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 September alone, Dakota Marketplace added more than 2,000 new private company transactions, bringing the total to over 5,000 searchable deals across sectors, industries, and transaction types.
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. Merus N.V. - Strategic Acquisition
- Transaction Date: 9/29/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: $8B
- Participants: Genmab, Merus N.V., PJT Partners Investment Bank, Morgan Stanley Investment Banking, A&O Shearman, Kromann Reumert, Jefferies Investment Banking, Latham & Watkins LLP, Nauta Dutilh
Genmab A/S (Nasdaq: GMAB) announced it will acquire Merus N.V. (Nasdaq: MRUS) in an all-cash deal valued at approximately $8 billion ($97.00 per share), adding Merus’ late-stage oncology asset petosemtamab, a bispecific antibody with two FDA Breakthrough Therapy Designations, to its portfolio. The acquisition accelerates Genmab’s transition to a wholly owned biopharma model, expanding its late-stage pipeline and positioning the company for multiple new drug launches by 2027; the deal is expected to close in early Q1 2026, pending regulatory approvals.
2. 89bio - Strategic Acquisition
- Transaction Date: 9/18/2025
- Industry: Biotechnology
- Type: Acquisition / Merger
- Transaction Value: Up to $3.5B ($14.50/share cash + up to $6.00/share CVR; ~$2.4B at close)
- Participants: F. Hoffmann-La Roche AG (Citi; Sidley Austin LLP); 89bio (Moelis & Company LLC; Centerview Partners LLC; Gibson, Dunn & Crutcher LLP).
Roche announced it will acquire 89bio, Inc. (Nasdaq: ETNB) for $14.50 per share in cash plus up to $6.00 per share in contingent value rights (CVRs) tied to commercial milestones, valuing the deal at up to $3.5 billion. The acquisition adds pegozafermin, 89bio’s late-stage therapy for MASH and severe hypertriglyceridemia (SHTG), to Roche’s cardiometabolic pipeline; the transaction is expected to close in Q4 2025, pending regulatory approvals and customary conditions.
3. Premier Inc - Take-Private / Public-to-Private
- Transaction Date: 9/22/2025
- Industry: Health Care Providers & Services
- Type: Buyout / Private Equity
- Transaction Value: $2.6B
- Participants: Patient Square Capital (Kirkland & Ellis LLP; Ropes & Gray; Jefferies LLC; Santander; Perella Weinberg Partners LP); Premier Inc (Goldman Sachs & Co. LLC; BofA Securities, Inc.; Wachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore LLP).
Premier, Inc. (NASDAQ: PINC) announced it will be acquired by Patient Square Capital for $28.25 per share in cash, valuing the deal at approximately $2.6 billion and representing a 23.8% premium to its 60-day average share price. The transaction will take Premier private, providing additional capital and flexibility to advance its healthcare technology, supply chain, and advisory services; it is expected to close in Q1 2026, pending stockholder and regulatory approvals.
4. dentalcorp Holdings Ltd - Take-Private / Public-to-Private
- Transaction Date: 9/26/2025
- Industry: Health Care Providers & Services
- Type: Buyout / Private Equity
- Transaction Value: Approximately C$2.2 billion equity value (≈ US$1.58 billion) and C$3.3 billion enterprise value
- Participants: GTCR, L Catterton, Blake, Cassels & Graydon, Canaccord Genuity, Goodmans LLP
Dentalcorp Holdings Ltd. (TSX: DNTL) announced it will be acquired by funds affiliated with GTCR in an all-cash transaction valued at approximately C$2.2 billion (C$11.00 per share), representing a 33 percent premium to its 20-day VWAP. The deal was unanimously approved by Dentalcorp’s board of directors (excluding conflicted members) and supported by shareholders representing about 60.8 percent of the company’s voting interest. Founder and CEO Graham Rosenberg and President and CFO Nate Tchaplia will continue in their leadership roles and roll a portion of their equity into the post-closing structure. The transaction is expected to close in Q1 2026, taking the company private.
5. DCC Healthcare - Asset Purchase
- Transaction Date: 9/10/2025
- Industry: Health Care Providers & Services
- Type: Divestiture
- Transaction Value: £1.05B (≈ $1.41B)
- Participants: HealthCo Investment Limited, Investindustrial, DCC plc, Barclays, Moelis & Company, Paul Weiss Rifkind Wharton & Garrison LLP, Milbank LLP, Chiomenti, J.P. Morgan Securities LLC, Cleary Gottlieb Steen & Hamilton LLP, William Fry
DCC plc completed the sale of its healthcare division, DCC Healthcare, to HealthCo Investment Limited, an entity managed by Investindustrial Advisors Limited, following receipt of customary regulatory approvals. The divestiture forms part of DCC’s broader strategic realignment to simplify operations and strengthen its focus on its energy and environmental sectors. The company plans to return approximately £800 million of proceeds to shareholders, with an additional £100 million deferred, marking one of DCC’s largest portfolio optimization moves to date.
