A group of more than a dozen investors has together purchased a majority stake in HistoSonics, following reports earlier this year of the cancer treatment developer entertaining the possibility of being bought out by a major medtech.
Through what the company described as a management-led deal that values HistoSonics at about $2.25 billion, the proceeds will be used to grow the clinical reach of its ultrasound-powered Edison histotripsy system, which claimed an FDA de novo clearance for the noninvasive treatment of liver tumors and metastases in 2023.
The international syndicate of private and public investors counts K5 Global, Bezos Expeditions and Wellington Management among its members, as well as Johnson & Johnson through its venture capital arm.
Other firms named—featuring some of HistoSonics’ backers returning from its $102 million series D round in August 2024—were Alpha JWC Ventures, Alpha Wave Ventures, Venture Investors Health Fund, Lumira Ventures, Hatteras Venture Partners, Early Stage Partners, Amzak Health, HealthQuest Capital and Yonjin Venture—while public investors included the State of Wisconsin Investment Board and the State of Michigan Retirement System.
“This new group of partners backs category-defining companies that transform entire industries,” said HistoSonics President and CEO Mike Blue, who will remain as chief of the company. “Their support gives us the firepower to accelerate our momentum, expand into new clinical indications, and reach even more patients around the world who urgently need our breakthrough therapy.”
The former Fierce Medtech Fierce 15 winner’s Edison system uses sonic beams to vibrate tissue into creating gas bubbles that then break down and liquify tumors, including those that cannot be removed surgically, while preserving important structures such as blood vessels.
Earlier this year, the company put forward clinical trial data from 47 patients with either primary hepatocellular carcinoma or cancers from other organs that had spread to the liver, with 90% demonstrating local tumor control one year after treatment. All of the participants had either previously tried or were deemed ineligible for standard therapies such as surgery, radiation or ablation.
HistoSonics has also been studying its approach in kidney and pancreatic tumors and plans to tackle prostate cancer as well as benign conditions. The company said more than 2,000 patients have received Edison treatments at over 50 U.S. centers, with 50 more device installations planned for before the end of the year.
“What stood out with HistoSonics wasn’t just the technology, it was the speed and clarity with which the team turned a breakthrough into real clinical traction,” said Bryan Baum, co-founder and managing partner at K5 Global. “Hospitals are continuing to order systems, patient demand is surging, and the clinical results speak for themselves. We partnered with HistoSonics because this is one of those rare moments where the science, the execution, and the opportunity all align, and we are here to ensure it reaches every hospital in the world.”
According to a May report from the Financial Times, HistoSonics had also begun exploring going public earlier this year, but instead opted for a sale, while predicting revenues of $100 million this year and $200 million in 2026.