PitchBook News - Takeaways for VC from healthcare event

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The Daily Pitch: VC

January 15, 2024

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In today's Daily Pitch, you'll find:

Our analysts found high spirits yet few deals at JP Morgan's healthcare conference

From the conference, an inside look at the deal announcement slowdown and hyped-up tech

Acquiring Global Infrastructure Partners will boost BlackRock's private markets plans

Today's Top Stories

Takeaways from JP Morgan's healthcare conference

Although relatively few major deal announcements were made last week at JP Morgan's healthcare conference in San Francisco, the mood at the event was more optimistic than in 2023.

PitchBook healthcare analysts attended private company presentations and met with market participants. AI, weight loss drugs and paths to profitability dominated conversations. We've distilled the main takeaways for VC and PE investing into our latest analyst note.

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Reporter's notebook: Muted deals, weight loss drugs at healthcare event

San Francisco (Greta6/Getty Images)

JP Morgan's annual healthcare conference is usually accompanied by significant deal announcements, from potential IPOs to large financings.

But such activity was in short supply last week at the convention, which is the largest healthcare event of its kind. Instead, much of the conversation focused on AI and the latest breakthrough in medicine: GLP-1 weight loss drugs.

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People

Paris-based Cathay Innovation has appointed Michael Schuster as a venture partner focusing on the DACH region.

VC Deals

WaveBL, a Delaware-based company that enables the electronic transfer of trade documents, has raised an additional $11 million for its Series B led by NewRoad Capital Partners, bringing the total to $37 million.

Salt Lake City-based Fullcast, a revenue operations specialist, raised a $34 million seed round led by Epic Ventures.

Prometeo, a fintech startup based in Uruguay, secured a $13 million Series A led by Antler Elevate.

Ask-AI, a generative AI startup, has raised an $11 million Series A led by Leaders Fund.

Seattle's Avante, an enterprise SaaS startup, raised $10 million in seed funding led by Fuse

Stellantis Ventures has invested in Tiamat, a French developer of sodium-ion battery technology.

PE Deals

Bain Capital and Hellman & Friedman are in talks to acquire Nasdaq-listed contract life cycle software company DocuSign, Reuters reported.

Starwood Capital Group agreed to buy a portfolio of hotels in London's West End from Edwardian Hotels, Bloomberg reported.

Hillhouse and Mitsui & Company are both in talks to buy Eu Yan Sang, a Singapore-based pharmaceutical company, for approximately $700 million, Reuters reported.

TPG made a strategic investment in asset manager The Visualize Group.

Japan's Fuji Soft has received buyout proposals from multiple PE firms as the software company explores a potential sale as part of a strategic review prompted by its largest shareholder, 3D Investment Partners, Reuters reported.

Exits & IPOs

Siemens has completed its acquisition of Heliox, a Netherlands-based e-vehicle charging technology company backed by Waterland Private Equity.

Air Astana, Kazakhstan’s national airline, is planning to go public in London. BAE Systems owns a nearly 50% stake in the carrier.

Fundraising

The European Commission and the European Investment Fund have launched a €175 million defense tech fund.

Corporate M&A

L’Oréal has agreed to buy the remaining shares it did not own in Swiss water fractioning technology company Gjosa.

Chart of the Day

Source: Q4 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - Takeaways for VC from healthcare event

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