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 February alone, we added more than 1,700 new private company transactions, bringing the total to over 19,000 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: 2/9/2026
- Industry: Life Sciences Tools & Services
- Type: Acquisition / Merger
- Transaction Value: $18.8B
- Participants: Waters Corporation, Becton, Dickinson and Company, Citi Group Investment Banking, Evercore Wealth Management LLC, Wachtell, Lipton, Rosen & Katz, Barclays Investment Bank, Kirkland & Ellis LLP
BD completed the spin-off of its Biosciences & Diagnostic Solutions business and its combination with Waters Corporation in a transaction valuing the divested business at $18.8 billion, with BD receiving $4 billion in cash and BD shareholders receiving a 39.2% stake in the combined Waters entity. BD plans to deploy the proceeds through a $2 billion accelerated share repurchase and $2 billion in debt repayment, with the transaction completing BD's transformation into a focused pure-play MedTech company.
- Transaction Date: 2/17/2026
- Industry: Health Care Equipment & Supplies
- Type: Acquisition / Merger
- Transaction Value: $9.9B
- Participants: Danaher Corporation, Masimo Corporation, Centerview Partners, Morgan Stanley, Sullivan & Cromwell, White & Case LLP, Citi, Goldman Sachs & Co. LLC, Kirkland & Ellis LLP
Danaher agreed to acquire Masimo, a global leader in patient monitoring technologies including its widely adopted SET® pulse oximetry platform used on over 200 million patients annually, for $180.00 per share in cash representing total consideration of $9.9 billion. Masimo will operate as a standalone business unit within Danaher's Diagnostics segment, with the deal expected to close in H2 2026.
- Transaction Date: 2/18/2026
- Industry: Health Care Providers & Services
- Type: Buyout/Private Equity
- Transaction Value: $3.5B
- Participants: Rabobank, Covetrus, Clayton, Dubilier & Rice, TPG, Cencora Inc, Goldman Sachs & Co. LLC, Wells Fargo Prime Services, Deutsche Bank Securities, Mizuho Investment Banking, Natixis Partners, Societe Generale, SMBC Nikko Securities America, Inc., TD Securities Prime Brokerage Group, Ing Bank N.V., Standard Chartered Bank, Debevoise & Plimpton LLP, Latham & Watkins LLP, Guggenheim Securities Investment Banking, Morgan Stanley, Freshfields Bruckhaus Deringer LLP
Cencora's MWI Animal Health agreed to merge with Covetrus, a global animal health technology and services company, in a transaction valuing MWI at $3.5 billion enterprise value, creating a comprehensive animal health platform combining MWI's distribution and supply chain expertise with Covetrus' tech-enabled veterinary practice solutions. Cencora will receive $1.25 billion in upfront cash, $800 million in preferred equity, and $1.45 billion in common equity, retaining a 34.3% non-controlling stake in the combined company.
- Transaction Date: 2/9/2026
- Industry: Biotechnology
- Type: Acquisition/Merger
- Transaction Value: $2.4B
- Participants: Eli Lilly and Co. (LLY), Orna Therapeutics, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Lazard, Goodwin Procter LLP, Taiho Ventures, LLC
Eli Lilly agreed to acquire Orna Therapeutics, a biotech developing in vivo CAR-T cell therapies using engineered circular RNA and novel lipid nanoparticles, for up to $2.4 billion in cash including upfront and milestone-based payments. The deal gives Lilly access to Orna's lead program ORN-252, a clinical trial-ready CD19-targeting in vivo CAR-T therapy targeting B cell-driven autoimmune diseases, with the platform's circular RNA technology potentially enabling more durable protein expression than current RNA or cell therapy approaches.
