2025年10月16日， HistoSonics宣布完成 2.5亿美元（约合人民币18亿）超额融资 。 这家以声波机械能量治疗（Histotripsy）技术闻名的美国公司，在过去半年间连续完成三笔资本动作—— 先是被曝出25亿美元的收购传闻，后以22.5亿美元完成 财团控股，如今又获得新一轮资金加持。 这笔融资的领投方包括彼得·蒂尔（Peter Thiel）旗下的Thiel Bio、杰夫·贝佐斯（Jeff Bezos）的个人投资公司Bezos Expeditions，以及Wellington Management等顶级机构。 在多数医疗科技企业仍在为上市窗口犹豫之时，HistoSonics的融资节奏显得异常坚定。 # 从"被收购"到"主动加速" HistoSonics的过去一年，几乎可以用"资本剧本的反转"来形容。 从"被收购"到"主动加速"，这家公司在半年间完成了身份的转变。 它不再是巨头收购名单上的一项资产，而是一个被资本集体押注的独立技术平台。 HistoSonics首席执行官Mike Blue解释道："我们选择保持独立，不是为了追求估值，而是为了加快Histotripsy在更多疾病领域的临床落地。" ...

Core Viewpoint - HistoSonics has completed a significant equity transfer transaction valued at $2.25 billion, enabling the company to maintain its private status while accelerating the commercialization and global deployment of its core product, the Edison system [2][3]. Group 1: Transaction Details - The equity transfer was led by HistoSonics' existing management team and involved a consortium of investors including K5 Global, Bezos Expeditions, and Wellington Management [3]. - The transaction was officially completed on August 6, 2025, and positions HistoSonics as one of the largest medical technology deals in the Midwest, marking it as Michigan's latest "unicorn" [3]. Group 2: Product Overview - The Edison system is the first FDA De Novo approved histotripsy platform, utilizing high-amplitude, short-pulse focused ultrasound to achieve mechanical destruction of target tissues without thermal damage [6][7]. - The system is designed to treat liver tumors and has initiated clinical trials for kidney and pancreatic tumors, with plans to expand into prostate cancer and benign disease treatments [7][8]. Group 3: Market Potential and Strategy - HistoSonics aims to leverage its unique technology to achieve a revenue of over $100 million in 2025, with projections of $200 million in 2026, indicating rapid market acceptance and penetration [11]. - The management team opted for a capital path that allows for independent growth rather than merging with larger medical technology firms, reflecting confidence in the market potential of the Edison system [9][11]. Group 4: Global Expansion and Insurance Coverage - HistoSonics has begun its global expansion with the establishment of a histotripsy center at Addenbrooke's Hospital in Cambridge, UK, and plans to enter markets in Germany, Italy, and Japan [14]. - The company has secured commercial insurance coverage for the Edison system in several states, facilitating broader access and adoption [14][15]. Group 5: Conclusion - The recent transaction is viewed as a confirmation of HistoSonics' growth trajectory rather than an exit strategy, with the company focusing on establishing a comprehensive surgical system platform [16].

Core Viewpoint - HistoSonics is evaluating potential acquisition offers from strategic investors including Medtronic, GE Healthcare, and Johnson & Johnson, with a valuation exceeding $2.5 billion (approximately 18.17 billion RMB), which could become a significant platform acquisition in the interventional oncology space [2][3]. Group 1: Overview of Acquisition Rumors - Several companies are reportedly interested in acquiring HistoSonics, with Citigroup serving as the financial advisor for the transaction [3]. - HistoSonics had considered an IPO but has shifted focus to a sale due to macro market uncertainties [3]. Group 2: Valuation Logic - HistoSonics' technology, Histotripsy, is characterized by its unique non-thermal, non-ionizing, and non-invasive properties, resulting in minimal damage to healthy tissue while maintaining treatment precision [5]. - The clinical outcomes for liver cancer patients show a 12-month local tumor control rate of 90%, and the company has received FDA de novo approval [8]. - HistoSonics is advancing clinical trials for pancreatic cancer treatment, targeting patients who are not surgical candidates, indicating a clear expansion of indications [8][9]. Group 3: Potential Industry Impact of Acquisition - If acquired by Medtronic, it could enhance their minimally invasive tumor surgery portfolio by integrating ablation devices [10]. - GE Healthcare could leverage the real-time imaging guidance of Histotripsy to create a comprehensive diagnostic and treatment loop [10]. - Johnson & Johnson's acquisition could represent a natural progression of their investment in HistoSonics, strengthening their non-invasive solutions for soft tissue and tumor removal [10]. Group 4: Trends to Watch - The approval pace for indications like pancreatic and kidney cancer will influence market entry speed [11]. - The reimbursement system will need to adapt to the new treatment pathway offered by Histotripsy [11]. - The complexity of the device necessitates a structured training program for physicians to facilitate widespread clinical adoption [11]. - A successful acquisition by a major player could trigger accelerated financing and exits in the minimally invasive/non-thermal treatment sector [11].