Minnesota's health care startups raised a combined $1.46 billion from IPOs in the second quarter, according to the Medical Alley Association's quarterly investment report released Wednesday.
The four IPOs from Medical Alley Association companies (Agiliti Inc., Bright Health, CVRx Inc. and Miromatrix Medical Inc.) is a record for the region dating back to at least 2000.
Minneapolis-based Bright Health led the IPO round-up, with its $924 million raise in June, the largest for a Medical Alley company.
In addition to the IPOs, numerous mergers and acquisitions took place throughout the quarter, which also saw the second highest number of companies raising private equity in five years.
Fargo-based Aldevron made the biggest M&A deal for a Medical Alley member when it was acquired by Washington, D.C.-based Danaher for $9.6 billion.
In the funding space, a total of 36 companies raised $52 million in the quarter. The medical device sector was responsible for the largest raise ($30M) followed by digital health ($17M) and biotech/pharmacy ($2.4M).
Of the companies that raised funds, 66% participated in the Angel Tax Credit Program (ATCP), which wasn't available in 2020.
