During Q1 of 2024, medtech saw developments across R&D partnerships, M&As, ventures, and IPOs. From advancements in ophthalmology therapies to breakthroughs in treating chronic conditions like heart failure, atrial fibrillation, and chronic pain, medtech is reshaping healthcare delivery with a focus on improved patient outcomes. Details to follow.
R&D Partnerships – MedTech, Device, Digital Health, Wearables
In Q1 2024, there were 5 R&D partnerships in medtech, devices, digital health, and wearables, totaling $187 million, including $60 million upfront cash and equity. In Q4 2023, there were only six deals; combining both quarters, 11 deals amounted to $187 million with $60 million upfront cash and equity.
Prominent R&D Partnerships MedTech – Q1 2024
ABVC BioPharma and BioFirst Grant ForSeeCon Eye Exclusive Global Rights (March 2024)
ABVC BioPharma and its subsidiary BioFirst awarded ForSeeCon Eye exclusive global rights for developing, manufacturing, supplying, and marketing ophthalmology therapies, including the Vitargus medical device for treating eye diseases. ABVC and BioFirst will receive $30M upfront or 5M shares of ForSeeCon’s common stock priced at $6 per share. Additional payments of up to $3.5M in milestones and 5% royalties capped at $60M are possible.
Secarna Pharmaceuticals Partners with Celanese for Long-Acting Implants (March 2024)
Secarna Pharmaceuticals entered a research partnership with Celanese to develop long-acting implants delivering antisense oligonucleotides (ASOs). This collaboration merges Secarna’s ASO drug discovery and development platform with Celanese’s VitalDose drug delivery platform. The focus areas include cancer, cardiometabolic, CNS, and rare diseases. Financials were not disclosed.
Sharps Technology Grants Roncadelle Operations Exclusive Global Rights (March 2024)
Sharps Technology awarded Roncadelle Operations exclusive global rights to develop and commercialize drug delivery products, including the Securegard, SAFER, and Sologard Lines of Disposable Smart Safety Syringes. Additionally, a cross-licensing agreement was signed between Sharps Technology and Roncadelle Operations to distribute and commercialize each other’s products across their respective regions. Financials were not disclosed.
M&A – MedTech, Device, Digital Health, Wearables
During Q1 2024, there were 12 M&As in medtech, devices, digital health, and wearables, totaling $0.2 billion with contingent payments and $0.2 billion in cash without contingents. In Q4 2023, there were 20 deals totaling $4.5 billion with contingents and $4.3 billion in cash without contingents. A combined 32 deals totalled $4.7 billion with contingents and $4.4 billion in cash without contingents.
Prominent M&A MedTech – Q1 2024
Haemonetics Acquires Attune Medical (April 2024)
Haemonetics acquired Attune Medical, a company specializing in medical devices, including the ensoETM proactive esophageal cooling device for gastrointestinal applications. Attune will receive $160M upfront in cash and may qualify for an undisclosed milestone payment based on sales growth over 3 years.
Linden Capital Partners Acquires Alcresta Therapeutics (March 2024)
Linden Capital Partners announced its acquisition of Alcresta Therapeutics, a company with assets including devices such as the RELiZORB (iMMOBILIZED LIPASE) cartridge and ALC-079, targeting pancreatic insufficiency and gastrointestinal disorders. Financials were not disclosed.
Mahana Therapeutics Purchases HiDoc Technologies Operating as Cara Care (March 2024)
Mahana Therapeutics announced its acquisition of HiDoc Technologies, which operates as Cara Care. Cara Care provides digital health services for conditions such as irritable bowel syndrome (IBS), gastroesophageal reflux, and dyspepsia. Financials were not disclosed.
Venture Funding – MedTech, Device, Digital Health, Wearables
In Q1 2024, we saw 61 venture funding rounds in medtech, devices, digital health, and wearables, raising $1.8 billion. In Q4 2023, there were 51, raising $1.2 billion. The combined 112 rounds for both quarters raised $3.1 billion, an increased round count, and the total raised from Q4 2023 to Q1 2024.
Prominent Ventures MedTech – Q1 2024
Impulse Dynamics plc Secures $136 Million in Funding (February 2024)
Impulse Dynamics plc secured $136 million in funding led by Perceptive Advisors, Redmile Group, Alger, and Hobart Healthcare. This investment will support significant clinical trials such as the INTEGRA-D and AIM HIGHer trials, focusing on evaluating CCM therapy’s safety and efficacy in HF patients with an ejection fraction (EF) of 40% to 60%.
MMI (Medical Microinstruments, Inc.) Raises $110 Million in Series C Financing (February 2024)
MMI secured $110 million in Series C financing led by Fidelity Management & Research Company. This marks the most significant investment in microsurgery innovation. The funds will primarily support the commercialization of the Symani Surgical System in high-growth markets, ongoing clinical studies for indication expansion, and acceleration of advanced technology capabilities.
Nalu Medical, Inc. Completes $20 Million Equity Financing (January 2024)
Nalu Medical, Inc. completed an additional $20M in equity financing from new investor B Capital, bringing the total investment in the Series E round to $85M. Novo Holdings led the round with $65M. The funds will enhance peripheral nerve stimulation (PNS) technology to address chronic neuropathic pain.
Argá Medtech Closes €54M Series B Funding for Atrial Fibrillation Treatment (February 2024)
Argá Medtech closed a €54M Series B funding round co-led by Gilde Healthcare and existing investors to advance its Pulsed Field Ablation (PFA) system for treating atrial fibrillation (AF). The funding will support clinical trials and enhance its Coherent Sine-Burst Electroporation™ (CSE™) ablation system.
Procyrion™, Inc. Concludes $57.7 Million Series E (February 2024)
Procyrion™, Inc. concluded a $57.7 million Series E funding round, primarily supporting the ongoing DRAIN-HF pivotal IDE trial for the Aortix™ percutaneous mechanical circulatory support (MCS) device in patients with acute decompensated heart failure (ADHF) and persistent congestion despite standard medical therapy.
IPO Activity – MedTech, Device, Digital Health, Wearables
Only 2 IPOs in medtech, devices, digital health, and wearables, raised $121 million in Q1 2024; however, no IPOs were reported in Q4 2023.
