For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In December alone, we added more than 2,500 new private company transactions, bringing the total to over 16,000 searchable deals across sectors, industries, and transaction types in Dakota Marketplace.
Inside Dakota Marketplace, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, Dakota monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 health care transactions.
- Transaction Date: 12/31/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $8B
- Participants: Genmab, PJT Park Hill, A&O Shearman, Kromann Reumert
Genmab completed its acquisition of Merus in an all-cash transaction valued at $97.00 per share, gaining full control of Merus’s late-stage oncology pipeline. The deal resulted in Merus’s delisting from Nasdaq and transition to a privately held company, strengthening Genmab’s position in antibody-based cancer therapeutics.
- Transaction Date: 12/15/2025
- Industry: Health Care Providers & Services
- Type: Buyout/Private Equity
- Transaction Value: $5B
- Participants: Cencora Inc, TPG, Citi, Sidley Austin LLP
Cencora announced a definitive agreement to acquire TPG’s equity interest in OneOncology, increasing its ownership in the physician-led oncology platform supporting independent community practices nationwide. The transaction deepens Cencora’s specialty care strategy, enhancing OneOncology’s growth, technology, and clinical capabilities while reinforcing support for independent oncology providers.
- Transaction Date: 12/19/2025
- Industry: Biotechnology
- Type: Acquisition/Merger
- Transaction Value: $4.8B
- Participants: BioMarin Pharmaceutical Inc, Morgan Stanley, J.P. Morgan Securities LLC
BioMarin announced a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction valued at approximately $4.8 billion, expanding its leadership position in rare diseases. The deal adds approved Fabry and Pompe disease therapies to BioMarin’s portfolio, is expected to accelerate revenue growth, and be accretive to earnings within the first year following close.
- Transaction Date: 12/29/2025
- Industry: Biotechnology
- Type: Acquisition/Merger
- Transaction Value: $3.05B
- Participants: Centerview Partners, Johnson & Johnson, Goodwin Proctor LLP, Vida Ventures
Johnson & Johnson completed its $3.05 billion all-cash acquisition of Halda Therapeutics, adding the company’s RIPTAC™ platform and a clinical-stage prostate cancer therapy to its oncology pipeline. The deal strengthens J&J’s innovative medicine portfolio by expanding its targeted oncology capabilities across multiple solid tumor types.
- Transaction Date: 12/19/2025
- Industry: Health Care Providers & Services
- Type: Buyout/Private Equity
- Transaction Value: $1.7B
- Participants: Greykite, StepStone Group Inc, CVC, Portobello Capital
StepStone Real Estate and GREYKITE acquired a majority stake in Vitalia Home, Spain’s second-largest senior care provider, in a landmark €1.5 billion recapitalization, with CVC and the founder retaining minority interests. The transaction supports Vitalia’s continued growth in elderly care services, backed by a commitment of over €500 million in new capital.
- Transaction Date: 12/4/2025
- Industry: Health Care Providers & Services
- Type: Buyout/Private Equity
- Transaction Value: $1.6B
- Participants: Sanofi, Medicxi Ventures, TCG Crossover Management, Avora Capital Advisors
Sanofi completed its acquisition of Vicebio for up to $1.6 billion, adding an early-stage combination RSV and HMPV vaccine and gaining access to Vicebio’s proprietary Molecular Clamp technology. The deal strengthens Sanofi’s respiratory vaccine pipeline by expanding non-mRNA vaccine options and advancing next-generation multivalent vaccine development.
- Transaction Date: 12/3/2025
- Industry: Pharmaceuticals
- Type: Buyout / Private Equity
- Transaction Value: $1.5B
- Participants: Swedish Orphan Biovitrum AB, Investor AB, Prime Eight Capital Limited
Sobi announced a definitive agreement to acquire Arthrosi Therapeutics for $950 million upfront, with up to $550 million in additional milestone payments, adding a late-stage gout therapy to its pipeline. The deal strengthens Sobi’s gout franchise with pozdeutinurad, a Phase 3 URAT1 inhibitor that could become a best-in-class treatment for patients inadequately managed by current therapies.
- Transaction Date: 12/9/2025
- Industry: Health Care Equipment & Supplies
- Type: Buyout/Private Equity
- Transaction Value: $1.5B
- Participants: Montagu Private Equity GmbH, Kohlberg & Company, Kirkland & Ellis LLP
Montagu and Kohlberg announced a definitive agreement to acquire Teleflex Medical OEM from Teleflex for $1.5 billion in a carve-out transaction. The deal will establish Teleflex Medical OEM as an independent global contract manufacturer, positioning the business to accelerate growth across high-demand medical device markets through increased operational focus and investment.
- Transaction Date: 12/8/2025
- Industry: Biotechnology
- Type: Acquisition/Merger
- Transaction Value: $1.5B
- Participants: Bristol Myers Squibb, ARCH Venture Partners, Andreessen Horowitz, Newpath Partners
Bristol Myers Squibb completed its $1.5 billion acquisition of Orbital Therapeutics, strengthening its cell therapy portfolio with a next-generation in vivo CAR T-cell RNA platform. The deal adds Orbital’s lead investigational program, OTX-201, and expands BMS’s efforts to develop more accessible cell therapies for autoimmune diseases.
- Transaction Date: 12/8/2025
- Industry: Health Care Equipment & Supplies
- Type: Buyout/Private Equity
- Transaction Value: $1.4B
- Participants: TPG, Qatar Investment Authority, Latham & Watkins LLP
Kangji Medical completed its privatization in December 2025 following court approval, with the company officially delisted from the Hong Kong Stock Exchange on December 9. The transaction was led by a TPG- and Qatar Investment Authority–backed consortium, taking the Chinese medical device maker private in a deal valuing the company at approximately $1.4 billion.
Transactions in Dakota Marketplace
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Dakota Marketplace helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, book a demo of Dakota Marketplace.
