During the 2024 campaign cycle, Americans witnessed what appeared to be no love lost between President-elect Donald Trump and former President Barack Obama.

However, at former President Jimmy Carter's funeral the two recent presidents appeared to be enjoying each other’s company and largely ignored other dignitaries arriving around them, including Vice President Kamala Harris and President Biden.

Susan Constantine, a communication and body language expert, said Harris came off "as cool as could be."

"'Ice Princess' all the way around. When she was walking she was very robotic. I call that ‘rigidity’ when we see that kind of soldier-like stance."

HARRIS, EMHOFF APPEAR TO IGNORE TRUMP, OBAMA, AS OUTGOING VEEP GRIMACES AT PRESIDENTIAL BANTER

Harris deliberately averted eye contact with Trump, in a sign of disdain. The tension of her facial expression, with pursed lips tightened toward the center showed there was "no love lost" between the two 2024 contenders.

"She intentionally walked past him and a stride of arrogance and confidence that did not look well on her," Constantine said. "[It] tells me that she walked in there with a chip on her shoulder."

Another attendee who appeared to be more muted than normal was former First Lady Laura Bush.

Constantine said Mrs. Bush has always been known for her outgoing personality, but noted she did not greet the Trumps or Obama to her left.

"I think that she's just always been such a beautiful, eloquent woman that always has a genuine smile and appears to be very cordial. So I'm going to give her the benefit of the doubt," Constantine said, adding she saw Bush look over her right shoulder only briefly to make eye contact – potentially with Al Gore or the Quayles.

However, Constantine said there was one interaction that very much stood out: Trump’s jovial conversation and gesticulations with Barack Obama.

TRUMP CHATS UP OBAMA WHILE CLINTONS, HARRIS IGNORE PRESIDENT-ELECT AT CARTER WAKE

"They add rapport. There was no doubt about it."

"President Obama would lean his head towards him listening to what Trump had to say. Trump was always in that forward stance. He was always ready, engaging. And he and President Obama and Trump felt very much like this with one another that may have made the rest of [the presidential attendees] feel a bit uncomfortable."

However, there was a moment where Trump appeared to be talking about something Obama appeared to wish was held til after the somber event. 

Trump appeared to give a "thumb shrug" to Obama, as if to ask "what do you think about this?"

Obama’s furrowed brow and "neutral expression" showed he was listening intently but that the men were having an "intense conversation," said Constantine.

The New York Post reported a lip-reader suggested the two were discussing "international agreements" which would therefore require such sensitivity.

When asked about Gore appearing to make a point to be first to stand and greet Trump, as well as others, Constantine said that would denote the Tennessean showing respect and being a "perfect gentleman."

Trump passed the Quayles without either member of the second family under President George H.W. Bush standing up, but Gore quickly rose to shake hands.

The longtime Democrat was likely putting politics aside when greeting the Republican president-elect, she said.

George W. Bush’s "belly tap" of Obama made the rounds on X after the ceremony.

"When you tap somebody on the stomach, that's where all your emotions are. And when you touch someone in that, it’s a personal zone. You’ve got to feel pretty comfortable to be able to do that. You have to feel very comfortable with that relationship in order to do that," she said of Bush, who notably has indeed had a civil relationship with the man who repeatedly criticized him in 2008.

Bush also notably reached back to playfully swat Vice President Dan Quayle with his bulletin as he took his seat.

That could be a sign Bush was uncomfortable, or just a less intimate or playful greeting.

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The Clintons and Bidens notably arrived without actively greeting the rest of the assembled dignitaries. Hillary Clinton had an "incredulous" facial expression that she has shown before, Constantine said.

"If you could hone-in on Hillary, you'll see the dimples on both sides of her mouth make that incredulous expression that she’s got.

Overall, Constantine said, when people go to funerals, they act differently and usually say hello to everyone no matter past differences – and that sentiment could play into the interactions seen Thursday.

Meanwhile, the forensic lip reader – expert witness Jeremy Freeman – told the New York Post that Trump appeared to tell Obama the two should find a "quiet place" soon to discuss "a matter of importance."

 "I’ve pulled out of that. It’s the conditions. Can you imagine that?" Trump said at one point, according to Freeman.

Freeman also indicated it appeared Trump asked Obama to call him after the funeral mass to discuss the issue or issues further.

The moment sparked a different tone between the two men, as Trump previously made light of allegations Obama is a Muslim, referring to him by his full name that includes the middle-name Hussein.

Obama has also taken shots at Trump over the years, including during the 2024 campaign when he appeared to reference Trump’s private parts with a joke about crowd sizes while gesturing with his hands a few inches apart.

He also compared Trump’s stump speeches to the rambling, hourslong diatribes by the late Cuban Communist leader Fidel Castro:

"You have the two-hour speeches, the word salad. It’s like Fidel Castro over and over again," Obama told a crowd in Allegheny County, Pa. in October.

• Two Sigma's billionaire cofounders, John Overdeck and David Siegel, are heading to arbitration.
• The pair stepped down from the $60 billion quant in August.
• Despite the cofounder drama, the firm's flagship returned 10.9% in 2024.

