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DentalXChange Announces Recapitalization with KKR to Advance Technology and Innovation in Dental Revenue Cycle Management

KKR

KKR’s strategic investment to accelerate DentalXChange’s product development and scalable growth to drive value creation across the industry

IRVINE, Calif.–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the recapitalization of DentalXChange (“DXC” or the “Company”), a leading provider of revenue cycle management (RCM) solutions for the U.S. dental market. In connection with the transaction, Bregal Sagemount exited its investment in DXC, following a successful strategic partnership with the Company.

As a critical technology partner for the dental ecosystem for over three decades, DXC facilitates more than two billion transactions annually and helps industry stakeholders navigate the complexities of dental RCM. The Company’s comprehensive product suite combined with strong collaboration with payers, providers, and practice management system partners has enabled DXC to deliver significant efficiencies in the ecosystem, which are poised to accelerate over the coming years.

“We seek opportunities where we can serve as differentiated partners with management teams to build world-class businesses that can positively impact the healthcare system. We have long admired the important role that DXC plays in the dental value chain, with its robust network and best-in-class solution set,” said Hunter Craig, Managing Director at KKR. “Customers consistently view DXC as a collaborative and innovative business partner, and we look forward to helping the Company further expand its capabilities and streamline operations for all stakeholders,” added Alex Ward, Director at KKR.

“KKR’s deep expertise across the dental landscape, experience with technology-led innovation and extensive network of key industry partners will meaningfully accelerate DXC’s next phase of growth,” said DentalXChange CEO, Paul Kaiser. “We look forward to expanding our use of automation and AI to reduce administrative complexity, enhance provider workflows, and create a seamless payer experience.”

“It has been a privilege to partner with the DXC team and support the Company’s growth through key investments in technology and talent,” said Bregal Sagemount Partner, Blair Greenberg. “We are proud of what we accomplished together and wish the team continued success in this next phase of growth,” added Phil Yates, Partner at Bregal Sagemount.

DentalXChange will continue to operate under its current leadership team, led by CEO Paul Kaiser.

As part of the recapitalization, KKR will support DXC to create a broad-based equity ownership program, which will provide equity to all employees at the Company, enabling the full DXC team to participate in growth and value creation. This broad-based equity strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, 70 KKR portfolio companies have awarded billions of dollars of total equity value to nearly 170,000 non-senior management employees.

KKR is making its investment in DentalXChange through its Ascendant Fund, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform.

TripleTree served as financial advisor to DentalXChange and Goodwin Procter LLP provided legal counsel to Bregal Sagemount. William Blair served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to KKR.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About DentalXChange

Since 1989, DentalXChange has been on the forefront of modernizing and innovating dental claims creating dental RCM solutions that bring ease to the payments process. Today, it has grown to support a current base approaching 200,000 dental providers and connectivity to nearly 1,400 payer plans. Headquartered in Irvine, CA, through its own clearinghouse, state of art technology consisting of modern APIs, and secure Web portals, DentalXChange processes over 1B EDI transactions, consisting of more than 300MM dental claims annually.

About Bregal Sagemount

Bregal Sagemount is a leading growth-focused private capital firm with more than $7.5 billion of cumulative capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 70 companies in a variety of sectors, including software, information / data services, financial technology & financial services, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the Sagemount website: www.sagemount.com (http://www.sagemount.com/) or follow us on LinkedIn. (https://www.linkedin.com/company/bregal-sagemount)

Media:
KKR
Brooke Rustad
Brooke.rustad@kkr.com

DentalXChange
Marci Sweet
msweet@dentalxchange.com

Source: KKR & Co. Inc.

 

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MannKind and Blackstone Announce up to $500 Million Strategic Financing Agreement

Blackstone
  • Strengthens MannKind’s capital structure with flexible, long-term, non-dilutive funding
  • MannKind to receive $75 million in cash at closing

DANBURY, Conn., WESTLAKE VILLAGE, Calif. and NEW YORK – August 06, 2025 – MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of inhaled therapeutic products and delivery devices for patients with endocrine and orphan lung diseases, and funds managed by Blackstone (“Blackstone”) today announced that they have entered into an up to $500 million strategic financing agreement. The financing agreement provides MannKind with non-dilutive capital to advance its short- and long-term growth strategies.

