Peregrine Ventures

growth-positive

The article highlights the significant role of Israeli startups in the global medical device industry, emphasizing their innovation and impact on healthcare. Israeli entrepreneurs, often alumni of global corporations, are key drivers of this success. These startups are known for their rapid development and adherence to high standards, making them attractive to global corporations seeking new growth engines. Companies like Medtronic and Johnson & Johnson have established R&D centers in Israel, recognizing the quality of Israeli human capital. Despite challenges, Israeli startups continue to thrive, with notable exits and IPOs in the medical device sector. The article underscores the synergy between Israeli innovation and American corporate standards, positioning Israel as a leader in medical technology.

growth-positive

Israeli biomed company CartiHeal, which develops a coral-based implant for damaged joints, is being acquired by Smith & Nephew (S&N) for up to $330 million. The deal includes an initial cash consideration of $180 million, with a further $150 million contingent on financial performance. The acquisition is expected to close in the first quarter of 2024. CartiHeals investors are expected to see an average return of up to 6 times, depending on the final agreement value. The companys CEO, Nir Altschuler, will continue as a consultant for six months after the deal closes, and all CartiHeal employees are expected to continue working under S&N.

growth-positive

Peregrine Ventures, a healthcare-focused investment firm, has announced the formation of a consortium of leading companies and research institutes to join its Incentive Technology Incubator. The new members include Bristol-Myers Squibb, BD, Elbit Systems, and institutions such as Tel Aviv University, Ben-Gurion University of the Negev, and Shaare Zedek Medical Center. The consortium will jointly develop and invest over $90 million in startups and graduates of Peregrine’s technology incubator. The incubator has been instrumental in developing new ventures and supporting pre-seed, seed, and early-stage investments.

growth-positive

Chinese structural heart disease treatment company, Venus Medtech, has agreed to acquire Israeli heart valve treatment company, Cardiovalve, for $300 million. The deal includes an immediate payment of $150 million and a further $150 million contingent on regulatory milestones. Venus Medtech has also committed to invest an additional $100 million in Cardiovalve. Cardiovalve was founded in 2010 by Amir Gross, who will continue to lead the companys innovation under Venus Medtech.