Two Sigma's billionaire founders are not done fighting, but luckily for investors, they're no longer at risk of being collateral damage.

The cofounders, John Overdeck and David Siegel, are heading to arbitration over their long-standing feud about how to manage the $60 billion asset manager that they started in 2001.

According to a Bloomberg report, the firm disclosed the arbitration in a letter to investors on Wednesday and said that it isn't party to the dispute. The firm did not respond to a request for comment.

Many hedge funds stumble when it comes to succession planning. For example, Bridgewater Associates went through several top executives over a decade before Ray Dalio finally let go of the reins. Investors in managers with aging founders push their funds to come up with succession plans, with varying degrees of success.

In the case of Two Sigma, the LPs are likely breathing a sigh of relief that the dispute between the two billionaires didn't complicate succession plans or stop the firm from humming along.

Two Sigma's investors enjoyed solid returns through 2024, as its flagship Spectrum fund gained 10.9%. The manager also made 14.3% in its Absolute Return Enhanced strategy, a person close to the New York-based quant giant told Business Insider.

The firm announced in August that Overdeck and Siegel would step down from their roles atop the firm to become the manager's co-chairmen. Carter Lyons, formerly the firm's chief business officer, and Scott Hoffman, former Lazard general counsel, took over as co-CEOs in September.

Siegel's and Overdeck's visions for Two Sigma decoupled in recent years to the point that the firm had to make a disclosure in a filing saying that its management committee "has been unable to reach agreement on a number of topics" — including succession.

While a leadership change affects every fund, quant platforms have proven themselves to be more capable of adapting. D.E. Shaw and Renaissance Technologies, two of Two Sigma's biggest competitors, have turned over their C-suite and continued to produce strong results.

The cofounders' decision to leave their day-to-day at the firm left LPs feeling optimistic.

"It's what we wanted to see," one Two Sigma investor told BI in August.

Counsel for plaintiffs in a copyright lawsuit filed against Meta allege that Meta CEO Mark Zuckerberg gave the green light to the team behind the company’s Llama AI models to use a dataset of pirated e-books and articles for training. The case, Kadrey v. Meta, is one of many against tech giants developing AI that […]

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President-elect Trump and future first lady Melania Trump paid their respects to former President Jimmy Carter at his funeral in Woodley Park, Washington, D.C., on Thursday, where Trump and one of his most prominent political foes appeared to put politics aside.

Seated at the end of the second row of presidential and vice presidential families, Trump and former President Barack Obama shared several minutes of chatting and chuckling as the rest filed in.

Dressed in a dark suit and more subtle blue tie, versus his trademark red "Trump tie," Trump filed in a little before 10 a.m. ET.

As he entered his row, former Vice President Al Gore smiled and quickly stood up and was the first to greet him. 

CARTER'S DEATH SPURS OUTPOURING OF TRIBUTES FROM STATE LEADERS OF BOTH PARTIES: ‘A SERVANT’S HEART'

Gore, a Tennessee Democrat, did not have a significant other with him at the ceremony. He has been separated from former second lady Tipper Gore since 2010. 

Notably absent were former Vice President Dick Cheney and former second lady Lynne Cheney. Trump has notably clashed with his fellow Republican leader, and Cheney notably called him a "coward" during his daughter's (ex-Rep. Liz Cheney) doomed 2022 re-election bid in Wyoming.

As Trump entered his row, he shared a brief moment with his one-time ally and running mate, former Vice President Mike Pence. The two men's relationship soured following the Capitol Riot on Jan. 6, 2021, when supporters of Trump threatened to hang the Indiana Republican.

JIMMY CARTER DEAD AT 100

It was unclear what Pence said to Trump, but a rough reading of his lips appeared to say "good to see you." 

Former second lady Karen Pence notably remained seated and did not engage when her husband and Gore stood to greet Trump.

After the Trumps were seated, Obama arrived without his wife Michelle Obama by his side. Obama paused to share a quick jovial comment with former Vice President Dan Quayle. 

Quayle — the first of the two Indiana Republican vice presidents of this generation — was seated on the aisle with former second lady Marilyn Quayle, who also sat next to Gore.

Soon after, former President George W. Bush and former first lady Laura Bush arrived.

Bush appeared to receive the largest greeting of the living presidents assembled.

The Pences, Gore and the Quayles reached over to greet Bush. Meanwhile, Obama and Trump could be seen continuing their conversation unimpeded.

When former President Bill Clinton and 2016 presidential runner-up Hillary Clinton arrived, Trump and Obama largely ignored them as they chatted.

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Former President Bush appeared to be the first to stand up when Hillary Clinton took her seat. Former President Clinton, who was recently hospitalized, appeared lively and healthy at the funeral.

Vice President Kamala Harris and second gentleman Douglas Emhoff arrived next.

Trump did not visibly acknowledge Harris, nor Harris to him. 

Emhoff looked straight ahead as Harris briefly looked over her shoulder and appeared to grimace when she saw Obama conversing with Trump.

Emhoff and Harris shared a brief smile before focusing on the somber event once more, as the Clintons could be seen reading through their programs.

