfront in cash on hand, with additional consideration if NEXDINE meets certain performance targets. NEXDINE, a dining and hospitality service management company with a strong senior living presence, is expected to contribute more than $150 million of annual revenue, implying an upfront price of about 0.6x sales. It will operate as a wholly owned subsidiary under its own brand, led by founder and CEO David Lanci. HCSG framed the deal as an expansion into senior living and hospitality-driven care markets. (Link)
  6. Tiffin, Ohio-based Surgence Innovations has secured a $15 million investment from private funds advised by Ohio investor The O.H.I.O. Fund, spinning out as an independent company from Ohio distributor Concordance Healthcare Solutions. Surgence, a healthcare supply chain platform built on the Palantir (NASD: PLTR) Foundry operating system, announced the $15 million on October 6, 2026, with the capital establishing it as an independent corporation. It was incubated under Tiffin, Ohio-based Concordance Healthcare Solutions, an independent distributor with 15 distribution centers licensed in 48 states, which keeps a significant ownership stake and remains a strategic and commercial partner. The O.H.I.O. Fund invests exclusively alongside businesses that call Ohio home; partner Mike Venerable framed the deal as long-term capital supporting Ohio’s healthcare leadership. Proceeds will fund product development, customer growth, hiring and innovation across the healthcare supply chain. (Link)
  7. Standard BioTools (NASDAQ: LAB) has agreed to sell its Microfluidics business to ARCHIMED. The unit being carved out makes integrated fluidic circuits, small chips that run hundreds to thousands of reactions from a single sample. Research labs use them for genotyping, gene-expression work and library preparation ahead of next-generation sequencing. The technology came in through Fluidigm, the predecessor company, and has been cited in thousands of genomics papers. The buyer is a healthcare-only private equity firm founded in 2014 and based in Lyon, France. It invests in life-science tools, diagnostics and medtech on both sides of the Atlantic, and is taking the unit as a standalone business rather than folding it into an operating company. The Boston seller has been pruning a portfolio assembled through earlier combinations. Closing is expected in about 30 days. No price was given. (Link)
  8. Spectrum Equity has made a strategic growth investment in healthcare supply chain data provider Symmetric Health Solutions, the company’s first institutional capital. Spectrum Equity, a growth equity firm founded in 1994 that focuses on AI, software and data businesses, backed Symmetric in a deal announced on October 6, 2026; the size was not disclosed. Founded in 2018 by former Accenture supply chain consultants and Carnegie Mellon alumni, Symmetric reached profitability without outside capital and maintains a database of nearly 20 million healthcare items, each with up to 1,800 metadata attributes, used by more than 850 hospitals. Managing Director Michael Radonich said the company has become the system of record for supply data at several of the largest U.S. health systems. Proceeds fund go-to-market, customer success and new products, including a supply chain control tower. (Link)
  9. FFL Partners has made a growth investment in Nashville-based Ally Technical, the healthcare technology management company formerly known as Althea US. FFL Partners backed Ally Technical alongside the company’s rebrand, in a deal announced on October 6, 2026 with undisclosed terms. Ally Technical provides service, parts, board-level and depot repair, technical support and training for medical equipment from major manufacturers, built on deep expertise in contrast injectors, and supports a large installed base of aging devices across the U.S. FFL partner Karen Winterhof said providers are increasingly turning to independent service organizations for cost-efficient maintenance and parts. The investment came out of FFL’s SEED sector-exploration strategy, and the partners plan organic growth plus M&A, including expansion into new device modalities and under-penetrated markets. CEO Dan Siler continues to lead. (Link)
  10. Harbor Health has agreed to acquire 27 Village Medical clinics in the Houston area. The sites are primary-care offices spread across Harris, Montgomery, Fort Bend and Brazoria counties. They had been run as part of a larger clinic network. The buyer is a Texas primary-care and insurance company that already pairs offices with its own plans in Austin, Dallas, San Antonio and El Paso. This is the fifth market on that model. It bought 32 clinics from the same seller in those other cities in 2025. Plans carry no deductible, and referred specialty care is covered at no cost when one of its clinicians makes the referral. Individual and family enrollment for the new market opens November 1, with coverage effective January 1. No price was disclosed, and the release does not break out patient volume or revenue for the sites. (Link)
  11. Bambu Capital-owned Lemonaid Health has acquired the fitness and longevity business of Dr. B, the telehealth company founded by Zocdoc founder Cyrus Massoumi. Lemonaid Health, the digital pharmacy and telehealth platform owned by Bambu Capital, bought Dr. B’s fitness and longevity business on October 5, 2026, including its national fitness-brand partnerships and longevity membership base; terms were not disclosed. Dr. B built an early scaled gym-as-clinic model in which members can use pre-tax HSA/FSA dollars for gym memberships through letters of medical necessity. The deal gives Lemonaid a gym partner network reaching more than 5 million members and a metabolic-health patient base. Bambu Managing Partner Dylan Runne said it fits the thesis behind Bambu’s Lemonaid purchase: pairing a licensed clinical and pharmacy engine with partners that own the customer relationship. (Link)
  12. Varsity Healthcare Partners-backed United Aesthetics Alliance has acquired St. Louis-based Parkcrest Plastic Surgery and the Aesthetics Center. United Aesthetics Alliance, a physician practice management holding company sponsored by lower middle-market healthcare private equity firm Varsity Healthcare Partners since 2023, completed the acquisition, reported on October 7, 2026; terms were not disclosed. Founded in 2001, Parkcrest provides plastic surgery and medical spa services and is led by co-founding board-certified plastic surgeons Dr. David Caplin and Dr. Patricia McGuire. The deal is the platform’s first acquisition of 2026 and establishes its footprint in Missouri, in line with its strategy of consolidating market-leading plastic surgery practices and affiliated medical aesthetic providers. Parkcrest will keep operating from its current St. Louis location under its existing brand. (Link)
