Private equity played its part, while some of medtech’s biggest names made further moves to try and enhance their portfolios. Last year, along with the biggest deals of 2024, analysts suggested that, in 2025, there could be even more significant M&A deals to come. That appears to have come true.
Over the course of the year, several deals eclipsed the billion-dollar mark. Here are the medtech M&A deals in 2025 topped $1 billion:
Abbott to acquire Exact Sciences – $21B
After reports speculated that Abbott was circling diagnostics maker Exact Sciences, the company confirmed a $21 billion deal to buy the company.
Madison, Wisconsin–based Exact Sciences develops cancer screening and diagnostic tests. Its portfolio includes the flagship Cologuard, a non-invasive test to screen for colorectal cancer. It provides an alternative to colonoscopy that requires no bowel preparation, sedation and clinical visits. The test can take place at home by collecting a stool sample and mailing it to a lab.
Exact Sciences will become a subsidiary of Abbott when the deal is completed. They expect to close the acquisition in the second quarter of 2026.
Hologic to be acquired by private equity – $18.3B
Hologic announced in October that it agreed to deal that would see private equity firms acquire it for $18.3 billion.
PE firms Blackstone and TPG secured committed financing for the transaction, with plans to take Hologic, a leader in women’s health solutions, private.
The Marlborough, Massachusetts-based company expects the deal to close in the first half of calendar 2026, subject to approval of its stockholders and other regulatory approvals and customary closing conditions. The company’s board unanimously approved the merger agreement and recommends that stockholders approve it, too.
BD sells off Biosciences & Diagnostic Solutions biz – $17.5B
After announcing a plan to sell its Life Sciences business in February, BD in July announced a definitive agreement to create a new life science and diagnostics leader through a business combination.
The company agreed to combine its Biosciences & Diagnostic Solutions business with Waters. Structured as a tax-efficient Reverse Morris Trust transaction, the companies value the deal at approximately $17.5 billion.
According to BD, its unit can expand Waters’ bioseparations portfolio, combining Waters’ chemistry expertise and BD’s biologics expertise. The company expects to bring regulatory expertise and an established presence in the clinical and diagnostics settings.
Stryker closes Inari Medical deal – $4.9B
Orthopedic giant Stryker made a major vascular device play with its $4.9 billion acquisition of Inari Medical, closed in February.
Inari develops solutions for venous thromboembolism (VTE) clot removal without the use of thrombolytic drugs. Stryker believes adding Inari brings an established peripheral vascular position to the company in the fast-growing VTE segment.
Stryker said Inari’s product portfolio is highly complementary to its Neurovascular business unit. It includes two thrombectomy solutions — FlowTriever for treating pulmonary embolism (PE) and ClotTriever for thrombectomy in the peripheral vessels — plus emerging therapies.
Solventum sells P&F biz to Thermo Fisher – $4.1B
St. Paul, Minnesota–based Solventum — formerly 3M’s Medical unit — agreed to sell its Purification & Filtration business to Thermo Fisher for $4.1 billion in February, then closed the deal in September.
The company expected net proceeds of $3.4 billion from the deal. It planned to use those proceeds primarily to pay down outstanding debt.
Solventum’s Purification and Filtration business provides technologies for the production of medtech and other biologic and industrial applications. In 2024, the business generated approximately $1 billion in revenue.
GE HealthCare makes cloud-based imaging play – $2.3B
GE HealthCare announced in November that it agreed to acquire Intelerad, a medical imaging software provider, for $2.3 billion.
Intelerad provides imaging software and digital enterprise workflow solutions. it has a significant presence in outpatient ambulatory care settings. The company offers cloud-first products designed for radiology and cardiology that span the inpatient and outpatient care settings.
GE HealthCare said Inelerad’s outpatient footprint complements its own leadership in hospital-based imaging. Combined, the company expects these capabilities to create a more comprehensive, cloud-first and AI-enabled imaging offering. It expects this to span diverse care settings, from leading academic medical centers to expanding ambulatory networks.
HistoSonics has majority stake bought by private equity – $2.25B
Minneapolis-based histotripsy technology developer HistoSonics reportedly saw interest from some of medtech’s biggest names, but instead opted to agree to a management-led majority stake acquisition by a syndicate of private and public investors.
HistoSonics’ Edison platform uses focused ultrasound energy — delivered via a robotic arm — to provide histotripsy for the noninvasive destruction of tumors. Edison mechanically destroys and liquifies targeted tissue and tumors without the invasiveness or toxicity of traditional procedures.
President and CEO Mike Blue will continue to lead HistoSonics along with his executive team. He also intends to take on the role of chair of the board upon the closing of the deal.
Teleflex to sell two business units – $2.03B
As 2025 came to a close, Teleflex announced that it agreed to sell its Acute Care, Interventional Urology and OEM businesses for a combined $2.03 billion.
The company entered into definitive agreements to sell the units to two separate buyers. Intersurgical Ltd, a UK-based medical device maker, acquired Acute Care and Interventional Urology. Private equity firms Montagu and Kohlberg acquired the OEM business.
The company’s remaining businesses include the Teleflex Vascular Access, Interventional and Surgical businesses. Liam Kelly, Teleflex chair, president and CEO, will continue to lead the remaining Teleflex businesses in the same positions.
Alcon to acquire Staar Surgical – $1.5B
In August, Alcon announced that it agreed to acquire Staar in a deal with an equity value of approximately $1.5 billion. With the acquisition, Alcon would bring in the Staar family of Evo Implantable Collamer lenses (ICLs). These lenses offer vision correction for patients with moderate-to-high myopia (nearsightedness), with or without astigmatism.
However, the deal has been met with significant scrutiny, namely from Staar’s largest shareholder, Broadwood Partners.
The shareholders have continued to vocally oppose the acquisition throughout the window shop period that expired in September and now the go-shop window that expired on Dec. 6. Broadwood labeled the go-shop period as “performative” and believes the deal fails to reflect the value of Staar Surgical.
Terumo completes OrganOx deal – $1.5B
In August, Tokyo-based Terumo announced an agreement to acquire all outstanding OrganOx shares. The now-completed deal makes OrganOx a wholly owned subsidiary of Terumo. Terumo already had an interest prior to the acquisition, with its Terumo Ventures arm taking part in a $142 million fundraising round in March.
OrganOx specializes in normothermic machine perfusion (NMP). The company’s technology can can preserve organs longer and enable real-time monitoring of organ condition during storage and transport. This can help prevent the transplantation of organs with impaired function and lead to more effective use of organs from marginal donors.
The acquisition combines OrganOx’s technology with Terumo’s global scale and expertise in medical innovation. Terumo has existing lines of heart-lung machines already as well, operating within the vital organ space.
Zimmer Biomet completes Paragon 28 buy – $1.2B
After announcing an agreement in January, Zimmer Biomet closed its buy of Paragon 28 in April, paying $1.2 billion to add the orthopedic company’s offerings to its portfolio.
The deal offers Zimmer Biomet an advance in the foot and ankle treatment space, with Paragon 28 bringing a wide suite of surgical offerings and product systems spanning all major foot and ankle segments, including fracture and trauma, deformity correction, and joint replacement.
Zimmer Biomet said the deal expands its foot and ankle offerings while boosting existing fracture and trauma, and joint replacement portfolios. It also adds a dedicated foot and ankle sales channel through Paragon 28’s specialized sales organization.
