Axios Pro: Health Tech Deals

December 04, 2023

Axios Pro Exclusive Content

Happy Monday, Health Techies!

Situational awareness: Roche will pay at least $2.7 billion for weight loss drug company Carmot Therapeutics, granting the pharma giant entry to the GLP-1 craze.

1 big thing: Intuitive Ventures closes $150M fund

Illustration of two checks forming a health plus.

Illustration: Aïda Amer/Axios

Intuitive Surgical spinout venture firm Intuitive Ventures raised $150 million for its second health care startup fund, managing partner Murielle Thinard McLane tells Erin exclusively.

Why it matters: The fundraise is reflective of continued venture interest in early-stage health care startups, despite a murky market.

Details: Intuitive plans to invest the funds in 10 to 15 startups across fields such as care coordination, precision diagnostics, medical technologies and digital health.

  • The firm plans to deploy between half a million to $10 million in first initial checks, per Thinard McLane, who is replacing outgoing managing director Oliver Keown.
  • While Keown is leaving Intuitive to start his own company, he will remain a venture partner with the firm.

How it works: The Sunnyvale, California-based firm invests in early-stage startups from seed stage to Series B, as well as follow-on investments. Notable recent bets include...

  • Participation in robotic-assisted heart valve surgery technology company Capstan Medical's $31.4 million Series B round this August.
  • Follow-on investment in medical imaging data company Flywheel's $54 million Series D raise this June.
  • Co-leading health care cybersecurity company MedCrypt's $25 million Series B raise with Johnson & Johnson Innovation in 2022.

Flashback: Robotic surgery company Intuitive Surgical launched Intuitive Ventures as a separate business entity in 2020.

  • So far, the firm invested in more than 10 health care startups from its first fund of $100 million.

What they're saying: Although the market has remained quieter compared with the frenzy of dealmaking in 2020 and 2021, Thinard McLane says things have started to pick up.

  • "I feel like the momentum is starting again," she says.

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