Food-as-medicine platform Season Health has closed on its strategic asset acquisition from Wellory, which offers a network of registered dietitians, the companies announced Tuesday. Austin, Texas-based Season Health offers personalized food recipes, pre-made meals, grocery support, one-on-one meetings with a dietitian and nutrition education. It serves payers and employers. New York City-based Wellory works with payers and connects patients to dietitians for one-on-one virtual nutrition sessions. This network of dietitians provides care for 25 different specialties in 15 languages across all 50 states. “Food-as-medicine, as far as I can tell, is still excitingly emerging,” said Josh Hix, CEO and co-founder of Season Health, in an interview. “There’s not yet one definition [of food-as-medicine], and in our opinion, it needs to include dietitian services. We see patients all the time where they have, for example, uncontrolled diabetes or poorly controlled diabetes. No one’s ever told this person that it’s large volumes ...
By acquiring clinical assets from Wellory, Season Health will be able to greatly expand its provider network. The company will also gain national contracts with Aetna and Cigna. By MARISSA PLESCIA Food-as-medicine platform Season Health has closed on its strategic asset acquisition from Wellory, which offers a network of registered dietitians, the companies announced Tuesday. Austin, Texas-based Season Health offers personalized food recipes, pre-made meals, grocery support, one-on-one meetings with a dietitian and nutrition education. It serves payers and employers. New York City-based Wellory works with payers and connects patients to dietitians for one-on-one virtual nutrition sessions. This network of dietitians provides care for 25 different specialties in 15 languages across all 50 states. “Food-as-medicine, as far as I can tell, is still excitingly emerging,” said Josh Hix, CEO and co-founder of Season Health, in an interview. “There’s not yet one definition [of food-as-medicine], and in our opinion, it needs ...
MSD has entered a definitive agreement to acquire Caraway Therapeutics in a deal worth up to $610m. MSD will acquire the Massachusetts-based small molecule therapeutics company through one of its subsidiaries. The $610m consideration includes undisclosed upfront and milestone-based payments. MSD plans to expense the upfront payment as part of its Q4 2023 expenses, as per a 21 November press release. MSD has been a Caraway shareholder through its subsidiary, MRL Ventures Fund. As per the agreement, the company will “acquire all outstanding shares of Caraway with earnout milestones associated with the development of certain pipeline candidates”. The transaction has already been approved by Caraway’s board of directors. Caraway has a preclinical pipeline of therapies for neurogenerative diseases, especially Parkinson’s disease. Caraway’s lead preclinical candidate targets the transient receptor potential cation channel subfamily (TRPML1), which is located on lysosomes and regulates their enzymatic activity. As lysosomal dysregulation has been seen ...
BY SEAN WHOOLEY The LimFlow System. [Illustration courtesy of LimFlow] Inari Medical (Nasdaq: NARI)+ announced that it completed its acquisition of chronic limb-threatening ischemia (CLTI) treatment maker LimFlow. The Irvine, California–based company earlier this month announced plans to acquire LimFlow for up to $415 million. The deal came just weeks after Paris-based LimFlow won FDA premarket approval (PMA) for its breakthrough CLTI treatment. Inari Medical intends to pay a total upfront consideration of $250 million in cash at closing. Contingent consideration of up to $165 million in additional cash payments hinges on certain commercial and reimbursement milestones. Inari Medical expects to pay those tranches out between 2025 and 2027. The company said it funded the acquisition at close from existing cash resources. LimFlow designed its system for transcatheter arterialization of deep veins. It diverts blood from a diseased tibial artery to a tibial vein to deliver oxygen to a patient’s ...
Eli Lilly has substantiated its desire to acquire radiopharmaceutical company POINT Biopharma by extending the expiration date of the tender offer. The offer, which will now give POINT until 5:00 pm ET on 16 November to accept or terminate proceedings, outlined Lilly’s proposal to purchase shares at $12.5 per share in cash, with the condition to purchase a majority of POINT’s outstanding shares. The offer was previously scheduled to expire one minute after 11.59 pm ET on 9 November. As of 8 November, Lilly reported that nearly 15 million shares had been presented and not properly withdrawn. These shares constituted about 14.16% of the issued and outstanding shares of POINT as of the same date. The transaction is making waves at POINT where it has been met by a wall of opposition. As per an amended tender offer statement filed with the SEC on 8 November, POINT has received several ...
