Discharged

Major Texas hospital merger between Memorial Hermann and Baylor Scott & White called off

The merger that would have created the largest hospital system in Texas has been called off. Photo via memorialhermann.org

Two Texas hospitals that were headed for union have called off their engagement plans, according to a joint statement. Dallas-based Baylor Scott and White and Houston-based Memorial Hermann announced in October that they were on track to combine forces following a letter of intent to merge and create a combined system.

The merger would have created a system with over 68 hospital campuses, 1,100 care delivery sites, almost 14,000 physicians, and serve almost 10 million patients each year, according to the October release. The more formalized agreement was expected this year.

"After months of thoughtful exploration, we have decided to discontinue talks of a merger between our two systems," the February 5 release states. "Ultimately, we have concluded that as strong, successful organizations, we are capable of achieving our visions for the future without merging at this time."

Jim Hinton, current CEO of Baylor Scott and White, was announced to be the system's CEO. Chuck Stokes, president and CEO of Memorial Hermann, was said to serve in the proposed office of the CEO, along with Baylor Scott and White president, Pete McCanna.

"We have a tremendous amount of respect for each other and remain committed to strengthening our communities, advancing the health of Texans and transforming the delivery of care," the release continues. "We will continue to seek opportunities for collaboration as two forward-thinking, mission-driven organizations."

This story will be updated as more information becomes available.

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Building Houston

 
 

BUCHA BIO has raised over $1 million to grow its team, build a new headquarters, and accelerate its go-to-market strategy. Image courtesy of BUCHA BIO

A Houston company that has created a plant-based material that can replace unsustainable conventional leathers and plastics has announced the close of its oversubscribed seed funding round.

BUCHA BIO announced it's raised $1.1 million in seed funding. The round included participation from existing partners New Climate Ventures, Lifely VC, and Beni VC, as well as from new partners Prithvi VC, Asymmetry VC, and investors from the Glasswall Syndicate, including Alwyn Capital, as well as Chris Zarou, CEO & Founder of Visionary Music Group and manager of multi-platinum Grammy-nominated rapper, Logic, the startup reports in a news release.

“I’m excited to back BUCHA BIO’s amazing early market traction," Zarou says in the release. "Their next-gen bio-based materials are game-changing, and their goals align with my personal vision for a more sustainable future within the entertainment industry and beyond.”

The company, which relocated its headquarters from New York to Houston in February, was founded by Zimri T. Hinshaw in 2020 and is based out of the East End Makers Hub and Greentown Houston.

BUCHA BIO has created two bio-based materials using bacterial nanocellulose and other plant-based components. The two materials are SHORAI, which can be used as a leather alternative, and HIKARI, a translucent material that is expected to be formally introduced in November.

The fresh funding will help the company to accelerate its move into the marketplace next year by securing co-manufacturers to scale production. Additionally, the company is growing its team and is hiring for a new supply chain lead as well as some technician roles.

Per the release, BUCHA BIO is working on constructing a new headquarters in Houston that will house a materials development laboratory, prototype manufacturing line, and offices.

BUCHA BIO has the potential to impact several industries from fashion and automotive to construction and electronics. According to the Material Innovation Initiative, the alternative materials industry has seen an increased level of interest from investors who have dedicated over $2 billion into the sector since 2015.

“The time for rapid growth for biomaterials is now," says repeat investor Eric Rubenstein, founding managing partner at Houston-based New Climate Ventures, in the release. "BUCHA BIO's team and technical development are advancing hand in hand with the demands of brand partnerships, and we are excited to support them as they capitalize on this global opportunity.”

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