Non-Invasive Cancer Therapy firm HistoSonics acquired for $2.25 Billion

HistoSonics, a medical technology company specializing in non-invasive tumor treatment using focused ultrasound, has agreed to a $2.25 billion acquisition by a consortium of prominent investors. The management-led deal includes globally recognized private and public investors including K5 Global, Bezos Expeditions, Wellington Management, and a range of other notable private and public investment firms.

Founded in 2009, HistoSonics is headquartered in Minneapolis, but was formed out of research by leading ultrasound scientists from the University of Michigan. The company is known for developing the Edison Histotripsy System, a platform that uses focused ultrasound waves to mechanically destroy and liquify tumors without the surgery, radiation or chemotherapy typically associated with cancer treatment. The system gained FDA De Novo clearance in October 2023, a regulatory milestone allowing for broader clinical adoption.

Currently, the Edison system is deployed in over 50 leading medical centers across the United States, treating more than 2,000 patients, predominantly with liver tumors. HistoSonics aims to expand the technology’s reach through ongoing clinical trials aimed at treating kidney, pancreas, and prostate tumors. Trials such as HOPE4KIDNEY for kidney tumors and GANNON for pancreas tumors are recruiting participants to advance these indications. 

Mike Blue, who will continue as the company’s CEO and take on the role of Chairman of the Board following this transaction, emphasized the urgency in advancing alternatives to current tumor treatment methods. “Our relentless focus as a company has been speed, scale, and the urgency to offer patients a better option than any they have today,” said Blue in the company statement. 

The investor syndicate includes Alpha JWC Ventures, Lumira Ventures, Johnson & Johnson’s corporate venture arm JJDC, and state investment boards from Wisconsin and Michigan, among others. This deep pool of funding is intended to support accelerated global expansion and further the development of histotripsy in various oncological applications. 

Bryan Baum, co-founder of K5 Global, highlighted the company’s momentum: “Hospitals are continuing to order systems, patient demand is surging, and the clinical results speak for themselves,” Baum said.

HistoSonics’ technology represents a broader trend in oncology and medical device innovation toward non-invasive, targeted therapies. Focused ultrasound, as utilized in histotripsy, is gaining traction internationally as a less risky alternative to surgery or radiation that can reduce recovery times and potentially improve outcomes.

The acquisition could position HistoSonics as a key player in this emerging field. With clinical validation and investor confidence, the company is now preparing for rapid scale-up to meet growing demand inside and outside the United States.

Financial and legal advisors involved in the deal included Citi and Fox Rothschild for HistoSonics, Morgan Stanley and Cooley (with Orrick’s assistance) for the investor group, and Wilson Sonsini Goodrich & Rosati representing existing shareholders.

As the global burden of cancer continues to rise, innovations like HistoSonics’ histotripsy platform could reshape the landscape of tumor management, offering less invasive options that align with patient-centered care trends and evolving healthcare technologies.