“This strategic financing significantly increases our operating flexibility and provides us substantial access to non-dilutive capital on favorable terms, complementing our strong cash position,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “The funding will support the expansion of our commercial team in preparation for the anticipated launch of the pediatric indication for Afrezza, if approved, continued pipeline advancement, potential business development opportunities, and general corporate purposes. Partnering with the Blackstone team on this transaction positions us to accelerate our next phase of growth and innovation.”

“MannKind has a strong commercial track record, diversified product portfolio, and exceptional management team,” said Jonathan Brayman, Managing Director at Blackstone Credit & Insurance. “This strategic financing provides flexible capital to support MannKind’s growth initiatives while positioning Blackstone as a long-term partner to the company. We believe access to our value creation platform and deep bench of life sciences expertise will support MannKind’s commercialization efforts, as well as its organic and inorganic pipeline.”

The up to $500 million senior secured credit facility consists of a $75 million initial term loan funded at closing, a $125 million delayed draw term loan (DDTL) available for the next 24 months, subject to customary drawdown conditions, and an additional $300 million uncommitted DDTL available at the mutual consent of MannKind and Blackstone. The facility bears interest at a calculated SOFR variable rate plus 4.75% (which may be increased by 25 basis points if a total leverage ratio is exceeded). The facility matures in August 2030 and does not provide for scheduled amortization payments during the term.

About MannKind
MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.

We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension. Our signature technologies – dry-powder formulations and inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.

With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.

Please visit mannkindcorp.com to learn more, and follow us on LinkedIn, Facebook, X or Instagram.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at https://www.blackstone.com/. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about: financing plans, cash position, business development initiatives, commercial team expansion, the potential launch of the pediatric indication for Afrezza, if approved, the expected benefits of the senior secured credit facility, the ability of MannKind to drawdown the $125 million DDTL, and the availability of the $300 million additional DDTL. These statements involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intends”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that the DDTLs may not be available to MannKind due to failure to meet required drawdown conditions or the inability to obtain consent from Blackstone, the risk that issues that develop in the preparation of data releases and filings may subject us to unanticipated delays, risks associated with the regulatory review process as well as other risks detailed in MannKind’s filings with the Securities and Exchange Commission (SEC), including under the “Risk Factors” heading of its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on August 6, 2025. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

AFREZZA and MANNKIND are registered trademarks of MannKind Corporation.

For MannKind:
Investor Relations
Ana Kapor
(818) 661-5000
ir@mnkd.com

Media Relations
Christie Iacangelo
(818) 292-3500
media@mnkd.com

For Blackstone:
Thomas Clements
(646) 482-6088
Thomas.Clements@blackstone.com

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BlackPeak Capital Invests in Affinity Life Care to Support Expansion of Romania’s Leading Elderly Care Network

BlackPeak Capital
BlackPeak Capital is pleased to announce a growth equity investment in Affinity Life Care, the leading provider of elderly care services in Romania.

This marks the first private equity investment in Romania’s senior care sector, underscoring both the sector’s growing importance and Affinity’s unique position in the market.

BlackPeak Capital Invests in Affinity Life Care to Support Expansion of Romania’s Leading Elderly Care Network

Founded with the mission to elevate the standard of elderly care in Romania, Affinity operates three high-quality elderly care centers in central Bucharest, with over 400 licensed beds. The company’s fully integrated model combines specialized medical teams, in-house rehabilitation, and warm, welcoming environments designed around the needs of each resident.
The new investment will enable Affinity to double its current capacity and expand into additional cities across Romania. This growth comes at a time of increasing demand for quality elderly care, driven by demographic shifts, rising consumer expectations, and pressure on public healthcare infrastructure.

We are glad and grateful to join forces with a partner who shares the same values and long-term vision

 

said Dragoș Nicolae Iamandoiu, majority shareholder of Affinity Group. “BlackPeak Capital’s investment represents a strong validation of our mission and our team’s ongoing commitment to redefining elderly care standards in Romania.”

At the center of what we do is our unwavering focus on both the medical and social well-being of our residents

 

added Andrei Motoc, CEO of Affinity. “With the support of BlackPeak Capital, we aim to further expand our network of high-quality homes, enhance our care and rehabilitation services, and continue building a supportive and sustainable work environment for our employees.”

Affinity represents the first investment by a private equity fund in Romania’s senior care sector, and we see it as a big responsibility towards current and future residents, employees, and the industry

 

said Virgil Chitu, Romania Lead at BlackPeak Capital, who will also join the company’s board of directors.

