The Ledger

Redeemer Health files Chapter 11 with $119 million in debt, 10 years of losses and no buyer in hand.

The Meadowbrook, Pennsylvania nonprofit filed case 26-14632 in the Eastern District of Pennsylvania on November 2, covering 239-bed Holy Redeemer Hospital in Abington Township plus three skilled-nursing facilities and a retirement community; it had not made a scheduled debt payment since September 2026 and reported a $29 million operating loss on $332 million in nine-month revenue through March 31. Interim chief executive Jim Logue, who replaced chief executive Greg Wozniak, who resigned in September 2026, quotes the hospital as unable “to compete effectively with larger hospital systems in the area,” and the system hired Scott Victor at SSG Capital Advisors as banker; conversations about a sale have included Jefferson Health, Penn Medicine, Temple University Health System and Trinity Health, though a prior 2022 sale process also ended without a deal. Who it hits: municipal bond holders, the region’s acute-care systems now competing for the hospital’s patients, and an obstetrics program that has had more than 11,000 deliveries since 2021. Sources: Philadelphia Inquirer, Bloomberg, BankruptcyObserver case 26-14632. Confidence: High on filing, leadership and financial figures (Philadelphia Inquirer primary reporting); Med on the total liability figure, which varied across reports.

Privia Health paid about $36 million for a Cano Health subsidiary’s Medicare accountable care organization, adding more than 36,000 attributed lives to its Medicare Shared Savings Program footprint beginning January 1, 2027.

The physician management company announced the acquisition November 2, funded from its balance sheet; the target, American Choice Healthcare MSSP, LLC, was a wholly owned subsidiary of Cano Health, the value-based primary care group, and operates an accountable care organization (ACO) in both existing and new geographic markets relative to Privia’s current footprint. Privia says the transaction will have minimal impact on its key financial metrics in 2026 but contribute positively to attributed lives and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in 2027. Source: Privia Health company release, November 2. Confidence: High.

Viatris commenced a $1.65 billion all-cash tender offer October 30 for Pacira BioSciences at $36.50 per share, with the offer set to expire November 16, as the generics and branded drug company moves to build a non-opioid pain portfolio.

The two companies signed a definitive agreement October 8; the tender offer commencement is the new development, moving the transaction from a signed deal to an active offer with a November 16 deadline. Pacira BioSciences makes EXPAREL, a liposomal bupivacaine used for post-surgical pain management, and ZILRETTA, an extended-release steroid for knee osteoarthritis pain; Viatris says the deal will be immediately accretive to its financial guidance and positions the company as a leader in non-opioid pain management, and the offer is not subject to a financing condition. Sources: Viatris newsroom, October 8, Viatris 8-K, tender offer commencement. Confidence: High on terms and timeline.

Ferring Pharmaceuticals agreed October 27 to pay up to $1.38 billion for Gameto, a cell engineering startup whose IVF platform cuts hormone injection courses from about two weeks to a few days.

Ferring, the Swiss reproductive medicine drugmaker behind hormone therapies used in fertility treatment, would add Gameto’s Fertilo platform, which matures eggs outside the body, to its portfolio; total consideration reaches up to $1.38 billion with a portion contingent on development, regulatory and commercial milestones, and the upfront payment was not disclosed. Who it hits: fertility clinics, reproductive endocrinologists and their patients, and competing IVF platforms seeking to differentiate on protocol simplification rather than price. Source: The Pharma Letter; a company press release from Ferring’s investor relations page is the primary document. Confidence: High on the total deal range (confirmed across multiple reports); Low on the undisclosed upfront payment.

RadNet agreed October 26 to buy teleradiology and hospital radiology staffing firm ONRAD for $350 million in cash, 5 million shares and up to $210 million in earnout tied to 2027 performance targets.

ONRAD operates a capital-light platform supporting more than 225 hospital facilities across 26 states with more than 130 contracted radiologists, and is expected to add $190 million to $200 million in revenue and $60 million to $65 million in adjusted EBITDA in year one; RadNet, the outpatient imaging chain, says the deal addresses a radiologist supply shortage and will form a new reportable segment called Radiology Professional Services, with closing expected in early 2027 pending regulatory clearance. Source: RadNet 8-K, exhibit 99.01. Confidence: High.