- Transaction Date: 2/9/2026
- Industry: Health Care Providers & Services
- Type: Buyout/Private Equity
- Transaction Value: $1.6B
- Participants: Safanad
Safanad sold HC-One, the UK's largest care home provider with nearly 300 homes serving ~15,000 residents, to a healthcare REIT for over $1.6 billion, concluding a decade-long ownership period during which Safanad transformed the business through four bolt-on acquisitions, significant capital investment, and operational modernization. The proceeds will support Safanad's strategy to expand its healthcare investment platform, with a particular focus on Saudi Arabia and the broader GCC region.
- Transaction Date: 2/9/26
- Industry: Pharmaceuticals
- Type: Buyout/Private Equity
- Transaction Value: $1.5B
- Participants: Swedish Orphan Biovitrum AB, Investor AB, Arthrosi Therapeutics, Prime Eight Capital Limited, CR Biotech, HighLight Capital, HM Venture Partners, ReliantTech Limited, Viva Biotech, Barclays Investment Bank, McDermott Will & Schulte
Sobi completed its acquisition of Arthrosi Therapeutics for $950 million upfront plus up to $550 million in clinical, regulatory, and sales milestones, adding pozdeutinurad (AR882) — an investigational once-daily oral URAT1 inhibitor in two fully recruited Phase 3 studies for progressive and tophaceous gout — to its pipeline. The deal strengthens Sobi's gout franchise with a potentially best-in-class next-generation therapy for patients inadequately treated by first-line options, with Phase 3 readouts expected in 2026.
- Transaction Date: 2/19/2026
- Industry: Health Care Providers & Services
- Type: Acquisition / Merger
- Transaction Value: $1.15B
- Participants: Eucalyptus, Hims & Hers Health Inc
Hims & Hers agreed to acquire Eucalyptus, Australia's largest digital health provider operating brands including Juniper and Pilot across Australia, the UK, Germany, Japan, and Canada, for up to $1.15 billion, with ~$240 million payable in cash at closing and the remainder in deferred and earnout payments. The deal accelerates Hims & Hers' international expansion, adding Eucalyptus's $450 million+ ARR platform and local regulatory expertise across five markets to create what the company aims to be the leading global consumer health platform.
- Transaction Date: 2/25/2026
- Industry: Biotechnology
- Type: Acquisition/Merger
- Transaction Value: $950M
- Participants: GSK plc, 35 Pharma
GSK agreed to acquire 35Pharma Inc., a Canadian clinical-stage biopharmaceutical company, for $950 million in cash, gaining HS235 — a potentially best-in-class investigational activin receptor signalling inhibitor for pulmonary hypertension (PH) designed with enhanced selectivity to reduce bleeding risk relative to existing therapies. With Phase 1 trials completed and studies in PAH and PH-HFpEF imminent, HS235 targets a global PH market forecast to reach $18 billion by 2032, with activin signalling inhibitors expected to represent half of that market.
- Transaction Date: 2/26/2026
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $919M
- Participants: Athos KG, Asahi Kasei Corporation, Bank of America Merrill Lynch Investment Banking, Gibson Dunn & Crutcher LLP
Asahi Kasei agreed to acquire Aicuris Anti-infective Cures AG, a German biopharmaceutical company specializing in antiviral therapies for immunocompromised patients, for approximately €780 million (~$920 million) in cash, gaining a pipeline anchored by pritelivir — which met its Phase 3 primary endpoint in refractory HSV infection — alongside AIC468 for BK virus in kidney transplant recipients and royalties from marketed CMV prevention drug Prevymis. The deal strengthens Asahi Kasei's specialty pharma platform by extending its existing transplant and nephrology commercial infrastructure into severe infectious diseases.
- Transaction Date: 2/19/2026
- Industry: Health Care Providers & Services
- Type: Credit
- Transaction Value: $700M
- Participants: HPS Investment Partners, Sixth Street
HPS Investment Partners led a ~$700 million private credit transaction for Elara Caring, a US home health care provider, though specific terms and strategic objectives were not disclosed. The deal reflects continued growth in private credit financing within the healthcare sector, particularly for home-based care platforms.
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.