 

Affinity is uniquely positioned to lead the transformation of Romania’s elderly care landscape by combining medical quality, personal dignity, and scalable infrastructure. BlackPeak Capital is proud to support the next chapter of its growth.

Learn more about Affinity Life Care at www.affinity.ro

 

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Sava raises $19M Series A amid world-first clinical results for next-gen biosensor

Balderton

Sava, the London-based startup pioneering real-time molecular health monitoring, today announced $19 million in Series A funding, following promising early results from its clinical trial. The round was led by Balderton Capital (who previously led Sava’s seed round) and Pentland Ventures, with strong participation from new investors Norrsken VC and JamJar Investments. They were joined by other investors including True, Italian Founders Fund, Athletico Ventures, SOLO Investments and Exceptional Ventures. The round will help Sava accelerate regulatory approval and commercialisation of its next-generation wearable.

Founded in 2019 by Imperial College London bioengineers Renato Circi and Rafaël Michali, Sava’s mission is to build the technological foundation for preventative and personalised healthcare. The team has developed a multi-molecule biosensor capable of detecting biomarkers just beneath the skin, in real-time. This proprietary technology is powering their first product – a pain-free CGM that streamlines molecular insights in real-time to your phone, at a fraction of the cost of current alternatives.

10+ days of continuous glucose monitoring: a world-first for microsensors

Sava’s latest clinical trial, conducted independently by third-party investigators across sites in Oxford and Cambridge, involves 50 patients with Type 1 and insulin-dependent Type 2 diabetes.

Early results from the first 25 patients showed Sava’s proprietary technology delivered reliable, accurate glucose readings for up to 10 days of continuous wear – a milestone no other microsensor platform has been able to achieve to date. Most microsensor systems fail to last 5 days, and many struggle beyond 24 hours. The trial, designed in collaboration with leading diabetes clinicians and regulators, provides a critical foundation for future regulatory submissions and Sava’s pivotal study, set to launch in the coming year.

This clinical trial marks a pivotal moment not just for Sava, but for the future of biosensing and personalised healthcare. The data generated so far has shown that our technology has the potential to match the performance of leading CGMs in the market today, without the invasiveness or high cost of filament-based systems. It paves the way for a completely novel approach to biosensing that can redefine the way we approach not only chronic disease management, but any health goal.

Rafael Michalico-founder and co-CEO, Sava

Redefining diabetes care: pain-free, low-cost and accessible 

Today, only 1% of people with diabetes use CGMs, yet this group generates over $11B in annual sales, growing 10% year-on-year. Existing devices are often painful, expensive, and inaccessible. Sava’s device promises to transform diabetes care and expand adoption of CGMs by offering a pain-free, cost-effective and highly scalable alternative.

Understanding what’s going on in our bodies is the first step to improving our health. Sava’s innovation has the potential to democratise access to glucose monitoring, as well as many other biomarkers, making them more practical for the millions of people who need them but can’t afford or tolerate the current options. Beyond diabetes, which alone is one of the greatest health challenges of our time, their platform opens the door to an entirely new era of personalised health monitoring.

James WisePartner, Balderton

More molecules, deeper insights: enabling the future of preventative health

While tracking glucose is the first use case, Sava’s modular, multi-analyte sensing platform is capable of detecting additional molecules, providing users with the ability to unobtrusively monitor multiple biomarkers in real-time, paving the way for a future of preventative and personalised health. With interest growing among athletes and health-conscious consumers, Sava is well-positioned to tap into the global wearables market, which is projected to exceed $100 billion by 2029.

Glucose is only the beginning. We have built a modular platform, capable of multi-molecule sensing. New molecules will create new use cases. What we’re building here is not just a device, but a whole new technological foundation for personalised healthcare, where anyone can use a biosensor to understand their health in real-time, at a molecular level.

Renato Circico-founder and co-CEO

Looking forward

This latest round brings Sava’s total funding to $32 million, with backing from leading VCs, returning angel investors, along with funding from the EU and UK Government.

Sava’s team has rapidly grown to over 60+ people, including experts behind market-leading CGMs. The new capital will be used to further expand Sava’s world-leading team, advance automated manufacturing capabilities to reach target launch volumes, and accelerate the clinical validation of its microsensor technology.