  13. GreyLion Capital-backed Trifecta Collective has acquired the Medical Spa Show from the American Med Spa Association (AmSpa) and entered a long-term partnership with the association. Trifecta Collective, a multi-sector trade show organizer founded in 2021 by industry veteran Rick McConnell and supported by financial partner GreyLion Capital, announced the acquisition on October 6, 2026; terms were not disclosed. Launched by AmSpa in 2018, the Medical Spa Show has drawn nearly 10,000 attendees from more than 5,200 practices and hosted over 750 exhibiting brands; its 10th edition at Wynn Las Vegas in April 2027 is expected to attract more than 3,500 medical aesthetics professionals. McConnell called medical aesthetics one of the fastest-growing segments in healthcare and wellness. AmSpa stays involved under the partnership, and the current show team remains. (Link)
  14. 1 Natural Way, based in Maumee, Ohio, has acquired New England Surgical. The buyer was started in 2014 by Ryan Wright to ship insurance-covered breast pumps and related maternal products. It now works with major carriers in all 50 states, carries pumps from more than a dozen manufacturers, and runs an in-house program with certified lactation consultants. The target, in Fall River, Massachusetts, has sold medical supplies and home equipment across Massachusetts and Rhode Island for more than four decades. What is being bought is the regional payor contracts, not a new product line. Those contracts cover insured patients the Ohio company could not previously bill. The buyer said the add-on widens the set of mothers it can serve at little or no out-of-pocket cost. No price was disclosed. (Link)
  15. RiverGlade Capital has formed Sentinel Care Group, a healthcare franchise platform led by former Right at Home CEO Brian Petranick. Chicago-based RiverGlade Capital, a private equity firm founded in 2017 that makes control and select minority investments in lower middle-market healthcare companies, launched Sentinel Care Group on October 8, 2026. According to PE Hub, the platform will acquire and partner with existing businesses and emerging franchisors, and develop new franchise concepts from scratch. Petranick spent more than two decades at Right at Home, helping grow it from a single Omaha location into an international in-home care franchise with more than 650 territories, and served as president and CEO until 2022. RiverGlade’s franchise experience includes home care franchisor Home Helpers Home Care, acquired in 2021. Capital commitments were not disclosed. (Link)
  16. Emergence, the permanent-capital enterprise backed by The Pritzker Organization, has acquired Charlotte, North Carolina-based patient-reported outcomes software company Clinect Healthcare. Emergence, which provides long-term capital and operating support to software and technology-enabled businesses rather than following a hold-and-exit model, announced the acquisition of Clinect Healthcare on October 8, 2026; terms were not disclosed. Founded in 2012 by CEO Brian Schmitz, Clinect runs an Outcomes Intelligence Platform combining digital intake, patient-reported outcomes, patient experience and reputation management tools, with more than 600 validated outcome measures integrated into practice management and EHR systems. Emergence Operating Partner David Henriksen cited the opportunity as payers demand proof of care results. The deal adds to Emergence’s healthcare software roster after its November 2025 purchase of MedEvolve, and funds data science, AI and interoperability investment. (Link)
  17. Sienna Senior Living (TSX: SIA) has agreed to acquire Brighton Retirement & Active Living, a 165-suite seniors’ residence in Brighton, Ontario, for approximately C$73.8 million. Sienna Senior Living (SIA), the Markham, Ontario-based seniors’ housing owner and operator, signed an agreement on October 8, 2026 to buy Brighton Retirement & Active Living, about 150 km east of Toronto, for a gross price of roughly C$73.8 million, or C$447,000 per suite. Terms add C$1.5 million of income support for the lease-up of the seniors’ apartments and commercial units, plus a C$5.0 million earnout tied to financial targets. The property has 124 retirement suites opened in 2024 and about 95% occupied, 41 seniors’ apartments opened in 2025 and five commercial units. Sienna is funding the deal from cash and credit facilities, with closing expected in Q4 2026. (Link)
  18. Grovecourt Capital-backed Guide Architecture has acquired medical equipment planning firm MAIA as an add-on to its Dallas-based healthcare design platform. West Palm Beach, Florida-based Grovecourt Capital, a lower middle-market investor in founder-led business services and healthcare services companies, added MAIA to portfolio company Guide Architecture in a deal reported on October 8, 2026; terms were not disclosed. MAIA is a 25-person healthcare consulting firm providing medical equipment planning, procurement support, BIM and Revit services, inventory assessment and implementation support. Guide, founded in Dallas in 2014, plans and designs hospitals, outpatient centers, behavioral health facilities and medical office buildings for health systems nationwide. Grovecourt invested in Guide in April 2026, with existing leadership remaining significant owners, and set out a strategy of acquisitions that deepen healthcare expertise and client relationships. (Link)
  19. Oak Hill Capital-backed Petauri has acquired health economics and market access consultancy Franklin Pharmaceutical Consulting. Nashville-based Petauri, the life sciences commercialization platform Oak Hill Capital founded with CEO Dan Renick, announced the acquisition of Franklin Pharmaceutical Consulting (FPC) on October 8, 2026; terms were not disclosed. Oak Hill is committing more than $250 million of equity to Petauri from its latest fund, OHCP VI, and the platform has previously bought The Kinetix Group, the FORCE Communications agencies, Mtech Access, Delta Hat, the Brightly Network agencies, Formulary Insights and Artia Solutions. FPC provides health economics and outcomes research, real-world evidence strategy, payer value communications and dossiers. It folds into Petauri Evidence, with founder Meg Franklin becoming President of Petauri Evidence US. (Link)
  20. Lee Equity Partners-backed Marwood Group has acquired Ronan Healthcare Compliance, expanding its compliance advisory capabilities. New York-based Marwood Group, a healthcare advisory and consulting firm that recently took a strategic investment from Lee Equity Partners, acquired Ronan Healthcare Compliance in a deal announced October 12, 2026. Ronan, founded by Ross and Susan Ronan, provides outsourced compliance officer services, risk assessments, buy-side and sell-side diligence, and program development to more than 60 healthcare organizations across 21 specialties. The full Ronan team joins Marwood, with Ross Ronan becoming Managing Director and Head of Compliance Services. Terms were not disclosed. Bailey & Co advised Ronan. (Link)

