Over the course of the year, the number of billion-dollar sales deals continued to climb, with some companies involved more than once. Analysts even suggested that, in 2025, there could be even more significant M&A deals to come. For now, here’s a look at the biggest M&A deals of 2024:
Johnson & Johnson scoops up IVL leader Shockwave Medical — $13.1 billion
In May, Johnson & Johnson MedTech completed the most expensive medtech acquisition of 2024 when it bought Shockwave Medical.
Under the agreement, J&J acquired all outstanding shares of Shockwave for $335 per share in cash. Shockwave Medical now operates as a business unit within J&J MedTech.
Shockwave Medical’s IVL technology uses sonic pressure waves to treat people with calcified arterial plaque. A catheter-based treatment, it can help restore blood flow by cracking calcium lesions. Its uses include in both coronary artery disease (CAD) and peripheral artery disease (PAD), often in combination with stenting. Shockwave also offers a refractory angina treatment through its acquisition of Neovasc a year ago.
Edwards sells off its Critical Care biz to BD — $4.2 billion
Edwards Lifesciences announced at the end of last year that it planned to spin off its Critical Care business. However, instead of a spin, BD announced in June that it struck an all-cash deal to acquire the patient monitoring business segment.
The companies said in September that they completed the deal, with BD taking on the business unit for $4.2 billion.
Critical Care will operate in Irvine as a separate business unit within the BD Medical segment. Katie Szyman, the corporate VP of Critical Care at Edwards, continues to lead the unit. Edwards said in a news release that it plans to use the net proceeds to fund strategic initiatives. Those include previously announced acquisitions and share repurchases.
Baxter finds a private equity buyer for its Kidney Care business — $3.8 billion
In January 2023, Baxter announced plans to spin its renal care and acute therapies units into an independent, publicly traded company. It said at the time that it expected the company to stand alone in the next 12 to 18 months. In July of last year, Baxter picked “Vantive” as the name of the proposed business.
After about 20 months of searching for a buyer, the company entered an agreement with Carlyle Group, a private equity firm, to sell the unit for $3.8 billion in August. Baxter plans to use proceeds to reduce debt within its stated capital allocation priorities.
Carlyle’s investments in medtech total more than $40 billion in enterprise value over the past decade or so. It was reportedly in talks last year with Medtronic to acquire the medtech giant’s Patient Monitoring and Respiratory Interventions businesses. In 2014, the group won a bidding war to acquire Johnson & Johnson’s Ortho-Clinical Diagnostics blood testing business for $4 billion. It eventually sold the business to Quidel for $6 billion last year. Carlyle also contributed to a $34 billion investment in Medline in 2021. Carlyle was an investor in One Medical, which sold to Amazon for nearly $4 billion last year.
Boston Scientific finalizes Axonics buy — $3.7 billion
Boston Scientific first announced its plans to buy Axonics in January, but the deal close was delayed as the FTC requested additional information regarding the acquisition.
The companies finalized the acquisition in November, expanding Boston Scientific’s urology offerings by adding Axonics’ sacral neuromodulation (SNM) systems.
Axonics is known for its neuromodulation systems, including the fourth-generation R20 rechargeable SNM and recharge-free F15 SNM systems. Both treat urinary and bowel dysfunction by delivering mild electrical pulses to the sacral nerve. The company also offers Bulkamid, a urethral bulking agent for stress urinary incontinence.
Earlier this year, BTIG analysts Marie Thibault and Sam Eiber viewed the Axonics acquisition as a strategic fit, noting that the sacral neuromodulation market is significantly underpenetrated. Medtronic currently dominates the segment, with Axonics holding a 27% market share.
J&J makes another M&A play with V-Wave — $1.7 billion
Johnson & Johnson MedTech didn’t wait long to make its second major acquisition of 2024, announcing a deal to acquire V-Wave in August, then closing the $1.7 billion acquisition in October. J&J’s relationship with V-Wave also dates back to an initial investment in the company in 2016.
V-Wave develops cardiovascular implant technology that specifically targets heart failure with reduced ejection fraction (HFrEF). The company’s Ventura interatrial shunt first received FDA breakthrough device designation in 2019 and picked up CE mark in 2020.
Placed in the heart through a minimally invasive, catheter-based procedure, Ventura could fill a treatment gap between guideline-directed medical therapies as a first-line therapy and highly invasive cardiac replacement therapies, including left ventricular assist devices (LVADs) and heart transplants.
Owens & Minor acquires a medical equipment supplier — $1.4 billion
In July, Owens & Minor agreed to pay $1.4 billion to acquire privately held home-based care business Rotech Healthcare.
The Orlando, Florida-based company provides home medical equipment in the U.S. It has over 4,200 employees and provides products and services in 46 states through approximately 325 operating locations. According to Owens & Minor, Rotech generated approximately $750 million in revenue in 2023.
This acquisition strengthens Owens & Minor’s Patient Direct product offerings by expanding numerous portfolios, including respiratory, sleep apnea, diabetes and wound care. It also provides access to the durable medical equipment market.
Boston Scientific acquires stroke prevention tech maker Silk Road Medical — $1.18 billion
In September, Boston Scientific closed the $1.18 billion acquisition of Sunnyvale, California-based Silk Road Medical. However, like the Axonics deal, it wasn’t without its hurdles.
In August, Boston Scientific voluntarily withdrew its premerger notification and report form. This aimed to give the U.S. Federal Trade Commission (FTC) more time to review the proposed acquisition. However, the eventual expiration of an antitrust measure enabled the companies to move forward with the acquisition, as they completed it within five days.
Silk Road Medical develops products designed to prevent stroke in patients with carotid artery disease. The technology is used in a minimally invasive procedure called transcarotid artery revascularization (TCAR).
Zeiss makes billion-dollar ophthalmic play — $1.07 billion
Carl Zeiss Meditec announced in April that it completed its acquisition of D.O.R.C. (Dutch Ophthalmic Research Center). The Germany-based company acquired DORC from the France-based investment firm Eurazeo, valuing the deal at €985 million (approximately $1.07 billion).
It expects the acquisition to enhance and complement its broad ophthalmic portfolio and range of digitally connected workflow solutions. The company develops offerings that address eye conditions such as retinal disorders, cataracts, glaucoma and refractive errors.
According to Zeiss, D.O.R.C. brings critical contributions as a leader in the retina surgical devices and consumables market. The company expects the combination of D.O.R.C.’s Eva Nexus platform with its range of visualization, diagnostic and therapeutic devices, plus surgical instruments and consumables, all connected to a digital ecosystem should enable the creation of efficient clinical workflows.