Alfasigma has expanded its drug portfolio for treating rare and serious liver diseases after completing its acquisition of US-based Intercept Pharmaceuticals. The completed acquisition comes just over a month after Intercept agreed to a $794m (€751.76m) buyout by Alfasigma. Any remaining common shares of Intercept were bought at $19.00 per share. Now being owned by the leading Italian pharmaceutical company, Intercept will no longer be traded on the Nasdaq exchange. In acquiring Intercept, Alfasigma has gained access to Ocaliva, the only US Food and Drug Administration (FDA)-approved second-line therapy for primary biliary cholangitis (PBC). Ocaliva, in combination with bezafibrate, also has orphan drug designation for PBC that was granted by the FDA in May. As per Alfasigma CEO Francesco Balestrieri, the company seeks to expand its gastroenterology and hepatology market presence and will benefit from Intercept’s innovation and R&D pipeline. Though Intercept’s Ocaliva has had its victories, the drug has ...
Drug discovery increasingly requires sophisticated analysis of proteins, and Thermo Fisher Scientific is building up its capabilities to support such research with the $3.1 billion acquisition of Olink, a company whose technologies and services are used in laboratories around the world. According to deal terms announced Tuesday, Thermo Fisher, based in Waltham, Massachusetts, will pay $26 cash for each American depositary share of Olink. That price represents a premium of about 74% to the Uppsala, Sweden-based company’s closing stock price on Monday. When Olink made its Nasdaq debut in 2021, it priced shares at $20 apiece. Olink is a player in the field of proteomics, the analysis of proteins. But the company does not discover or develop new drugs. Rather, it provides tools and services for the scientists who do that research at biopharmaceutical companies and universities. The company sells kits that drug researchers can use to analyze proteins in ...
By Tristan Manalac Pictured: Biogen sign/The Boston Globe via Getty, John Tlumacki Biogen is laying off 113 employees from Reata Pharmaceuticals’ Plano, Texas site, according to a Worker Adjustment and Retraining Notification notice. The layoffs, set to take effect in late November, come just months after Reata was acquired by Biogen for $7.3 billion in July 2023. At the time, Biogen had just launched a sweeping cost-reduction program which involved terminating around 1,000 employees in an effort to save $1 billion in operating expenses by 2025. Late last month, Biogen completed the acquisition of Reata. In an emailed statement to Endpoints News, a Biogen spokesperson confirmed the job cuts which will mostly affect “roles where there are existing synergies at Biogen.” The positions include general and administrative services, as well as some development-focused jobs. “We are retaining those colleagues who have been essential to the launch of Skyclarys to ensure ...
Addition strengthens neuroscience pipeline, company says. Image Credit: Adobe Stock Images/chinnarach AbbVie announced that it has exercised its exclusive right and completed the acquisition of Mitokinin, a biotech company focused on developing treatments for Parkinson’s disease. Under terms of the acquisition, AbbVie will pay Mitokinin shareholders $110 million at closing for the acquisition of Mitokinin, with shareholders remaining eligible for potential additional payments of up to $545 million upon the achievement of certain development and commercial milestones related to Pink1, Mitokinin’s lead compound designed to address mitochondrial dysfunction that is believed to be a major contributing factor to Parkinson’s disease pathogenesis and progression. “Parkinson’s disease continues to be a major unmet medical need, impacting patients, caregivers and society. With this acquisition, we are excited to grow our neuroscience portfolio and explore a potential new treatment option for PD,” said Jonathon Sedgwick, PhD, VP, global head of discovery research, AbbVie. “While ...
Dive Brief Enovis has struck an agreement to buy orthopedics company LimaCorporate for 800 million Euros ($847 million). The acquisition of the Italy-based company will scale Enovis’ global reconstruction unit, creating a $1 billion business that is forecast to grow in the high single digits and generate $40 million in cost synergies over the next three years. Vik Chopra, an analyst at Wells Fargo, said the acquisition was “much larger than what we were expecting,” in a conference call with Enovis management. Shares in Enovis rose 5% to $54.16 after the Delaware-based company disclosed the deal. Dive Insight Enovis, formerly called Colfax, has grown its operations through a series of acquisitions since the start of the decade, globalizing its reconstruction business with the $285 million takeover of Mathys in 2021 and adding other assets to establish and build its foot and ankle business. “At the time [of the Mathys deal], ...
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