PitchBook News - Weight-loss drugs' ripple of effects

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The Daily Pitch: VC

October 2, 2023

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Today's Top Stories

Weight-loss drugs could have outsize impact on healthcare ecosystem

In just a handful of years, weight-loss drugs have surged in efficacy, usage and importance—not just to pharma companies.

Since the first GLP-1 agonist drug was approved six years ago to treat Type 2 diabetes, brands such as Wegovy and Ozempic have activated a once-stagnant corner of medicine. Now, telehealth companies are racing to pivot to weight-loss prescriptions, and there's potential for future weight-loss drugs to improve on efficacy and administration.

Our analyst note maps out the drugs' short- and long-term implications for investors in biopharma, digital health, healthcare services, medtech and healthcare IT.

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IPO Watchlist: The enterprise SaaS unicorns most likely to go public

(Spencer Platt/Getty Images)

Instacart and Klaviyo's recent public listings signaled the partial reopening of the IPO market for venture-backed tech companies.

To get a sense of the biggest and brightest IPO candidates, we dove into some of the top US venture-backed enterprise SaaS unicorns likely to follow in Klaviyo's footsteps. Our league table is based on PitchBook's VC Exit Predictor, which assesses a startup's prospect of a successful exit.

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VC Deals

Digital mortgage lender Perenna has raised over £42 million in a round led by Silverstripe Investment Management.

Mexican neobank Albo has raised a $40 million Series C led by Morpheus Ventures.

Farther, a wealth management company, has raised a $31 million Series B led by Lightspeed.

Framer, an Amsterdam-based no-code website builder, has secured a $27 million Series C led by Meritech Capital.

Trade finance startup Traydstream has secured a $21 million Series B led by Pivot Investment Partners and E& Capital.

Web3 startup IYK has raised a $16.8 million seed round led by a16z crypto.

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PE Deals

The Carlyle Group has been in exclusive talks to acquire majority stakes in two of Medtronic's medical device units: patient monitoring and respiratory interventions, which together could be valued at over $7 billion, Reuters reported.

Macquarie Group, Affinity Partners and a TPG-led consortium are among potential rival bidders for Ramsay Sime Darby Health Care, an Asia-focused hospital group that could sell for more than $1 billion, The Wall Street Journal reported.

Investors including PE-backed Fenway Sports Group, Endeavor Group and KKR co-founder Henry Kravis are among potential investors in PGA Tour, which has been pursuing a deal with Saudi Arabia's PIF, Bloomberg reported.

Stonepeak has agreed to acquire 49% stakes in Spain-based Cellnex Telecom's businesses in Sweden and Denmark for €730 million.

Platinum Equity has agreed to acquire a majority interest in The Cook & Boardman Group, a commercial door and security distributor, from Littlejohn & Co., which will retain a minority stake.

Palatine Private Equity has acquired a minority stake in UK accountancy firm BK Plus.

The Halifax Group has agreed to acquire the global home care division of Paris-listed facilities management company Sodexo.

Exit & IPOs

HGGC is considering launching an auction for Monotype Imaging that could value the font specialist at more than $4 billion, including debt, Bloomberg reported.

Fundraising

VC firm Enza Capital, which invests in startups focused on digitizing African industries, has raised $58 million across two funds, TechCrunch reported.

Investors

Wells Fargo has sold its positions in Norwest Equity Partners and Norwest Mezzanine Partners funds to The Carlyle Group subsidiary AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon for about $2 billion.

Germany's largest pension fund, BVK, has reappointed Access Capital Partners for its PE investments, Investments & Pensions Europe reported.

Singaporean sovereign wealth fund GIC sold its stake in Vista Equity Partners following the firm's founder being involved in a tax scandal, the Financial Times reported.

Catamaran Ventures UK, the venture firm run by UK Prime Minister Rishi Sunak's wife Akshata Murty, is winding down. Murty used the fund to invest some of her stake in Infosys.

Chart of the Day

Source: 2023 UK Private Capital Breakdown

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PitchBook News - Weight-loss drugs' ripple of effects

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