When President Biden and first lady Jill Biden arrived, Trump and Obama did not appear to greet them, as Trump soon began chatting with Melania.

Jill Biden sat first, taking President Biden's program off of his chair so he, too, could sit.

President Biden appeared to wipe a mark from his pant leg and lightly brushed his brow before looking straight ahead. None of the other families appeared to greet the Bidens.

Screenshots posted to X also showed outgoing Canadian Prime Minister Justin Trudeau watching Trump as the president-elect filed in.

The state funeral for former President Jimmy Carter on Thursday at the Washington National Cathedral included every living former president, as well as various dignitaries from around the world. 

Also notable were some VIPs not in attendance.

Former Vice President Dick Cheney was not seen at the funeral inside Washington, D.C.'s National Cathedral. The 83-year-old, who has had health issues, was the only living vice president who did not make the trip, as former Vice Presidents Al Gore, Joe Biden, Mike Pence and Dan Quayle were in attendance.

Also missing from the ceremony was former first lady Michelle Obama, who was not seated alongside her husband, former President Barack Obama.

"Mrs. Obama sends her thoughts and prayers to the Carter family, and everyone who loved and learned from the remarkable former President," Crystal Carson, a spokesperson for Michelle Obama, told Politico.

JIMMY CARTER WAS A MAN OF FAITH AND THAT’S HOW WE SHOULD REMEMBER HIM 

The outlet reported that Michelle Obama, who would have sat next to Trump at the funeral, had a scheduling conflict and is in Hawaii.

Former first lady Hillary Clinton was in attendance alongside her husband, former President Bill Clinton.

Also spotted at the funeral were former first ladies Laura Bush and Melania Trump, who sat alongside their husbands. Former second lady Karen Pence was next to her husband and first lady Jill Biden was seated alongside President Biden.

AMERICANS FLOCK TO THE CAPITOL TO PAY RESPECTS TO FORMER PRESIDENT CARTER AHEAD OF FUNERAL: 'JOB WELL DONE'

All five living men who once occupied the White House — the so-called presidents’ club — President Biden and former presidents Clinton, George W. Bush, Obama and President-elect Trump came together for the first time since the 2018 funeral of former President George H.W. Bush.

Other notable attendees included Vice President-elect JD Vance, Pennsylvania GOP Sen. Dave McCormick, Canada's Prime Minister Justin Trudeau, Supreme Court Justice Brett Kavanaugh, first son Hunter Biden and Ted Mondale, the son of late Vice President Walter Mondale.

Following the funeral, Carter's remains will be flown to Georgia by the U.S. Air Force aboard Special Air Mission 39 for a private ceremony in his hometown of Plains.

Carter, the 39th president, died on Dec. 29 at the age of 100 after he was admitted to hospice care in 2023.

Fox News Digital's Morgan Phillips contributed to this report.

Sen. Tommy Tuberville, R-Ala., is leading the charge for a national ban on trans athletes in college sports. 

Tuberville previously told Fox News Digital he will be re-introducing the Protection of Women and Girls in Sports Act to Congress after the new House rules package passed last week, which would punish schools financially if they allow trans athletes to compete against girls and women. 

For the Republican, who has been a longtime advocate for the bill, certain decisions that have been made over the last four years under the Biden administration are the driving force behind his urgency on this issue. 

"It's just a shame what's happened here over the last four years. It's been an attack on gender, it's been really an attack on women, all women," Tuberville said during an interview on OutKick's "Don't @ Me With Dan Dakich."

"They don't like women," he said. "They like everybody to think when they're born, ‘you’re not a woman, you're actually a man in women's clothing.'" 

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

The Biden administration, alongside other Democrats, has taken sweeping actions over the last four years to enable trans athletes in women's and girls' sports. 

On Jan. 20, 2021, just hours after President Biden assumed office, he issued an executive order on "Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation." 

This order included a section that read, "Children should be able to learn without worrying about whether they will be denied access to the restroom, the locker room, or school sports." 

Biden issued a sweeping rule that clarified that Title IX’s ban on "sex" discrimination in schools covers discrimination based on gender identity, sexual orientation and "pregnancy or related conditions," in April. The administration insisted the regulation does not address athletic eligibility. However, multiple experts presented evidence to Fox News Digital in June that it would ultimately put more biological men in women's sports. 

Multiple states filed lawsuits and enacted their own laws to address this issue, and then the Supreme Court then voted 5-4 in August to reject an emergency request by the Biden administration to enforce its sweeping changes in those states. 

HOW TRANSGENDERISM IN SPORTS SHIFTED THE 2024 ELECTION AND IGNITED A NATIONAL COUNTERCULTURE

Democrats have proposed other federal legislation that would allow for more transgender inclusion in women's sports. These include the Equality Act, which was proposed in 2019 and has seen revisions that "would force public schools to allow biologically male athletes who identify as transgender on girls’ sports teams."

In March 2023, Democrats advocated for a transgender bill of rights, proposing a resolution "recognizing that it is the duty of the Federal Government to develop and implement a Transgender Bill of Rights." The resolution specifically called for federal law to ensure that biological men can "participate in sports on teams and in programs that best align with their gender identity; [and] use school facilities that best align with their gender identity."