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Tikehau Capital exits flagship private debt investment in Dedalus

Tikehau

One of the largest deals completed in Italy’s private credit market, reflecting a multi-year partnership that supported Dedalus’ growth and diversification

Tikehau Capital, the global alternative asset management group, today announced the conclusion of its long-term private debt investment in Dedalus, a leading European healthcare IT provider. The refinancing transaction brings to a close the successful financing partnership that began in 2016 and accompanied the company through a period of rapid growth and strategic expansion.

With a total financing package of €180 million deployed in subsequent tranches, the Dedalus transaction stands out as one of the largest private credit deals completed in the Italian market to support a sponsorled strategic acquisition.

During the investment period, Dedalus recorded a sixfold increase in revenue, growing from approximately €160 million in 2016 to nearly €1 billion expected in 2025. Tikehau Capital developed a longstanding and constructive relationship with both the management team and Ardian, building on prior collaborations across Italy and France.

Tikehau Capital first supported Ardian’s acquisition of Dedalus, alongside the company’s founder and CEO Giorgio Moretti, through its Direct Lending strategy. Over time, Tikehau Capital reinforced its commitment by supporting selected M&A that strengthened the company’s international presence, complementing the senior financing provided by a syndicate of banks.

In 2020, Tikehau Capital arranged and fully subscribed a HoldCo PIK facility to support the acquisition of AGFA’s healthcare IT division, a turning point in Dedalus’ evolution that doubled the company’s scale and its enabled entry into the DACH region. Further financing followed in 2021 to support Dedalus’ acquisition of the healthcare IT division of DXC, which is active across Northern Europe and the UK. These transactions further reinforced the company’s leadership in the European market and diversified its geographical footprint.

“Dedalus has been a flagship investment for our Direct Lending strategy in Italy,” said Martino Mauroner, Head of Private Debt Italy at Tikehau Capital. “What impressed us from the outset was the company’s leading position in the healthcare IT market, an industry shaped by structural megatrends such as population ageing, the growing need for investment in digital health infrastructure at the European level, and resilient, recurring revenues supported by strong client retention. This transaction highlights our ability to support long-term growth with flexible capital and reflects the way we work alongside sponsors and management teams to help build lasting value. The relationship developed with Dedalus and Ardian over the years is a clear example of this approach.”

Alberto Calcagno, CEO at Dedalus, commented: “The collaboration with Tikehau Capital has been a cornerstone of our growth and transformation journey. Their flexible support and shared vision enabled us to strengthen our leadership in Europe and significantly expand our international presence. This milestone not only marks the conclusion of a successful partnership, but also the beginning of a new chapter for Dedalus—one increasingly focused on innovation and the creation of sustainable value in digital healthcare.”

Nadine Zariffa, Director at Ardian said: “Tikehau Capital has been an important partner to us since 2016, and we have worked closely together around Tikehau Capital’s additional support provided to Dedalus to drive international expansion. This partnership has been centered on a shared vision, with the aim of delivering strategic flexibility and financial strength to Dedalus. This has enabled the business to solidify its European leadership and expand globally, reinforcing its position as a leader in digital healthcare. We thank Tikehau Capital for their collaboration and expertise.”

ABOUT TIKEHAU CAPITAL Tikehau Capital is a global alternative asset management Group with €50.6 billion of assets under management (at 31 March 2025). Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.2 billion of shareholders’ equity at 31 December 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 750 employees (at 31 March 2025) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

ABOUT DEDALUS Dedalus Group is the leading healthcare and diagnostic software provider in Europe, supporting globally the digital transformation of 7500 Healthcare Organisations and 5700 Labs and Diagnostic centres worldwide, processing its solutions for more than 540 million people worldwide. Dedalus offer supports the whole continuum of care, in every step and phase, offering open standards-based solutions serving each actor of the Healthcare Ecosystem to provide better care in a healthier planet. Life Flows through our software. For more information, visit www.dedalus.com 2 PRESS RELEASE  PARIS, MILAN 30 July 2025

PRESS CONTACTS:

Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30 Community – tikehau@community.it Dedalus: Community – Titti Ioia, titti.ioia@community.it SHAREHOLDER AND INVESTOR CONTACTS: Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56 Julie Tomasi – +33 1 40 06 58 44 shareholders@tikehaucapital.com

 

 

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Televic Healthcare Solutions nv joins Dutch leading MSP Esprit ICT

GIMV

Esprit ICT Group, a Dutch leading provider of integrated digital workplace solutions and the market leader in the Netherlands for critical alarm solutions in the care and cure market, today announced  the acquisition of Televic Healthcare Solutions NV, a leading ICT integrator in the Belgian healthcare sector. The acquisition is effective immediately.

