Ropes & Gray advised Patient Square Capital and Eargo in Eargo’s completed merger with hearX, maker of Lexie hearing aids. The transaction results in the creation of a combined company called LXE Hearing and was announced in a March 31 press release.
Backed by an additional $100 million investment from Patient Square Capital, the deal creates a new hearing health company and is the first notable combination for the over-the-counter (OTC) hearing aid market since the FDA established the regulatory category in 2022. LXE Hearing will operate as one company with its two established consumer hearing aid brands, Eargo and Lexie Hearing.
Patient Square Capital is a dedicated health care investment firm with approximately $12 billion in assets under management as of December 31, 2024.
The team included private equity partner Jay Freedman, M&A partner Thomas Fraser, tax partner Benjamin Rogers, executive compensation & employee benefits partner Kyle Higley, finance partner Alex Zeltser, IP transactions counsel Georgina Suzuki, and private equity associate Marisa Corona.
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