Multiple national scandals erupted as a result of these laws, and other Democratic laws at the state level, in 2024 alone. The issue became one of the strongest attack points by the Trump campaign and other Republicans as they re-took control of the White House and both houses of Congress in November, as many Democrats have withdrawn from their past support for trans-inclusion amid insurmountable backlash. Biden's department of education was even forced to withdraw a proposed rule that would outlaw states from banning trans inclusion in December. 

A national exit poll conducted by the Concerned Women for America legislative action committee found that 70% of moderate voters saw the issue of "Donald Trump’s opposition to transgender boys and men playing girls and women’s sports and of transgender boys and men using girls and women’s bathrooms," as important to them. 

Additionally, 6% said it was the most important issue of all, while 44% said it was "very important."

Now, Tuberville's bill will be their first step toward making good on their election-season stance on the issue. 

The measure would maintain that Title IX treats gender as "recognized based solely on a person’s reproductive biology and genetics at birth" and does not adjust it to apply to gender identity. 

The bill would also ban federal funding from going toward athletic programs that allow biological men to participate in women's and girls' sports.  

The measure is co-sponsored by 23 Republican senators, including Sens. James Risch and Mike Crapo of Idaho, Ron Johnson, R-Wis., Thom Tillis and Ted Budd of North Carolina, Shelley Moore Capito, R-W.Va., Kevin Cramer, R-N.D., Cindy Hyde-Smith and Roger Wicker of Mississippi, Tom Cotton, R-Ark., James Lankford, R-Okla., Steve Daines and Tim Sheehy of Montana, Roger Marshall, R-Kan., Mike Lee, R-Utah, John Kennedy, R-La., John Barrasso and Cynthia Lummis of Wyoming, Eric Schmitt, R-Mo., Marsha Blackburn and Bill Hagerty of Tennessee, Katie Britt, R-Ala., and Pete Ricketts, R-Neb.

New Senate Majority Leader John Thune, R-S.D., has already granted Tuberville's bill the proper blessing to move forward, and a vote on the measure could come as soon as the end of the week. 

Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter. 

The funeral service of the late President Carter on Thursday at Washington, D.C.’s National Cathedral brought together all five living presidents together in one location.

The service comes as President Biden declared Thursday a National Day of Mourning for the 39th president, who died Dec. 29 at the age of 100. 

All five living men who once occupied the White House — the so-called presidents’ club — President Biden and former presidents Clinton, George W. Bush, Obama and President-elect Trump came together for the first time since the 2018 funeral of former President George H.W. Bush.

Biden delivered a eulogy. 

JIMMY CARTER, 39TH PRESIDENT OF THE UNITED STATES, DEAD AT 100

"Throughout his life, he showed us what it means to be a practitioner of good works and a good and faithful servant of God, and of the people," Biden said. "And today, many think he was from a bygone era, but in reality he saw well into the future. A White Southern Baptist, who led the civil rights, a decorated Navy veteran who brokered peace, was a brilliant nuclear engineer who led a nuclear nonproliferation, a hard-working farmer who championed conservation and clean energy, and the president who redefined the relationship with a vice president."

Biden praised the strength of character with which Carter lived his life, saying he showed the strength to understand "that everyone should be treated with dignity and respect."

"That's the definition of a good life, a life Jimmy Carter lived during his 100 years. To young people, to anyone in search of meaning and purpose, study the power of Jimmy Carter's example. I miss him, but I take solace in knowing that his beloved Rosalynn are reunited again. To the entire Carter family. Thank you, and I mean this sincerely, for sharing them both with America and the world."

Ahead of the service, Trump was seen shaking hands with his former vice president, Mike Pence. Obama was seated next to Trump and the pair were seen shaking hands and chatting cordially.

House Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., also attended, along with their Democratic counterparts, House Minority Leader Hakeem Jeffries, D-N.Y., and Senate Minority Leader Chuck Schumer, D-N.Y.

Also in attendance were Sen. Dave McCormick, Canadian Prime Minister Justin Trudeau, Vice President-elect JD Vance, Supreme Court Justice Brett Kavanaugh, former first son Hunter Biden and former Vice President Al Gore.

In addition to Biden, other speakers included Carter's grandsons, Joshua Carter and Jason Carter; Steven Ford, who read a eulogy written by his father, former President Gerald Ford; and Ted Mondale, the son of former Vice President Walter F. Mondale, who also read his father's tribute to Carter.

Jason Carter remembered his grandparents' humble lifestyle, though added that he knows "we are not here because he was just a regular guy."

"As you've heard from the other speakers, his political life and his presidency, for me, was not just ahead of its time. It was prophetic. He had the courage and strength to stick to his principles even when they were politically unpopular," the grandson said.

Tributes began Jan. 4, when a motorcade carried Carter’s body through his hometown of Plains, Georgia, before heading to Atlanta and the Carter Presidential Center, where family and loved ones paid tribute.

