Four items today. On the notifications register nothing has moved: no new Australian GP practice acquisition has reached it since Partnered Health's own 3 July Ryan Plaza notification (MN-15027), checked directly this morning: still at Phase 1 initial assessment, under assessment, effective 3 July, submissions closed on 10 July and no determination published. The decision the Zoo expected in the second half of July has not appeared, with seven days of the month to run, and the statutory determination period runs to 14 August.
The Bupa-Partnered Health parent transaction is still absent as a separate notification, and the Foreign Investment Review Board approval that deal needs is also outstanding. In New Zealand, Green Cross Health's NZD 270m sale of The Doctors to Tend Health holds its 31 July completion target, seven days out, with nothing on the NZX on completion as at today.
The second item is on the waiver register, which sits alongside the notifications list and carries a separate class of determination. A KKR vehicle cleared a waiver on 22 July to buy FYihealth, more than 370 optical clinics and retail stores across Canada and the United States, on terms requiring management and practising optometrists to roll a minimum of about 20 per cent of the acquirer's equity. Vets Central cleared one on 17 July for two South Australian veterinary practices. Neither is general practice. Both show where private capital is going in clinician-owned services, and the structures are the ones a GP owner meets at sale.
The third item is capital rather than a transaction. AdvanCell, a Brisbane radiopharmaceutical company, closed a US$315m Series D on 15 July, reported as the largest private Australian biotech raise. It is not primary care, and it marks where institutional health capital is going.
The fourth item is the first reading of the Zoo's sell index. Twenty-two GP practices are live on the broker marketplaces this week. On one marketplace, thirty of its thirty-three listings had already sold, because that broker publishes status on its index page and leaves sold stock on the site.
No new Australian GP practice acquisition has reached the ACCC register since Partnered Health's own 3 July Ryan Plaza notification. Checked directly on the register this morning, the only general practice matter under the mandatory merger regime is still PH Medical Centres' proposed acquisition of Ryan Plaza Medical Services (MN-15027), which operates the Medicine on Second clinic at Maroochydore, an 11-GP practice. It remains at Phase 1 initial assessment, under assessment, effective 3 July, with submissions closed on 10 July and no determination published. Seven days of the month remain. The second-half-of-July expectation is the Zoo's own, set out in the 10 July and 14 July editions, not a timetable the ACCC has published, so it is our flag that is late rather than the regulator: the statutory determination period runs to 14 August. The notification describes the acquiring PH Primary Care Group as 67 general practice clinics and medical centres engaging about 570 GPs, majority owned by Quadrant Private Equity through QPE Fund 6, which is the figure to hold for group size against the looser trade descriptions of 60 plus or 68 clinics.
Nothing else added to the register this month is general practice. The health entries alongside it include Vets Central's bid for a veterinary centre (1 July), Amplifon's for GN Hearing (13 July) and Vertex's for Crinetics (21 July), none of them primary care. The notifications list runs to 22 July with no further mandatory general practice notification on it.
The Bupa-Partnered Health parent transaction, reported by AFR Street Talk on 18 June at about $450m, has still not surfaced as a separate notification, so the ACCC and Foreign Investment Review Board approvals the Bupa deal needs remain outstanding. The data breach at the target, Partnered Health, is unresolved, and there was no new development in it today: no OAIC outcome has been published, and no new external coverage has emerged since the reporting of 15 to 17 July. The position is as set out on 20 July: 21 named clinics across New South Wales, Victoria, Queensland, Western Australia and the Australian Capital Territory; Medicare numbers, private health insurance and Veteran Card (DVA) numbers, concession card numbers and clinical records among the information at risk where a clinic held them; an interim injunction from the Supreme Court of New South Wales restraining use or publication of the accessed data; and the patient-management software vendor Best Practice cleared. Neither Bupa nor Partnered Health has said publicly whether the breach engages any contractual provision in the acquisition agreement. Bupa's only timing marker remains settlement 'later this year', the wording of The Medical Republic on 16 July rather than a quoted Bupa commitment.
