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 November alone, we added more than 4,000 new private company transactions, bringing the total to over 13,000 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.
1. Exact Sciences Corporation - Strategic Acquisition
- Transaction Date: 11/20/2025
- Industry: Health Care Equipment & Supplies
- Type: Acquisition / Merger
- Transaction Value: $21B
- Participants: Skadden, Arps, Slate, Meagher & Flom LLP, XMS Capital Partners, Exact Sciences Corporation, Abbott Laboratories, Morgan Stanley Investment Banking, Wachtell, Lipton, Rosen & Katz, and Centerview Partners
Abbott announced a definitive agreement to acquire Exact Sciences for $21 billion, adding a fast-growing cancer screening and precision oncology diagnostics business (including Cologuard® and Oncotype DX®) to its portfolio. The deal positions Abbott as a leader in the $60 billion U.S. cancer diagnostics market and is expected to be immediately accretive to revenue growth and gross margin.
2. Abbott Laboratories - Direct Lending
- Transaction Date: 11/21/2025
- Industry: Health Care Equipment & Supplies
- Type: Credit
- Transaction Value: $200B
- Participants: Morgan Stanley
Abbott is securing a $20 billion, 364-day bridge loan from Morgan Stanley (one of the largest high-grade, single-commitment financings of the past decade) to support its acquisition of Exact Sciences. This marks the biggest investment-grade acquisition bridge since Mars’ $29 billion financing in 2024, underscoring continued strong lender appetite for large-cap strategic deals.
3. Cidara Therapeutics - Strategic Acquisition
- Transaction Date: 11/14/2025
- Industry: Biotechnology
- Type: Strategic Acquisition
- Transaction Value: $9.2B
- Participants: Merck & Co Inc, Cidara Therapeutics Inc, BofA Securities, Inc., Gibson Dunn & Crutcher LLP, Evercore Investment Bank, Goldman Sachs & Co. LLC, and Cooley LLP
Merck will acquire Cidara Therapeutics for $9.2 billion, adding CD388 – a Phase 3, long-acting, strain-agnostic antiviral candidate for influenza prevention – to its pipeline as part of its science-led business development strategy. The deal strengthens Merck’s respiratory portfolio with a potentially first-in-class asset aimed at high-risk populations and is expected to close in early 2026 pending customary conditions.
4. Metsera - Strategic Acquisition
- Transaction Date: 11/13/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $7B
- Participants: Pfizer Inc, Metsera Inc, Citi Group Investment Banking, Wachtell, Lipton, Rosen & Katz, Goldman Sachs Asset Management, Guggenheim Securities Investment Banking, BofA Securities, Inc., Allen & Company LLC, Paul, Weiss, Rifkind, and Wharton & Garrison LLP
Pfizer has completed its $7.0 billion acquisition of Metsera, adding a portfolio of differentiated clinical-stage obesity and cardiometabolic candidates (including a Phase 3–ready GLP-1 RA) that enhances and transforms its Internal Medicine pipeline. The deal positions Pfizer to compete aggressively in one of the fastest-growing therapeutic areas while advancing next-generation treatments for obesity worldwide.
5. Halda Therapeutics - Strategic Acquisition
- Transaction Date: 11/17/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $3.05B
- Participants: Centerview Partners, Halda Therapeutics, Johnson & Johnson, and Goodwin Procter LLP
Johnson & Johnson will acquire Halda Therapeutics for $3.05 billion, adding a first-in-class RIPTAC-based pipeline including HLD-0915, a clinical-stage oral therapy with the potential to overcome resistance in prostate cancer and other solid tumors. The deal strengthens J&J’s oncology portfolio with a novel targeting platform and multiple early assets, positioning the company for meaningful mid- and long-term growth in precision cancer therapeutics.
6. Intelerad Medical Systems - Strategic Acquisition
- Transaction Date: 11/20/2025
- Industry: Health Care Technology
- Type: Acquisition / Merger
- Transaction Value: $2.3B
- Participants: GE HealthCare, HG Capital, TA Associates, Evercore Investment Bank, UBS Investment Bank, Sidley Austin LLP, and Skadden, Arps, Slate, Meagher & Flom LLP
GE HealthCare will acquire Intelerad for $2.3 billion in cash, adding a leading cloud-first medical imaging and enterprise workflow platform that expands its reach into high-growth outpatient and ambulatory care settings. The deal accelerates GE HealthCare’s shift toward AI-enabled, SaaS-based imaging solutions and is expected to be immediately accretive to revenue growth and margins once closed.
7. Raptor Technologies - Secondary Buyout
- Transaction Date: 11/28/2025
- Industry: Health Care Technology
- Type: Buyout / Private Equity
- Transaction Value: $1.8B
- Participants: Thoma Bravo, Warburg Pincus, and J.P. Morgan & Co.
Thoma Bravo has agreed to sell Raptor Technologies, a leading K-12 school safety software provider, to Warburg Pincus, with JMI Equity reinvesting as part of the deal. After scaling Raptor through operational improvements and six strategic acquisitions, Thoma Bravo exits with the company positioned for continued growth ahead of the transaction’s expected close in January 2026.
8. Andlauer Healthcare Group - Take-Private / Public-to-Private
- Transaction Date: 11/3/2025
- Industry: Health Care Providers & Services
- Type: Buyout / Private Equity
- Transaction Value: $1.6B
- Participants: Andlauer Healthcare Group Inc., UPS Healthcare, and United Parcel Service Inc
UPS has completed its $1.6 billion acquisition of Andlauer Healthcare Group, adding specialized cold chain transportation and third-party logistics capabilities tailored to the healthcare sector. The deal strengthens UPS’s position as a global leader in complex healthcare logistics and expands its footprint across North America.
9. Acera Surgical - Strategic Acquisition
- Transaction Date: 11/20/2025
- Industry: Health Care Equipment & Supplies
- Type: Acquisition / Merger
- Transaction Value: $850M
- Participants: McDermott Will & Schulte, Solventum Corporation, Acera Surgical Inc., Morgan Stanley, Truist Securities, and Hogan Lovells US LLP
Solventum will acquire Acera Surgical for $725 million in cash plus up to $125 million in milestones, adding a proprietary synthetic tissue matrices platform and the Restrata product line to strengthen its advanced wound care portfolio. The deal expands Solventum into a fast-growing $900 million U.S. market segment and supports its broader business transformation by accelerating growth in regenerative wound care solutions.
10. Elektrofi - Strategic Acquisition
- Transaction Date: 11/18/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $750M
- Participants: Halozyme Therapeutics Inc, Elektrofi, Novo Holdings A/S, RA Capital Management, Royalty Pharma Sub-Manager LLC, SR One, TPG, Catalio Capital Management, General Catalyst Partners, BofA Securities, Inc., Weil Gotshal & Manges LLP, Centerview Partners, and Morgan, Lewis & Bockius LLP
Halozyme will acquire Elektrofi for $750 million upfront plus up to $150 million in milestone payments, adding the company’s Hypercon technology, which enables ultra-high concentration subcutaneous delivery of biologics and supports a scalable, long-duration royalty-based model. The deal expands Halozyme’s drug delivery portfolio, positions it for long-term growth into the 2040s, and is expected to drive new partner programs beginning as early as 2026 with royalty revenue projected to start in 2030.
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.