AN 'EXTRAORDINARY MAN': FORMER PRESIDENT CARTER LIES IN STATE AT CAPITOL AHEAD OF STATE FUNERAL

Carter then lay in repose at the Carter Center and then the Capitol.

Carter, the former governor of Georgia, won the presidency in 1976. He was guided by his devout Christian faith and determined to restore faith in government after Watergate and Vietnam. But after four years in office and impaired by stubborn, double-digit inflation and high unemployment, he was roundly defeated for re-election by Ronald Reagan. 

While in the White House, Carter established full diplomatic relations with China and led the negotiation of a nuclear limitation treaty with the Soviet Union. Domestically, he led several conservation efforts, showing the same love of nature as president as he did as a young farmer in Plains.

Carter lived out the rest of his years in the unassuming ranch house he'd built with his wife in 1961, building homes with Habitat for Humanity and making forays back into foreign policy when he felt it was needed, a tendency that made his relationship with the presidents' club, at times, tense.

He earned a living in large part by writing books — 32 in all — but didn't cash in on seven-figure checks for giving speeches or take any cushy board jobs as other presidents have. 

In his spare time, Carter, a deeply religious man who served as a deacon for the Maranatha Baptist Church of Plains, enjoyed fishing, running and woodworking. 

Carter is survived by his four children, 11 grandchildren and 13 great-grandchildren.

The Federal Emergency Management Agency (FEMA) will reimburse California for costs associated with hiring more firefighters and controlling the raging wildfires that have ripped through Southern California. 

News of the Fire Management Assistance Grants trickled in Tuesday, and by the evening the White House put out a statement from President Biden confirming the move. FEMA confirmed the measures on Wednesday, in an announcement laying out some details about the grants. 

The funding will provide federal reimbursements for up to 75% of "eligible firefighting costs" incurred by the state, as California seeks to shore up its firefighting force and put out the wildfires that have killed at least two people and driven thousands from their homes. Eligible costs include expenses for field camps, equipment, materials, supplies and mobilization or demobilization efforts attributed to fighting the fires. 

HUNDREDS OF LA HOMES EXPECTED TO BURN IN WILDFIRES

"My Administration will do everything it can to support the response," Biden said Tuesday, announcing news of the grant. "I am being frequently briefed on the wildfires in west Los Angeles. My team and I are in touch with state and local officials, and I have offered any federal assistance that is needed to help suppress the terrible Pacific Palisades fire."

EX-NFL QUARTERBACK SHOWS MASSIVE SCOPE OF CALIFORNIA WILDFIRES: ‘MUCH WORSE THAN PEOPLE THINK’ 

Firefighter shortages in California have been an ongoing problem for several years in California. In advance of the news about FEMA's grant, the Los Angeles Fire Department was compelled to request that all off-duty firefighters in the area volunteer to help. The U.S. Forest Service this summer boosted its staffing levels in California for the first time in five years, but the total number of federal wildland firefighters remains greatly diminished from what it used to be despite the state seeing an uptick in the number and severity of wildfires in recent years, according to the San Francisco Chronicle. 

Meanwhile, in October, the U.S. Forest Service announced an end to prescribed burning to control wildfires as a result of staffing shortages.  

California's decision to end prescribed burns came after Biden's opposition to a bipartisan bill aimed at streamlining the process for implementing forest management projects, like prescribed burns, in California. In a September statement explaining the opposition to the bill, the Biden administration said that certain provisions served to undermine crucial environmental protections.

PLANE PASSENGER REACTS TO LA WILDFIRES: ‘THIS IS PURE DEVASTATION’ 

FEMA's grants aimed at bolstering the state's firefighting force amid the raging wildfires were initiated following requests from California. FEMA indicated that at the time of the requests the wildfires had burned an excess of 700 acres of private and public lands around the Pacific Palisades, San Fernando Valley and Santa Calrita Valley areas.

FEMA added that more than 45,000 homes in the area were being threatened by the fire. 

A spokesperson for the agency told Fox News Digital that its regional office is in constant contact with local authorities in California, and that the agency has also deployed a FEMA liaison officer to the area to help monitor the evolving situation. The spokesperson added the agency is urging residents to listen to local officials and has provided a phone number for them to text if people are in need of safe shelter. 

• Datavant is on the hunt for more acquisitions in 2025, Business Insider has learned exclusively.
• The healthcare data startup has made 11 acquisitions since its founding in 2017.
• While Datavant isn't rushing to IPO, the startup's growth could signal an exit in the future.

Datavant is hungry for more acquisitions as the $7 billion healthcare data startup inches closer to an IPO. The company is planning at least "one or two" more acquisitions in early 2025, CEO Kyle Armbrester told Business Insider exclusively.

Datavant, which manages patient data exchanges between providers, payers, and life sciences organizations, has made 11 acquisitions since 2017. The company kicked off a fresh M&A rush in the fall, picking up data privacy organization Trace Data and two data analytics products from healthcare AI startup Apixio in September.

Datavant hasn't publicly announced funding since its $7 billion merger with Ciox Health in 2021. Private equity firm New Mountain Capital is the company's controlling shareholder.