Venture Deals and Other

  1. Andreessen Horowitz has led a $120 million Series B in San Francisco-based General Medicine, joined by Matrix, VXI Capital, Eli Lilly (NYSE: LLY), BoxGroup and Ohio-based Mercy Health through Granger Management. a16z General Partner Vineeta Agarwala led the round, announced on October 6, 2026, which lifts General Medicine’s total funding to $152 million. Eli Lilly (LLY) and Cincinnati, Ohio-based Mercy Health, investing through Granger Management, join as strategic backers alongside Matrix, VXI Capital and BoxGroup. Founded in 2023 and launched nationwide in May 2025, General Medicine runs a healthcare store listing more than 2,900 medications, labs, telehealth visits, specialist e-consults and procedures with upfront insurance and cash prices. It has signed up hundreds of thousands of customers with an average NPS of 80. Former Matrix General Partner TJ Parker became full-time CEO in October. Proceeds expand the store into new care categories. (Link)
  2. Dr. Patrick Soon-Shiong’s NantWorks has led a $75 million Series B in San Francisco-based Multiply Labs, joined by AstraZeneca (NASD: AZN), Lingotto, Teradyne (NASD: TER), Strange Ventures, Casdin Capital, Lux Capital, Fifty Years, Ora Global and Founders Fund. NantWorks led the round, announced on October 6, 2026, which takes Multiply Labs’ total funding above $100 million since its 2016 founding; valuation was not disclosed. New investors AstraZeneca (AZN), Lingotto, Teradyne (TER) and Strange Ventures joined returning backers Casdin Capital, Lux Capital, Fifty Years, Ora Global and Founders Fund. AstraZeneca is also a customer, underscoring the strategic weight of the cap table. Multiply Labs builds robotic clusters that automate manual steps in biologics manufacturing, initially for cell and gene therapies and now antibodies, viral vectors and mRNA, with systems owned and run in-house by drugmakers. Proceeds fund manufacturing capacity, product development and engineering, regulatory and commercial hiring. (Link)
  3. Sequoia Capital, First Round Capital and Hummingbird Ventures have backed clinical AI company Healthleap in $38 million of combined seed and Series A funding. Healthleap disclosed the $38 million on October 8, 2026, with Sequoia partner Alfred Lin and First Round co-founder Josh Kopelman both endorsing the investment. Founded in 2022 by siblings Josiah and Jemima Meyer, the company continuously analyzes patient records, including notes, labs, vitals and orders, to flag undiagnosed conditions and push risk scores into EHR workflows. It started with disease-related malnutrition, which costs the U.S. system up to $58 billion annually; one Penn Medicine hospital attributed $23.8 million a year in reimbursement and length-of-stay benefits to the platform. Proceeds fund expansion to more than 40 conditions and hiring to reach hundreds of hospitals. (Link)
  4. The Florida Opportunity Fund and Tampa General Hospital’s TGH Ventures have co-led a $35 million growth equity investment in Spark Pediatrics, with Town Hall Ventures, UPMC Enterprises and Memorial Hermann participating. Spark Pediatrics, which operates Prescribed Pediatric Extended Care centers for children with medical complexities, including a Clearwater, Florida location, announced the $35 million equity investment on October 9, 2026. The Florida Opportunity Fund and TGH Ventures led, with continued participation from existing investor Town Hall Ventures and all of Spark’s existing strategic partners, including UPMC Enterprises and Memorial Hermann. The health system backers give Spark strategic relationships across Florida, Pennsylvania and Texas. Proceeds will support Spark’s leading presence in Florida, growth in Texas and expansion into Pennsylvania, Louisiana and other new states. Valuation and round designation were not disclosed. (Link)
  5. Oak HC/FT has led a $31 million Series A in San Francisco-based Vitalize, joined by Norwest, .406 Ventures, Constellation Ventures, Y Combinator, Rock Health Capital and MemorialCare Innovation Fund. Oak HC/FT partner Vig Chandramouli led the round, announced on October 6, 2026, with health system venture arm MemorialCare Innovation Fund participating as a strategic investor. Vitalize sells an AI-native platform that automates scheduling and forecasts demand to coordinate staffing and bed capacity across health systems, integrating with EMR and time-and-payroll systems. It manages millions of shifts a week across dozens of enterprise health systems; St. Luke’s Health reported a 54% cut in premium labor spend within 12 weeks. Oak HC/FT, with more than $7 billion under management, views hospital labor, a nearly $1 trillion cost line, as an underpenetrated software market. Proceeds fund growth, deployment and throughput AI. (Link)
  6. Maveron has led a $25 million Series A in New York-based oral care membership company Wally, joined by Bling Capital and angel investors including Hims & Hers Health (NYSE: HIMS) co-founder Jack Abraham. Maveron partner Jason Stoffer backed Wally’s model of replacing insurance-driven dentistry with a $249 annual membership covering unlimited cleanings, AI-supported diagnostics, exams and whitening; the round was announced on October 7, 2026. Bling Capital and angels including Jack Abraham participated. Wally has passed 50,000 members who visit three times a year, reports a 97% hygienist retention rate and operates 15 locations in co-working spaces across New York City, Philadelphia, Jersey City and Chicago. It also announced a strategic partnership with EMS Dental. Proceeds fund expansion from 15 to 100 locations by end-2027, including Washington DC, Atlanta, Austin and Miami. (Link)
  7. F-Prime has led a $20 million Series A in Allentown, Pennsylvania-based AblePay Health, with participation from A1 Health Ventures and .406 Ventures. F-Prime principal Nikhil Marathe led the round, announced on October 7, 2026, as AblePay enters its second decade. Chicago-based A1 Health Ventures, whose limited partners are health systems operating more than 110 hospitals, and Boston’s .406 Ventures, with over $1.3 billion under management, joined. Founded in 2016, AblePay integrates with providers to guarantee non-recourse payment on an accelerated timeline while offering enrolled patients flexible payment options, savings on out-of-pocket costs and free billing advocacy. The company cites $591 billion of U.S. out-of-pocket healthcare spending in 2025, up 6%. Proceeds will expand its reach to more health systems and deepen its technology platform. (Link)
  8. Norrsken VC has led a $20 million Series A in Paris- and New York-based AI medical receptionist company Vocca, joined by Heal Capital, Speedinvest and firstminute capital. The round, announced on October 6, 2026, lifts Vocca’s total funding to $25 million about a year after its previous raise; valuation was not disclosed. Founded in July 2024 by Eliott Hoffenberg and Hugo Danet, Vocca builds specialty-specific AI agents that answer patient calls, book and reschedule appointments and handle routine requests for medical practices. It has grown from 2,000 to 15,000 practitioners in a year across the U.S. and Europe and now handles more than one million patient conversations a month. Proceeds will deepen its U.S. presence through its New York office, add specialties and channels beyond voice, and fund about 40 hires. (Link)
  9. NFX has led a $7 million seed round in Altro Health, with Founder Collective and Primetime Partners’ Abby Miller Levy participating. NFX general partner James Currier said the firm backed Altro, formerly Lyv Health, for its position in a large new consumer category with no clear leader; the round was announced on October 6, 2026. Altro operates a Shopify-style platform that lets personal trainers, gyms and medspas offer clinician-prescribed peptides, GLP-1s, hormone therapy and lab testing under their own brands, with a board-certified clinical team supervising each service and products sourced from licensed 503A and 503B pharmacies. More than 500 businesses already use the platform, with plans starting at $319 a month. Proceeds fund product development, hiring, and sales and marketing. (Link)
  10. Listen Ventures, Cake Ventures, LAUNCH, Actions Capital, Hannah Grey VC, SemperVirens, Brock Recovery Group and Pave Health Ventures have backed New York-based deprescribing platform Outro in $7 million of pre-seed and seed funding. Outro disclosed the $7 million across pre-seed and seed rounds on October 8, 2026, with participation from Listen Ventures, Cake Ventures, Jason Calacanis’ LAUNCH, Actions Capital, Hannah Grey VC, SemperVirens, Brock Recovery Group and Pave Health Ventures, among others. Co-founded by CEO Brandon Goode and psychiatric deprescribing researcher Dr. Mark Horowitz, Outro runs a virtual clinic that helps patients taper off antidepressants through personalized plans, monitoring and clinician support, and is available in 14 states. It cites roughly 50 million Americans taking antidepressants. Proceeds expand the clinician network, apply AI to tapering workflows and extend the model into other medication classes. (Link)

