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 October alone, we added more than 3,000 new private company transactions, bringing the total to over 8,000 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 healthcare transactions.
1. Hologic - Take-Private / Public-to-Private
- Transaction Date: 10/21/2025
- Industry: Health Care Equipment & Supplies
- Type: Buyout / Private Equity
- Transaction Value: $18.3B
- Participants: Hologic Inc, Blackstone, TPG, Goldman Sachs & Co. LLC, Wachtell, Lipton, Rosen & Katz, Citi Group Private Bank, Kirkland & Ellis LLP, and Ropes & Gray LLP
Blackstone and TPG agreed to acquire Hologic in a deal valued at up to $18.3 billion, offering shareholders $76 per share in cash plus a contingent value right of up to $3 per share tied to future revenue milestones. The transaction, which includes minority investments from ADIA and GIC, represents a 46% premium to Hologic’s pre-deal stock price and aims to accelerate the company’s growth as a global leader in women’s health.
2. Verona Pharma - Take-Private / Public-to-Private
- Transaction Date: 10/7/2025
- Industry: Biotechnology
- Type: Buyout / Private Equity
- Transaction Value: $10B
- Participants: Merck & Co Inc, Citi Group Investment Banking, Morgan Stanley & Co. LLC, Freshfields Bruckhaus Deringer LLP, Latham & Watkins LLP, and Centerview Partners
Merck announced the acquisition of Verona Pharma for $10 billion, adding Ohtuvayre® (ensifentrine) — a first-in-class COPD maintenance therapy — to its cardio-pulmonary portfolio. The deal strengthens Merck’s position in respiratory medicine, bringing the first novel inhaled COPD treatment in over 20 years and supporting long-term growth across its biopharmaceutical pipeline.
3. Clario - Strategic Acquisition
- Transaction Date: 10/29/2025
- Industry: Health Care Providers & Services
- Type: Acquisition / Merger
- Transaction Value: $8.88B
- Participants: Thermo Fisher Scientific Inc, Wilmer Cutler Pickering Hale and Dorr LLP, Evercore Investment Bank, Latham & Watkins LLP, Astorg, Nordic Capital, Cinven, and Novo Holdings A/S
Thermo Fisher Scientific announced plans to acquire Clario Holdings for $8.875 billion in cash, with potential earnouts bringing the total value higher based on performance. The deal adds Clario’s industry-leading clinical trial endpoint data platform—used in roughly 70% of FDA drug approvals over the past decade—enhancing Thermo Fisher’s digital, AI, and data capabilities to accelerate clinical research and drug development.
4. Akero Therapeutics - Strategic Acquisition
- Transaction Date: 10/9/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $5.2B
- Participants: Novo Nordisk, Akero Therapeutics Inc, BofA Securities, Inc., Ropes & Gray LLP, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and Kirkland & Ellis LLP
Novo Nordisk announced a $4.7 billion acquisition of Akero Therapeutics, with an additional $500 million contingent value right tied to U.S. regulatory approval of its lead drug, efruxifermin (EFX), a Phase 3 FGF21 analogue for metabolic dysfunction-associated steatohepatitis (MASH). The deal strengthens Novo Nordisk’s late-stage pipeline in liver and metabolic diseases, expanding its leadership beyond diabetes and obesity.
5. Avadel Pharmaceuticals - Strategic Acquisition
- Transaction Date: 10/22/2025
- Industry: Pharmaceuticals
- Type: Acquisition / Merger
- Transaction Value: $2.1B
- Participants: Alkermes plc, Avadel Pharmaceuticals plc, J.P. Morgan & Co., Paul, Weiss, Rifkind, Wharton & Garrison LLP, McCann Fitzgerald, Cleary Gottlieb Steen & Hamilton LLP, Morgan Stanley, Goldman Sachs Group Inc, Goodwin Procter LLP, and Arthur Cox
Intercontinental Exchange (ICE) announced a strategic investment of up to $2 billion in Polymarket, valuing the prediction market platform at roughly $8 billion pre-investment. The partnership will make ICE the global distributor of Polymarket’s event-driven data and explore future tokenization initiatives to expand market intelligence offerings.