With "well over" $1 billion in revenue and steady profitability, CEO Kyle Armbrester said Datavant expects to make these acquisitions with the cash on its balance sheet.

The M&A flurry could be a good sign for Datavant's IPO potential. Flare Capital Partners' Parth Desai told Business Insider in December that he expects private-equity-backed healthcare companies to make tuck-in acquisitions in 2025 as they look ahead to potential IPOs in 2026.

While Datavant won't be first in line to IPO when digital health companies start going public again, Armbrester didn't rule out the possibility of a Datavant IPO in the next year.

"If market conditions are right, and there's a need for cash to continue to grow the business, that's great," he said. But, he added, "there's no drop dead date."

AI's big data business

Datavant works with a range of customers, including health systems, insurers, and life sciences organizations, to digitize and manage patient data exchange for tasks like clinical research and population health analytics. Today, the startup says it works with more than 70,000 hospitals and clinics.

As demand for digitized healthcare data has exploded — even more so with the advent of AI, with mass amounts of data needed to train advanced models — Armbrester said Datavant's business is booming.

"There's been a pretty rapid pace of digitization of a lot of manual workflows in healthcare, and we've been a benefactor of that," he said.

With cash flowing into the business, Armbrester said, Datavant is looking for "one or two" additional acquisitions going into 2025. The startup is looking for companies building technology for healthcare providers and life sciences organizations, he said.

Armbrester said he's primarily hunting for great products with existing market traction that Datavant can elevate with its deep data pools and customer bases.

"We're large and diversified, and I think we're in a really good space to take a smaller smarter and apply their logic or artificial intelligence or analytics across that vast network to see a lot of benefit," Armbrester said.

Datavant could be a strong IPO candidate for the next wave of digital health IPOs, investors and bankers told Business Insider in 2024.

Armbrester's entry as Datavant's CEO also bodes well for the company's IPO prospects. Armbrester stepped up into Datavant's CEO role last June after six years leading Signify Health, where he steered the healthcare analytics and services provider through its 2021 IPO and its $8 billion acquisition by CVS Health in 2023.

While Datavant has stayed quiet in recent years about any fundraising, the outlet Buyouts reported in September 2023 that New Mountain Capital was looking to extend its investment into Datavant through a continuation fund in a deal that would give Datavant additional capital.

Armbrester didn't comment on the fundraising reports but acknowledged that Datavant's business maturation could lend itself to a public market debut.

"We're certainly at a size and scale where going public could be something that we contemplate," he said.

But Datavant isn't feeling any short-term pressure from New Mountain or the rest of its board to make an IPO decision. "We've got plenty of cash on the balance sheet to do all the M&A I've just described and fund product roadmap investment as well," Armbrester said.

The U.K’s competition authority already has a lot on its plate in terms of tackling Big Tech’s growing reach across the technological spectrum, but closer to home it’s dealing with a different kind of anti-competitive threat — one it reckons AI is well-equipped to address. As per a Financial Times’ report this week, the Competition […]

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• A top M&A banker said Big Pharma will be on the hunt for more acquisitions in 2025.
• Major drugs including Keytruda and Eliquis will see patent exclusivity expire in coming years.
• Pharma companies look at areas such as obesity to supplement growth, Jefferies' Chris Roop said.

Big Pharma will hunt for more acquisitions in 2025 as industry giants face patent expiration for some of their best-selling drugs, according to a top M&A banker.

Merck's cancer drug Keytruda, the top-selling medication in the world, will lose patent exclusivity at the end of 2028.

Eliquis, made by Pfizer and Bristol-Myers Squibb to treat and prevent blood clots, will lose its exclusivity earlier that same year. The two drugs raked in $25 billion and $12 billion, respectively, for their manufacturers in 2023.

When patents expire, pharma company revenue can take a hit as rivals create similar offerings to take market share. Developing brand new drugs is a long, expensive, and risky process, so acquisitions of other companies with new medications in their pipelines offer a potentially faster way to generate new revenue.

This is partly why Chris Roop, head of M&A for the Americas at Jefferies, is expecting biopharma M&A to pick up in 2025.

"The gaps to fill are significant when you think about replacing drugs that achieve peak sales north of $20 billion or $30 billion drug before patent exclusivity expires," Roop told Business Insider in a recent interview.

Large, successful pharmaceutical companies can become victims of their own successes when patents run out on blockbuster treatments, he added.

AbbVie's popular arthritis drug Humira saw its patent exclusivity expire in 2023. In the third quarter of 2024, with patients increasingly turning to similar drugs or other prescriptions, AbbVie saw its revenue from global sales of Humira fall 37% from the previous year's quarter.

To make up for looming revenue gaps, Roop said Big Pharma will increasingly turn to M&A next year, buying smaller biotechs developing drugs in major markets such as obesity and oncology.

2025's top drug targets

Obesity is positioned to be biopharma's hottest market in 2025, Roop predicted.

2024's biggest pharma acquisition was in obesity. Novo Nordisk's controlling shareholder Novo Holdings closed a deal in December to buy development and manufacturing company Catalent for $16.5 billion. The deal gives Novo Nordisk more manufacturing power for its obesity drugs Ozempic and Wegovy.