Market Rumors / IPO

  1. Solventum (NYSE: SOLV) is seeking bids for its Health Information Systems unit, pitched at a $5.5 billion to $7 billion valuation. Solventum, the medical products and technology company spun out of 3M, is collecting initial bids for its Health Information Systems division, according to reports on October 12, 2026. The unit provides hospitals and health systems with medical coding, billing, documentation and revenue cycle management software and generated about $1.4 billion of sales last year. Solventum announced plans to separate the business in August 2026 as it focuses on medsurg and dental. Shares slipped after the report. No buyer has been named, and a sale or spin remains possible. (Link)
  2. Bambusa Therapeutics has filed a Form S-1 for a proposed Nasdaq IPO under the symbol B BTX.Bambusa was incorporated in Boston in March 2024. It is a clinical-stage company working on long-acting bispecific antibodies for immunology and inflammation. BBT001 targets IL-4Rα and IL-31 for atopic dermatitis and chronic spontaneous urticaria. BBT002 targets IL-4Rα and IL-5 for COPD, nasal polyps and asthma. Two earlier programs are still preclinical. Private investors including RA Capital, BVF Partners, ATHOS and Dawn Biopharma have put in about $136 million. Cash was $71.5 million at June 30. The filing does not set a share count or a price. Named underwriters include BofA Securities, Evercore, UBS and Cantor. (Link)

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2nd Annual Healthcare Dealmaking At The Mountain – January 9th, 2027

Join us for the 2nd Annual Dealmaking at the Mountain which be taking place at South Lake Tahoe on Jan 9th 2027!


Dealmaking at the Mountain is an exclusive limited gathering of healthcare investors, executives, private equity finance stakeholders & innovation leaders. Purpose is to facilitate high-value deal discussions, networking, and thought leadership in healthcare private equity, set in an immersive environment combining business with outdoor winter elements (skiing, fireside networking, etc.).

Skiing not required; Snow not guaranteed.

Join us between CES and JP Morgan events!

Sponsored by Lawrence, Evans & Co., LLC & Dykema

Includes group skiing (ski pass and equipment not included) or events and an organized group discussion followed by sunset dinner.

