A local private equity firm acquired a pair of manufacturers based in Indianapolis. Grand Rapids-based Auxo Investment Partners said Monday that it acquired Paramount Tube and Euclid Medical, two companies operating under the Indianapolis-based Precision Products Group (PPG) brand. Euclid Medical designs, engineers and manufactures highly engineered, automated single- and multidose pharmaceutical packing systems driven by proprietary software for use in hospitals, retail pharmacies and long-term care facilities. Euclid Medical also converts medical-grade films into consumable unit-dose pharmaceutical packaging.
Many PE-backed companies are likely excluded from the paycheck protection program offered under the CARES Act; however there could be exceptions involving investments in the management entities of physician practice groups, according to industry experts.
For the first time since 2014, death rates in the U.S. declined and life expectancy showed a modest uptick, according to new data released in two reports Thursday by the Centers for Disease Control and Prevention. Life expectancy at birth in 2018 was 78.7 years, 0.1 year longer than the previous year. It may seem like a small increase, but for a population of around 350 million, the shift represents improvements in the lives of many people, says the CDC’s Bob Anderson, the chief of the Mortality Statistics Branch at the CDC’s National Center for Health Statistics, who oversaw the new reports. The recent improvement was driven by decreases in death rates from six of the 10 leading causes of death, including a 2.2% decrease in cancer deaths (part of an ongoing downward trend since the 1990s) and a 2.8% fall in deaths from unintentional injuries, which include drug overdoses.
Welltower Inc. (NYSE: WELL) announced Monday that it has entered into a definitive agreement under which Welltower will acquire a 29-property Class-A medical office building portfolio from Hammes Partners (“Hammes”) for $787 million. Separately, Welltower announced an additional gross investment volume of $885 million across four separate outpatient medical transactions which are currently under contract at a blended year one cash cap rate of 5.4%. With these announcements, Welltower has closed or announced over $3.5 billion of outpatient medical acquisitions this year at a blended year one cash cap rate of 5.6%. These acquisitions will contribute 450 properties and over 8 million square feet to the Company’s platform, as it continues to expand through accretive off-market acquisitions.
Joanne M. Conroy, MD, CEO and President of Dartmouth-Hitchcock Health and Dartmouth-Hitchcock, and Joseph Pepe, MD, CEO and President of GraniteOne Health, announced Wednesday that nine months after signing a Letter of Intent (LOI), the Boards of Trustees of Dartmouth-Hitchcock Health (D-HH) and GraniteOne Health (GOH) and their member organizations have signed a Combination Agreement to combine the two health care systems. The Most Reverend Peter Libasci, Bishop of Manchester, has also issued a nihil obstat, or declaration of no objection, allowing the Combination to proceed. These steps mark significant milestones in the approval process; the health care systems are now preparing their submissions to the New Hampshire Attorney General’s Charitable Trusts Unit and Consumer Protection Bureau, as well as to the Federal Trade Commission (FTC) for review and approval.
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