Novo Nordisk and Eli Lilly, which makes Mounjaro and Zepbound, have a significant headstart in the exploding field of GLP-1 weight-loss treatments. Originally created to treat diabetes, injectable GLP-1 medications have surged in popularity. In May, the Kaiser Family Foundation reported that one in eight US adults had tried a GLP-1 drug.

Many other pharma companies want a piece of that pie, Roop said.

"Obesity is going to be a $100 billion to $150 billion market, so even if you come up with a third or fourth entrant in that market and only achieve 2% to 4% share, you still have a multibillion-dollar drug on your hands," he explained.

Beyond obesity, Roop sees immunology and inflammation drugs as big targets for biopharma M&A next year. That market saw a few large deals in 2024, including Vertex Pharmaceuticals' $4.9 billion purchase of Alpine Immune Sciences, which has a drug in development that targets Berger's disease, an autoimmune kidney condition.

Roop expects oncology to remain a focus area for Big Pharma next year.

He said pharmaceutical companies are especially interested in precision oncology M&A, including drugs targeting more specific cancers and even new methods of personalizing cancer treatment.

AstraZeneca made a precision oncology acquisition in March with its $2.4 billion purchase of Fusion Pharmaceuticals, which is developing a radiopharmaceutical drug, which uses radioactive isotopes to treat midstage prostate cancer.

Finally, Roop said Big Pharma will continue looking to buy companies with cardiovascular drugs in their pipelines. Heart disease and related conditions remain the leading cause of death. The global market for cardiovascular drugs was valued at about $150 billion in 2024, according to Precedence Research.

Novo Nordisk bought Cardior Pharmaceuticals in March in a deal worth up to $1.1 billion to strengthen its cardiovascular drug pipeline.

Roop said both private and public biopharma companies could be acquisition targets next year.

"A lot of what we're doing is trying to find that equilibrium to fund these companies to a point in time where pharma will say — on that data with that amount of patients and with a drug profile like this — I'm willing to take the risk, buy it from that point, and take it forward into late-stage development," he said.

"There are a lot of private and public companies that are in that lane today. We probably have more privates today with advanced data than we did three or four years ago," he added.

Roop said many of these private biopharma companies with advanced data are also well-positioned to potentially go public as the IPO window reopens.

Six states, including one with a Democratic governor, have either banned or prohibited the use of diversity, equity, and inclusion (DEI) initiatives in public colleges and universities this year.

The practice of DEI in higher educational institutions has been controversial for several years, most frequently opposed by Republicans and described by critics, such as civil rights attorney Devon Westhill, as an "industry that pushes a left-wing, far-left ideological orthodoxy in essentially every area of American life."

In 2024 alone, Alabama, Idaho, Iowa, Indiana, Kansas and Utah either banned or limited the use of such teaching or use in the application process in their state's education system.

In January, Utah Gov. Spencer Cox, a Republican, signed legislation to prohibit institutions from engaging in "discriminatory practices" such as "that an individual, by virtue of the individual’s personal identity characteristics, bears responsibility for actions committed in the past by other individuals with the same personal identity characteristics." 

INDIANA UNIVERSITY COURSE TEACHES PEOPLE ARE INHERENTLY ‘OPPRESSORS’ BECAUSE OF THEIR RACE, SEX, RELIGION

The anti-DEI law also banned schools from having any policy, procedure, practice, program, office, initiative, or required training that is referred to or called "diversity, equity and inclusion."

In March, Republican Gov. Kay Ivey of Alabama signed SB 129 into law. It prohibits certain DEI offices, as well as the "promotion, endorsement, and affirmation of certain divisive concepts in certain public settings."

The bill bans "divisive concepts," such as "that any individual should accept, acknowledge, affirm, or assent to a sense of guilt, complicity, or a need to apologize on the basis of his or her race, color, religion, sex, ethnicity, or national origin" and "that meritocracy or traits such as a hard work ethic are racist or sexist."

The legislation also required that restrooms be used on the basis of biological sex rather than gender identity, and that public institutions of higher education "authorize certain penalties for violation."

Also in March, Indiana adopted legislation to amend the duties of state educational institutions' diversity committees and increase "intellectual diversity." Additionally, the Indiana House introduced legislation to further prohibit DEI teachings in schools by mandating that educators "shall not promote in any course certain concepts related to race or sex."

BIDEN EDUCATION DEPARTMENT SPENT OVER $1 BILLION ON DEI GRANTS: REPORT

Kansas Gov. Laura Kelly, a Democrat, allowed legislation prohibiting postsecondary educational institutions from engaging in certain DEI-related actions to become law without her signature. The bill, passed in April, imposes a $10,000 fine on any public institution that employs DEI practices in faculty hiring or student enrollment processes.

"While I have concerns about this legislation, I don’t believe that the conduct targeted in this legislation occurs in our universities," Kelly wrote in her passage of the bill.

Iowa Gov. Kim Reynolds, another Republican, signed an education-funding bill in May that contained provisions to limit DEI in schools, just months after the state's board of education began to scale back on such practices in higher education.