6. Vitalia Home - Secondary Buyout
- Transaction Date: 10/16/2025
- Industry: Health Care Providers & Services
- Type: Buyout / Private Equity
- Transaction Value: $1.7B
- Participants: Greykite, StepStone Group Inc, CVC, and Portobello Capital
StepStone Real Estate and GREYKITE announced a €1.5 billion recapitalization of Vitalia, Spain’s second-largest senior care provider, acquiring a majority stake from CVC and Portobello Capital. The deal includes over €500 million in growth capital to expand Vitalia’s footprint, with existing investors and management retaining minority stakes and GREYKITE assuming operational leadership.
7. NeueHealth - Take-Private / Public-to-Private
- Transaction Date: 10/2/2025
- Industry: Health Care Providers & Services
- Type: Buyout / Private Equity
- Transaction Value: $1.47B
- Participants: New Enterprise Associates (NEA), Bessemer Venture Partners, Lincoln International Investment Banking, Simpson Thacher & Bartlett LLP, Latham & Watkins LLP, Sidley Austin LLP, and Richards, Layton & Finger, P.A.
NeueHealth completed its $1.465 billion take-private acquisition by an affiliate of New Enterprise Associates (NEA), with shareholders receiving $7.33 per share in cash. The deal transitions NeueHealth into a privately held company, allowing it to accelerate its value-based care strategy while its leadership team and key investors roll over their equity to continue driving long-term growth.
8. Iodine Software - Secondary Buyout
- Transaction Date: 10/1/2025
- Industry: Health Care Technology
- Type: Buyout / Private Equity
- Transaction Value: $1.25B
- Participants: Weil Gotshal & Manges LLP, Waystar Holding Corp, Advent International Corporation, J.P. Morgan Securities LLC, Bain Capital Ventures, Silversmith Capital Partners, Valspring Capital, Barclays Investment Bank, Simpson Thacher & Bartlett LLP, and Queen Saenz + Schultz PLLC
Waystar completed its acquisition of Iodine Software, uniting two leaders in AI-powered healthcare technology to integrate financial and clinical intelligence on a single platform. The deal expands Waystar’s total addressable market by over 15%, enhances its AI capabilities in healthcare payments, and is expected to be immediately accretive to margins and earnings growth by 2027.
9. Investcorp - Asset-Based Lending (ABL)
- Transaction Date: 10/22/2025
- Industry: Financial Services
- Type: Acquisition / Merger
- Transaction Value: $1.2B
- Participants: Centerview Partners, Andera Partners, Ipsen S.A., ImCheck, Bpifrance, Pfizer Corporation, Wellington Partners GmbH, Agent Capital, Alexandria Venture Investments, Kurma Partners, Eurazeo, EQT Group, Allen & Overy, Goodwin Procter LLP, and Dentons
Ipsen announced the acquisition of ImCheck Therapeutics for an upfront payment of €350 million, with total potential consideration of up to €1 billion tied to regulatory and sales milestones. The deal adds ICT01, a first-in-class BTN3A-targeting monoclonal antibody for acute myeloid leukemia, to Ipsen’s oncology pipeline, strengthening its leadership in immuno-oncology and advancing a promising new treatment for patients unfit for intensive chemotherapy.
10. Hellenic Healthcare Group - Strategic Acquisition
- Transaction Date: 10/7/2025
- Industry: Health Care Providers & Services
- Type: Acquisition / Merger
- Transaction Value: $934M
- Participants: Purehealth and CVC
PureHealth completed its €800 million acquisition of a 60% stake in Hellenic Healthcare Group (HHG), valuing the company at €1.3 billion and marking a major step in its global expansion strategy. The deal integrates 11 hospitals and 23 diagnostic centers across Greece and Cyprus, extending care to 1.4 million patients annually and reinforcing Abu Dhabi’s position as a global healthcare hub.
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.
