Illustration: Natalie Peeples/Axios
Venture Capital
💊 Minghui Pharmaceutical, a Shanghai-based dermatology biotech, raised $131m in a "pre-IPO" round. OrbiMed and Qiming Venture Partners led, joined by TF Capital, BioTrack Capital, 5Y Capital, New Day Fund, and Wider Link Enterprise Investment. Go deeper
🚑 Apreo Health, a Menlo Park, Calif.-based medical device maker focused on emphysema, raised $130m in Series B funding. Bain Capital Life Sciences and Norwest led, joined by F-Prime, Intuitive Ventures, Lightstone Ventures, and Santé Ventures. Go deeper
• Capacity, a St. Louis-based support automation platform for contact centers, raised $42.6m in Series D funding led by TVC Capital and Toloka.vc. It also secured $50m in debt. Go deeper
• Bit2Me, a Spanish digital asset platform, raised €30m in funding led by Tether Ventures. Go deeper
🚑 August Health, a senior living EHR tools provider, raised $29m in Series B funding. Base10 Partners led, joined by General Catalyst, Matrix Partners, Equitage Ventures, Stanford University and the Senior Living Transformation Co. Go deeper
• Casap, a New York-based credit card dispute fintech, raised $25m led by Emergence Capital, with participation from Lightspeed Venture Partners, Primary Venture Partners and SoFi. Go deeper
🚑 Translucent AI, a New York-based health care fintech, raised $7m in seed funding from NEA, Virtue, FPV, and Redesign Health. Go deeper
Private Equity
• Ardian agreed to buy a stake in Diot-Siaci, a French corporate insurance brokerage group, from Ontario Teachers. Go deeper
• HPS Investment Partners invested in Lido Advisors, an LA-based wealth advisor with over $30b in AUM. Go deeper
• Revolution Beauty (LON: REVB) rejected a takeover offer from True. Go deeper
Public Listings
Czechoslovak Group, a Prague-based armored vehicle and ammunition maker, is weighing an IPO that could value it at €30b or more, per Bloomberg. Go deeper
Liquidity
💊 CorMedix, a Berkley Heights, N.J. drugmaker, agreed to buy infectious disease products company Melinta Therapeutics from Deerfield Management for $300m in cash and stock. Go deeper
• Ripple will pay $200m to buy Rail, a Canadian stablecoin platform that had raised $15m from Galaxy Ventures, Accomplice VC, Weekend Fund, and Sapphire Ventures. Go deeper
M&A
• Finsus, a Mexican banking startup, acquired Anticipa, an SME-focused lender. Go deeper
• Lyten, a San Jose, Calif.-based battery startup, will buy the remaining Swedish and German assets of bankrupt battery maker Northvolt. Go deeper
🚑 UnitedHealth Group (NYSE: UNH) and Amedisys (Nasdaq: AMED) reached a proposed settlement with the DOJ regarding a lawsuit over their $3.3b merger. It requires divestment of 164 home health and hospice facilities. Go deeper
Odds & Ends
💊 Exact Sciences will pay $75m upfront and up to $700m for rights to a blood-based colon cancer screening test made by Brisbane, Calif.-based Freenome. Go deeper
💊 Almirall, a Spanish medical dermatology company, will pay $650m upfront to Absci to expand its AI dermatological drug discovery collaboration. almirall.com
It's Personnel
• Steve del Cardayre and Brett Boghigian joined Switch Bioworks as chief technology officer and chief business officer, respectively. Cardayre previously was co-founder and CTO of Zero Acre Farms, while Boghigian was SVP at Mori. Go deeper
🚑 Barrett Dwyer, former CFO at Brightline and Modern Health, was named CFO at Rad AI. Kevin Field, former SVP at Bamboo Health, was named chief revenue officer. Go deeper
⚡Jim Hagemann Snabe has joined Bloom Energy's board of directors. Snabe is the chairman of Siemens AG. Go deeper
• Kara Kennedy was named global co-head of JPMorgan Chase's blockchain division Kinexys. Go deeper
⚡Christopher Liddell joined the board of Commonwealth Fusion Systems. He's a former White House adviser in President Trump's first term. Go deeper
• Abby Meyers and Ron Miasnik were promoted to partner at Bain Capital Ventures. baincapitalventures.com
⚡Todd Shutley joined Radiance Solar as COO. He was COO of Inlight Real Estate Partners. Go deeper
- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, Dan Primack, and Brock E.W. Turner contributed to this report.