This strategic move strengthens Esprit ICT’s ambition to expand its market leading position in critical alarm systems from the Netherlands to the Benelux, and beyond, by combining expertise, resources, and innovation, both organizations aim to deliver even greater value to healthcare providers across Belgium and the Netherlands. The acquisition aligns seamlessly with Esprit ICT’s growth strategy, which focuses on broadening expertise, increasing scale, and further integrating specialist IT services. The acquisition marks the first expansion outside of the Netherlands.

Although Televic Healthcare Solutions NV will now be a part of Esprit ICT, the Business Unit that develops and manufactures innovative Nurse Call Communication systems (Televic Healthcare Products) will remain part of the Televic Group and will further focus on international growth through a resellers network. Esprit ICT and Televic Healthcare Products will continue to work in close partnership to drive further innovation for their customers.

“This acquisition represents a strategically valuable addition to our organization. The cultural alignment between both parties provides a solid foundation for collaboration and by combining our complementary expertise, we jointly strengthen Esprit ICT’s healthcare portfolio and increase our added value for clients and partners in the healthcare sector.” states Martijn Boshuis, MD of Esprit Healthcare.

“We believe that the integrator part of our business (Televic Healthcare Solutions) will thrive with Esprit ICT, who has a laser-sharp focus on ICT integration. This way, our Business Unit “Televic Healthcare products” can focus on what Televic does best: creating innovative products and systems that drive international, sustainable and profitable growth”, said Thomas Verstraeten, CEO of Televic Group

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KKR Announces Strategic Acquisition of HealthCare Royalty Partners, Expanding the Firm’s Health Care Franchise and Enhancing its Life Sciences Strategy

KKR

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc., a leading global investment firm, today announced that it has acquired a majority ownership stake in HealthCare Royalty Partners (HCRx), a leading biopharma royalty acquisition company. This strategic partnership will enable KKR to enhance its capabilities in biopharma royalty and credit investing, while expanding the firm’s existing footprint in the life sciences ecosystem.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250730161531/en/

Founded in 2006 and headquartered in Stamford, Connecticut, HCRx has a strong track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets. Since inception, the firm has committed over $7 billion in capital and today manages approximately $3 billion in assets with a portfolio that spans over 10 therapeutic areas and over 55 products. HCRx’s deep expertise in royalty monetizations, private debt and corporate financing solutions presents significant opportunity given the biopharma royalties market is currently addressing only a small portion of total biopharma capital needs.

“As the biopharma industry has grown and matured, companies are increasingly seeking to partner with investors that can provide a range of capital to meet their financing needs. The HCRx acquisition supports KKR’s ability to provide comprehensive solutions across the health care spectrum and meaningfully expands our life sciences capabilities to address market demand,” said Ali Satvat, Partner, Co-Head of Health Care and Global Head of Health Care Strategic Growth at KKR. “We were drawn to HCRx given our long-standing relationship with the firm, its market leadership in biopharma royalties – an asset class with growing demand – and the expertise of its leadership team. We are deeply impressed with the differentiated platform that Clarke and the HCRx team have built, and we look forward to welcoming them to KKR.”

As part of the transaction, HCRx Chairman and CEO Clarke Futch will continue to lead the HCRx team and will maintain an ongoing substantial minority interest in HCRx. HCRx’s team will collaborate closely with KKR’s health care team to provide a range of financing solutions across the biopharma sector.

“Joining forces with KKR marks a significant milestone for HCRx. We share a common vision of supporting the growth and innovation of the biopharma industry,” said Mr. Futch. “With KKR’s resources, expertise and similar approach to partnership, we are well positioned to scale our platform, more comprehensively serve the landscape of biopharma companies and continue delivering value to our stakeholders.”

KKR has a long track record of supporting health care companies globally, having invested more than $20 billion of equity capital in the sector since 2004. KKR’s existing portfolio of life sciences companies includes BridgeBio Pharma, a clinical-stage biopharmaceutical company focused on genetic diseases, Dawn Bio, a platform that provides flexible equity capital to companies across the life sciences ecosystem, Immedica Pharma, a rare disease company, and Treeline Biosciences, an oncology-focused biotherapeutics platform, among others.