Florida’s attorney general asked a federal judge today to transfer its price-fixing suit against pharmacy benefit managers (PBMs) Express Scripts and Prime Therapeutics from a Polk County, Florida state court to federal court, citing Express Scripts’ federal contracts as the basis for federal jurisdiction.

The underlying suit was filed August 27 by Attorney General James Uthmeier in the Circuit Court of the Tenth Judicial Circuit, charging the two competing PBMs with fixing pharmacy reimbursement rates through a December 2019 “collaboration” in which Prime Therapeutics adopted Express Scripts’ lower rate structure; Louisiana filed a parallel federal suit August 30, and the removal motion is the first reported procedural action in the Florida case since filing. The state attorney general wave on this theory now covers at least two states; the National Community Pharmacists Association and Duane Morris track new entrants. Sources: MLex antitrust, November 3 (subscription); Florida AG original press release and complaint. Confidence: Med (the removal motion is confirmed by trade press only; we have not independently viewed the motion filing).

THE DEAL SHEET

Target	Acquirer/Investor	Vertical	Value	Source
Redeemer Health (Chapter 11, sale process)	SSG Capital Advisors hunting buyer	Catholic nonprofit hospital system, PA (239-bed acute care plus 3 SNFs)	N/A	Philadelphia Inquirer, BankruptcyObserver
Pacira BioSciences	Viatris Inc. (tender offer commenced Oct 30, expires Nov 16)	Non-opioid pain management (pharma)	$1.65B ($36.50/share cash)	Viatris 8-K
Gameto	Ferring Pharmaceuticals (agreement Oct 27)	IVF/reproductive medicine (pharma-biotech)	Up to $1.38B (milestones; upfront undisclosed)	The Pharma Letter
American Choice Healthcare MSSP, LLC	Privia Health Group (PRVA), announced Nov 2	Medicare Shared Savings Program ACO	~$36M cash	Privia Health release, Nov 2
ONRAD	RadNet, Inc. (agreement Oct 26)	Teleradiology and hospital radiology staffing	$350M cash + 5M shares + up to $210M earnout	RadNet 8-K, Oct 26
Chirok Health (completed Nov 3)	Sagility Ltd (EQT-backed)	Clinical documentation improvement and revenue cycle coding	Up to $32.35M	Private Equity International
Solo Pace	Merit Medical Systems	Transcatheter aortic valve replacement temporary pacing	~$45M	Lawrence Evans healthcare deals weekly, Nov 2
Radon Medical Imaging	Leonard Green & Partners	Imaging equipment services (26 states)	Undisclosed	Lawrence Evans healthcare deals weekly, Nov 2
Baystate Mercy Hospital (45 medical group entities)	Baystate Health (integration)	Nonprofit hospital system integration, western Massachusetts	$300M	Lawrence Evans healthcare deals weekly, Nov 2
TailorMed (majority stake)	GrowthCurve Capital	Medication access and patient financial assistance platform	Undisclosed	Lawrence Evans healthcare deals weekly, Nov 2
Precision Psychiatric Services	PsychPlus	Physician-led psychiatric services, California (100-plus psychiatrists)	Undisclosed	Lawrence Evans healthcare deals weekly, Nov 2

Scan covered SEC filings, company releases, rating agency coverage and trade press for October 31 to November 3. The five deals above sourced from Lawrence Evans (Solo Pace, Radon Medical, Baystate Mercy, TailorMed, Precision Psychiatric) are confirmed by that weekly roundup only; primary company releases were not independently opened. No new FTC or DOJ healthcare merger action dated in the window could be confirmed from a primary source. Frontier scan this run: H-3 branch (state attorney general price-fixing suits against PBMs, last checked September 6). Found fresh development: Florida AG filed a removal motion November 3 to transfer its price-fixing suit against Express Scripts and Prime Therapeutics to federal court; covered above. No new recurring source added to the stack.