Registration link: https://luma.com/jux7nt01

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Healthcare News, Deals, and Investments Update October 5th, 2026

LECO_Weekly-Healthcare-News_10-05-2026Download

Healthcare Weekly News and Deals – Oct 5th, 2026

  1. Smart ring maker Oura has postponed its Nasdaq IPO, which would have raised up to $2.2 billion through the sale of 50 million shares, citing uncertainty in the listing market just eight days after formally launching the process. Oura delayed its planned Nasdaq listing despite what it described as strong demand and a strengthening of the business since the IPO process began. The company launched its plans on September 21 and had intended to raise up to $2.2 billion by selling 50 million shares. CEO Tom Hale said Oura aims to deliver an extraordinary IPO for employees and investors and has “the luxury of choosing our moment.” Oura says it is profitable, with revenue expected to grow 90% year over year in fiscal 2026. It follows Holtec Nuclear’s withdrawal earlier in the month. (Link)
  2. U.S. healthcare technology investor Thoreau has committed $500 million to launch Ortet, a frontier AI lab for health building models that connect patient biology, treatment and healthcare administration. Ortet launched on September 29, 2026 with a $500 million commitment from Thoreau, bringing together former drug industry and technology company researchers. The company plans to use the backing to build computing and data infrastructure, train and deploy health-focused models, and recruit researchers and engineers. Ortet has already secured an initial cluster of graphics processing units, the specialized chips used to train and run AI systems. Rather than targeting a single clinical task, the lab is building models intended to link patient biology, treatment and healthcare administration, making it one of the largest single capital commitments to a healthcare AI company at formation. (Link)
  3. Grindr (NYSE:GRND) has agreed to acquire PurposeMed, the parent company of HIV-prevention telehealth provider Freddie, in a $250 million cash-and-stock deal with up to $70 million of additional performance consideration. Grindr will pay $190 million in cash and $60 million in common stock for PurposeMed, with up to $70 million in further cash tied to Freddie’s 2027 performance and payable in 2028. The transaction is expected to close in the fourth quarter and is Grindr’s first major acquisition since its 2009 founding. CEO George Arison said the healthcare line could become as profitable and as large as the core business, and that building it internally would have taken two to three years. Grindr expects the combined U.S. telehealth and pharmacy business to generate more than $400 in monthly revenue per active patient, implying roughly $240 million of annual revenue at 50,000 patients. (Link)
  4. Inogen (NASD: INGN) has agreed to divest its U.S. oxygen rental business to national home respiratory provider Rotech Healthcare for estimated cash consideration of up to $25 million. Inogen (INGN) signed a definitive agreement to sell specified U.S. oxygen rental assets to Rotech Healthcare for total estimated cash consideration of up to $25 million, with closing expected in the fourth quarter of 2026. The rental business generated $24.3 million of revenue in the first half of 2026, a 9.8% year-over-year decline, and will be presented as discontinued operations beginning in Q3. Inogen expects the transactions to increase both its revenue growth rate and adjusted operating income. Subject to closing, the board approved a $15 million increase to the share repurchase authorization, taking it to $45 million through June 2028. (Link)
  5. Interpace Biosciences (IDXG) has filed terms for a $20 million offering of 3.1 million shares at an assumed $6.47 per share to support a proposed uplisting from OTC to Nasdaq. Interpace Biosciences (IDXG), the Parsippany, New Jersey molecular diagnostics company behind the ThyGeNEXT and ThyraMIR v2 thyroid tests, filed terms on September 25, 2026 for a $20 million deal covering 3.1 million shares at an assumed $6.47; the offering remains unpriced. The raise follows an August reverse stock split announced to support the proposed Nasdaq uplisting. Thyroid test volume rose from 25,200 in 2022 to 36,200 in 2025 and pro forma revenue grew from $20.3 million to $34.8 million, a 19.7% CAGR, after the company stopped accepting PancraGEN specimens in May 2025 following a loss of CMS reimbursement. (Link)
  6. KALA Bio (NASD: KALA) has signed a non-binding letter of intent to acquire 100% of a privately held U.S. telehealth management services organization for approximately $15 million in cash and KALA stock. KALA Bio (KALA) signed the LOI on September 24, 2026 for an MSO supporting a LegitScript-certified, NABP-accredited provider-led telehealth platform operating in all 50 states across GLP-1 weight management, hormone health, longevity and sexual wellness. The target generated roughly $12.7 million of unaudited revenue for the trailing twelve months ended August 2026, over $48 million of sales since its 2023 founding, has served more than 90,000 clients and is described as cash-flow positive. The cash portion would come from existing balance sheet resources, with closing targeted for late 2026 or early 2027. (Link)
  7. SpyGlass Pharma (NASD: SGP) has acquired Advanced Vision Science from Santen for about $13 million in cash. Advanced Vision Science has made intraocular lenses since 1975 and supplies Santen’s Eternity lens in Japan. It also licenses glistening-free hydrophobic acrylic material to Bausch + Lomb for the enVista line. Those supply and license arrangements stay in place. SpyGlass, which is developing a drug-pad lens implanted during cataract surgery for glaucoma, is buying the plant to secure commercial lens supply. (Link)
  8. Shionogi has agreed to acquire Austin-based IntraBio for $2.0 billion, adding the rare-disease therapy AQNEURSA. Shionogi is buying all outstanding shares of IntraBio, an Austin company founded in 2015, for $2.0 billion in upfront cash. IntraBio sells AQNEURSA, approved in the United States and Europe for neurological symptoms of Niemann-Pick disease type C and, as of September 18, for ataxia in ataxia-telangiectasia in the United States. The company becomes a subsidiary of Shionogi’s New Jersey unit. Closing is scheduled for November or December, subject to antitrust review. Shionogi bought the RADICAVA ALS franchise in April. (Link)
  9. AstraZeneca has agreed to invest $2 billion in newly issued equity of Summit Therapeutics (NASD: SMMT), taking about a 12 percent stake. AstraZeneca is buying convertible preferred equal to about 12 percent of Summit’s common stock, or 10.6 percent fully diluted. The stake sits alongside a clinical collaboration testing AstraZeneca’s Claudin-18.2 antibody-drug conjugate, sonesitatug vedotin, with Summit’s PD-1/VEGF bispecific ivonescimab in gastrointestinal cancers. Each company keeps rights to its own drug. The investment was announced September 29 and was expected to close within about a week. (Link)
