Biotech, Value-Based Care, and Digital Health Drive September 2025 Healthcare Transactions

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In September, healthcare transactions topped $33 billion, marking one of the strongest months of 2025. Activity was led by strategic acquisitions in biotech, private equity-backed take-privates in services, and major capital infusions into AI-powered digital health platforms.

Key Insights

  • Biotech Breakout: Genmab’s $8B acquisition of Merus, Pfizer’s $4.9B purchase of Metsera, and Roche’s $3.5B deal for 89bio highlighted the scramble for oncology, obesity, and cardiometabolic pipelines.
  • Platform Consolidation: Patient Square Capital took Premier Inc. private for $2.6B, while GTCR acquired Dentalcorp for $1.6B—reflecting a pivot to tech-enabled, consumer-facing provider networks.
  • Digital Health Momentum: Waystar’s $1.25B acquisition of Iodine Software and Oura’s $875M raise at an $11B valuation signal growing investor conviction in AI-powered clinical ops and personalized care.
  • Pharma Services Innovation: Capital Rx rebranded as Judi Health after a $400M growth round, pointing to continued transformation in PBM models and digital pharmacy distribution.
  • Connected Devices Advance: ViCentra ($85M Series D) and Galvanize Therapeutics ($100M) attracted funding for diabetes tech and ablation platforms, reinforcing demand for intelligent, minimally invasive medtech.

Download the September 2025 Healthcare Transactions Report!

Written By: Dakota Research