HEALTH TECHNOLOGY

Endeavour Vision has closed Endeavour Medtech Growth II LP for USD 375 Million to Invest in Transformative Healthcare Technology

Endeavour Vision | April 23, 2021

Endeavour Vision today announced the closure of Endeavour Medtech Growth II (EMG II) LP at a total capital commitment of USD 375 million. The fund will follow the same approach as its predecessor, which was to help early-stage Medtech and digital health advances that advance the quality of care and improve healthcare system efficiencies. EMG II LP was funded by both current and returning investors, including public pension funds, multi-manager funds, family offices, and high-net-worth individuals. EMG II LP expands on Endeavour Vision's two decades of healthcare investment, which has resulted in over USD 500 million invested in 42 businesses, 21 of which have exited through acquisition or IPO.

 

The fund's closure comes as the world prepares for post-pandemic existence after more than a year in the hands of COVID-19, a crisis that has driven the introduction of emerging healthcare technologies, including innovative methods of providing remote patient treatment. Underlying factors such as aging populations, chronic diseases, and tightening healthcare budgets will continue to drive appetite for cost-effective solutions. As a result, healthcare advancement is expected to remain a long-term focus, generating attractive growth and a rich range of opportunities for investors.

 

The fund has now invested more than USD 100 million in seven companies: IntelyCare, CeQur, Rapid Micro Biosystems, SOPHiA GENETICS, Nalu Medical, Lumeon, and Relievant Medsystems.

 

Endeavor Vision is one of the world's leading Medtech and digital health investment teams. The firm collaborates with game-changing businesses, aggressively assisting them with strategic and organizational experience to encourage their global success beyond finance.

 

About Endeavour Vision

Endeavour Vision, established in 2000, is a venture capital and growth equity company that invests in early-stage Medtech and digital health businesses in Europe and the United States. Its foreign investment teams are located in two major healthcare hubs in Geneva, Switzerland, and Minneapolis.

Spotlight

Discrimination, including rape and early marriage, prevents women and girls from being able to adequately protect themselves from HIV. Sometimes gender inequality is entrenched in a country’s laws. Women and girls face unequal access to their rights in many contexts and lack the freedom to make informed choices.

Spotlight

Discrimination, including rape and early marriage, prevents women and girls from being able to adequately protect themselves from HIV. Sometimes gender inequality is entrenched in a country’s laws. Women and girls face unequal access to their rights in many contexts and lack the freedom to make informed choices.

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Exact Sciences Acquires PreventionGenetics to Accelerate Availability of Hereditary Cancer Testing for More Patients

Exact Sciences Corp. | January 10, 2022

Exact Sciences Corp.announced today it has acquired PreventionGenetics, a genetic testing laboratory, to complement its advanced cancer diagnostics portfolio and support its entrance into hereditary cancer testing (HCT). PreventionGenetics provides the clinical lab, expertise, and foundational technology necessary to accelerate the availability of HCT and help more patients know their germline risk of cancer and other diseases. "PreventionGenetics is a natural fit with Exact Sciences, and we're thrilled to have their talented team join in our mission to make earlier cancer detection a routine part of medical care. We share in PreventionGenetics' belief that genetics can transform medicine, improve lives, and help eradicate cancer. With our deep relationships in primary care and PreventionGenetics' strong reputation among genetics specialists, Exact Sciences can help more people understand their inherited risk of cancer to catch it earlier and treat it more effectively." Kevin Conroy, Exact Sciences chairman and CEO Nearly 300,000 health care providers and more than 200 large U.S. health systems rely on Exact Sciences' Cologuard® and Oncotype DX® tests in primary care, women's health, oncology, and other specialties. In partnership with the PreventionGenetics team, Exact Sciences plans to leverage its unmatched commercial reach in diagnostics to expand hereditary cancer and genetic testing throughout the U.S. and globally. PreventionGenetics is a CLIA-certified and CAP-accredited clinical DNA testing laboratory, providing more than 5,000 predefined genetic tests for nearly all clinically relevant genes, additional custom panels, and comprehensive germline whole exome and whole genome sequencing tests. With a goal to improve lives through genetic testing, PreventionGenetics offers tests spanning decades of life including proactive health and wellness, cancer risk and screening, pediatric and adult-onset rare diseases, and others. These high-quality genetic tests are supported by deep sequencing capabilities and more than 100 peer-reviewed publications. Like Exact Sciences, the PreventionGenetics team is relentless in their pursuit of quality. This focus, combined with a best-in-class customer experience and turnaround times, has earned PreventionGenetics a strong reputation and brand recognition among genetics specialists and counselors. About PreventionGenetics Founded in 2004 and located in Marshfield, Wisconsin, PreventionGenetics is a CLIA and ISO 15189:2012 accredited laboratory. PreventionGenetics delivers clinical genetic testing of the highest quality at fair prices with exemplary service to people around the world. PreventionGenetics has 25 PhD geneticists on staff and provides tests for nearly all clinically relevant genes including the powerful and comprehensive germline whole genome sequencing test, PGnome® and whole exome sequencing test, PGxome®. About Exact Sciences Corp. A leading provider of cancer screening and diagnostic tests, Exact Sciences relentlessly pursues smarter solutions providing the clarity to take life-changing action, earlier. Building on the success of the Cologuard® and Oncotype® tests, Exact Sciences is investing in its product pipeline to take on some of the deadliest cancers and improve patient care. Exact Sciences unites visionary collaborators to help advance the fight against cancer.

