The healthcare industry continues to be one of the most active and strategically important sectors for M&A and investment activity.
From pharmaceutical giants expanding their pipelines to private equity fueling growth in medtech and digital health, 2025 deal flow reflects a strong push toward innovation, scale, and diversification
At dakota, we simplify this by centralizing the most important deal activity into one place, making it easier for you to track the moves that matter.
In this article, we’re breaking down the key segments where we saw activity within the healthcare industry. By the end, you’ll walk away with the key takeaways and top transactions from the first half of August.
Key Takeaways from August
Pharma and Biotech Consolidation – Big names like AbbVie, Novartis, and Merck are aggressively pursuing acquisitions to strengthen pipelines in neuroscience, rare diseases, and oncology.
Medical Devices & Services Growth – Deals like Alcon–Staar Surgical and Cardinal Health–Solaris Health highlight expansion into specialized care and device markets.
Investor Confidence in Innovation – Venture rounds for programmable mRNA, AI-powered drug discovery, and new medical devices show strong capital inflows, led by global investors and strategic partners.
IPO Momentum – Despite volatility in public markets, companies like Heartflow and Guangzhou Innogen are moving forward with offerings, reflecting optimism in specific healthcare sub sectors.
Key Segments of Activity
In this section, we’ll go over key segments where we saw activity in the healthcare industry. We’ve broken this out into activity within these 3 groups: Pharmaceuticals & Biotech, Medical Devices & Services, and Growth & Financing.
Pharmaceuticals & Biotech
The largest strategics are leaning on acquisitions and structured financings to bolster pipelines in neuroscience, infectious disease, and rare disorders. Here are some notable transactions:
- Pharmaceutical company AbbVie is set to acquire Gilgamesh Pharmaceuticals, a developer of psychedelics and previously supported by Prime Movers Lab, Alumni Ventures and others, in a deal that could value the company at approximately $1B. Gilgamesh specializes in creating "neuroplastogens," which are fast-acting psychedelics designed to treat depression and other mental illnesses without causing hallucinations. Source
- Swiss pharmaceutical company Novartis AG is reportedly considering a takeover of Avidity Biosciences, a San Diego-based biotech firm specializing in rare disease treatments with a market value of $5.7B. The potential acquisition would strengthen Novartis's drug pipeline as it faces generic competition for key products. Source
- CorMedix, a biopharmaceutical company based in Berkeley Heights, NJ, is set to acquire Melinta Therapeutics for $300M. The deal includes $260M in cash and $40M in equity for investor Deerfield Management Company. CorMedix will add seven infectious disease products to its portfolio through the acquisition, which is being funded by a new $150M convertible debt financing. There is a potential for an additional $25M payout to be made based on future regulatory milestones. Moelis & Company advised CorMedix on the deal, while Willkie Farr & Gallagher provided legal counsel. RBC Capital Markets advised the company on the debt financing. Source
- German drug and electronics maker Merck KGaA is reportedly planning to sell approximately $4B in US investment-grade bonds to fund its $3.9B acquisition of Stamford, CT-based biopharmaceutical company SpringWorks Therapeutics. The bond sale, which will be arranged by Barclays, BBVA SA, Bank of America Corp., JPMorgan Chase & Co. and Societe Generale SA, would be divided into three-, five-, seven-, and 10-year parts to refinance temporary debt. Source
Medical Devices & Services
Scale and specialty expansion are driving device and provider-platform deals across ophthalmology, urology, and revenue cycle.
- A syndicate of investors, including K5 Global, Bezos Expeditions, and Wellington Management, acquired a majority stake in Plymouth, MN-based medical device company HistoSonics in a transaction that valued the company at $2.25B. Citi, Fox Rothschild, Morgan Stanley & Co., Cooley, Orrick and Wilson Sonsini Goodrich & Rosati acted as advisors for the transaction, which positions HistoSonics for accelerated growth into new clinical indications beyond liver tumors, such as kidney, pancreas and prostate. Source
- Global healthcare services and products company Cardinal Health agreed to acquire urology management services organization Solaris Health from Lee Equity Partners and physician owners for approximately $1.9B in cash. Cardinal Health will provide the cash to its The Specialty Alliance platform and will own about 75% of the platform after the acquisition. Solaris Health physicians and management will become equity holders in The Specialty Alliance. Advisors included Goldman Sachs for Cardinal Health, and Centerview Partners for Solaris Health. Legal counsel included Skadden, Arps, Slate, Meagher & Flom and Katten Muchin Rosenman for Cardinal Health, and McDermott, Will & Emery for Solaris Health. Source
- Swiss eye-care firm Alcon is set to acquire California-based Staar Surgical Co. for approximately $1.5B to gain access to Staar's Implantable Collamer Lenses. The transaction, which is Alcon’s largest since its 2019 spinoff from Novartis AG, is expected to close in 6 to 12 months. Source
- Machinify, a New Mountain Capital portfolio company, acquired Performant Healthcare in an all-cash transaction that valued the company at approximately $670M. Truist Securities is acting as exclusive financial advisor to Performant, with Pillsbury Winthrop Shaw Pittman providing legal counsel. JPMorgan Securities is serving as exclusive financial advisor to Machinify, with legal counsel provided by Ropes & Gray. Source
- BPEA EQT Mid-Market Growth Partnership (EQT) launched a $320M tender offer to acquire Tokyo-based digital healthcare platform CareNet. The offer, which seeks full ownership of CareNet, is supported by CareNet's board and key shareholders, and EQT plans to retain the current management team to drive future growth initiatives. Sources 1, 2
Growth & Financing
Investors are funding programmable mRNA, bioelectronic medicine, cardiology devices, and digital health at late-stage rounds and hybrid credit structures.
