H|T: The Healthtech Times – GSK to buy Bellus Health for $2 billion USD

Plus: GPT-4 will hunt for trends in medical records.

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Medfar secures $30 million CAD, looks to acquire more electronic medical record software providers (BETAKIT)

Medfar is part of a growing space for healthtech startups looking to cash in on the electronic health records market, which is expected to reach a valuation of $30.8 billion USD globally by 2030, according to market research from Precedence Research.

GSK’s $2-billion purchase of Bellus delivers second big exit for Montreal’s Bellini family (THE GLOBE AND MAIL)

The Bellini family’s two-decade quest to repeat the blockbuster success of BioChem Pharma Inc. has finally paid off as British drug giant GSK said Tuesday it would buy Laval, Québec-based cough treatment developer Bellus Health Inc. for US$2-billion.


Osler releases multi-year study of 350+ Canadian VC and growth equity financings

Osler's market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than US$6 billion.

This comprehensive report is a must read for founders, entrepreneurs, investors and advisors who are contemplating transactions in 2023 and beyond.

Read the Deal Points Report now.

Yung Wu to depart as MaRS CEO at end of 2023 as innovation hub begins search for next leader (BETAKIT)

Over the past five-plus years, Wu guided MaRS through the pandemic, helped MaRS launch its flagship scale-up program, a climate impact program, biotech accelerator, cleantech accelerator, Graphite Ventures, a $100 million private venture capital fund, and open a new waterfront campus.

GPT-4 will hunt for trends in medical records thanks to Microsoft and Epic (ARSTECHNICA)

On Monday, Microsoft and Epic Systems announced that they are bringing OpenAI's GPT-4 AI language model into health care for use in drafting message responses from health care workers to patients and for use in analyzing medical records while looking for trends.

Artificial intelligence is infiltrating health care. We shouldn’t let it make all the decisions. (MIT TECHNOLOGY REVIEW)

The best course of action might be to use these new technologies in the same way we use well-established ones. X-rays and MRIs are used to help inform a diagnosis, alongside other health information.

People should be able to choose whether they want a scan, and what they would like to do with their results. We can make use of AI without ceding our autonomy to it.

Raghwa Gopal to retire as head of Innovate BC, kicking off search for new leader (BETAKIT)

Innovate BC has announced Raghwa Gopal, its president and CEO, is retiring in August.

Gopal was appointed to lead Innovate BC in 2019 after the organization’s previous CEO, Shirley Vickers, resigned at the beginning of that year.

AbCellera-backed precision medicine startup Abdera raises $140-million to target tumors (THE GLOBE AND MAIL)

A precision medicine startup led by biotechnology veterans and backed by B.C.’s AbCellera Biologics Inc. has raised US$110-million to develop drugs that can deliver radioactive attacks on tumours with minimal impact on other parts of the body.

Lululemon has approached Hydrow about a possible sale of Mirror (CNBC)

Multiple parties have reached out to Hydrow to gauge its interest in Lululemon's at-home fitness business Mirror, said industry sources, who declined to be named because the talks are private.

Lululemon announced it would acquire Mirror for $500 million at the height of the at-home fitness bonanza in June 2020.

MY01 raises $12.5 million CAD for microsensors that aid in physician diagnostics (BETAKIT)

Montréal-based MY01 has received $12.5 million CAD in Series A funding from a group of three Québec-based investors.

MY01 is a medical technology company that uses microsensors to aid physicians in diagnosing acute compartment syndrome (ACS). ACS occurs when muscle pressure builds to dangerous levels.

Noah Medical announces $150M for a robot that goes in your lungs (CRUNCHBASE)

Noah Medical’s disposable probes allow medical institutions to use the same device between patients faster. Rather than resanitizing the device, users can simply replace the probe, leading to faster turnaround times and making it possible for doctors to see more patients in the same time span.

Apple plans iPhone journaling app in expansion of health initiatives (THE WALL STREET JOURNAL)

The software will compete in a category of so-called journaling apps, such as Day One, which lets users track and record their activities and thoughts. The new Apple product underscores the company’s growing interest in mental health.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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