  10. GE HealthCare (NASD: GEHC) has agreed to acquire SOFIE Biosciences from Trilantic North America for $945 million in cash. SOFIE is a U.S. contract manufacturer for PET radiopharmaceuticals, with 15 sites, 21 cyclotrons and a theranostics development site, plus U.S. rights to FAPI-74, a Phase III PET tracer aimed at pan-cancer imaging. The business will sit in GE HealthCare’s pharmaceutical diagnostics segment and gives the buyer a last-mile network for short-lived tracers. Closing is aimed at the first half of 2027, subject to regulatory approval. (Link)
  11. Lantern Pharma (NASD: LTRN) has agreed to sell 3,669,725 shares at $1.09 in a registered direct offering raising approximately $4 million, with up to $4 million more available from concurrent private placement warrants. Lantern Pharma (LTRN), a clinical-stage AI-native precision oncology company, entered a definitive agreement for a registered direct offering of 3,669,725 shares, or pre-funded warrants in lieu, priced at $1.09 each. Aggregate gross proceeds are expected to be about $4 million. In a concurrent private placement, investors receive unregistered warrants over an equal number of shares at a $1.09 exercise price, exercisable only after stockholder approval and expiring five years later; full cash exercise would add roughly $4 million. Closing was expected on or about September 30, 2026, with proceeds earmarked for working capital and general corporate purposes. (Link)
  12. Leica Biosystems, a Danaher (NYSE: DHR) company, has completed its acquisition of pre-analytical consumables maker StatLab Medical Products from private equity owners Linden Capital Partners and Audax Private Equity. Danaher (DHR) subsidiary Leica Biosystems completed its purchase of privately held StatLab Medical Products on September 28, 2026, acquiring the business from Linden Capital Partners and Audax Private Equity. Terms were not disclosed. The deal extends Leica’s end-to-end anatomic pathology portfolio across specimen collection and preparation, advanced staining, digital imaging and AI-enabled diagnosis. Management positioned the combination as a response to laboratories facing rising case volumes, increasing complexity and staffing pressure, and as support for Leica’s biopharma partnerships within Danaher’s connected diagnostics ecosystem. (Link)
  13. Goldman Sachs (NYSE: GS) and Charlesbank Capital Partners-backed MyEyeDr. has agreed to acquire the 300-plus office optometry division of Partners Group (SWX: PGHN)-owned EyeCare Partners for an undisclosed sum. MyEyeDr., backed by Goldman Sachs (GS) and Charlesbank Capital Partners, is buying EyeCare Partners’ optometry division, which spans more than 300 offices under the Clarkson Eyecare, EyeCare Associates, EyeCare Center, Nationwide Vision and The Eye Doctors brands. Partners Group (PGHN) acquired EyeCare Partners in a $2.2 billion deal in late 2019, while Goldman Sachs bought MyEyeDr. for $2.7 billion the same year; MyEyeDr. already runs roughly 1,000 locations across about 30 states. EyeCare Partners will apply proceeds to reduce debt and strengthen liquidity while focusing on ophthalmology and ambulatory surgical centers. Closing is expected in Q4 2026. (Link 1) (Link 2)
  14. APM Group has agreed to acquire occupational health provider Medcor, combining it with previously acquired WorkCare and its Assure employee assistance business into a 2,000-employee North American platform. APM Group announced on September 28 that it entered an agreement to acquire Medcor, subject to Federal Trade Commission approval, with financial terms and completion date undisclosed. The deal follows APM’s April acquisition of WorkCare. Combined with Assure, the three businesses would employ more than 2,000 people across 450 sites, with services in every U.S. state and territory and every Canadian province. The combined portfolio spans injury prevention, onsite medical services, occupational health screenings, injury triage, telehealth, case management, return-to-work support and mental health services. Medcor, founded in 1984, adds mobile occupational health and 24/7 telehealth. (Link)
  15. Flexpoint Ford has sold behavioral health pharmacy platform ArtesRx — a business it co-founded in 2023 with Dom Meffe — to healthcare specialist Linden Capital Partners. Flexpoint Ford announced the sale of ArtesRx to Linden Capital Partners for undisclosed terms, a sponsor-to-sponsor exit of a platform Flexpoint built from scratch just three years ago. ArtesRx, established in 2023 by Flexpoint and Dom Meffe, is a behavioral health pharmacy platform serving individuals who depend on complex medication regimens. Chicago-based Flexpoint, founded in 2005, writes $50 million to $500 million per transaction across minority and majority structures in both private and public companies. Linden, also Chicago-based and founded in 2004, invests exclusively in healthcare across services, products and distribution and prefers larger cheques. (Link)
  16. Charlesbank Capital Partners and Warburg Pincus-backed MB2 Dental has partnered with Honolulu-based Hawaii Pacific Dental Group in its 14th acquisition of 2026. MB2 Dental, the Dallas dental support organization backed by middle-market private equity firm Charlesbank Capital Partners and growth equity investor Warburg Pincus, formed a strategic partnership with Hawaii Pacific Dental Group. The Honolulu practice, led by Dr. Rohinton J. Patel, provides cosmetic, restorative, preventative and family dentistry. MB2 supports a nationwide network of more than 1,900 affiliated physicians and practice partners across general dentistry, orthodontics, cosmetic care and oral surgery. The transaction expands MB2’s footprint across Hawaii and the broader Pacific region and marks its 14th acquisition of 2026. Financial terms of the private transaction were not disclosed. Link (Link)
  17. Standard Dental Labs (OTCQB: TUTH) has acquired substantially all operating assets of Dr. Tooth, LLC — also known as Sheen Dental Laboratory and Hansen Incarnati — in a cash-and-stock asset purchase with earnout conditions. Standard Dental Labs (TUTH) closed the acquisition effective October 2, 2026, structured as an asset purchase combining cash and SDL common stock with performance conditions tied to retained customer revenue. Management estimates the acquired business adds just over $800,000 in annualized revenue, taking SDL’s estimated annualized base above $1.6 million and nearly doubling the prior estimate. SDL plans to move production to its Sarasota facility, reshoring work currently outsourced to China to lift utilization and facility profitability. Management believes the business can be rebuilt to more than $1.1 million in annualized revenue. (Link)