TD Securities served as exclusive financial advisor to HCRx.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About HCRx

HCRx is a leading royalty acquisition company focused on commercial and near-commercial biopharmaceutical products with offices in Stamford, San Francisco, Boston, London and Miami. HCRx has committed $7+ billion in over 110 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY®, HEALTHCARE ROYALTY PARTNERS® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC.

Media Contacts
Liidia Liuksila
212-750-8300
media@KKR.com

Source: KKR & Co. Inc.

 

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Ambience Healthcare Announces $243 Million Series C to Scale its AI Platform for Health Systems

Oak HC FT

Oak HC/FT and Andreessen Horowitz (a16z) co-lead investment to accelerate the deployment of Ambience’s AI platform to transform clinical and administrative workflows for health systems across the country.  

Ambience Healthcare, the leading ambient AI platform for documentation, coding, and clinical documentation integrity (CDI), today announced a $243 million Series C round to scale its AI platform for health systems. The round was co-led by Oak HC/FT and Andreessen Horowitz (a16z), with participation from existing investors including the OpenAI Startup Fund, Kleiner Perkins, and Optum Ventures. New investors in the round include Frist Cressey Ventures, Town Hall Ventures, Smash Capital, Georgian, and Founders Circle Capital.

Ambience was architected with the understanding that health systems are not monolithic enterprises. They span ambulatory clinics, emergency departments, and inpatient hospitals — each with distinct workflows, specialties, and clinical and administrative demands. Ambience integrates directly into the EHR to meet this complexity, enabling its platform to adapt to the unique context of each care setting and specialty without requiring workflow redesign or staff retraining.

Building on its foundation of industry-leading ambient scribing, Ambience has grown into the leading end-to-end platform for documentation, coding, and clinical workflow support that operates across the full continuum of care. Today, it supports more than 100 ambulatory subspecialties, EDs, and inpatient specialties, producing structured, compliant documentation that improves clinical quality, reduces administrative burden, and drives revenue-cycle performance. The platform is powered by proprietary AI reasoning models purpose-built to handle the nuanced regulatory, clinical, and operational demands of real-world healthcare.

“The market response to Ambience goes beyond customer satisfaction – it reflects genuine customer love,” said Vig Chandramouli, Partner at Oak HC/FT. “Ambience has developed a comprehensive AI platform that not only works across specialties and integrates seamlessly with EHR systems, but also meets the rigorous standards of compliance teams – a rare and powerful combination. We’re proud to support them.”

Ambience is now used by leading health systems across the United States, including Cleveland Clinic, UCSF Health, Houston Methodist, and Memorial Hermann. Adoption has been fastest in high-complexity subspecialties, the emergency department and inpatient settings — areas with the greatest documentation burden. In recent KLAS evaluations, Ambience achieved a 97.7 customer satisfaction score, with top marks for product quality and responsiveness. It is also the first ambient solution with third-party validated, CFO-approved ROI tied to improved coding accuracy and compliance.

“Documentation has long been a source of friction,” shares CEO Michael Ng. “Ambience is turning it into a source of strength — transforming how clinicians deliver care, how administrators run operations, and how patients experience the system.”

  • For clinicians: Automates documentation with ambient listening, preps them with specialty-specific chart summaries, and simplifies complexity with built-in features like ICD-10 assistant and real-time compliance engine — all directly inside their existing EHR workflow. This reduces cognitive burden and documentation time, freeing clinicians to focus on delivering their best patient care.
  • For administrators: Standardizes workflows across coding, quality, CDI, prior authorization, and utilization management by producing complete, compliant documentation in real time. Built-in support includes CDI & ICD-10 coding assist and structured chart output tailored for operational review — all at leading levels of compliance from data captured throughout the entire clinical workflow.
  • For patients: Enhances understanding and care follow-through with contextually aware ambient listening and clear after-visit summaries. With Ambience handling documentation in the background, clinicians stay more engaged — strengthening trust, communication, and overall care experience.

