Patient Square Capital
Patient Square Capital describes itself as a dedicated health care investment firm focused on growth-oriented companies, management teams, and products, services, and technologies that improve health.
What stands out about Patient Square Capital
Patient Square Capital is a dedicated health care investment firm that invests across development-stage therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics, life science tools, health care providers, and tech-enabled and other services. It describes a partnership model centered on trusted relationships, alignment with management teams and boards, and operational capabilities. The firm reports $19 billion in assets under management.[1][2][5][7]
What does Patient Square Capital invest in?
Patient Square Capital describes itself as a dedicated health care investment firm purpose-built to be a preeminent investment firm in health care.
The firm reports $19 billion in assets under management. Its stated approach is to partner with growth-oriented companies and top-tier management teams whose products, services, and technologies improve health.[1]
Patient Square Capital describes a partnership model based on trusted relationships and alignment with management teams and boards. It states that it invests in both private and public companies and supports companies throughout their entire lifecycle.
The firm also describes operational capabilities intended to identify and unlock value across the health care spectrum. Its portfolio materials characterize the approach as relationship-driven and growth-oriented, with close work alongside portfolio companies as they grow and evolve.[2][4]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with Patient Square Capital?
For a health care owner, the publicly stated sector coverage includes products, services, technologies, providers, pharmaceuticals, medical devices, diagnostics, and life science tools. The firm also describes growth-oriented partnerships, alignment with management teams and boards, and operational capabilities.
An owner should clarify transaction scale, control or minority structure, rollover expectations, financing, governance, operational resources, add-on activity, and anticipated ownership duration for the specific opportunity.[1][2][5][7]
What transaction sizes, revenue or EBITDA levels, and equity-check ranges are currently preferred for this opportunity
What companies does Patient Square Capital target?
The firm emphasizes growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Its stated partnership model also emphasizes trusted relationships and alignment with management teams and boards.
The approach page does not publish a universal minimum or maximum transaction size, revenue or EBITDA threshold, or equity-check range.[1][2]
Patient Square Capital states that it participates broadly across health care subsectors. The approach materials identify development-stage therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics, life science tools, health care providers, and tech-enabled and other services.[2]
Patient Square Capital lists offices in Menlo Park, California; New York, New York; and Dubai, United Arab Emirates.
The approach page does not state an exclusive country, regional, or other geographic investment mandate.[2][3]
The sources cited for this profile do not establish a platform-versus-add-on investment framework. Owners considering a transaction can ask how Patient Square would evaluate standalone acquisitions, add-on opportunities, and follow-on capital for the specific business.
Patient Square Capital’s portfolio materials describe a relationship-driven and growth-oriented approach in which the firm works closely with portfolio companies as they grow and evolve.
Publicly identified portfolio and transaction activity includes Premier, Paradigm, Patterson Companies, Radius Health, Hanger, Osanni Bio, and other health care companies. The transaction status and structure vary by company and announcement.[4][5][6][7][8][9]
Recent official announcements include the combination of Hanger and Numotion announced on September 10, 2026, and a $190 million Series B financing for Osanni Bio led by Patient Square Capital, announced on June 23, 2026.
Patient Square Capital announced a definitive agreement to acquire Paradigm on February 12, 2026. It completed its acquisition of Premier, Inc., valued at $2.6 billion, on November 25, 2025.
Patient Square Capital also announced a definitive agreement to acquire Patterson Companies for $31.35 per share in cash, valued at approximately $4.1 billion, on December 11, 2024. Patient Square affiliates’ sale of their interest in Radius Health to B-FLEXION Life Sciences was announced on January 12, 2026.[5][6][7][8][9]
What is not clear from Patient Square Capital's public investment criteria?
The approach page does not publish a universal minimum or maximum transaction size, revenue or EBITDA threshold, or equity-check range. The same page does not state an exclusive country, regional, or other geographic investment mandate.
The Premier acquisition announcement does not disclose Patient Square’s expected investment holding period or exit timing. The Patterson announcement does not disclose a universal Patient Square ownership percentage, minimum rollover requirement, or general transaction-size policy beyond the specific Patterson transaction terms.[2][5][7]
Questions to ask when evaluating Patient Square Capital as a buyer or investment partner
What transaction sizes, revenue or EBITDA levels, and equity-check ranges are currently preferred for this opportunity?
Does Patient Square seek a control, minority, or structured investment for the specific opportunity?
What rollover-equity, management-retention, and governance expectations would apply?
Which investment affiliate would own the asset, and what financing is committed?
What operational resources would be assigned to the company?
What is the anticipated ownership horizon and exit philosophy?
Sources & research notes
- Official website / firm overview
- Industry / market focus
- Geography / market coverage
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Structure / regulatory context
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
Broker-dealer and securities disclosure
Auxo Capital Advisors is an affiliate of Weild & Co., Member FINRA | SIPC. Securities-related activities and securities transactions are conducted through Weild & Co.
Nothing contained on this page constitutes an offer to sell, an offer to purchase, or a solicitation of an offer to buy or sell any security, investment product, or financial instrument. Nothing on this page constitutes investment advice, a recommendation regarding any security, or a recommendation to enter into any transaction with the profiled firm or any other party.
Any securities transaction, capital-raising engagement, investment-banking engagement, or other securities-related activity involving Auxo Capital Advisors or Weild & Co. is subject to applicable regulatory requirements, internal review and approval, suitability and other applicable diligence requirements, and the terms of a separate written engagement or transaction agreement, as applicable.
Inclusion of a third-party firm in this directory does not imply affiliation with, sponsorship by, endorsement by, or any other relationship with Auxo Capital Advisors or Weild & Co. unless expressly stated otherwise.