  18. Banner Capital, with healthcare private equity firm Seventeen Capital as strategic co-investor, has agreed to acquire Seaway Plastics Engineering, MME Group and Wright Engineered Plastics, forming medical device manufacturing platform Seaway Group under Executive Chairman Ron Labrum. Salt Lake City-based Banner Capital formed Seaway Group and entered a definitive agreement to acquire the three medical device contract manufacturers, with closing expected in the fourth quarter of 2026. Seventeen Capital, a healthcare private equity firm led by medical device executive Ron Labrum, is a strategic co-investor, and Labrum becomes Executive Chairman at close. Seaway Group is the third platform in Banner Capital Fund II, after Western Pavement Services and Roof Restoration Group. Banner targets founder-led Western U.S. businesses with $4 million to $15 million of EBITDA and managed $611 million as of June 30, 2026. (Link)
  19. Wandercraft has acquired Ekso Bionics from a subsidiary of ChronoScale Holdings (NASD: CHRN), uniting two medical exoskeleton pioneers into a global robotic mobility platform. Wandercraft acquired Ekso Bionics from a ChronoScale Holdings (CHRN) subsidiary in a transaction unanimously approved by both boards and signed and closed simultaneously; financial terms were not disclosed. The combination pairs Wandercraft’s advanced robotics, physical AI and EMEA leadership with Ekso’s U.S. presence, clinical evidence base and commercial reach. Atalante X and EksoNR support patients at more than 700 rehabilitation centers worldwide, with FDA clearances and CE marking covering stroke, spinal cord injury, multiple sclerosis and acquired brain injury, while Eve and Indego Personal address at-home mobility. Wandercraft will continue supporting all four products. (Link)
  20. The University of Kansas Health System has agreed to take full ownership of the St. Francis campus in Topeka from Ardent Health (NYSE: ARDT). The two have run St. Francis and affiliated Topeka sites as a joint venture since 2017, after the campus had been facing closure. Ardent has handled day-to-day operations. KU Health System has provided clinical and financial support. Ardent will stay involved for a period after closing. The transfer is expected by the end of 2026, subject to approvals. (Link)
  21. Biospring Partners has led a growth investment in CDMO Serán Bioscience alongside existing investors Vivo Capital and Bain Capital Life Sciences to fund a new commercial spray-drying facility in Bend, Oregon. Biospring Partners led the growth investment with continued participation from Vivo Capital, Bain Capital Life Sciences and Serán’s executive leadership. Proceeds support a greenfield commercial manufacturing facility on track for completion in Q3 2027, creating an integrated 200,000-plus square foot campus with OEB4 manufacturing, spray drying, nano-milling and finished-dose capabilities. Biospring, founded in 2020, is a healthcare growth buyout firm with more than $500 million under management focused on pharma services; Vivo manages roughly $5.8 billion. Serán employs over 200 people and plans up to 150 additional hires. (Link)
  22. Renovus Capital Partners portfolio company TJP has acquired life sciences market research firm Evolution Consulting & Research, completing an end-to-end research, strategy, creative, pull-through and analytics platform for pharma clients. TJP, a Conshohocken, Pennsylvania value and patient access agency owned by Renovus Capital Partners, acquired Evolution Consulting & Research. The add-on follows TJP’s earlier purchase of FX2 Virtual and gives clients continuity from upfront market research through strategy, creative, virtual field execution and analytics. CEO Rino Mariconda, also an operating partner at Renovus, said the deal fulfills the firm’s vision of a unified platform. Renovus, founded in 2010, invests in knowledge and talent industries including healthcare and life sciences services, and builds platforms through operational improvement and add-on acquisitions. Terms were undisclosed. (Link)
  23. Resonant Clinical Solutions has acquired Hamburg-based labfish rental solutions GmbH and its U.S. and U.K. affiliates, expanding its Equipment & Ancillaries business across Europe. Resonant Clinical Solutions, a Leesburg, Virginia clinical supply chain and sample lifecycle partner, acquired Labfish together with its U.S. and U.K. affiliates for undisclosed terms. Labfish rents scales, freezers, refrigerators, infusion pumps and monitors, supplies kitting and ancillaries, and operates one of the largest in-house calibration facilities serving clinical trials in Europe. It also provides Importer and Exporter of Record services and direct-to-patient logistics, working with partner depots in Argentina, Israel, Turkey and China to supply sites in more than 70 countries. Resonant has over 850 employees and has supported more than 2,500 clinical trials. (Link)
  24. Sheridan Capital Partners has acquired Durham, North Carolina-based single-use bioprocessing components supplier Carolina Components Group, its fourth platform acquisition of 2026. Chicago healthcare private equity firm Sheridan Capital Partners acquired Carolina Components Group, a 2020-founded supplier of ultra-pure components, custom-engineered single-use assemblies and process solutions serving more than 250 biopharmaceutical and contract manufacturing customers. CCG operates over 100,000 square feet of ISO Class 7 and Class 8 cleanroom and manufacturing space, scale Sheridan says regional competitors lack. Sheridan cited CCG’s supplier-agnostic model and its status as a founder-owned business at a growth inflection point. The deal is Sheridan’s fourth of 2026 after ICANotes, Tres Health and PtEverywhere. (Link)
  25. Chicago Pacific Founders has exited veterinary AI company CoVetAI following its acquisition by IDEXX Laboratories (NASD: IDXX), the first realization from CPF’s Pet Fund – Off Leash Capital. IDEXX Laboratories (IDXX) acquired CoVetAI, developer of an AI-powered clinical scribe and workflow platform for veterinary medicine, handing Chicago Pacific Founders the first realization from its specialist animal health fund. Financial terms were not disclosed. CPF was CoVet’s sole institutional investor and backed the company from an early stage; Pet Fund partner Gina Del Vecchio described IDEXX as the ideal owner to scale the product globally. The fund closed on September 16, 2026, holds six portfolio investments, and targets a companion animal market currently worth $288.4 billion and projected to reach $560.7 billion by 2034. (Link)
  26. Brady (NYSE: BRC) has sold its French first-aid business Securimed to Safe Life for about $59 million. Securimed, based in Cappelle-la-Grande, sells customized first-aid kits, protective equipment and emergency-response products, mostly to corporate health and safety departments in France. Brady bought the business in 2010. The price is about €53 million. Brady is an identification and safety-products company based in Milwaukee and is treating the unit as outside that core. (Link)