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GoodRx Agreed to Acquire VitaCare

GoodRx | March 08, 2022

GoodRx a leading consumer-focused digital healthcare platform, announced that it had reached a definitive agreement to buy TherapeuticsMD's vitaCare Prescription Services. VitaCare is a technology and services platform that assists patients in overcoming primary barriers to brand medicine access and adherence. vitaCare, in particular, helps patients understand coverage, identify savings opportunities, and facilitate communication between physicians and payors. In addition, thanks to its extensive network of third-party pharmacies, the website also makes it easy to fill a prescription. With this acquisition, GoodRx will be able to assist more patients in receiving their prescriptions in a timely, cost-effective, and transparent manner, as well as staying on their prescribed medications for as long as they need to. According to IQVIA, FDA, and DrFirst data, hardly half of the 500 million brand prescriptions generated yearly are completed. One crucial factor is that affordability is a significant barrier to access for many people, resulting in a lack of medication adherence among patients. According to CoverMyMeds, out of all the prescriptions filled in the United States last year, 29 percent of patients were delayed in receiving their medication due to insurance processing and physician communication delays. GoodRx thinks that vitaCare will have more tools to help streamline the prescription process from beginning to end, ensuring that patients have a clear path to accessing and affording the brand-name medications they require. Furthermore, the acquisition is expected to boost GoodRx's rapidly developing, high-margin Pharma Manufacturer Solutions products, which include drug knowledge, access, and adherence as well as unique capabilities. “Over the past decade, GoodRx has helped millions of Americans afford generic medications, but brand medications remain too expensive for too many people. Pharma manufacturers want to help patients find affordable options, but too many consumers still face affordability challenges or complex reimbursement processes. With vitaCare, we aim to grow our reach and provide new tools for consumers and providers to help ensure that more patients can access relevant savings programs and navigate prior authorization requirements. In addition, we’re excited about the potential to help patients from the point of prescribing through their ongoing refills to ensure they can stay healthy.” Doug Hirsch, co-CEO and co-founder of GoodRx “We couldn’t be more excited to join GoodRx and be part of a team that is working to put affordable healthcare within reach for everyone,” said John Milligan, CEO at vitaCare Prescription Services. “Consumers come to vitaCare looking for a seamless, patient-first experience that will help them get the brand medications they are prescribed. Upon joining the GoodRx team, we hope to expand our network of pharmaceutical manufacturers and put even more therapies within reach for consumers.” GoodRx has made a significant investment in offering low-cost brand-name drug solutions to consumers. GoodRx works with pharmaceutical manufacturers through our Pharma Manufacturer Solutions business to increase patient awareness of savings programs and prescriber access to these programs directly on our site, improving patient access to these programs and increasing adherence to the brand medications patients need to stay healthy. GoodRx offers a platform for manufacturers to engage big, high-intent audiences contextually appropriate to their products through GoodRx Health, our online health information portal. GoodRx now wants to expand its solutions for pharmaceutical producers with vitaCare to help patients gain access and adhere to their medications. GoodRx has agreed to pay $150 million in cash for vitaCare, with an extra $7 million based on the company's financial success until 2023. The acquisition is scheduled to close in mid-2022, assuming all usual closing conditions are met. In 2022, taking the acquisition closes in the middle of the year, we project the transaction to add less than 1% to overall revenue and cut the adjusted EBITDA margin by about 2%. In future years, we expect the business to expand in revenue and profitability, but this will not substantially impact our long-term outlook.

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R1 RCM to Acquire Cloudmed, Creating the Strategic Revenue Partner for Healthcare Providers

R1 RCM | January 11, 2022

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