“When we first backed Ambience at the seed, we saw the potential for their ambient AI product to be the wedge into a number of essential clinical workflows over time,” said Julie Yoo, general partner at Andreessen Horowitz (a16z). “In a space now crowded with point solutions, the exceptional team at Ambience has executed impressively over the years by expanding into a robust platform, grounded in real clinical needs—tailored to subspecialties, trusted by frontline providers, and delivering clear value to health systems. We’re honored to continue to support Ambience to bring AI to the places where it’s needed the most in healthcare.”

With this new funding, Ambience will continue expanding its AI platform across health systems and accelerate the delivery of products that make administrative tasks invisible, data accurate by default, and care teams more effective everywhere.

About Ambience Healthcare

Ambience Healthcare is the leading AI platform for documentation, coding, and clinical workflow, built to reduce administrative burden and protect revenue integrity at the point of care. Trusted by top health systems across North America, Ambience’s platform is live across outpatient, emergency, and inpatient settings, supporting more than 100 specialties with real-time, coding-aware documentation. The platform integrates directly with Epic, Oracle Cerner, athenahealth, and other major EHRs. Founded in 2020 by Mike Ng and Nikhil Buduma, Ambience is headquartered in San Francisco and backed by Oak HC/FT, Andreessen Horowitz (a16z), OpenAI Startup Fund, Kleiner Perkins, and other leading investors.

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TA Invests in HealthMark Group to Support the Next Phase of Growth

TA associates

DALLAS – HealthMark Group (“HealthMark” or “the Company”), a leading provider of clinical information exchange solutions for healthcare providers, today announced a strategic growth investment from TA Associates (“TA”), a leading global private equity firm. This partnership aims to accelerate HealthMark’s growth as the Company advances its mission to optimize the exchange of healthcare data through cutting-edge technology.

As part of the transaction, HealthMark management and existing investor Ridgemont Equity Partners will both roll meaningful ownership stakes, welcoming TA as the new lead investor. Financial terms of the transaction were not disclosed.

“TA’s belief in our vision has been evident for years, as they’ve closely followed our progress and laid the groundwork for this collaboration,” said Bart Howe, CEO of HealthMark. “With deep expertise in scaling healthcare technology businesses, their partnership, along with the continued support from Ridgemont, marks a pivotal moment for our company, positioning us to expand our capabilities and broaden our market reach. Together, we will continue transforming the patient information journey by driving efficiency, interoperability, and compliance to increase quality of care across the healthcare industry.”

Founded in 2006, HealthMark’s platform enables healthcare providers to outsource clinical information requests from health plans, law firms, insurance companies, patients, and other requestors. Through a network of over 60,000 providers and 5,000 facilities nationwide, the Company integrates with a disparate set of data sources and over 100 electronic medical record systems, allowing clinical information to be exchanged on an ongoing basis to meet compliance requirements. To date, HealthMark has processed more than 20 million clinical data requests, helping thousands of hospitals and clinics transform manual administrative processes into seamless digital encounters.

“HealthMark’s technology offers a compelling value proposition for providers and requestors alike,” said Ethan Liebermann, Managing Director and Head of the North America Healthcare Group at TA. “By streamlining clinical information exchange, requestors benefit from lower costs and faster access to fragmented clinical data. At the same time, providers gain meaningful administrative efficiencies, reduced compliance risk, and stronger patient satisfaction. We are proud to support HealthMark’s mission to further automate a mission-critical healthcare information workflow and ultimately drive better outcomes for patients across the healthcare ecosystem.”

“We have spent considerable time assessing the broader healthcare interoperability landscape, focusing on scalable solutions that solve the complexities of structuring and exchanging fragmented healthcare data,” added Eric Zagorski, Senior Vice President at TA. “We’re thrilled to partner with Bart, Ridgemont, and the exceptional HealthMark team as they continue to lead innovation in this critical area of healthcare infrastructure.”

“Since our investment, HealthMark’s footprint has expanded from three to 49 states, and its technological capabilities have advanced significantly,” said Anthony Cassano, Partner at Ridgemont Equity Partners. “We’re immensely proud of our partnership with Bart and the entire management team, and by partnering with TA, we’re even more excited to deepen interoperability, unlock new efficiencies for providers, and elevate patient care in the years ahead.”

About HealthMark Group
HealthMark Group is a leading provider of clinical information exchange solutions for healthcare providers across the country. With an unrelenting focus on the patient experience, HealthMark delivers secure, compliant, and technology-driven solutions to streamline the patient information journey. Our health data exchange solution helps thousands of hospitals and clinics transform administrative processes into seamless digital encounters. HealthMark Group is based in Dallas, TX and has been named to both the Dallas 100 and the Inc. 5000 for multiple years in a row as one of the fastest growing companies in the region and across the country. To learn more, visit us at healthmark-group.com or follow us on LinkedIn.