In New Zealand the comparator holds its date. Green Cross Health shareholders approved the NZD 270m sale of The Doctors, the country's largest GP network at around 65 clinics, to Tend Health at the Auckland annual meeting on 14 July, and completion is targeted by 31 July. The NZX announcements for GXH carry nothing on completion as at today, seven days out; the most recent is a director disclosure filed on 15 July. Green Cross is not a buyer in the Australian market and has given no public indication that it intends to become one.
The waiver register is the second class of entry on the ACCC's merger register, separate from the notifications list that MN-15027 sits on, and two determinations published there in the past week involve clinician-owned service networks.
On 22 July the ACCC approved a waiver for Frames ExchangeCo, a KKR vehicle, to acquire FYi Holdings, which trades as FYihealth and runs more than 370 optical clinics and retail stores across Canada and the United States. The application was lodged on 27 June. Members of management and active optometry professionals are required to roll over a portion of their equity interest into an affiliate of the acquirer, a minimum of about 20 per cent of the acquirer's equity in aggregate, and may elect to roll more.
On 17 July the ACCC approved a waiver for VC Operations (WA), part of Vets Central, to buy all the business assets, tangible and intangible, of Willunga Veterinary Services and Aldinga Veterinary Services in South Australia from Willunga Veterinary Hospital. That application was lodged on 23 June. Vets Central runs 82 veterinary practices across Australia and New Zealand, and has a separate notification on the acquisitions register for the Hills Veterinary Centre, effective 1 July.
Neither is a general practice transaction. Both are structures a GP owner meets at sale: a single-site bolt-on into a national clinician-services roll-up, and a practitioner equity rollover written into the deal as a requirement rather than offered as an incentive afterwards. PH Primary Care Group's proposed addition of one 11-GP clinic to its 67 sits on the notifications register this month for the same kind of transaction. Both of these took the waiver route rather than the notification route MN-15027 is on.
AdvanCell, a Brisbane radiopharmaceutical company developing targeted alpha therapies on a Lead-212 platform, closed an oversubscribed and upsized US$315m Series D on 15 July. Ally Bridge Group led the round and Alpha Wave co-led it, with new investors including Bain Capital Life Sciences, Fidelity, T. Rowe Price, Eventide and Velosity Capital. The money funds Phase 3 development of its lead prostate cancer therapy, ADVC001, and manufacturing in the United States. AdvanCell's own release describes it as the largest private capital raise by an Australian biotechnology company.
Some coverage carries the round as $450m. That is the Australian dollar conversion of the same raise, not a second one. The figure in the primary release is US$315m.
This is not primary care and it does not change how a GP practice is valued or bought. Institutional health capital in Australia is going to specialised therapeutics rather than GP networks. Converted, the round is about $450m, close to the price AFR Street Talk reported for the whole Bupa-Partnered Health transaction.
Twenty-two GP practices are on the market across the broker marketplaces the Zoo tracks, with one more under contract. Three have been delisted, one of them in the week to today. That is the first reading of a count we will run every Friday: every listing fetched and its status checked against the broker's own index page rather than carried forward from the week before.
On one marketplace, thirty of its thirty-three listings had already sold. That broker publishes status on its index page and nowhere else, so the individual listing page still reads as available years after the practice changed hands, and most of the sold entries carry no date at all. On the listing pages alone the advertised market looks more than twice its real size. Those thirty are an archive of what has cleared over an unknown period, not stock that moved this week.
Of the twenty-two live, New South Wales and Victoria hold seven each, Queensland and Western Australia four each. Sixteen are metropolitan, four regional and two rural or remote. On asking price, eight do not state one, six sit between $500,000 and $1m, three below $250,000, two between $250,000 and $500,000, two between $1m and $2m, and one above $2m. GP numbers are absent from fifteen of the twenty-two, which follows from anonymised listings rather than evidence the practices are small.
The count is a floor. It covers openly advertised stock, and practices traded quietly through a broker's own book never appear on a marketplace at all. This week is a level, not a trend. The comparison starts next Friday, when the same count runs against this one.
Medius count, every listing verified 24 July 2026. Aggregate only: no practice, owner or location beyond state and metro, regional or rural.
Own a practice and thinking about your exit, this year or in three? Write to kate.marie@mediusglobal.com.au, in confidence.
Buying, lending or researching? The full operator dataset behind the Zoo is licensed: get the full data.