The Zoo scan

The business of general practice, daily

Tuesday 28 July 2026

Five items. Three Australian health and biotech raises are on the public record. No new Australian GP practice deal has reached the ACCC register since Partnered Health's 3 July notification, and that matter is still without a determination.

The watering hole · health capital, raises and funds
Radiopharm Theranostics raises in the United States and Australia at the same time Confirmed

Radiopharm Theranostics (ASX:RAD) announced the two offers together on 24 July: a US$4.1m registered direct offering of American depositary shares in the United States and an Australian placement and share purchase plan of up to about A$12.7m. Institutions have committed about A$6.7m, and the share purchase plan is open to Australian and New Zealand holders for up to about A$6m. Options attach one for one, exercisable at A$0.018 and expiring on 31 July 2029.

Shareholders vote on 11 September and the new securities list on 17 September. Proceeds fund the planned Phase 3 registrational study for RAD101.

24 July 2026 ASX:RAD
Radiopharm Theranostics: company announcement (24 July 2026)
Vitrafy Life Sciences places A$30m at $2.60 a share Reported

Vitrafy Life Sciences (ASX:VFY) raised A$30m in a placement priced at $2.60 a share. Bell Potter lifted its price target after the placement, reading the raise as growth funding. The Motley Fool Australia reported the upgrade on 24 June.

24 June 2026 ASX:VFY
The Motley Fool Australia: broker upgrade following the capital raise (24 June 2026)
Everlab raises A$65m in a Series A led by Airtree Reported

Everlab, a Melbourne preventive healthcare company, raised A$65m in a Series A led by Airtree, with proceeds funding a global rollout. Pulse+IT reported the round on 17 June.

17 June 2026 VIC
Pulse+IT: Everlab raises A$65m towards global rollout (17 June 2026)
Migrations · GP and primary-care ownership and M&A
No new Australian GP practice deal has reached the ACCC register since 3 July Confirmed

No new Australian GP practice acquisition has reached the ACCC acquisitions register since Partnered Health's Ryan Plaza notification on 3 July. That matter, MN-15027, a bid for the 11-GP Medicine on Second clinic at Maroochydore, is still at Phase 1 with no determination published, and the statutory determination period runs to 14 August.

The Bupa-Partnered Health parent transaction has not appeared as a separate notification, and the Foreign Investment Review Board approval that deal needs is outstanding. In New Zealand, Green Cross Health's NZD 270m sale of The Doctors to Tend Health is due to complete on 31 July. Shareholders approved it on 14 July, in a poll result filed with the NZX as announcement 476097, and no completion notice has been posted.

28 July 2026 National
ACCC acquisitions register Australian Merger Tracker: MN-15027, Partnered Health / Ryan Plaza Medical Services NZX: Sale of Green Cross Health's Medical Division (sale agreement)
The herd · market and workforce
Four GP practices are advertised for sale, two in Western Australia and two in New South Wales Confirmed
  • Petersham, NSW, 4 GPs, a bulk-billing practice in Sydney's inner west. SEEK Business
  • Western Sydney, NSW, GPs not stated, a medical centre with a dental surgery. SEEK Business
  • Merredin, WA, GPs not stated, a rural practice in the central wheatbelt. The Health Linc
  • Armadale, WA, GPs not stated, a bulk-billing practice coming to market. The Health Linc

Medius first observed each of the four listings on 27 July 2026. Town, state, GP count and source as the broker publishes them; anonymous listings are not named.

27 July 2026 NSW, WA
Habitat · policy and regulatory watch
  1. cohealth, the Melbourne community not-for-profit, is running under a state-appointed board monitor from 15 July for an initial 12 months, having accepted all 13 recommendations of the independent review of its general practice. Next is the monitor's first reporting. Premier of Victoria
  2. The Commonwealth bulk-billing clinics in the ACT. Gungahlin (Macquarie General Practice) is due to open in July with no confirmed date; Tuggeranong is open and Molonglo runs from a temporary Phillip site. Department of Health and Aged Care
  3. The six Hunter and Central Coast bulk-billing clinics announced on 19 May, $25.3m over three years, open by mid-2027. They run through a Primary Health Network grant round that has not been publicly announced as open.
  4. ATO valuation guidance for the 1 July 2027 CGT cost base reset, still not issued. Until the methodology is out, no owner can fix a defensible cost base.
  5. GP payroll tax. The RACGP is asking for GPs to get 'equal treatment' with non-GP specialists at the 28 November Victorian poll, and the Coalition has pledged an exemption. Neither is enacted. In force and unchanged: Queensland exempt from December 2024, the Victorian bulk-billing exemption from July 2025, the South Australian bulk-billing exemption from 1 July 2024 and the ACT bulk-billing exemption from 1 July 2025.
Fresh tracks · what we're watching
  1. Private equity in clinician-owned services, the pool GP buyers come from. Crescent Capital has Morgan Stanley selling National Dental Care after more than a decade of ownership (AFR Street Talk, 18 June), with no update since, and any multiple that process discloses is a rare public comparable. The KKR waiver for FYihealth on 22 July required optometrists and management to roll a minimum of about 20% of the acquirer's equity, with the option to roll more. ACCC waiver register

Talk to the people who track this market

Own a practice and thinking about your exit, this year or in three? Write to kate.marie@mediusglobal.com.au, in confidence.

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