6. Thirty Madison - Add-On / Bolt-On Acquisition
- Transaction Date: 9/3/2025
- Industry: Digital Health / Health Care Technology
- Type: Buyout / Private Equity
- Transaction Value: $500M
- Participants: Remedy Meds, LLC, Gurtin Ventures, Dynamism Capital, HealthQuest Capital, Polaris Partners, JJDC (Johnson & Johnson Innovation), Northzone, Maveron, Greycroft
Remedy Meds has announced plans to acquire Thirty Madison in an all-stock transaction valued at just over $500 million, creating a multi-brand virtual care platform spanning men’s, women’s, and metabolic health. The combination unites Remedy Meds, Keeps, Nurx, and Cove under one integrated telehealth and pharmacy network, expanding nationwide access to personalized, specialty-level care; the deal is expected to close in Q4 2025.
7. Luz Saúde - Minority
- Transaction Date: 9/5/2025
- Industry: Health Care Providers & Services
- Type: Growth Equity
- Transaction Value: €310M (≈ $361M)
- Participants: Macquarie Asset Management
Macquarie Asset Management, through its Macquarie European Infrastructure Fund 7, has agreed to acquire a 40% stake in Luz Saúde from Fidelidade for approximately €310 million, with Fidelidade retaining 60%. The investment will support Luz Saúde’s national expansion, recruitment of top medical professionals, and continued digital and technological advancement across its 14 hospitals and 15 outpatient clinics in Portugal, with closing expected in Q4 2025.
8. Eli Lilly’ U.S. Manufacturing Facility - Asset Purchase
- Transaction Date: 9/23/2025
- Industry: Life Sciences Tools & Services
- Type: Acquisition / Merger
- Transaction Value: $330M
- Participants: Celltrion USA, Inc., Eli Lilly and Company
Celltrion announced it has signed an agreement to acquire Eli Lilly’s biologics manufacturing facility in Branchburg, New Jersey, for approximately KRW 460 billion (around KRW 700 billion including operational funds) through its U.S. subsidiary. The acquisition provides Celltrion with immediate U.S. manufacturing capacity, enabling localized production, reduced logistics and CMO costs, and complete mitigation of tariff-related risks, with closing expected by year-end 2025.
9. Kriya Therapeutics - Series D
- Transaction Date: 9/10/2025
- Industry: Biotechnology
- Type: Series D (Private Financing / Growth Capital)
- Transaction Value: $320 million
- Participants: Patient Square Capital (lead investor); existing investors including Blue Owl Capital, CAM Capital, Dexcel Pharma, Foresite Capital, JDRF T1D Fund, Lightswitch Capital, and Redmile Group
Kriya Therapeutics announced the close of a $320 million Series D financing round, led by Patient Square Capital with participation from several existing investors, including Blue Owl Capital, CAM Capital, Dexcel Pharma, Foresite Capital, JDRF T1D Fund, Lightswitch Capital, and Redmile Group. The proceeds will accelerate development of Kriya’s gene therapy programs targeting chronic diseases, including metabolic, neurological, and ophthalmologic indications, and advance the company’s internal manufacturing platform, Kriya I/O. This round brings Kriya’s total capital raised to over $700 million, positioning it among the most well-funded private gene therapy companies globally.
10. Strive Health - Series D
- Transaction Date: 9/09/2025
- Industry: Health Care Technology
- Type: Series D (Private Financing / Growth Capital)
- Transaction Value: $550 million (combined: $300 million equity + $250 million debt)
- Participants:
Strive Health, a leader in value-based kidney care, announced the close of a $550 million Series D financing round on September 9, 2025. The round included $300 million in equity financing and $250 million in debt financing. The equity portion was led by New Enterprise Associates (NEA), with participation from CVS Health Ventures, CapitalG, Echo Health Ventures, Town Hall Ventures, Redpoint Ventures, and affiliates of BlackRock. Hercules Capital provided the debt financing. The proceeds will support Strive’s continued national expansion, enhance its AI-driven care model, and accelerate partnerships with health systems and payors to improve outcomes for chronic kidney disease and end-stage renal disease patients.
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.
