The Ledger
An Israeli court will decide by July 19, 2026 whether InMode’s board can keep negotiating a buyout led by its own chief executive, after activist investor Steel Partners sued to block the review over a rival, higher, all cash offer. Steel Partners Holdings, a long-standing InMode shareholder, offered $16.75 a share in cash on July 9, 2026, roughly 960 million dollars in implied equity value based on the medical aesthetics device maker’s approximately 57.5 million shares outstanding, a 20 percent premium to InMode’s unaffected share price of $13.95 and 55 cents above a competing $16.20 a share proposal from an investor group led by chief executive Moshe Mizrahy. InMode’s special committee of independent directors confirmed receipt of Steel’s letter July 10 and said it would review the proposal, but Steel’s affiliate SP Strategic Holdings separately filed an urgent application in Israel’s Haifa District Court that same day seeking to block the committee’s review, arguing Mizrahy’s dual role as chief executive and leader of the competing buyer group taints the process. On July 12, the court extended respondents’ deadline to reply to July 19 and postponed the hearing on the temporary relief request, with InMode undertaking not to approve or reject either proposal until after that hearing. Confidence: High on the offer terms and court timeline; Low on how the board ultimately rules, since the case is still pending. Sources: Steel Partners’ offer letter, BusinessWire, InMode’s confirmation of receipt, PR Newswire, InMode’s Form 6-K on the Haifa court proceeding, U.S. Securities and Exchange Commission.
Hospital and health system mergers hit 18 deals in the second quarter of 2026, more than double the 8 recorded a year earlier, with total transacted revenue jumping to 7.7 billion dollars from just 1.4 billion dollars, the lowest second quarter total since at least 2018. Kaufman Hall’s second quarter M&A report, published this week, found the average size of the smaller party in a deal rose to about 428 million dollars, boosted by three “mega mergers” in which the smaller party had more than 1 billion dollars in annual revenue, including Quorum Health’s conversion to nonprofit status through a deal with Healthside Partners. Nearly all buyers were nonprofit, 10 independent nonprofits and 4 academic systems against a single for-profit acquirer, and Kaufman Hall said two-thirds of transactions involved independent systems proactively seeking partners as part of long-term strategic planning rather than reacting to financial distress, continuing a recovery that began after Q1 2026 posted 22 deals, the highest first quarter count in six years. Confidence: High on the transaction counts and dollar figures, since they come directly from Kaufman Hall’s report. Source: M&A Quarterly Activity Report: Q2 2026, Kaufman Hall.
A Warburg Pincus-led investor group agreed to take a controlling stake in PANTHERx Rare, the largest independent rare disease specialty pharmacy in the country, from its three existing private equity owners. The July 13, 2026 deal has PANTHERx’s current backers, Nautic Partners, General Atlantic and The Vistria Group, selling down, with Nautic Partners and PANTHERx’s management retaining significant stakes in the combined company; financial terms were not disclosed. The companies said the investment is meant to support PANTHERx as a “category defining” platform for helping patients access rare and orphan disease therapies while preserving its existing manufacturer relationships, and the deal is expected to close in the coming months pending regulatory approval. Confidence: Medium. The transaction is confirmed by both parties; the purchase price is not public. Sources: PANTHERx Rare’s announcement, Warburg Pincus’ announcement.
Mission Therapeutics sold a Phase 2 ready kidney drug to Dimerix for up to 292 million dollars, cashing out of a program it no longer wanted to fund so it can focus on a Parkinson’s disease treatment instead. The July 17, 2026 deal sends MTX652, a first in class candidate for acute kidney injury, to Dimerix in exchange for 5 million dollars upfront, up to 47 million dollars in development milestones, 65 million dollars tied to regulatory approvals across two indications, and up to 175 million dollars in sales based milestones, plus tiered double digit royalties on net sales. Mission said the non-dilutive cash lets it accelerate MTX325, its lead central nervous system program for Parkinson’s disease now in Phase 1, while Dimerix said MTX652 complements its existing Phase 3 kidney disease program and gives the asset a faster path to patients through its established renal manufacturer network. Confidence: High on the deal structure; Low on the total payout, since most of the 292 million dollars depends on milestones years away. Source: Mission Therapeutics’ deal announcement, GlobeNewswire.
FRONTIER SCAN: dental service organizations, one of healthcare’s largest and least scrutinized private equity consolidation stories, added another national platform when three mid-sized DSOs merged into a single company spanning more than 250 practice locations and 500 dentists across 26 states. Private equity firm Thurston Group announced June 16, 2026 that it united SGA Dental Partners, Gen4 Dental Partners and Modis Dental Partners under the SGA Dental Partners banner, combining SGA’s doctor recruiting engine, Gen4’s mentorship programs and Modis’s implant and specialty dentistry support into one national dental support organization; the three companies had operated as separate Thurston Group portfolio companies before the merger. The deal lands as trade press tracks growing skepticism among some investors about private equity returns in dentistry even as roll-up activity continues at pace, a tension worth watching as the largest national platforms, Heartland Dental, Aspen Dental and Pacific Dental Services, already support a meaningful share of practicing US dentists. Confidence: Medium on the strategic framing; High on the deal’s basic facts, which are confirmed by the companies. Source: Thurston Group’s merger announcement, PR Newswire.
THE DEAL SHEET
| Target | Acquirer/Investor | Vertical | Value | Source |
|---|---|---|---|---|
| InMode Ltd. | Steel Partners Holdings L.P. (unsolicited, contested proposal) | Medtech, medical aesthetics devices | $16.75/share cash, approximately $960 million implied equity value | Steel Partners’ offer letter, BusinessWire |
| PANTHERx Rare | Warburg Pincus-led investor group | Specialty and rare disease pharmacy | Undisclosed, controlling interest | PANTHERx Rare’s announcement |
| MTX652 (Mission Therapeutics asset) | Dimerix Limited | Biopharma, acute kidney injury | Up to $292 million ($5 million upfront, up to $287 million in milestones) plus royalties | Mission Therapeutics’ announcement, GlobeNewswire |
| StatLab Medical Products | Leica Biosystems (Danaher) | Medtech, anatomic pathology diagnostics | Undisclosed | Audax Private Equity and Linden Capital Partners’ announcement, Business Wire |
| Esperion Therapeutics, Inc. | ArchiMed (take-private, completed) | Biopharma, cardiometabolic therapies | Up to $1.1 billion ($3.16/share cash plus up to $100 million in contingent milestone payments) | ArchiMed’s completion announcement |
| SGA Dental Partners, Gen4 Dental Partners, Modis Dental Partners | Thurston Group (merger of portfolio companies) | Dental service organizations | Undisclosed | Thurston Group’s announcement, PR Newswire |
| Tri-Borough Home Care, Ltd | Chapter 11 bankruptcy filing | Pediatric home health care | Owes approximately $11.8 million to the IRS and over $2 million to New York state | Tri-Borough Home Care bankruptcy case filing, U.S. Bankruptcy Court, Eastern District of New York |
HCA Healthcare’s second-quarter earnings call is set for July 24. Molina reports July 22, Community Health Systems around July 22 to 23, Universal Health Services July 27, Centene around July 28, Humana and Privia Health both around July 29 to August 6, and Cigna July 30.