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Bristol Myers Squibb and Bain Capital Create New Company Dedicated to Developing Innovative Immunology Therapies that Address the Unmet Medical Needs of Patients

BainCapital

  • Five immunology assets in-licensed from BMS with potential to address unmet needs for patients with autoimmune diseases, including late-stage asset for lupus
  • Bain Capital leads $300 million financing commitment

PRINCETON, N.J. & BOSTON, MASS. — Bristol Myers Squibb (NYSE: BMY, “BMS”) and Bain Capital today announced the creation of a new independent biopharmaceutical company (“NewCo”) focused on developing new therapies for autoimmune diseases that address significant unmet needs of patients. The newly-formed company launches with five immunology assets in-licensed from BMS and a $300 million financing commitment that was led by Bain Capital.

The NewCo has a broad pipeline consisting of three clinical-stage and two Phase 1-ready investigational medicines that each target promising mechanisms in autoimmune diseases. The most advanced assets in the NewCo’s portfolio are afimetoran, an oral, potential best-in-class TLR7/8 inhibitor that is currently being studied in a Phase 2 clinical trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor, which successfully established proof-of-concept in a positive plaque psoriasis Phase 2 trial. Other licensed assets include BMS-986326, a novel, potential best-in-class, IL2 fusion protein that is currently being studied in Phase 1 clinical trials for SLE and atopic dermatitis, and BMS-986481 and BMS-986498, two Phase 1-ready biologics targeting the IL18 and IL10 pathways respectively.

The assets licensed to NewCo reflect the strength of BMS’s scientific innovation and hold promise to address unmet needs for patients with autoimmune diseases. As part of the agreement, BMS will retain a nearly 20 percent equity stake in NewCo and will be entitled to royalties and milestones tied to the success of each asset. Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer at BMS, will also serve on NewCo’s Board of Directors. This transaction reflects BMS’s strategic shift in Immunology research to focus on assets that have the potential to reset the immune system and promote tissue repair. It also further demonstrates the company’s sharpened strategy to invest in areas where BMS is best positioned to lead, while enabling the continued development of promising medicines.

“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,” said Julie Rozenblyum, Senior Vice President, Business Development at BMS. “Bain Capital’s exceptional track record in building successful life science companies by providing focused development and dedicated resources makes them ideally suited to advance these assets to realize their full promise.”

Daniel S. Lynch will serve as the Executive Chairman of the Company’s Board of Directors and interim CEO. Mr. Lynch is an accomplished biopharmaceutical industry leader with decades of strategic, management and operational experience at companies spanning many stages of growth. Nicholas Downing, MD, Adam M. Koppel, MD, PhD, and Andrew Kaplan from Bain Capital will also join Mr. Lynch and Dr. Plenge of BMS on NewCo’s Board of Directors.

“We are excited to partner with BMS and we share their commitment to improving lives through science,” said Adam Koppel, a Partner at Bain Capital Life Sciences. “We look forward to working together and leveraging our company creation experience to build out this new platform and advance these distinct assets in an effort to bring innovative, high-quality therapies to patients with autoimmune diseases.”

“This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities,” said Mr. Lynch. “I’m thrilled to have the opportunity to leverage my background and experience to contribute to the success of the company as it seeks to develop much-needed new therapies, and I look forward to supporting BMS and Bain Capital in the build-out of the company’s operations.”

Bain Capital is investing in NewCo through its Life Sciences and Private Equity teams, drawing on over 40 years of supporting the growth and innovation of healthcare companies globally. Canada Pension Plan Investment Board also joined the investment.

About Bristol Myers Squibb: Transforming Patients’ Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what’s possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products, the creation of NewCo and the agreement with NewCo. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that the expected benefits of, and opportunities related to, the creation of NewCo and the agreement with NewCo may not be realized by Bristol Myers Squibb or may take longer to realize than anticipated, that the assets described in this press release, may not achieve their primary study endpoints or receive regulatory approval for the indications described in this release in the currently anticipated timeline or at all and, if approved, whether such assets will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Media Contacts

 Scott Lessne / Charlyn Lusk

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