The bill prohibits "any effort to promote, as the official position of the public institution of higher education, a particular, widely contested opinion referencing unconscious or implicit bias, cultural appropriation, allyship, transgender ideology, microaggressions, group marginalization, antiracism, systemic oppression, social justice, intersectionality, nee-pronouns, heteronormativity, disparate impact, gender theory, racial privilege, sexual privilege, or any related formulation of these concepts." 

Idaho became the latest state to determine that institutions may not "require specific structures or activities related to DEI."

In December, the Idaho Board of Education unanimously agreed on a resolution requiring that institutions "ensure that no central offices, policies, procedures, or initiatives are dedicated to DEI ideology" and "ensure that no employee or student is required to declare gender identity or preferred pronouns."

Other states, such as Florida, Texas and Tennessee, have all previously banned the practice of DEI in higher education.

The Competition and Markets Authority (CMA), the U.K.’s antitrust watchdog, has opened an investigation into whether IBM’s planned acquisition of cloud software vendor HashiCorp would affect competition. The CMA said Monday it was inviting comment on the merger from interested parties by January 16. The regulator set a provisional February 25 deadline to decide whether […]

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Tributes, including those from all five living presidents, poured in on Sunday after news broke that former President Jimmy Carter died at his home in Plains, Georgia, at the age of 100.

Carter served as the 39th president of the United States, but he was also a peanut farmer with a vision of a "competent and compassionate" government, which propelled him into the White House.

Former President Bill Clinton said in a statement on Sunday that he and his wife, Hillary, met Carter in 1975 as "proud, early supporters" of his presidential campaign.

"Hillary and I mourn the passing of President Jimmy Carter and give thanks for his long, good life," Clinton wrote. "Guided by his faith, President Carter lived to serve others – until the very end."

JIMMY CARTER, 39TH PRESIDENT OF THE UNITED STATES, DEAD AT 100

Clinton continued by praising his presidential colleague for his commitment to civil rights while serving as a state senator and the governor of Georgia, as well as his efforts as president to protect natural resources in the Arctic National Wildlife Refuge, returning the Panama Canal to Panama and securing peace between Egypt and Israel at Camp David.

Carter’s devotions after serving as president also gained accolades from Clinton, including efforts from the Carter Center to support honest elections, advancing peace and combating disease.

"I will always be proud to have presented the Medal of Freedom to him and Rosalynn in 1999, and to have worked with him in the years after he left the White House," Clinton wrote. "Our prayers are with Jack, Chip, Jeff, Amy, and their families."

FORMER PRESIDENT JIMMY CARTER TO SPEND 'REMAINING TIME' AT HOME RECEIVING HOSPICE CARE

Former President George W. Bush said Carter was "a man of deeply held convictions" who was loyal to his family, his community and his country.

"President Carter dignified the office. And his efforts to leave behind a better world didn’t end with the presidency," Bush said. "His work with Habitat for Humanity and the Carter Center set an example of service that will inspire Americans for generations."

Carter, according to former President Obama, promised voters he would always tell the truth, which Obama said "he did."

JIMMY CARTER CELEBRATES 98TH BIRTHDAY WITH FAMILY, FRIENDS, BASEBALL

"He believed some things were more important than reelection – things like integrity, respect, and compassion. Because Jimmy Carter believed, as deeply as he believed anything, that we are all created in God’s image," he added. "Whenever I had a chance to spend time with President Carter, it was clear that he didn’t just profess these values. He embodied them. And in doing so, he taught all of us what it means to live a life of grace, dignity, justice, and service."

Obama highlighted a quote that Carter said when he accepted his Nobel Peace Prize: "God gives us the capacity for choice. We can choose to alleviate suffering. We can choose to work together for peace."

"He made that choice again and again over the course of his 100 years, and the world is better for it," Obama said.

JIMMY CARTER, WIFE ROSALYNN CELEBRATE 75 YEARS OF MARRIAGE

In another post on X, Obama said, "President Carter taught all of us what it means to live a life of grace, dignity, justice, and service. Michelle and I send our thoughts and prayers to the Carter family, and everyone who loved and learned from this remarkable man."

President Biden referred to Carter as a man of great character and courage, hope and optimism.

He also said he and his wife will cherish seeing Carter and his late wife, Rosalynn, together, noting that the love between the two is the "definition of partnership," while their leadership is the definition of "patriotism."

"We will miss them both dearly, but take solace knowing they are reunited once again and will remain forever in our hearts," Biden said. "To the entire Carter family, we send our gratitude for sharing them with America and the world. To their staff – from the earliest days to the final ones – we have no doubt that you will continue to do the good works that carry on their legacy."

President-elect Trump also reacted to Carter’s death on Truth Social.

"The challenges Jimmy faced as President came at a pivotal time for our country and he did everything in his power to improve the lives of all Americans. For that, we all owe him a debt of gratitude," Trump wrote. "Melania and I are thinking warmly of the Carter Family and their loved ones during this difficult time. We urge everyone to keep them in their hearts and prayers."