Venture Deals and Other

  1. Anthropic, PBC has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock, with share count and price not yet set. Anthropic, PBC confidentially submitted a draft Form S-1 to the SEC for a proposed initial public offering of its common stock. The submission gives the AI developer the option to go public once the SEC completes its review, with any offering dependent on market conditions and other factors. The number of shares to be offered and the price have not yet been set. The announcement was published under Rule 135 of the Securities Act of 1933 and is not an offer to sell or a solicitation of an offer to buy securities. No valuation, timetable, exchange or selling shareholders were disclosed. (Link 1) (Link 2)
  2. Lux Capital and Natural Capital have co-led a $251 million Series D in El Segundo-based in-orbit pharmaceutical processing company Varda Space Industries, joined by Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step and Also Capital, at a $1.6 billion valuation. Lux Capital and Natural Capital led Varda Space Industries’ $251 million Series D, with Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step and Also Capital participating. The round values the microgravity-enabled life sciences company at $1.6 billion and lifts total capital raised to $598 million. Varda has completed six reentry missions since 2023, with more than a dozen launches and reentries planned through 2028. Proceeds will increase flight cadence and deepen pharmaceutical partnerships toward the first medicine manufactured in space. (Link)
  3. B Capital has led a $33 million Series B in Austin-based microbiome testing company Tiny Health, joined by Spero Ventures, The Venture City, Overwater Ventures, Black Opal Ventures, Denver Ventures, Pave Health Ventures, Alumni Ventures, Gaingels and Pari Passu Ventures. B Capital led Tiny Health’s oversubscribed $33 million Series B, bringing total funding to $46 million. Existing backers Spero Ventures, The Venture City and Overwater Ventures participated alongside new investors Black Opal Ventures, Denver Ventures, Pave Health Ventures, Alumni Ventures, Gaingels and Pari Passu Ventures. B Capital manages more than $12 billion and takes a board seat through Senior Principal Nick Whitehead. Proceeds fund clinical research, practitioner education, the Powered by Tiny B2B platform and TinyAI, trained on nearly 200,000 microbiome profiles. Tiny Health also committed $5 million to a Microbiome Research Program. (Link)
  4. Canvas Ventures has led an oversubscribed $10 million Series A in San Francisco-based healthcare AI company Parakeet Health, with Blank Space Ventures, StoryHouse Ventures and HMC INQ participating. Canvas Ventures led Parakeet Health’s oversubscribed $10 million Series A, taking total funding to $13 million. The raise follows 10x annual recurring revenue growth over the past year. Parakeet’s platform manages inbound calls, proactive outreach, fax processing and web scheduling, and now serves six of the ten largest U.S. dermatology groups, supporting more than 2,800 providers across 1,100-plus locations. Canvas co-founder Rebecca Lynn cited the team’s ability to win major healthcare customers and deliver measurable ROI. Parakeet charges on a performance basis tied to verified results. Link (Link)
  5. Biotia has raised an oversubscribed $9 million financing from Convergent Ventures, DigitalDx Ventures, Cloquet Capital Partners, Continuum Health Ventures, I-Lab Angels, EGB Capital, Leawood Venture Capital, Red Bear Angels and Red Bear Ventures, alongside VillageMD co-founders Tim Barry and Clive Fields. New York clinical metagenomics company Biotia closed an oversubscribed $9 million round that exceeds its previously announced Series A. Investors include Convergent Ventures, DigitalDx Ventures, Cloquet Capital Partners, Continuum Health Ventures, I-Lab Angels, EGB Capital, Leawood Venture Capital, Red Bear Angels and Red Bear Ventures, plus VillageMD co-founders Tim Barry and Clive Fields. DigitalDx Ventures CEO Michele Colucci becomes board chair and Barry joins the board. Capital will scale Biotia’s New York laboratory, launch further women’s health diagnostics and expand into orthopedics. Its BIOTIA-ID urine test reports 97% sensitivity and 99% specificity. (Link)
  6. Cobalt Capital has led an undisclosed Series A in Los Angeles-based predictive movement health company p°Motion, joined by WME Group, Nimble Ventures, Canaan Ventures and Soul Ventures. Cobalt Capital led the Series A financing, building on support from a broader investor group including WME Group, Nimble Ventures, Canaan Ventures, Soul Ventures and strategic investors connected to professional sports, technology and institutional capital. Neither round size nor valuation was disclosed. Founded in 2019, p°Motion applies machine learning to an assessment methodology built on more than 40 years of movement research, and says it can identify certain injury risks up to 18 months before they occur — a company-reported claim without published validation data. Proceeds fund AI and engineering hiring plus commercial expansion into healthcare. (Link)
  7. Advent has led, and Temasek co-led, a $555 million Series G in Medicare Advantage insurer Devoted Health as part of a $1.18 billion financing. Devoted Health closed $555 million of Series G primary funding within a $1.18 billion primary and secondary financing. Advent led with Temasek as co-lead, joined by The Space Between — both independently and alongside Centricus — plus GIC, Franklin Templeton, Generation, VZVC, Emerson Collective, Premji Invest and Andreessen Horowitz. The same investors committed $622 million for a shareholder tender offer expected to close later in the fourth quarter. Membership has grown from 212,000 in December 2025 to 538,000 by September 2026, and Devoted is entering 342 new counties and five new states. (Link)

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