- An affiliate of EQT completed the sale of 17M shares in Swiss-American pharmaceutical company Galderma Group AG, generating approximately CHF 2.1B ($2.6B) in gross proceeds. BNP Paribas, Citigroup Global Markets, Goldman Sachs, Jefferies, Morgan Stanley and UBS acted as joint global coordinators and joint bookrunners for the placement. Source
- Nevada-based global healthcare group Cosmos Health secured a securities purchase agreement with an undisclosed US-based institutional investor for up to $300M in senior secured convertible promissory notes to establish an Ethereum (ETH) digital asset treasury reserve. Curvature Securities acted as the sole placement agent, with ETH assets to be held in custody and staked through institutional infrastructure provided by BitGo Trust Company. Source
- Blackstone and MannKind Corporation, a California-based company developing inhaled therapeutic products for endocrine and orphan lung diseases, announced a strategic financing agreement of up to $500M. The non-dilutive capital consists of a $75M initial term loan, a $125M delayed draw term loan and an additional $300M uncommitted delayed draw term loan, all structured as a senior secured credit facility maturing in August 2030. Source
- Valencia, CA-based SetPoint Medical, a company developing therapies for chronic autoimmune diseases, raised $140M in private financing, consisting of a $25M, second tranche of its Series C and a $115M Series D round. The Series D was co-led by Elevage Medical Technologies and Ally Bridge Group, with participation from new investors Northwell Health, SPRIG Equity and an undisclosed strategic investor, alongside returning investors including Norwest, New Enterprise Associates (NEA), Viking Global Investors and Abbott. Source
- Swedish investment company Kinnevik led a $153M Series B funding round for Strand Therapeutics, a Cambridge, MA-based company specializing in programmable mRNA-based therapeutics, bringing Strand's total funding to over $250M. Joining Kinnevik were new investors Regeneron Ventures, ICONIQ, Amgen Ventures, Alderline Group, JIC-VGI, LG Technology Ventures and Gradiant Corporation, with existing investors FPV Ventures, Playground Global, Eli Lilly and Company, ANRI and Potentum also participating. Source
Top Transactions
In this section, we’ll review the top transactions we have seen this month. From mergers and acquisitions, venture and growth capital, and more.
M&A
|
Investor
|
Description
|
Asset Class
|
Financing Type
|
Vertical
|
Value
|
|
Novartis
|
Reportedly considering takeover of Avidity Biosciences (rare diseases).
|
Pharmaceuticals
|
Acquisition (M&A)
|
Rare Disease / RNA
|
$5.7B
|
|
Cardinal Health
|
Agreed to acquire Solaris Health; adds urology MSO to The Specialty Alliance.
|
Healthcare Services
|
Acquisition (M&A)
|
Physician Practice Mgmt
|
$1.9B
|
|
Alcon
|
Set to acquire Staar Surgical (implantable collamer lenses).
|
Medical Devices
|
Acquisition (M&A)
|
Ophthalmology
|
$1.5B
|
|
AbbVie
|
To acquire Gilgamesh Pharmaceuticals (psychedelics “neuroplastogens”).
|
Pharmaceuticals
|
Acquisition (M&A)
|
Neuropsychiatry
|
~$1B
|
Venture & Growth
|
Investor
|
Description
|
Asset Class
|
Financing Type
|
Vertical
|
Value
|
|
EQT (affiliate)
|
Sold 17M Galderma shares; gross proceeds ~$2.6B.
|
Pharma
|
Secondary Block Trade
|
Dermatology
|
$2.6B
|
|
Blackstone & MannKind
|
Strategic, non-dilutive up to $500M senior secured facility (term loans).
|
Pharma
|
Structured Financing
|
Endocrine / Orphan Lung
|
$500M
|
|
Strand Therapeutics
|
$153M Series B (Kinnevik lead; Regeneron/ICONIQ/Amgen in).
|
Biotech
|
Series B
|
Programmable mRNA
|
$153M
|
|
SetPoint Medical
|
$140M private financing (Series C tranche + Series D).
|
MedTech
|
Series C/D
|
Bioelectronic Medicine
|
$140M
|
|
Minghui Pharmaceutical
|
$131M pre-IPO (led by OrbiMed & Qiming).
|
Biotech
|
Pre-IPO
|
Immunology / Dermatology
|
$131M
|
Other News / IPO Pipeline
|
Investor
|
Description
|
Asset Class
|
Financing Type
|
Vertical
|
Value
|
|
Heartflow
|
Raised $317M in IPO; market cap $1.54B.
|
MedTech
|
IPO
|
AI Cardiology / FFR-CT
|
$317M
|
|
Guangzhou Innogen Pharmaceutical Group
|
Planning up to $100M Hong Kong IPO.
|
Pharma
|
IPO (Planned)
|
GLP-1 / Metabolic
|
Up to $100M
|
Turn Insights Into Action
In healthcare, transaction activity moves at a relentless pace. From multi-billion-dollar pharma acquisitions to medtech growth rounds and fresh IPOs, this month showed how dynamic the sector remains.
That’s where dakota marketplace comes in. By centralizing the most important M&A, venture, and capital markets activity, we make it simple to cut through the noise and follow the transactions that matter most.
To keep up with healthcare transactions and other deals across private markets, book a demo of dakota marketplace.
